---
title: "US IPO Weekly Recap: Small issuers and SPACs join the pipeline in short holiday week"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/271367095.md"
description: "This week, seven IPOs and two SPACs filed for listings, with no pricings occurring. The IPOs were primarily from microcap issuers, including Virtuix Holdings and QumulusAI. The SPACs, Abony Acquisition I and Illumination Acquisition I, each aim to raise $200 million. The Renaissance IPO Index rose 5.4% year-to-date, while the International IPO Index increased by 39.1%."
datetime: "2026-01-02T22:42:09.000Z"
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  - [zh-CN](https://longbridge.com/zh-CN/news/271367095.md)
  - [en](https://longbridge.com/en/news/271367095.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/271367095.md)
---

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# US IPO Weekly Recap: Small issuers and SPACs join the pipeline in short holiday week

Seven IPOs and two SPACs submitted filings this week. There were no pricings this week.

All seven IPO filings came from microcap issuers, including two pursuing direct listings: VR-integrated treadmill maker Virtuix Holdings (VTIX) and cloud computing services provider QumulusAI (QMLS)

Two SPACs also submitted initial filings: **Abony Acquisition I** (AACOU) and **Illumination Acquisition I** (ILLUU.RC) each filed to raise $200 million apiece.

9 Filings During the Week of December 29th, 2025

Issuer  
_Business_

Deal  
Size

Sector

Lead  
Underwriter

BW Industrial Holdings (BWGC)

$21M

Industrials

Eddid Securities

_Provides facility construction services for energy, electronics, and other industries._

QumulusAI (QMLS)

$0M

Technology

_Provides cloud computing services through owned and colocated data centers._

I Bella Perfect (IBL)

$9M

Health Care

Cathay Securities

_Operates three aesthetic medical clinics in Malaysia._

Optimal AI (OPAI.RC)

$11M

Technology

R. F. Lafferty

_Singaporean provider of modeling and simulation software for enterprises._

Virtuix Holdings (VTIX)

$0M

Technology

_Develops treadmills for VR/AR gaming and fitness purposes._

Abony Acquisition I (AACOU)

$200M

SPAC

BTIG

_Blank check company targeting defense, advanced computing, software, and media._

Cafe Deco Group (CFDE.RC)

$13M

Consumer Discretionary

Kingswood

_Operates restaurants and bakeries in Hong Kong and Australia._

Illumination Acq. I (ILLUU.RC)

$200M

SPAC

BTIG

_Blank check company formed by Lucid Capital Markets executives._

Riverstone (DNJF)

$15M

Consumer Discretionary

Joseph Gunnar

_Hong Kong-based designer and producer of apparel for third-parties and under its own brand._

**IPO Market Snapshot**  
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/31/2025, the Renaissance IPO Index was up 5.4% year-to-date, while the S&P 500 was up 17.9%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF Holdings include Reddit (RDDT) and Kenvue (KVUE). The Renaissance International IPO Index was up 39.1% year-to-date, while the ACWX was up 33.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia.

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