Securities Regulation Daily Wrap Up, IPO TRACKER—2026’s busy first half saw SPAC resurgence, SpaceEx’s record-setting deal, (Jul 7, 2026)

By John Filar Atwood

A snapshot of the week’s IPO activity, including completed deals, new preliminary filings and IPO withdrawals.

A resurgence of SPAC deals led the IPO market to its busiest first half in the past five years. The 191 new issues were 24 better than in the first six months of 2025, and the most since 579 companies went public in the first half of 2021. SPACs accounted for 62 percent of the year’s new issues through June 30, well ahead of last year’s pace when they made up 40 percent of the market. Aggregate proceeds raised by IPO companies in 2026 have already surpassed $130 billion, nearly doubling the $68.6 billion raised in all of 2025. The 2026 total is skewed by SpaceEx’s $75 billion offering—by a wide margin the largest IPO ever—but still stands at nearly $60 billion without SpaceEx’s deal. The first half ended with a strong June—its 39 IPOs tied February for the year’s busiest month. Among last week’s new issuers was Italy’s Bending Spoons, which raised $1.68 billion in the year’s eleventh $1 billion+ IPO (10 were completed in all of 2025). The web app developer was the first Italian company to go public in the U.S. since December 2021. Goldman Sachs, the lead manager for Bending Spoons, also served as lead underwriter for Neutron Holdings. Neutron raised $174 million for its California-based Lime branded e-scooter and bike rental business. ITG, a provider of broadband network support services, began public trading in only the second SIC 1623 (Water, Sewer, Pipeline, Communications & Power Line Construction) IPO in the past 20 years. The latest SPACs to complete their IPOs were Ares Acquisition III, Osprey Acquisition III, Meridian3 Industrials Acquisition, and Viking Acquisition II.

New registrants. The week’s activity included 14 preliminary registrations. Quantum computing services company SeeQC filed plans for a $75 million offering. The IPO will be conducted in connection with the company’s merger with Allegro Merger, a transaction that includes a $65 million PIPE investment. Cantor, the lead underwriter for SeeQC, also was hired by new registrant Londian Wason New Energy Tech. Londian manufactures electrolytic copper foil used in lithium-ion batteries and electronic circuit boards. The Cayman Islands holding company conducts its business through a series of subsidiaries in China. Hong Kong is home to new public filers Smart Pointer Group Holdings and Worldstar Engineering Holdings. Smart Pointer, which reorganized to facilitate its U.S. IPO, provides temperature-controlled logistics and warehousing services in Hong Kong. Through a subsidiary, Worldstar Engineering offers renovation, repair, maintenance, alteration, and painting services. Tokyo-based Koei Group enlisted Roth Capital to lead its planned U.S. offering. The company’s business includes materials recycling, IT asset disposition, and industrial waste management. Koei's subsidiaries serve customers in Japan, Singapore, Thailand, and the U.S. The week’s non-U.S.-headquartered registrants included Brazil’s IMC Rare Earths and France-based Lagarosse Holdings. IMC is a minerals exploration and development company seeking to provide elements for high-performance magnets. Lagarosse produces wines from a vineyard in France’s Bordeaux region. Blackstone-controlled Jersey Mike’s Subs, a franchisor of fast-casual sandwich restaurants, publicly registered last week. Prior to completion of the IPO, the company will enter into an agreement to provide certain tax benefits to pre-IPO investors. Convenience store operator Cumberland Farms and drug maker Scribe Therapeutics also were among the week’s preliminary registrants. Cumberland Farms, which is backed by private equity firm TDR Capital, operates in the U.S. and Europe and reported a net loss of $95 million in Q1 2026. Scribe uses gene-editing technology to develop therapies for cardiovascular and metabolic diseases. New SIC 6770 (Blank Checks) filers Three Lions Acquisition and Gold Mountain Acquisition each hired EarlyBirdCapital as lead underwriter. Three Lions will target the sports, hospitality and leisure, and real estate industries. Gold Mountain will focus its search in Asia, but not on businesses with Chinese operations consolidated through a VIE structure. Laris Growth Acquisition and B&R Technology Merger also joined the list of 2026 SPAC new registrants. Laris will search for a partner in the quantum computing, next-generation space infrastructure, and intelligent autonomous systems sectors. B&R Technology will pursue technology and other businesses where AI can lead to advances. June’s 46 preliminary filings matched May’s total and were 14 more than last June. The six-month tally of new registrations is 249, compared to 215 in January through June 2025.

Withdrawals. No companies chose to withdraw their pending registration statements last week. The month closed with seven Forms RW, matching May’s count and exceeding last June by four. As of June 30, 38 registrants had withdrawn this year, eight more than in 2025's first half.

The information reported in IPO Tracker is gathered using IPO Vital Signs, a Wolters Kluwer Regulatory U.S. database that includes all SEC registered IPOs, including REITs and those non-U.S. IPO filers seeking to list in the U.S. markets. IPO Vital Signs does not track closed-end funds, best efforts or non-underwritten deals, or IPO offerings for amounts less than $5 million.

Companies: Ares Acquisition Corp. II; Bending Spoons S.p.A.; ITG, Inc.; Neutron Holdings, Inc.; Osprey Acquisition Corp. III; Meridian3 Industrials Acquisition Corp.; Viking Acquisition Corp. II; Koei Group Co., Ltd.; SeeQC, Inc.; Smart Pointer Group Holdings Ltd.; IMC Rare Earths Ltd.; Lagarosse Holdings Ltd.; Three Lions Acquisition Corp.; Worldstar Engineering Holdings Ltd.; B&R Technology Merger Corp.; Cumberland Farms Ltd.; Gold Mountain Acquisition Corp.; Jersey Mike’s Subs, Inc.; Laris Growth Acquisition Corp.; Scribe Therapeutics Inc.; Londian Wason New Energy Tech Inc.

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