Securities Regulation Daily Wrap Up, IPO TRACKER—D. Boral Capital backs five of week’s nine new issuers, (Oct 28, 2025)

By John Filar Atwood

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

The IPO market added nine more deals to its 2025 total last week, five of which were led by D. Boral Capital. The week increased D. Boral’s completed offerings this year to 22, moving it up to fifth place in the current lead manager rankings. Two of its five deals last week were for Korea’s Harvard Ave Acquisition and Taiwan-based Miluna Acquisition. It also led the offering of BGIN Blockchain, which conducts cryptocurrency-mining operations in Singapore, Hong Kong, and the U.S.. BGIN is the seventeenth finance industry IPO in 2025 that is not a blank check after only four such deals last year. Texxon Holding and Agencia Comercial Spirits were the other two new issuers that enlisted D. Boral as lead underwriter. Texxon, a provider of procurement and supply chain management services to the plastics and chemical industries in China, raised $9.5 million through its IPO. Agencia, a Taiwan-based whiskey distribution holding company, is the fourth new issuer from Taiwan this year after none last year and one in 2023. Blank checks Calisa Acquisition and LaFayette Acquisition also began trading, pushing the number of SPAC deals in 2025 to 108. They now account for 37 percent of the year’s IPOs and 39 percent of the $50.75 billion in aggregate proceeds. Dubai-based tour operator, travel agency, and event planning services provider Ambitions Enterprise Management began trading last week, becoming the year’s second new issuer in U.S, markets from the United Arab Emirates. Charming Medical became the first SIC 8090 (Services-Misc Health & Allied Services) IPO company since Mangoceuticals in 2023. The provider of traditional Chinese medicine in Hong Kong netted $6.4 million in proceeds.

New registrants. The week’s activity included nine new registrations. The transportation industry saw new filings by Hong Kong-headquartered CGL Logistics Holdings and California’s Duke Holding. CGL offers sea freight, air freight, and rail freight forwarding services, while Duke provides third-party logistics services for cross-border trade between East Asia and the U.S. Internet hosting and technology company Gigabit filed plans for a $5 million IPO in the U.S. The company is based in Malaysia with branches in Hong Kong, Taiwan, and Japan. Gigabit provides data center and cloud infrastructure services, data storage, disaster recovery, and cybersecurity services. New preliminary filer Horizon Thread (PTY), an agricultural technology company with products and services centered on olives, hails from South Africa. The company’s prospective lead manager iRich Securities has not yet participated in a U.S. IPO. Horizon’s initial filing does not include financial statements and does not identify an independent auditor. Philadelphia-based blank check Armada Acquisition III hopes to raise $225 million through its IPO. Armada Acquisition I successfully completed a business combination with Rezolve AI in August 2024. Like Armada Acquisition II, which has not completed a combination, Armada III will seek a target in the fintech services, software-as-a-service, or AI industries. The week’s SPAC new registrants included Brava Acquisition, Idea Acquisition, pan-Africa corporation, and Space Asset Acquisition. Brava Acquisition will focus on food production and agribusiness industries across Argentina, Brazil, Colombia, and Chile. Cantor Fitzgerald is the book-running manager for Idea Acquisition, which intends to prioritize targets that provide AI applications and create enabling platforms.

Withdrawals. No companies chose to withdraw their pending IPO registration statements last week.

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: Ambitions Enterprise Management; BGIN Blockchain Ltd.; Charmind Medical Ltd.; Agencia Comercial Spirits Ltd.; Calisa Acquisition Corp.; Harvard Ave Acquisition Corp.; Miluna Acquisition Corp.; Texxon Holding Ltd.; LaFayette Acquisition Corp.; Armada Acquisition Corp. III; Horizon Thread (PTY) Ltd.; Idea Acquisition Corp.; CGL Logistics Holdings Ltd.; Brava Acquisition Corp.; Duke Holding Inc.; Gigabit Inc.; pan-Africa corp.; Space Asset Acquisition Corp.

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