Securities Regulation Daily Wrap Up, IPO TRACKER—Defense companies seek to raise funds through IPOs, (Mar 31, 2026)

By John Filar Atwood

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

In the week after the highly successful debut of combat drone software developer Swarmer, two more defense-focused companies publicly filed their IPO plans. Goldman Sachs was hired to lead the proposed offerings of Arxis, a maker of electronic and mechanical components for national security and aerospace applications, and AEVEX, which enables unmanned aerial systems used in strike missions, surveillance, and reconnaissance. Both companies will continue to be controlled by their private equity sponsors—Arxis by Arcline and AEVEX by Madison Dearborn Partners—following the IPOs. The companies registered in a week that saw only three completed deals, all by blank checks. Cantor Fitzgerald led Inflection Point Acquisition VI and QDRO Acquisition to market last week. Seven of Cantor’s ten completed lead manager assignments this year have been for SIC 6770 companies. Future Money Acquisition also went public, raising $100 million to pursue a combination with a partner in AI, Web3, or intelligent manufacturing. Future Money’s sponsor, Future Wealth Capital, invested $2.83 million in IPO units in connection with the offering.

New registrants. The week’s activity included nine preliminary registrations. In addition to Arxis and AEVEX, healthcare-focused companies Alamar Biosciences and Kailera Therapeutics filed their IPO plans, and both hired JP Morgan as lead underwriter. Alamar’s technology enables the detection of protein markers at low concentrations to assist with targeted drug development. Massachusetts-based Kailera is creating injectable obesity management medications. AsiaPac AdTechinno Group became the year’s 24th Hong Kong-based company to publicly register its plans for a U.S. IPO. The digital technology company offers marketing solutions and marketing SaaS platforms across 11 Asia-Pacific countries. The company will remain under the control of its largest shareholder, Oriental Brilliance Investment, which is co-owned by AsiaPac’s CEO and COO. The proposed offering by Texas-based convenience store operator Yesway will be led by Morgan Stanley. Yesway, whose brands include Yesway and Allsup’s, operates in rural and suburban markets in the Midwest and Southwest. Brookwood, the company’s sponsor, will retain more than 50 percent of the voting power of Yesway’s shares following the IPO. The latest SPAC preliminary registrants are Dazhe Technology Group, Research Alliance III, and Collective Acquisition II. China-headquartered Dazhe Technology, which has not yet named an underwriter, will target Asia-Pacific companies. Research Alliance III will focus on healthcare-related industries, while Collective II will seek a partner that addresses U.S. sovereignty and security interests.

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: Future Money Acquisition Corp.; Inflection Point Acquisition Corp. VI; QDRO Acquisition Corp.; AEVEX Corp.; Dazhe Technology Group Co., Ltd.; Arxis, Inc.; Research Alliance Corp. III; AsiaPac AdTechinno Group Ltd.; Alamar Biosciences, Inc.; Collective Acquisition Corp. II; Kailera Therapeutics, Inc.; Yesway, Inc.

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