Securities Regulation Daily Wrap Up, IPO TRACKER—Foreign companies claim 4 of week’s 5 IPOs, 7 of 10 new filings, (Apr 1, 2025)

By John Filar Atwood

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

Companies based outside the U.S. completed four of the five IPOs and filed seven of the ten preliminary registrations last week. Offshore issuers have lifted the IPO market significantly so far this year, accounting for about half of the deals completed in Q1. Of the five new issuers last week, one was from Japan, one from Malaysia and two from China. Tokyo-based Kabushiki Kaisha LogProstyle was Japan’s third new issuer this year after only one in 2024. The real estate renovation and resale company raised $10 million in its public market debut. China added Intercont (Cayman) and EPSIUM ENTERPRISE to its list of 2025 IPO companies. EPSIUM’s deal was the first SIC 5180 (Wholesale Beer, Wine & Distilled Alcoholic Beverages) IPO in the U.S. since at least 1997. Malaysia’s WF Holding, a maker of fiberglass-reinforced plastic, also went public. The offering was the fourth completed lead manager assignment this year for Dominari Securities, which led seven companies to market last year. AI infrastructure management platform provider CoreWeave began trading after 23 days in public registration. The current average lead time for 2025’s new issuers is 153 days.

New registrants. The week’s activity included ten new registrations, including filings by China-headquartered companies Chagee Holdings, HengHong Technology, and Julong Holding. Chagee offers premium tea drinks, while HengHong distributes pharmaceutical products in China through a subsidiary. Julong provides security, fire protection, parking, and city management systems to public utilities, commercial, and residential properties. Israel’s second preliminary registration of 2025 was filed by eToro USA. The company’s social investing platform enables users to invest and trade in collaboration with other users. Its key markets are the U.K., Germany, France, Spain, Italy, Australia, and the United Arab Emirates. Singapore-based ENIGMATIG enlisted Prime Number Capital to lead its planned IPO. The international consulting firm provides cross-border licensing, incorporation, and corporate secretarial services. Marketing services provider BUUU Group registered its plans for a $7.5 million offering. The Hong Kong company provides primarily event management and stage production services. BUBI Services will remain BUUU Group’s controlling shareholder after the IPO. Ategrity Specialty Holdings, an NYC-based specialty insurance company, also filed a new IPO registration. Ategrity, which is controlled by Zimmer Financial Services Group, provides excess and surplus insurance for small to medium-sized U.S. businesses. The company’s IPO underwriters will reserve shares for sale to employees, directors, and other parties under a directed share program. New registrant Gameverse Interactive, which is still in a development phase with no users or revenue, launched its public IPO plans. The Florida company develops video games using virtual reality support technology. Gameverse expects to start public testing of its platform in the second quarter with games available for download six months later. SIC 6770 (Blank Checks) saw new public filings by Armada Acquisition II and BEST SPAC I Acquisition last week. Armada II will seek a target in the fintech services, software-as-a-service, or artificial intelligence industries. Hong Kong-headquartered BEST SPAC intends to pursue partners in the consumer goods sector.

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: Kabushiki Kaisha LogProstyle; EPSIUM ENTERPRISE LTD.; WF Holding Ltd.; CoreWeave, Inc.; Intercont (Cayman) Ltd.; Ategrity Specialty Holdings LLC; eToro USA LLC; Gameverse Interactive Corp.; Armada Acquisition Corp. II; Chagee Holdings Ltd.; HengHong Technology Inc.; BEST SPAC I Acquisition Corp.; BUUU Group Ltd.; ENIGMATIG LTD.; Julong Holding Ltd.

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