Securities Regulation Daily Wrap Up, IPO TRACKER—Hong Kong sees one IPO, five new filers in week, (May 28, 2025)

By John Filar Atwood

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

In a busy week for IPOs, nine companies completed their offerings and 13 more filed new registrations. Hong Kong companies were especially active, contributing one new issuer and five preliminary filers. China has seen 33 companies go public in the U.S. so far this year and 15 of them operate out of Hong Kong. OFA Group is the latest new issuer from that country. The provider of architectural services raised $15 million in its U.S. market debut. Other companies that completed IPOs last week include Hinge Health and MNTN, both of which enlisted Morgan Stanley as lead underwriter. Hinge Health was the second SIC 7374 (Computer Processing & Data Preparation) company to go public this year. Event management and marketing services provider FAST TRACK GROUP began trading after 37 days in public registration. The Singapore company joined the 25 percent of 2025 new issuers that spent fewer than 40 days in the IPO queue. Cohen & Co. added Armada Acquisition II and Cal Redwood Acquisition to its 2025 list of completed lead manager assignments. The bank has led 11 companies to market this year after six in 2024. Blank checks ProCap Acquisition, Oyster Enterprises II, and Pelican Acquisition also began public trading last week. BTIG served as first lead manager for ProCap and Oyster II.

New registrants. The week’s activity included 13 new registrations. Bancroft Capital was hired as lead underwriter by Singapore’s Fitness Champs Holdings and Hong Kong-based Ultra High Point Holdings. Fitness Champs, which withdrew its prior registration on the same day as its new filing, provides swimming education programs in Singapore. Through subsidiaries, Ultra High Point offers healthcare IT services to public and private hospitals in Hong Kong. New public registrants Uptrend Holdings, K-Tech Solutions, and Living Homeopathy International operate out of Hong Kong. Construction subcontractor Uptrend provides civil engineering and soil and rock transportation services. K-Tech designs, tests, and sells toys, while Living Homeopathy offers homeopathic remedies and personal care products. Caris Life Sciences and Slide Insurance Holdings registered, both disclosing that they will reserve some IPO shares for sale through directed share programs. Caris uses molecular profiling information to develop treatments for cancer. Slide sells property and casualty insurance in coastal states along the Atlantic seaboard through its subsidiary Slide Insurance Co. Minnesota, which has not produced a new issuer since 2021, is the headquarter location of new public filer Jefferson Capital. Jefferson purchases unpaid obligations of individuals owed to creditors and manages the collections on those accounts. Funds controlled by the company’s sponsor J.C. Flowers will retain voting control over Jefferson’s shares after the offering. New SPAC registrants FIGX Capital Acquisition, Cohen Circle Acquisition II, and INFINT Acquisition 2 will pursue financial sector targets. FIGX will focus on private wealth/asset managers that are poised to become global multi-asset fund managers. Cohen Circle II will target fintech businesses, and INFINT 2 will seek companies in banking and payments, capital markets, data and analytics, insurance, and investment management. SIC 6770 also saw new filings by A Paradise Acquisition and LightWave Acquisition. Hong Kong-headquartered A Paradise plans to pursue companies in the leisure and entertainment sector. LightWave, whose sponsor and lead manager will invest $5.1 million in a concurrent private placement, will target technology businesses.

Withdrawals. Three companies withdrew their pending IPO registration statements last week. Singapore’s Fitness Champs Holdings pulled its registration on the same day that it filed a new Form F-1. The company’s first IPO registration was declared effective in late March, but no securities were sold. Aurion Biotech filed a Form RW, saying that it is not in the company’s best interests to conduct an offering at this time. The developer of cell therapies to treat vision loss never amended its initial public registration. October 2023 registrant PHI Group, a Louisiana-based provider of air transportation services, backed out of its IPO plans. The company amended its filing three times, but not since March 2024.

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: Armada Acquisition Corp. II; OFA Group; ProCap Acquisition Corp.; Hinge Health, Inc.; MNTN, Inc.; Oyster Enterprises II Acquisition Corp.; Cal Redwood Acquisition Corp.; FAST TRACK GROUP; Pelican Acquisition Corp.; Fitness Champs Holdings Ltd.; K-Tech Solutions Co. Ltd.; LightWave Acquisition Corp.; Uptrend Holdings Ltd.; FIGX Capital Acquisition Corp.; INFINT Acquisition Corp. 2; Ultra High Point Holdings Ltd.; Jefferson Capital; A Paradise Acquisition; Living Homeopathy International Ltd.; Caris Life Sciences, Inc.; Cohen Circle Acquisition Corp. II; Slide Insurance Holdings, Inc.; Aurion Biotech, Inc.; PHI Group, Inc.

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