Securities Regulation Daily Wrap Up, IPO TRACKER—SPACs claim four of week’s five IPOs, (Sep 30, 2025)

By John Filar Atwood

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

The gulf between SPAC IPOs and the rest of the market grows larger every week. They accounted for four of last week’s five completed offerings, and now comprise 37 percent of the year’s IPOs (94 of 255). In addition, three more blank companies joined the queue with preliminary registrations. Two of the four blank check deals were completed by Drugs Made In America Acquisition II and FutureCrest Acquisition. Both offerings were led by Cantor Fitzgerald. The $500 million raised by Drugs Made In America II was the most for any blank check new issuer this year. SIC 6770 also added Emmis Acquisition and American Exceptionalism Acquisition Corp. A to its list of 2025 IPO companies. Six of Santander’s eight completed lead manager assignments in 2025, including American Exceptionalism, have been for blank checks. The week’s other new issuer was Malaysia’s Megan Holdings, which debuted after 413 days in public registration. The shrimp farm maintenance services provider completed the first SIC 200 (Agricultural Prod-Livestock & Animal Specialties) IPO since 2011.

New registrants. The week’s activity included ten new registrations. New public filers CSC Collective Holdings, PressLogic, and Cansine Innovations operate out of Hong Kong. CSC, which reorganized in preparation for the IPO, operates high-end restaurants in Hong Kong. PressLogic and Cansine both offer digital and other marketing research and services. Tokyo-based Seahawk Recycling Holdings filed its plans for a $13.8 million offering in the U.S. The company’s core segments are waste paper and scrap metal recycling. Its largest shareholder, Wisdom Focus Group, will retain voting control over Seahawk’s shares following the IPO. The insurance industry saw new preliminary filings by Exzeo Group and Ethos Technologies. Exzeo, whose IPO will include a directed share program, provides turnkey insurance technology and services to carriers and their agents. Ethos, which is partially controlled by Accel and Sequoia Capital, operates a platform to improve the insurance buying and selling experience. YCS Group Holdings, a Singapore-headquartered consulting services provider, hopes to raise $17 million in its U.S. IPO. YCS specializes in helping foreign companies and individuals establish and operate businesses in Singapore. The company underwent a corporate reorganization earlier in 2025 to prepare for its public offering. Blank checks Climate Transition Special Opportunities SPAC I, Creative Future Acquisition, and Lafayette Digital Acquisition I also registered last week. Climate Transition I will target the specialty finance, climate transition, renewable energy, and regenerative agriculture sectors. Creative Future has not specified a combination partner or industry, while Lafayette expects to pursue technology-focused businesses.

Withdrawals. No companies opted 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: Drugs Made In America Acquisition II; Emmis Acquisition Corp.; American Exceptionalism Acquisition A; FutureCrest Acquisition Corp.; Megan Holdings Ltd.; Climate Transition Special Opportunities; Creative Future Acquisition Corp.; CSC Collective Holdings Ltd.; Lafayette Digital Acquisition Corp. I; PressLogic Inc.; Exzeo Group, Inc.; Seahawk Recycling Holdings, Inc.; Cansince Innovations Inc.; Ethos Technologies Inc.; YCS Group Holdings Ltd.

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