Week Ahead


Two sizable deals are currently scheduled to price in the week ahead as the 3Q IPO market comes to a close.

Dual listing in the US and London, newly-formed REIT Fermi (FRMI) plans to raise $500 million at a $13.0 billion market cap. Fermi is planning to develop a 15 million square foot integrated power plant and data center in Texas, with a focus on AI hyperscalers. The project is expected to ultimately support 11 GW of generation capacity, with 1 GW of capacity anticipated to be online by the end of 2026. The project build-out will be very expensive and require substantial additional capital, and Fermi is still early stage, with no revenue to date.

Flood insurance distributor Neptune Insurance (NP) plans to raise $350 million at a $2.8 billion market cap. As a data-driven managing general agent for homeowners and businesses, the company offers a range of residential and commercial insurance products, distributed through a nationwide network of agencies. Neptune does not take any balance sheet insurance risk, and has delivered solid growth with a stellar lifetime written loss ratio. It will be leveraged post-IPO.

Two other issuers are tentatively scheduled to price in the coming week. Tennessee community bank Commercial Bancgroup (CBK) plans to raise $100 million at a $367 million market cap. Japanese commercial vehicle retailer HW Electro (HWEP) plans to raise $17 million at a $169 million market cap.

9 Filings During the Week of September 22nd, 2025 Issuer
BusinessDeal
SizeSectorLead
Underwriter Ethos Technologies (LIFE) $100M Financials Goldman Provides an online life insurance marketplace and analytics platform. YCS Group (YCSG.RC) $14M Industrials Prime Num. Cap. Provides corporate and consulting services to SMEs in Singapore. Exzeo (XZO) $100M Technology Truist Securities Property and casualty underwriting and analytics platform being carved out of HCI Group. Seahawk Recycling (SEAH) $10M Industrials Cathay Securities Japan-based provider of paper and scrap metal recycling services. PressLogic (PLAI) $12M Communication Services ATIS Provider of digital marketing services in Hong Kong and Taiwan. Climate Transition SPAC I (CLSOU) $150M SPAC Cohen & Company Blank check company targeting renewable energy and specialty finance. Lafayette Digital Acq. I (ZKPU) $250M SPAC BTIG Blank check company targeting the financial services and technology industries. Creative Future Acq. (CFACU) $60M SPAC Craft Capital Blank check company led by Chinese executives. CSC Collective (CSC) $7M Consumer Discretionary Revere Sec. Operates two high-end Japanese-style restaurants in Hong Kong.

Sign up for a free trial of our premium platform, IPO Pro. To get our IPO calendar in your inbox, register here.

Street research is expected for one company in the week ahead, and five lock-up periods will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.

This past week, we released our review of the 3Q US IPO market, where we discuss the past quarter’s activity, performance, outlook for the coming months, and more. Read the free preview here.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/25/25, the Renaissance IPO Index was up 14.5% year-to-date, while the S&P 500 was up 13.4%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Reddit (RDDT) and Astera Labs (ALAB). The Renaissance International IPO Index was up 42.8% year-to-date, while the ACWX was up 25.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.