Mullet Capitalist IPO Market Update: A Look at Upcoming and Priced IPOs

As we progress through 2025, the IPO market remains a topic of interest for investors, particularly those closely monitoring upcoming offerings in the wake of market volatility.

The current landscape presents opportunities as well as risks, with a significant number of new filings indicating that companies are looking to raise capital despite the pressures faced by global markets.

In terms of already priced IPOs, a diverse range of sectors are represented. For example, SmartStop Self Storage REIT, Inc. (SMA), which raised $810 million at $30.00 per share, is a standout, reflecting investor appetite for real estate investment trusts in the current market.

On the other end of the spectrum, BeLive Holdings (BLIV) priced at a modest $4.00 per share, offering 2.45 million shares and raising $9.8 million.

The disparity between large-scale offerings and smaller deals highlights the varying levels of market confidence across sectors.

The IPO market is also seeing substantial filings.

Notable recent filings include New Providence Acquisition Corp. III (NPACU), with an offer size of $300.15 million, and Twelve Seas Investment Co III (TWLVU), which is targeting $172.5 million.

These SPACs, with significant capital raises, indicate investor interest in such vehicles, despite some challenges faced by the broader market. Additionally, Circle Internet Group, Inc. (CRCL) is attempting to raise $100 million, signalling continued investment in tech and internet-related businesses.

Symbol	Company	Date Filed	Offer Size
HRGH	Ruiguanghongfeng International Ltd	04/02/2025	$6,000,000
AMJK	Aimei Health Technology Ltd	04/02/2025	$6,250,000
PMI	Picard Medical, Inc.	04/01/2025	$11,500,000
ChowChow Cloud International Holdings Ltd	04/01/2025	$13,455,000
LCCCU	Lakeshore Acquisition III Corp.	04/04/2025	$69,000,000
TWLVU	Twelve Seas Investment Co III (Cayman)	04/07/2025	$172,500,000
VCKBU	Vickers Vantage Corp. II	04/03/2025	$207,000,000
NPACU	New Providence Acquisition III (Cayman)	04/07/2025	$300,150,000
CRCL	Circle Internet Group, Inc.	04/01/2025	$100,000,000

Market Context and Investor Sentiment

As we navigate through 2025, investor sentiment remains cautious but opportunistic.

The IPO market is far from the overheated levels seen in previous bull markets, but there is still a steady pipeline of companies seeking to raise capital, especially in sectors such as real estate, technology, and healthcare.