Four IPOs and five SPACs debuted this week. Three IPOs and one SPAC submitted initial filings this week.

Consumer debt purchaser and collector Jefferson Capital (JCAP) priced at the low end to raise $150 million at a $972 million market cap. The company purchases and manages charged-off and insolvency consumer accounts with operations primarily in the US, Canada, the UK, and Latin America. In addition to its main offices, the company has a co-sourced operation in Mumbai, India. Jefferson purchases nonperforming consumer loans and receivables at a discount to their face value across a broad range of financial assets, managing the loans and receivables by working with the account holders as they repay their obligations and work toward financial recovery. Its investment activity is primarily concentrated in installment loans and credit cards, followed by auto and utilities, with a focus on distressed assets. It finished the week up 27%.

Cambodian leather goods manufacturer Kandal M Venture (FMFC) priced its US IPO at the low end to raise $8 million at a $72 million market cap. Through operating subsidiary FMF, Kandal M Venture provides contract manufacturing for leather goods, primarily handbags, though it also makes other smaller leather goods. Its customers include well-known US-based fashion brands. It finished the week up 23%.

Hong Kong hot pot restaurant chain Happy City Holdings (HCHL) priced its US IPO at the low end to raise $6 million at a $96 million market cap. Happy City Holdings operates three all-you-can-eat hotspot restaurants in Hong Kong, which specialize in Thai and Japanese-style hot pot. Its menu includes a variety of meat, seafood, vegetables, and noodle options, and it offers customers a range of set time limits for dining. Happy City Holdings finished the week up 2%.

Chinese engineering services provider Julong Holding (JLHL) priced its US IPO at the low end to raise $5 million at an $85 million market cap. Julong's business lines include engineering solutions of intelligent projects (93% of FY24 revenue), operation and maintenance of intelligent projects (6%), and sales of equipment and materials of intelligent systems (1%). The company customers include public utilities, commercial properties, and multifamily residential properties operating at scale in China. Julong Holding finished the week up 13%.

Five SPACs also listed. Cantor Equity III (CAEP), the twelfth blank check company formed by Cantor Fitzgerald, raised $240 million. Oxley Bridge Acquisition (OBAWU) raised $220 million to target the consumer and technology sectors. LightWave Acquisition (LWACU) raised $188 million to target the tech sector. Yorkville Acquisition (YORKU) raised $150 million to target the telecom, media, and technology sector. FIGX Capital Acquisition (FIGXU) raised $131 million to target the “financial industry group” sector.