September 10 – The U.S. IPO market is headed for its best week since 2021 as ebullient equities and robust debuts from notable newcomers fuel renewed enthusiasm for new issues after tariff-driven volatility earlier in the year held back the long-awaited rebound.
Swedish fintech Klarna and Winklevoss twins’ crypto exchange Gemini are among the high-profile companies set to list their shares in New York this week, while ticket reseller StubHub is poised to go public next week.
Eye-popping first-day performances by high-profile names are also encouraging many would-be issuers to test investor appetite.
Design software maker Figma (FIG.N), opens new tab and stablecoin giant Circle (CRCL.N), opens new tab peaked at 333% and 864% above their IPO prices in the days following their debut, highlighting how eager investors are to get behind the companies they think are future winners.
Here’s how an ETF tracking major newly public stocks has fared against the benchmark S&P 500 (.SPX), opens new tab over the past year:
Below is a look at how some of the biggest IPOs in recent years have performed:
BULLISH (BLSH.N), opens new tab:
The parent of crypto news website CoinDesk upsized its IPO and priced above range to raise $1.11 billion. The company’s stock opened more than double the IPO price in its NYSE debut but has since fallen 40%.
FIREFLY AEROSPACE (FLY.O), opens new tab:
The Northrop Grumman-backed space tech firm upsized its IPO and priced above range to raise $868.3 million. Its stock opened nearly 56% above the IPO price on the Nasdaq.
However, the stock on Tuesday closed nearly 36% below the price at which it opened on its debut day.
FIGMA (FIG.N), opens new tab:
Design software maker Figma raised $1.22 billion in its IPO and ended its first day on the NYSE with an eye-popping gain of 250% in July.
Its shares are now trading about 37% lower than where they opened, and 61% higher than the IPO price.
CHIME (CHYM.O), opens new tab:
The financial technology company priced its IPO above the marketed range, raising $864 million in June.
The stock opened 59% higher on debut but is now trading nearly 10% below the IPO price.
CIRCLE INTERNET (CRCL.N), opens new tab:
The stablecoin issuer raised $1.05 billion in an upsized IPO earlier in June, debuting with a valuation of nearly $18 billion on a fully diluted basis.
Its shares more than doubled on day one, closing about 168% above the IPO price. The stock is trading about 281% above its IPO price, as of last close.
ETORO :
Robinhood-rival eToro secured a valuation of $5.64 billion after its shares surged 34% in their Nasdaq debut in May.
The stock and cryptocurrency trading platform raised $620 million in an upsized IPO. Its stock has declined nearly 35% since then.
COREWEAVE (CRWV.O), opens new tab:
The AI cloud firm’s Nasdaq debut was muted in March, but the stock has more than doubled despite opening nearly 3% below its offer price.
The Nvidia (NVDA.O), opens new tab-backed company raised about $1.5 billion in its IPO for a valuation of about $23 billion on a fully diluted basis.
VENTURE GLOBAL LNG (VG.N), opens new tab:
The liquefied natural gas exporter raised $1.75 billion in its offering in January, settling for nearly half the valuation it had aimed for earlier.
The company’s shares opened nearly 4% below their IPO price in a subdued NYSE debut. The stock has nearly halved in value.
SAILPOINT (SAIL.O), opens new tab:
The Thoma Bravo-backed identity security company’s shares traded flat in their Nasdaq debut, valuing it at $12.8 billion. The stock has since lost nearly 10%.
The Austin, Texas-based company raised $1.38 billion in an upsized IPO.
ARM HOLDINGS :
The chip designer raised $4.87 billion in its offering in September 2023, valuing it at $54.5 billion. It had sought a valuation of as much as $52 billion.
The company’s shares rose 10% at the open. The stock has more than doubled since then.
INSTACART (CART.O), opens new tab:
The San Francisco-based company, which is incorporated as Maplebear, was priced at the top end of the marketed range in its IPO. It raised $660 million at a nearly $9.9 billion valuation in September 2023.
It had hiked its proposed price range and targeted a valuation of up to $10 billion.
The grocery delivery app’s stock popped 40% at the open and has since gained about 8%.
VIKING HOLDINGS (VIK.N), opens new tab:
The cruise operator’s IPO raised $1.54 billion in April last year, valuing it at $10.35 billion. It had sought a valuation of as much as $10.8 billion in the offering.
Viking’s shares opened 9% above their offer price and have more than doubled since.
STANDARDAERO (SARO.N), opens new tab:
The aircraft maintenance services provider notched a valuation of roughly $8 billion after pricing its offering above range to raise $1.44 billion in October last year. It had initially targeted a valuation of up to $7.69 billion.
The Carlyle-backed company’s shares began trading 29% above the offer price. They have since lost around 14%.
LINEAGE (LINE.O), opens new tab:
The cold storage real estate investment trust raised $4.45 billion in its listing in July 2024, at a valuation of more than $18 billion. It had aimed for a valuation as high as $19.16 billion.
The company’s stock gained 5% in its Nasdaq debut at the open. However, it has fallen 49% below its price at open.
REDDIT (RDDT.N), opens new tab:
The social media giant fetched $748 million in its IPO in March last year, which valued it at $6.4 billion — the top end of the target range at which it had advertised.
Its stock opened 38% above the offer price, and has jumped more than five-fold since then.
BIRKENSTOCK (BIRK.N), opens new tab:
The 250-year-old German sandal maker raised $1.48 billion and was valued at $9.3 billion in its IPO in October 2023, slightly lower than its target of $10 billion.
Its shares debuted 11% below their IPO price but have risen 15.5% since then.
** Note: Stock performance since debut is calculated on the basis of the opening trade, unless otherwise mentioned
** Sources: Filings, LSEG, Reuters’ reports
Reporting by Manya Saini, Niket Nishant, Arasu Kannagi Basil and Pritam Biswas in Bengaluru; Additional reporting by Ateev Bhandari; Editing by Krishna Chandra Eluri, Anil D’Silva, Tasim Zahid and Maju Samuel
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Niket Nishant
Thomson Reuters
Niket Nishant reports on breaking news and the quarterly earnings of Wall Street’s largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.
Manya Saini
Thomson Reuters
Manya reports on prominent publicly listed U.S. financial firms, including Wall Street’s biggest banks, card companies, asset managers, and fintechs. She also covers late-stage venture capital funding, initial public offerings on U.S. exchanges, and regulatory developments in the cryptocurrency industry. Her work appears in the finance, markets, business, and future of money sections of the Reuters website. A passionate reader, she loves books across genres, from classics to contemporary fiction. She holds an undergraduate degree in Political Science from the University of Delhi and a master’s in journalism from the Symbiosis Institute of Media and Communication.
