Seventeen IPOs raised a combined $3.8 billion in January, outpacing the 10-year historical average by deal count (10 IPOs) but in line with proceeds ($3.7B). While there was still a steady stream of micro-caps, eight IPOs raised $100 million or more, led by Venture Global (VG), which completed the year’s first billion-dollar offering. The LNG exporter had a disappointing debut, but the group of eight larger IPOs averaged a decent 13% return from offer, driven by first-day gains (+14%) that diminished slightly in the aftermarket (-1%). The broader group of all January IPOs averaged a 44% return, inflated primarily by one volatile Chinese micro-cap. Equity markets seesawed during the month, amid earnings reports, inflation numbers, and developments in AI. The Renaissance IPO Index weathered the headlines well, rising 8% to strongly outpace the S&P 500 (+3%). Pipeline activity was encouraging, with several new filings and updates from large issuers spanning a variety of sectors and businesses. New blank check issuance rose further and de-SPAC activity held pace. Eight blank check companies went public in January and 10 joined the pipeline, while four mergers were completed and five were announced. Despite some volatility, the 2025 IPO market is off to a solid start, and while we could see a brief pause in February as companies wait for year-end financials, deal flow should continue to pick up in the coming months.
For more exclusive content like this, sign up for a free trial of IPO Pro, the platform that gives you all of the IPO information you need, all in one place.
Largest IPOs
The month’s five largest IPOs raised a combined $3.2 billion (86% of monthly proceeds), including three energy deals, a food producer, and a biotech. The five averaged a 12% return from offer. IPO investors remained cautious on valuation, particularly when companies had below-average growth or margins.
LNG exporter Venture Global led the month’s deals, raising $1.8 billion in the largest US energy IPO since 2013. Venture was originally expected to raise over $2 billion at a $100+ billion market cap, a feat achieved by just two other US IPOs, but the company slashed its offer price by 42% from the proposed midpoint, the steepest price cut for a billion-dollar deal in our records. It disappointed in its debut, off -4% on day one and -18% below offer at month-end.
The month’s other energy issuers included equipment and services provider Flowco and oil and natural gas producer Infinity Natural Resources, both of which were received more favorably.
Pork producer Smithfield Foods and obesity biotech Metsera rounded out the top five. Spun out of China’s WH Group, Smithfield received mixed interest in its return to public markets. It broke issue on its first day, but rebounded a bit in the aftermarket. Metsera delivered the strongest trading of both the top five and the broader group of $100+ million IPOs, jumping nearly 50% in its debut.

Best and Worst Performers
January IPOs performed well overall, despite some volatile trading from the smaller issuers. About three-quarters of the month’s 17 IPOs finished above issue.
The best performers were led by Chinese software micro-cap Diginex, which ended with a more than 600% return, followed by sizable biotech Metsera. The bottom performer was Chinese water treatment provider Decent Holding, which finished with a -59% return from offer.

IPO Pipeline
Twenty-nine companies submitted initial filings in January, an increase from the prior month (18) and above January’s 10-year average (17). Sizable new filings reached a three-year high, with 13 issuers filing to raise $100 million or more. At month-end, the IPO pipeline stood at 185 companies looking to raise about $9 billion, including 115 in the “active pipeline” that have filed or updated within the last 90 days, 15 of which are expected to raise at least $100 million.
Of the 13 companies that filed to raise $100 million or more, four also priced during the month (BBNX, MAZE, MTSR, and SFD). The new filers were led by enterprise security firm SailPoint, which could raise an estimated $1 billion in its return to public markets. Other notable additions included cement carve-out Titan America, Michigan-based bank Northpointe Bancshares, defense contractor Karman, and renewable power play One Power.

Private Company Watchlist
Renaissance Capital’s Private Company Watchlist (PCW) stands at 240 companies. Four of the month’s IPOs came from our PCW (VG, SFD, FLOC, and AAPG). We made eight additions to the PCW in January, one of which, Odyssey Therapeutics, also filed publicly during the month. Notable additions included gas station chain EG Group, which is reportedly working on a possible 2025 US listing, quantum computer developer Quantinuum, whose owner Honeywell is in talks with underwriters, and SymphonyAI, which recently hired a CFO with IPO experience.
For more on private company news during the month, sign up for a free trial of IPO Pro.
SPACs
Eight blank check IPOs raised a combined $1.1 billion in January, five of which raised $150 million or more. Ten new SPACs submitted initial filings, and there were five merger announcements, four completions, no terminations and one liquidation.

IPO Index
The Renaissance IPO Index (IPOUSA), the underlying index for the Renaissance IPO ETF (NYSE Ticker: IPO), gained 7.7% in January, strongly outpacing the S&P 500’s 2.8% return. Markets seesawed, rising out of an early slump on strong earnings and inflation numbers, before briefly trading off on concerns about China’s DeepSeek AI. The IPO Index is designed to hold a portfolio of the largest and most liquid US IPOs from the past three years, and top holdings include Arm Holdings, Kenvue, Astera Labs, CAVA Group, and Credo Technology Group Holding.
