IPO activity has slowed just as quickly as it picked up. As of Thursday, there were no listings scheduled for the week of September 22, an unusual pause after such an active start to the month.
The empty deal calendar aligns with a decline in filing activity, with just one or two new IPO filings in each of the past three weeks. As the IPO market digests the latest crop of deals, issuers and investors appear to be using this opportunity to take stock of market conditions.
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While September’s first-day pops have not been as strong as many of the companies that listed this summer, and two of the month’s IPOs trade below issue (STUB, GEMI), performance has been good overall, with this month’s 10 deals averaging a 14.9% return on day one, and a 14.8% total return from offer. The group’s fast-growing IPOs have outperformed, including fintech Figure (FIGR; +73%), coffee chain Black Rock Coffee (BRCB; +39%), and cybersecurity platform Netskope (NTSK; +18%).
Next week’s pause in activity will likely be temporary, as market conditions still support a robust IPO calendar in the fall: Recent deals have performed well, the Fed has cut rates for the first time this year, the VIX is still comfortably below 20, and the Renaissance IPO Index is at a YTD high.
Potential upcoming IPO launches
Several companies are waiting in the wings, with fresh filings and amendments signaling potentially imminent launches. While there are no VC-backed tech names below, news broke this week that travel expense platform Navan may soon file.
As of 9/18/25.In addition to the six names listed above, older filings could also choose to move ahead with their listings, such as Australian meat producer Kilcoy Global Foods (KGF), Mexican airline Grupo Aeromexico (AERO), and energy drilling firm HMH Holding (HMH).
Financials sector leads near-term launches
Financial services dominate the near-term pipeline, accounting for half of the six latest sizable filings. Southeast community bank Commercial Bancorp (CBK; $173mm) and fast-growing flood insurance distributor Neptune Insurance (NP; $100mm) are both already eligible to launch their offerings and price this month, while recent filer, auto financing platform Lendbuzz (LBZZ), may launch its estimated $250 million offering near the end of the month ahead of a listing in early October.
Apollo-backed Phoenix Education (PXED), which provides post-secondary education through the University of Phoenix, filed in late August for an IPO we estimate could raise $500 million; it was eligible to launch this past week, but a new filing on Monday signals it may be ready to move forward with its listing. Another private equity-backed company, commercial laundry equipment maker Alliance Laundry Holdings (ALH), filed last week to raise an estimated $500 million, and could launch later this month for an October pricing.
Data infrastructure and power REIT Fermi (FRMI) plans to raise $150 million, as the pre-revenue company seeks to build out its commercial operations; it becomes eligible to launch its offering next week.
