The longest-ever US government shutdown is finally ending, meaning that the normal path to public markets is set to reopen. While we don’t expect a rush of IPOs due to a backlogged SEC, pressure on AI and other tech stocks, and the approaching holiday slowdown, up to a dozen or so companies in the IPO pipeline could still go public by the end of 2025.
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There are currently two sizable deals scheduled to price in November, Missouri-based Central Bancompany (CBC) and Christian tech platform Gloo Holdings (GLOO). Due to the upcoming Thanksgiving holiday (11/27), we would be surprised to see any other sizable listings this month.
On the filings side, any new issuers hoping to list before the end of the year will need to file publicly by the end of next week (11/21), though the SEC's 40+ day backlog could be a limiting factor.
In addition to the filings that roll in over the next week, there are several names already in the pipeline that could debut next month. We expect most will target the week of December 8, though there should be some activity the week of December 15.
Medical supplies giant Medline (MDLN) could be one of the year's headline IPOs, poised for the largest offering since 2021 with an estimated deal size of $5 billion. Other recent filers that may target December listings include pan-Asian travel platform Klook (KLK) and construction company Cardinal Infrastructure (CDNL).
Several pre-shutdown filers could also restart IPO plans with a reopened government. Cryptocurrency infrastructure provider BitGo (BTGO) is one to watch, having recently updated its prospectus. But we could still see updates or launches from others, including celebrity-backed baby food company Once Upon a Farm (OFRM), automated investing platform Wealthfront (WLTH), life insurance marketplace Ethos Technologies (LIFE), online auto lender Lendbuzz (LBZZ), and tax advisory firm Andersen (ANDG).
