No IPOs are currently scheduled to price in the week ahead.
We expect the 2025 IPO calendar to start December on relatively quiet note, although a handful of issuers may still look to price before year end. Medical supplies giant Medline (MDLN) remains the potential headline event, and could raise an estimated $5 billion in an offering that would mark the largest US IPO since 2021.
Several other sizable deals are also eligible to launch in December. Pan-Asian travel platform Klook (KLK), crypto investment platform Grayscale (GRAY), and satellite manufacturer York Space Systems (YSS) all submitted initial filings in recent weeks, and could list in the coming weeks. Meanwhile, offshore transport service provider Hornbeck Offshore Services (HOS), construction company Cardinal Infrastructure (CDNL), and tax advisory firm Andersen Group (ANDG) all recently updated their prospectuses with new financials, and could also go before the year end.
Street research is expected for six companies, and three lock-up periods will be expiring in the week ahead. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/26/2025, the Renaissance IPO Index was up 4.7% year-to-date, while the S&P was up 17.2%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Reddit (RDDT). The Renaissance International IPO Index was up 32.2% year-to-date, while the ACWX was up 28.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
