The 2025 IPO window is quickly narrowing, with just two weeks left in the year's typical IPO calendar. Three sizable offerings are scheduled for the week ahead, featuring fintech, healthcare, and infrastructure. With markets recovering from a recent sell-off in growth stocks, we expect several more launches from the pipeline to tee up listings for mid-December, including a potential mega IPO from medical supplies giant Medline (MDLN).
VC-backed robo-advisor Wealthfront (WLTH), raising $450 million at a $2.4 billion market cap, is likely next week's best-known deal. The automated investing platform serves more than 1.3 million clients with over $88 billion in platform assets, offering both investment advisory and cash management. First launched in 2011, its platform assets skyrocketed over the past three years as higher interest rates drove demand for cash management. The company highlights its Millennial and Gen Z customer base, asset retention rate, and profitability (39% operating margin). However, growth has decelerated recently, while cash spreads could be pressured by rate cuts. Cornerstones BlackRock and Wellington plan to take down one third of the deal.
Backed by PE firm Welsh Carson, Lumexa Imaging Holdings (LMRI) is raising $463 million at a $1.8 billion market cap. Formerly known as US Radiology Specialists, the company operates 184 outpatient diagnostic imaging centers in the US, primarily in Texas and the Southeast, which provide MRIs and CT scans as well as mammograms, ultrasounds, and X-rays. The company has expanded significantly through acquisitions, as well as opening de novo centers.
Cardinal Infrastructure (CDNL) aims to raise $242 million at a $769 million market cap. The largely executive-owned company provides wet utility installations (water, sewer, and stormwater systems) for buildings, along with related services. While it has significant exposure to the housing market in North Carolina (particularly Raleigh), that market has served it well so far, boasting strong growth and leading margins.
Several lock-ups are expiring in the week ahead, including four from companies that raised at least $50 million. View Street research and lock-up expiration dates on the IPO Pro Master Calendar.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| JM Group (JMG) Hong Kong, China | $17M $89M | $4 - $5 3,750,000 | Webull Prime Num. Cap. |
| Hong Kong-based merchandise sourcing provider. | |||
| Cardinal Infrastructure (CDNL) Raleigh, NC | $242M $769M | $20 - $22 11,500,000 | Stifel William Blair |
| Provides wet utility and other infrastructure services in North Carolina. | |||
| Lumexa Imaging (LMRI) Raleigh, NC | $463M $1,824M | $17 - $20 25,000,000 | Barclays JP Morgan |
| Diagnostic imaging provider with 184 outpatient centers across the US. | |||
| Wealthfront (WLTH) Palo Alto, CA | $450M $2,449M | $12 - $14 34,615,384 | Goldman JP Morgan |
| Operates an automated investing platform. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/4/2025, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 18.0%. 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 36.9% year-to-date, while the ACWX was up 30.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
