While the government shutdown pushed many IPOs to next year, 2025 still has more notable listings in store. Two sizable deals are currently scheduled for the week ahead.
Medical supplies giant Medline (MDLN) plans to raise $5.0 billion at a $37.3 billion market cap. The company is a major distributor and manufacturer of medical-surgical products, supplying roughly 335,000 items across two segments: Medline Brand and Supply Chain solution. The company boasts a high retention rate, and multiyear prime vendor contracts, although recent tariffs have added to margin pressures, and it faces competition from other large providers. At the midpoint, the deal would be the largest IPO since Rivian (RIVN) raised $11.9 billion in its 2021 listing.
Tax advisory firm Andersen Group (ANDG) plans to raise $165 million at a $1.7 billion market cap. The company provides tax, valuation, and financial advisory services in the US to family offices, businesses, and institutional clients, performing services for over 11,900 client groups as of September 30, 2025. Andersen has grown revenue at a 15% CAGR since 2003, although a recent shortage of accounting personnel may increase its costs.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Andersen (ANDG) San Francisco, CA | $165M $1,742M | $14 - $16 11,000,000 | Morgan Stanley UBS |
| Tax, valuation, and advisory firm founded by former Arthur Andersen partners. | |||
| Medline (MDLN) Northfield, IL | $5,012M $37,305M | $26 - $30 179,000,000 | Goldman Morgan Stanley |
| Leading medical supplies manufacturer and distributor. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/11/2025, the Renaissance IPO Index was up 11.7% year-to-date, while the S&P 500 was up 18.8%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Reddit (RDDT) and Kenvue (KVUE). The Renaissance International IPO Index was up 37.1% year-to-date, while the ACWX was up 31.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
