Medline (Nasdaq: MDLN) launched the biggest IPO since 2021. The PE-backed medical supplies giant plans to raise $5 billion to pay down debt. Just two other deals have raised that much in the past 10 years: Rivian (2021) and Uber (2019).
It’s joined on the calendar by financial advisory firm Andersen (NYSE: ANDG), which was formed by former partners of Arthur Andersen (RIP).
And that will bring the 2025 IPO market to a close.
Look out for our 2025 IPO Annual Review next week, which includes our Outlook for 2026. Companies are already filing for January listings (e.g. EquipmentShare this week).
Speaking of 2026, SpaceX’s valuation jumped to over $800 billion, with IPO rumors confirmed by Elon Musk. At that size, SpaceX’s listing could raise more than every 2025 IPO combined. It’s one of four companies valued above $100 billion that are preparing to go public as soon as next year, alongside Anthropic, OpenAI, and Databricks. Of course, don’t be surprised if some push to 2027.
Several IPOs this past week. North Carolina contractor Cardinal Infrastructure (Nasdaq: CDNL) closed the week an impressive +41% above offer, the sort of small-cap regional player we don’t see too often. Robo-advisor Wealthfront (Nasdaq: WLTH) priced at the high end but eked out a mere +1% gain.
The Fed cut rates and markets started an early Santa Claus rally before familiar fears in the tech sector resurfaced on Friday. The IPO market declined -1.9% this week, compared to the S&P 500’s -0.6%. Fintech Chime was the IPO Index’s winner, up +8.6%, boosted by an upgrade from Goldman. AI data center play CoreWeave traded off -11.0%.
Take care,
Bill Smith
CEO and Founder
Renaissance Capital
|
Biggest price changes through
Dec 12th
in the
Renaissance IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Chime Financial | CHYM | 8.6% |
| Amer Sports | AS | 7.1% |
| StandardAero | SARO | 4.7% |
| Lineage | LINE | 4.2% |
| Loar Holdings | LOAR | 4.0% |
| Bottom 5 | ||
| CoreWeave | CRWV | -11.0% |
| Venture Global | VG | -9.8% |
| Tempus AI | TEM | -7.9% |
| Astera Labs | ALAB | -7.7% |
| Arm Holdings | ARM | -7.4% |
| Sectors | ||
| Real Estate | 4.2% | |
| Consumer Staples | 2.5% | |
| Consumer Discretionary | 2.5% | |
| Industrials | 1.5% | |
| Financials | 0.9% | |
| Technology | -3.2% | |
| Health Care | -7.6% | |
| Energy | -9.8% | |
Renaissance IPO ETF (NYSE symbol: IPO) tracks the Renaissance IPO Index
The Renaissance IPO Index returned -1.9% last week vs. -0.6% for the S&P 500.
