US IPO Weekly Winners & Losers

The energy sector has kicked off the 2025 IPO market in a big way.

Energy equipment and services provider Flowco (NYSE: FLOC) completed the year’s first major offering this week. The company was well-received, pricing above the range and trading up +24% on day one.

Flowco was the largest energy IPO in six years, but it won’t hold that title for long.

Liquefied natural gas exporter Venture Global (NYSE: VG) set terms to raise $2.2 billion at a stunning $115 billion market cap. It’s scheduled to price next week.

By deal size, it would be the largest energy IPO in over a decade. Even more impressive, the proposed market cap would make Venture Global the third US listing ever to achieve a $100+ billion valuation at IPO. Can you name the other two?

Venture’s bold growth plans, coupled with a global boom in LNG demand, could justify the mega market cap. And they’re only selling 2% of the company, instead of a more typical float of 20%, so the deal is structured to do well.

Expect more large issuers on the calendar in the coming weeks. Pork producer Smithfield Foods (Nasdaq: SFD) can launch its IPO on Tuesday. Cement carve-out Titan America (NYSE: TTAM) and enterprise security firm SailPoint (Nasdaq: SAIL) filed this week for listings that could come in early February.

Markets reversed directions again in the wake of upbeat earnings and inflation readouts. The IPO Index gained +4.4%, outpacing the S&P 500’s +2.9% return. Cruise operator Viking led the winners, up +9.2%, while Chinese EV maker ZEEKR slid -8.3%.