Upcoming Initial Public Offering (IPO) details for 2025
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In a detailed analysis, the latest IPO report offers valuable insights into the IPO market over the past five years, with a focus on 2021. The report provides a breakdown of IPOs by industry and leading states, offering a comprehensive understanding of the vibrant activity witnessed in the IPO market.
Industry Analysis
The report reveals that the IPO market peaked in 2021, with a significant number of IPOs across various sectors. The leading industries for IPOs over the past five years have been Technology and Health Care, Fintech, Health and Life Sciences, and other sectors such as Industrial, Telecom/Media/Technology (TMT), Energy, and Defense.
Technology and Health Care sectors consistently led the way, with many companies preparing for or completing IPOs in 2021 and continuing into 2025. Cloud computing (CoreWeave) and fintech (Chime) were prominent in 2025, echoing trends from 2021. Fintech saw a surge in IPOs in 2021, with 61 IPOs, before declining and then resurging in 2024-2025. Health and Life Sciences accounted for 18 IPOs raising $1.8 billion in 2025.
Geographic Analysis
The report also provides a geographic breakdown of IPO activity. Although a precise state-by-state breakdown over five years is not explicitly listed, it is known that the United States maintained a significant portion of global IPO activity, with many listings concentrated in major financial hubs such as New York, California, and Massachusetts. The presence of sectors like tech and biotech implies high activity in states with strong tech ecosystems, such as Silicon Valley and Boston.
Moreover, 62% of U.S. IPOs in 2025 were from foreign issuers, indicating the U.S. markets remain the leading venue for IPOs regardless of origin.
IPO Volume and Capital Raised
In 2021, the U.S. IPO market was at its height, with around 109 IPOs in the first half of 2025 tracking back to that peak. Over the past five years, IPO volume fluctuated down after 2021 but is recovering. In 2025 H1, these 109 IPOs raised $17.1 billion with a median 20% first-day gain.
The report also provides guidance on various aspects related to IPOs, such as assembling a board of directors for pre-IPO companies, preparing cybersecurity disclosures, and facilitating pre-IPO communications to find IPO investors. The report also examines the prevalence of EGC elections and provides a breakdown of IPOs by industry. Current and former shell companies are also considered in the report.
In conclusion, the 2021 IPO market was a high-water mark, especially for fintech and tech sectors, with fluctuations in the following years but signs of a rebound by mid-2025. The report offers a valuable resource for those interested in understanding the IPO market and its trends. A Venture Capital Report is forthcoming.
[1] IPO Report, 2021 [2] IPO Report, 2022 [3] IPO Report, 2023 [4] IPO Report, 2024 [5] IPO Report, 2025
- The surge in fintech IPOs, numbering 61 in 2021, has piqued the interest of venture capitalists in the finance sector.
- The IPO Report, 2025, highlights the recovery of the IPO market, especially in the technology and fintech sectors, which continue to attract significant venture capital financing.
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