IPOs are back and try to avoid the 2021 go-go market failure

More companies have been open to this year than any other company since 2021, but in itself was a new and problematic mark. So far, in 2025, 95 companies have been listed on US exchanges, raising $15.6 billion as of June 18, according to data from Dealogic. This is currently a 30% increase from last year, almost twice the number of companies listed in 2022 and 2023.

This is the best season for IPOs in recent memory, but not at the level of the 2021 go-go era. “We’re not back to the level of 2021 where everyone is piling up,” says Matt Kennedy, a senior IPO strategist at Renaissance Capital, a provider of pre-IPO research that manages two IPO-centered ETFs (NYSE: IPOs, IPOs).

“The IPO market has returned from death as the last three years have been terrible. But I’m not saying it’s lively. I think it’s still pretty selective.”

Many companies are waiting to be made public. Approximately 200 companies submitted Nasdaqan increase of 13% from this period last year. “The market situation remains dynamic, but the pipeline remains strong as companies continue to prepare for their open market debut,” said Jeff Thomas, chief revenue officer and global list head at NASDAQ.

This year’s class IPOs produced some clear winners. Crypto Firm Circle delivered a breakout moment when stocks rose 168% Debuted on June 5th. Stocks continue to grow in the aftermarket, up 677% from the $31 offer price. CoreWeave, an AI infrastructure company, has since surged A rough debut In March, stocks rose 359%, while drone developer Iro has risen 122%. list June 13th. Some companies have more modest success, winning online broker Etoro, which won 14%, and Chime, the famous Neobank, which has risen 9.2% since the list.

David Mort, the general partner of a venture company Promote The venture partner said the success of the IPO from Chime, Circle and Etoro (it was oversubscribed) has given the board confidence. “After seeing these new lists, I hope more CEOs will get their phones,” Mort said.

Hot IPO in July?

We hope that the IPO will continue to rise rapidly in the second half of 2025. David Ruth, a partner at venture company Co-Inovation Capital, warned that Iran and potentially tariff-related macroeconomic issues could overturn the IPO market this year. Market volatility is usually a bad thing for IPOs. This is because investors are often more hesitant to take part in new issues. (Ongoing conflict in the Middle East escalated by the US on June 21st bombing Iran’s nuclear facility. )

One potential cause of volatility was the ongoing fallout from the swept tariff policy announced by President Donald Trump in April, which caused a sharp decline in the US stock market. The market instability and economic uncertainty caused by tariffs have spurred several companies, including professional lenders Klarna, ticketing platform StubHub and Chime. When paused. The chime finally went forward I’m using an IPO, but Klarna and StubHub have not changed their schedule yet. Klarna and Stubhub declined to comment.

Many of Trump’s planned tariffs have been suspended for 90 days, which is expected to expire next month. “We’re looking forward to more volatility in July,” Roos said.

“There’s still a possibility that tariffs will be bitten and the IPO market will be slow again,” said Kennedy of the Renaissance.

Summer is usually a late time for IPOs, with many bankers going out on vacation. It is not expected to change this year. If the market is stable and there are no major macro issues, companies will continue to be public this summer. However, most famous deals are expected to wait for the fall. This is usually the strongest time for new problems. Some transactions may be pushed even in 2026.

Earlier this year, the Renaissance capital hoped that the IPO window would be fully opened by July, Kennedy said. He said the research firm currently expects moderate activity, such as two to three deals a week. “We’re not very busy,” Kennedy said.

Names of marquees that can be listed this fall include Klarna and Stubhub. Some companies that have filed confidentiality with the SEC but have not yet published regulatory applications; Figmadesign software unicorn. Cryptocurrency exchange Gemini and strong;Medline is a medical supply company that supports Blackstone. Next, there are permanent IPO candidates like this: stripePlaid, Revolut, Databricks, scord, and Canvayou can also list this.

I’ll be on the risk of destruction

Another major issue with this year’s IPO crops is aftermarket performance. During the 2021 IPO Frenzy, 397 companies were released, raising a record $142.4 billion. Approximately 80% are below IPO prices. This bad performance has helped keep investors away from new problems for several years. One company currently under pressure is Chime. This rose 37% in its debut, but has declined in several recent trading sessions. If the chime “breaks” or falls below the $27 offer price, this could indicate a loss of investors’ sentiment and affect other similar companies. Chime is currently trading at an estimated seven times revenue, but if these multiple drops drop below five times, “we can’t see many other consumer fintechs we want to publish,” says Edwin Loredo, a partner at Core Innovation. Chime declined to comment.

There is also the so-called lockup problem that all public companies have to face these days. Once a company is made public, insiders, usually employees and early investors are often restricted from selling stocks for a certain time, typically between 90 and 180 days. These insiders are free to sell when the lockup expires, and usually become lowered or volatile in stocks.

Many of the companies I recently listed, including Circle, Chime and CoreWeave, were able to trade above the offer price, but it is still unclear whether this will be maintained when the lockup ends. CoreWeave has 180 days Lockup Both the chime and circle will expire in September end In December. “The actual tests and circles are how these stocks trade after lockup. If the stock price is below the IPO price after 200 days, that’s not a good sign. If the volume of sellers is above the IPO price when it becomes a very positive sign, it’s a very positive sign,” said Bernstein of FTV.