The 2025 IPO market is here, and while there are a few small deals on the calendar, some large names in the pipeline could launch in the week ahead.
Natural gas exporter Venture Global (VG) is eligible to launch on Monday, and we estimate the deal could raise up to $3 billion. Energy plays Flowco (FLOC) and Infinity Natural Resource (INR) are also good candidates for launches in the near term, as well as specialty insurer Aspen Insurance (AHL), REIT SmartStop Self Storage (SMA), and Mexican airline Grupo Aeromexico (AERO).
Visual implant developer Cortigent (CRGT) leads the deals currently on the calendar, planning to raise $15 million at a $65 million market cap. It’s joined by Hong Kong software provider Diginex (DGNX) and Singapore building services firm FBS Global (FBGL), both of which plan to raise $11 million.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Diginex (DGNX) Hong Kong, China | $11M $113M | $4 - $6 2,250,000 | Dominari Sec. Revere Sec. |
| Provides software that enables businesses to collect, analyze, and report ESG data. | |||
| FBS Global (FBGL) | $11M $64M | $4.50 - $5 2,250,000 | WallachBeth |
| Provides interior design and fit-out services in Singapore. | |||
| Cortigent (CRGT) Valencia, CA | $15M $65M | $10 1,500,000 | ThinkEquity |
| Developing camera-based neural implants that restore partial vision to the blind. | |||
Street research is expected for three companies. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/2/2025, the Renaissance IPO Index was up 2.0% year-to-date, while the S&P 500 was down 0.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Astera Labs (ALAB). The Renaissance International IPO Index was down 0.7% year-to-date, while the ACWX was down 0.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
