The 2025 IPO market has kicked off with a steady stream of large deals, and new filing activity signals more to come. Thirteen IPOs planning to raise $100 million or more have joined the pipeline, the most in a single month since January 2022.
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The recent crop of filings represents a diverse mix of businesses, spanning seven sectors. Healthcare should continue to lead deal flow, joined by other common IPO sectors like tech, financials, and industrials. Some less-typical sectors, materials and utilities, are also on the roster.
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The month’s additions were led by enterprise security firm SailPoint (SAIL), which is on file for an estimated $1 billion offering.
Other notable initial filers included cement carve-out Titan America (TTAM), which is scheduled to list in February, as well as a bank (NPB), a defense systems maker (KRMN), and a renewable power play (ONE). The remaining names were all biotechs (AARD, AURN, ODTX, SION). Four of January’s sizable filers also priced or plan to price before month end.
In terms of performance, the IPO market has had a decent albeit volatile start to the year, with the Renaissance IPO Index up +4.9% YTD, compared to +2.7% for the S&P 500. Four sizable US IPOs have begun trading so far this year, averaging a mere +1% return from offer, showing that investors remain discerning on valuations. A fifth IPO, medical device maker Beta Bionics (BBNX), begins trading Thursday after pricing above the range.