Annual Average IPO Return During First Trading Day The average U.S. IPO in 2025 has popped 30% on debut, with 72% of the 46 listings this year finishing their first session in the green—a sign of the market’s strong appetite for new deals. Image: Goldman Sachs Global Investment Research
Monthly Median IPO Return Durig First Trading Day The strong first-day trading performance of U.S. IPOs in 2025 provides clear evidence of a resurgence in speculative trading and renewed investor confidence in new listings. Image: Goldman Sachs Global Investment Research
Monthly Number of U.S. IPOs and S&P 500 The IPO market’s rebound in 2025 is a clear signal of renewed risk appetite and a progressing market cycle, with investors showing strong demand for new equity issues. Image: Topdown Charts
Tech IPOs vs. Non-Tech IPOs Tech IPO shares have soared an average of 108% above their offering price. By comparison, non-tech IPOs have gained 49%, a solid return but significantly less than the surge seen in tech offerings. Image: Yahoo Finance
Number of U.S. IPOs Despite ongoing uncertainties, could the U.S. IPO market experience growth and recovery in 2025? Image: Goldman Sachs Global Investment Research
U.S. IPO Market The GS IPO Issuance Barometer, which shows improvement, suggests that the U.S. IPO market could be ready for a robust recovery in 2025 after several years of decreased activity. Image: Goldman Sachs Global Investment Research
S&P 500 and U.S. IPO Activity The increased IPO activity in the United States, combined with the positive trends in global markets, suggests a potentially bullish medium-term outlook for IPOs as market conditions continue to improve. Image: Topdown Charts
U.S. IPOs (Excluding SPACs) – Deal Count and Deal Value U.S. IPO activity is on the rise. Image: BofA Global Research
Equity Issuance – IPOs and Secondaries New equity offerings are booming. Are they in a bubble? Image: Fidelity Investments
SPAC IPOs by Week Despite regulatory pressure, SPAC issuance has accelerated. Image: Goldman Sachs Global Investment Research
Performance – U.S. IPOs and S&P 500 Could the poor performance of U.S. IPOs this year have a negative impact on upcoming listings? Image: Financial Times