FACTBOX-Hot or not? How high-profile 2025 US IPOs have performed

By Niket Nishant and Manya Saini

Dec 18 (Reuters) - Medical supply giant Medline's MDLN.O shares rose 41% above their offer price in their hotly anticipated New York debut on Wednesday, rounding out a strong year for U.S. IPOs with volumes hitting their highest since 2021.

New listings made a strong comeback in 2025 after nearly three years of sluggish activity, buoyed by rate-cut hopes and a more supportive dealmaking backdrop.

Eye-popping first-day performances by heavyweights such as Circle CRCL.N and Figma FIG.N also lifted sentiment.

According to data from Dealogic, IPOs in the U.S. have raised nearly $75.3 billion so far this year, the biggest haul since 2021.

Here's how an ETF tracking major newly public stocks has fared against the benchmark S&P 500 .SPX over the past year:

Below is a look at how some of the biggest IPOs in recent years have performed:

CIRCLE INTERNET CRCL.N:

The stablecoin issuer raised $1.05 billion in an upsized IPO in June, debuting with a valuation of nearly $18 billion on a fully diluted basis.

Its shares more than doubled on day one, closing about 168% above the IPO price. The stock has gained 20% since then.

COREWEAVE CRWV.O:

The AI cloud firm's Nasdaq debut was muted in March, but the stock has jumped 78% despite opening nearly 3% below its offer price.

The Nvidia NVDA.O-backed company raised about $1.5 billion in its IPO for a valuation of about $23 billion on a fully diluted basis.

FIGURE FIGR.O:

The blockchain lender's shares started trading 44% above their offer price in September, and have gained 7.5% since then.

STUBHUB STUB.N:

The ticket reseller debuted at 8% above its IPO price in September but erased all gains to close the day lower. Since then, shares have fallen 40%.

FERMI FRMI.O:

The data-center real estate investment trust, co-founded by former U.S. Energy Secretary Rick Perry, began trading in October 19% above the IPO price but has lost 61% since then.

BULLISH BLSH.N:

The parent of crypto news website CoinDesk upsized its IPO and priced above range to raise $1.11 billion. The company's stock opened more than double the IPO price in its NYSE debut in August but has since fallen 53%.

FIREFLY AEROSPACE FLY.O:

The Northrop Grumman-backed space-tech firm upsized its IPO and priced above range to raise $868.3 million. Its stock opened nearly 56% above the IPO price on the Nasdaq in August.

However, the stock on Tuesday closed nearly 71% below the price at which it opened on its debut day.

FIGMA FIG.N:

Design software maker Figma raised $1.22 billion in its July IPO and ended its first day on the NYSE with an eye-popping gain of 250%.

Its shares are now trading about 58% lower than where they opened.

CHIME CHYM.O:

The financial technology company priced its IPO above the marketed range, raising $864 million in June.

The stock opened 59% higher on debut but is now trading nearly 43% below the price at open.

ETORO ETOR.O:

Robinhood rival eToro ETOR.O secured a valuation of $5.64 billion after its shares surged 34% in their Nasdaq debut in May.

The stock and cryptocurrency trading platform raised $620 million in an upsized IPO. Its stock has nearly halved since then.

VENTURE GLOBAL LNG VG.N:

The liquefied natural gas exporter raised $1.75 billion in its offering in January, settling for nearly half the valuation it had aimed for earlier.

The company's shares opened nearly 4% below their IPO price in a subdued NYSE debut. The stock has lost 75% of its value.

SAILPOINT SAIL.O:

The Thoma Bravo-backed identity security company's shares traded flat in their Nasdaq debut in February, valuing it at $12.8 billion. The stock has since lost nearly 8%.

The Austin, Texas-based company raised $1.38 billion in an upsized IPO.

Note: Stock performance since debut is calculated on the basis of the opening trade, unless otherwise mentioned

Sources: Filings, LSEG, Reuters' reports