DFIN's IPO & Public Listing Report - Q1 2025 Edition

"Q1 started strong with fourteen $50M+ offerings in the initial six weeks. However, escalating concerns over tariffs, recession fears, sticky inflation, and budget talks led to market volatility, delaying hopes for a stabilized IPO market. Despite these challenges, Q1 concluded with CoreWeave entering the public market, and we are optimistic that Q2 will bring the clarity and stability needed for a normalized IPO market."  Craig Clay, President of Global Capital Markets, DFIN

Congratulations to the 52 companies in Q1 that made their public debut via a traditional IPO, raising ~$8.4 billion, and the 10 that made their public debut via a SPAC merger. Special congratulations to our clients:

• Aardvark Therapeutics
• Beta Bionics
• CoreWeave
• Flowco
• Infinity Natural Resources
• Karman Space & Defense
• Kestra Medical
• Maze Therapeutics
• Metsera
• SailPoint
• Sionna Therapeutics
• Titan America
• Venture Global