DFIN's IPO & Public Listing Report - Q2 2025 Edition

"Despite entering Q2 with strong financials and compelling growth narratives, many companies chose to delay IPO plans amid persistent market volatility. However, a few standout issuers—such as Circle Internet—moved forward, drawing robust investor interest and signaling selective confidence in the public markets. Several significant filings at quarter-end have renewed optimism that the IPO window is reopening." Craig Clay, President of Global Capital Markets, DFIN

Congratulations to the 46 companies in Q2 that made their public debut via a traditional IPO, raising ~$7 billion, and the 13 that made their public debut via a SPAC merger. Special congratulations to our clients:

• Antalpha Platform Holding
• American Integrity Insurance
• Circle Internet
• Hinge Health
• Omada Health
• Slide Insurance
• SmartStop Self Storage
• Yuanbao Insurance