DFIN's IPO & Public Listing Report - Q3 2025 Edition

"Q3 marked the most active IPO quarter since 2021, fueled by renewed investor appetite and a surge in high-growth tech listings. While the government shutdown introduces procedural delays at the SEC, historical precedent suggests the impact on Q4 IPOs may be modest—especially if the closure is brief. Strong investor demand and a healthy pipeline could help the market absorb short-term disruptions." Craig Clay, President of Global Capital Markets, DFIN

Congratulations to the 65 companies in Q3 that made their public debut via a traditional IPO, raising over $15 billion and the 12 that made their public debut via a SPAC merger. Special congratulations to our clients:

• Accelerant
• Ambiq Micro
• Carlsmed
• CapsoVision
• CoastalSouth Bancshares
• Firefly Aerospace
• Kodiak AI
• LB Pharmaceuticals
• Legence
• Netskope
• NielsenIQ
• Semnur Pharmaceuticals
• StubHub
• WaterBridge