"2025 marked a strong rebound for U.S. IPOs, despite the late-year disruptions in Q4 from tariffs and the government shutdown. The largest offering since 2021, Medline, made its debut heading into the holidays and surged more than 40% above its IPO price, signaling strong investor demand. Investor appetite for high-quality issuers remains clear, setting the stage for an active 2026 driven by moderating inflation, expected interest rate cuts, and a healthy pipeline of IPO-ready companies. With market windows shifting rapidly, operational maturity and flexibility are essential.

Dealmakers entered 2025 with cautious optimism, hoping that the tailwinds from late 2024 would carry through. The economic climate shifted toward volatility, with tariffs, policy shakeups, and global market swings dominating the headlines of the new year. However, as market conditions stabilized across May and June, we’ve seen encouraging trends in market activity kicking off the beginning of Q3.

In January 2024, the Securities and Exchange Commission (SEC) approved new rules and amendments to better align Special Purpose Acquisition Company (SPAC) transactions with traditional IPOs. Now as the June 30^th compliance date quickly approaches, businesses must prepare to meet the new structured data requirements.

In this video, Madeleine Nuttall, Director, Legal Counsel at PropertyGuru Group who managed the company's SEC Filings as a Foreign Private Issuer (including Annual Report Form 20-F and Form 6-K) shares her experience using ActiveDisclosure.

Watch this video to discover how the company has leveraged the software alongside DFIN’s 24/7/365 expert support to drive speed, accuracy and cost efficiencies in their financial reporting workflows when the company was listed on the NYSE.

The SEC’s Division of Corporate Finance has issued new guidance that expands accommodations for issuers submitting draft registration statements for nonpublic review. These changes build on previous efforts to support capital formation while maintaining investor protection, making it easier for companies to navigate the registration process.

"Q4 started off strong with ten $50 million+ offerings in October—the busiest month for offerings this size since November 2021. Silent night was the theme for the remainder of the quarter as companies continued to push their IPO timelines. There is optimism the market will fully normalize in the new year, and we see a significant break in the IPO backlog." Craig Clay, President of Global Capital Markets, DFIN

2024 will be another busy year for the Securities and Exchange Commission (SEC) as it continues to modernize key processes. This year alone, the Commission plans to adopt 25 new rules which includes the new SPAC rules adopted earlier this year.

As businesses begin to look ahead, DFIN’s latest eBook examines five rules that companies should be preparing for now and how ActiveDisclosure can help.

The five rules include:

• Climate Change Disclosure
• Cybersecurity Risk Management
• Filing Fee Modernization
• Structured Forms
• EDGAR Next

Practical insights for APAC companies contemplating a listing in the U.S. capital market as Foreign Private Issuers (FPIs).

Raising a round can be daunting. How do you stand out in the crowd? What are the essential elements to get your financial model right? How should you choose your investors to support your business’ next phase of growth?

"The largest tech offering in years, ARM Holdings, raised ~$4.9 billion, making Q3 the busiest quarter by proceeds this year. Unicorns moved through the IPO pipeline, with Instacart and Klaviyo making their public debuts. All eyes are on inflation, market volatility, and the government shutdown and the impact it may have on exchange bells ringing in Q4." Craig Clay, President, DFIN