"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

"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

"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

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

"The summer wave of offerings expected in Q3 did not materialize, with only thirteen sizeable IPOs raising ~$7.7 billion. The slow rebound will likely continue in Q4, although some substantial offerings are on the horizon, including billion-dollar offerings for DFIN clients Ingram Micro, and Solera."
Craig Clay, President of Global Capital Markets, DFIN 

"Spring showers created some welcomed activity for $100 million+ IPOs in Q2, surpassing 2022 and 2023's full-year volume. As we head into the summer months, the normal summer lull is expected to be replaced with a splash as companies look to list before the November election." 
Craig Clay, President of Global Capital Markets, DFIN