By Niket Nishant and Manya Saini
Dec 18 (Reuters) - Medical supply giant Medline’s (MDLN.O) shares rose 41% above their offer price in their hotly anticipated New York debut on Wednesday, rounding out a strong year for U.S. IPOs with volumes hitting their highest since 2021.
New listings made a strong comeback in 2025 after nearly three years of sluggish activity, buoyed by rate-cut hopes and a more supportive dealmaking backdrop.
Eye-popping first-day performances by heavyweights such as Circle (CRCL.N) and Figma (FIG.N) also lifted sentiment.
According to data from Dealogic, IPOs in the U.S. have raised nearly $75.3 billion so far this year, the biggest haul since 2021. Here’s how an ETF tracking major newly public stocks has fared against the benchmark S&amp;P 500 (.SPX) over the past year: Below is a look at how some of the biggest IPOs in recent years have performed: CIRCLE INTERNET (CRCL.N) :
The stablecoin issuer raised $1.05 billion in an upsized IPO in June, debuting with a valuation of nearly $18 billion on a fully diluted basis.
Its shares more than doubled on day one, closing about 168% above the IPO price. The stock has gained 20% since then.
<h3>COREWEAVE (CRWV.O) :</h3>
The AI cloud firm’s Nasdaq debut was muted in March, but the stock has jumped 78% despite opening nearly 3% below its offer price.
The Nvidia (NVDA.O) -backed company raised about $1.5 billion in its IPO for a valuation of about $23 billion on a fully diluted basis. FIGURE (FIGR.O) :
The blockchain lender’s shares started trading 44% above their offer price in September, and have gained 7.5% since then. STUBHUB (STUB.N) :
The ticket reseller debuted at 8% above its IPO price in September but erased all gains to close the day lower. Since then, shares have fallen 40%. FERMI (FRMI.O) :
The data-center real estate investment trust, co-founded by former U.S. Energy Secretary Rick Perry, began trading in October 19% above the IPO price but has lost 61% since then. BULLISH (BLSH.N) :
The parent of crypto news website CoinDesk upsized its IPO and priced above range to raise $1.11 billion. The company’s stock opened more than double the IPO price in its NYSE debut in August but has since fallen 53%. FIREFLY AEROSPACE (FLY.O) :
The Northrop Grumman-backed space-tech firm upsized its IPO and priced above range to raise $868.3 million. Its stock opened nearly 56% above the IPO price on the Nasdaq in August.
However, the stock on Tuesday closed nearly 71% below the price at which it opened on its debut day. FIGMA (FIG.N) :
Design software maker Figma raised $1.22 billion in its July IPO and ended its first day on the NYSE with an eye-popping gain of 250%.
Its shares are now trading about 58% lower than where they opened. CHIME (CHYM.O) :
The financial technology company priced its IPO above the marketed range, raising $864 million in June.
The stock opened 59% higher on debut but is now trading nearly 43% below the price at open. ETORO (ETOR.O) :
Robinhood rival eToro (ETOR.O) secured a valuation of $5.64 billion after its shares surged 34% in their Nasdaq debut in May.
The stock and cryptocurrency trading platform raised $620 million in an upsized IPO. Its stock has nearly halved since then. VENTURE GLOBAL LNG (VG.N) :
The liquefied natural gas exporter raised $1.75 billion in its offering in January, settling for nearly half the valuation it had aimed for earlier.
The company’s shares opened nearly 4% below their IPO price in a subdued NYSE debut. The stock has lost 75% of its value. SAILPOINT (SAIL.O) :
The Thoma Bravo-backed identity security company’s shares traded flat in their Nasdaq debut in February, valuing it at $12.8 billion. The stock has since lost nearly 8%.
The Austin, Texas-based company raised $1.38 billion in an upsized IPO. Note: Stock performance since debut is calculated on the basis of the opening trade, unless otherwise mentioned Sources: Filings, LSEG, Reuters’ reports
IPO index vs S&amp;P 500 in 2025
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In 2025, U.S. IPOs saw a resurgence, raising $75.3 billion, the highest since 2021. Notable IPOs included Medline, Circle, and Figma, with varying performances. Medline's shares rose 41% on debut, Circle's doubled, and Figma gained 250% initially but later fell. Other IPOs like StubHub and Venture Global LNG experienced declines post-debut. The IPO index's performance was compared to the S&P 500, highlighting the mixed outcomes of these high-profile listings.

FACTBOX-Hot or not? How high-profile 2025 US IPOs have performed