Factbox: IPO market comeback: How recent major US listings fared
24/01/2025 12:41
Jan 24 (Reuters) - The U.S. IPO market is expected to
see a blowout 2025, fueled by the return of business-friendly
Donald Trump to the White House, declining interest rates and a
renewed risk-on sentiment in equity markets.
Some of the most high-profile names that are likely to
headline this year's IPO market resurgence include Swedish
payments firm Klarna, fintech giant Chime, AI-focused chip firm
Cerebras and medical supplies provider Medline.
The performance of recent listings is often viewed as a key
measure of investor sentiment, and their success typically
motivates other companies to proceed with their offerings.
Venture Global LNG VG.N is the first major listing of the
year and is set to test investor appetite for energy IPOs after
Trump pledged support for the industry.
Here is an overview of how some of the biggest IPOs of recent
years have performed:
ARM HOLDINGS ARM.O :
The chip designer raised $4.87 billion in its offering in
September 2023, valuing it at $54.5 billion. It had sought a
valuation of as much as $52 billion.
The company's shares rose 10% at the open on debut day. The
stock has gained nearly 200% since.
INSTACART CART.O :
The San Francisco-based company, which is incorporated as
Maplebear Inc, was priced at the top end of the marketed range
in its IPO. It raised $660 million at a nearly $9.9 billion
valuation in September 2023.
It had hiked its proposed price range and targeted a
valuation of up to $10 billion.
The grocery delivery app's stock popped 40% at the open and
is currently trading 8.2% higher.
VIKING HOLDINGS VIK.N :
The cruise operator's IPO raised $1.54 billion in April last
year, valuing it at $10.35 billion. It had sought a valuation of
as much as $10.8 billion in the offering.
Viking's shares opened 9% above their offer price and have
surged 86% since.
STANDARDAERO SARO.N :
The aircraft maintenance services provider notched a
valuation of roughly $8 billion after pricing its offering above
range to raise $1.44 billion in October last year. It had
initially targeted a valuation of up to $7.69 billion.
The Carlyle-backed company's shares began trading 29% above
the offer price. The stock has fallen 13.22% since.
LINEAGE LINE.O :
The cold storage real estate investment trust raised $4.45
billion in its listing in July 2024, at a valuation of more than
$18 billion. It had aimed for a valuation as high as $19.16
billion.
The company's stock gained 5% in its Nasdaq debut at the
open. The stock has since fallen 25.6%.
REDDIT RDDT.N :
The social media giant fetched $748 million in its IPO in
March last year, which valued it at $6.4 billion — the top end
of the target range at which it had advertised.
Its stock opened 38% above the offer price, and has since
jumped over four-fold.
BIRKENSTOCK BIRK.N :
The 250-year-old German sandal maker raised $1.48 billion
and was valued at $9.3 billion in its IPO in October 2023,
slightly lower than its target of $10 billion.
Its shares debuted 11% below their IPO price and have risen
43% since.
ZEEKR ZK.N :
The Chinese EV maker's shares have dipped about 3% since
opening 24% above their IPO price on their NYSE debut.
It raised $441 million in the share sale in May last year,
at a valuation of $5.5 billion, the top end of its targeted
range.
KENVUE KVUE.N :
The consumer health unit of Johnson & Johnson JNJ.N
fetched $3.8 billion in the IPO in May 2023, and was valued at
$48 billion after its shares opened 16% above the offer price.
The company had initially aimed for a $43 billion price tag.
Since the debut, its shares have lost nearly 19%.
WAYSTAR WAY.O :
The healthcare payments firm raised $968 million in its IPO
in June last year, valuing it at $3.7 billion. It was initially
seeking a valuation of up to $3.8 billion.
Its shares have soared 80% since the debut. They had opened
2% below their IPO price.
** Note: Stock performance since debut is calculated on the
basis of the opening trade
** Sources: Filings, LSEG, Reuters' reports
(Reporting by Manya Saini and Niket Nishant in Bengaluru;
Editing by Krishna Chandra Eluri)
((Manya.Saini@thomsonreuters.com; X: manya__saini;))