Bates Research | 02-04-26
Bates Group Releases 2025 IPO Report from Director Greg Kyle
Bates Group is pleased to announce the release of a comprehensive review of U.S. IPO activity covering the 2000-2025 period, with a focused assessment of 2025 market conditions. Authored by Director and Expert Greg Kyle, the report examines long-term IPO trends while highlighting the forces that shaped issuance, valuation, and aftermarket performance in the past year.
The 2025 IPO market rebounded meaningfully, with 347 total U.S. IPOs and 94 operating-company offerings included in the report’s core analysis. Despite a federal government shutdown that slowed SEC review activity in the fourth quarter, IPO issuance exceeded levels seen in 2023 and 2024, reflecting renewed issuer and investor confidence.
Key findings from the report include:
- Improved aftermarket performance in 2025, with a median first-day gain of 12.4%, nearly double the prior year
- Larger deal sizes and increased capital raised, with operating-company IPOs generating approximately $39 billion
- Elevated valuations relative to long-term medians, particularly on a price-to-sales basis
- Continued sector concentration, led by health care, financials, technology, and industrials
- Significant IPO underpricing, with an estimated $13.6 billion left on the table in 2025
This resource draws on data from Bloomberg, S&P Capital IQ, SEC EDGAR filings, and other market sources to provide context across market cycles, sectors, and valuation regimes.
Supported by over 50 charts and expert analysis, it is intended for financial industry professionals, regulators, attorneys, compliance leaders, and institutional investors seeking insight into IPO market trends.
Read the full IPO Report to explore detailed charts, tables, and insights on IPO issuance, performance, and valuation trends.
