The first week of December is set to begin on a quiet note for the US IPO market, though several notable names may still move to price before the end of 2025. With investor sentiment stabilizing after weeks of volatility, the market is watching for potential launches from some of the largest and most closely followed issuers of the year.
December’s Potential Headliner: Medline
Medical supplies giant Medline remains the most anticipated listing, with expectations that the company could raise as much as $5 billion. If it moves forward, Medline would become the largest US IPO since 2021 and could set the tone for the final stretch of the year. The company’s scale, profitability, and established leadership position in healthcare distribution make it a rare late-year blockbuster candidate.
Other Eligible IPO Candidates
Several additional large-cap issuers have positioned themselves to potentially go public in December. Pan-Asian travel powerhouse Klook, cryptocurrency investment platform Grayscale, and satellite manufacturer York Space Systems all filed initial documents in recent weeks. Their sectors—travel technology, digital assets, and space infrastructure—remain areas of strong thematic investor interest.
Other companies, including Hornbeck Offshore Services in marine logistics, Cardinal Infrastructure in construction, and Andersen Group in tax advisory services, have all refreshed their financials, indicating readiness to tap the market before year end if conditions stay stable.
Market Context and Activity Indicators
Beyond potential launches, Wall Street expects research coverage to initiate on six recent IPOs in the coming week, while three companies will see lock-up expirations that could influence short-term trading flows.
IPO investors continue to monitor broader market performance through key benchmarks. As of November 26, 2025, the Renaissance IPO Index was up 4.7% for the year, trailing the S&P 500’s 17.2% gain. The Renaissance International IPO Index has performed significantly better, rising 32.2% year-to-date, outperforming the ACWX at 28.7%. These indicators provide a lens into newly public company sentiment, with global appetite generally stronger than domestic.
Risks and Challenges
Although December historically tends to be slower for new listings, the 2025 environment adds additional complexity. Market volatility, sector-specific weakness—especially in disruptive tech—and shifting monetary policy expectations continue to influence IPO timing. Issuers will need to weigh valuation readiness against limited investor bandwidth as the holiday season approaches.
Closing Paragraph
The US IPO market appears poised for a subdued start to December, but several high-profile candidates could still shape the narrative before year end. Whether Medline or other sizable issuers move ahead will depend on market stability and investor risk appetite. If conditions hold, the final weeks of 2025 could still deliver meaningful activity, offering a glimpse of what the 2026 IPO landscape may bring.
