- No IPOs scheduled this week as seasonal slowdown persists.
- Klarna and StubHub preparing for September debuts.
- Renaissance IPO Index outpaces S&P 500 year-to-date.
The US IPO market has entered a seasonal quiet phase, with no major listings scheduled for the week ahead. Historically, August brings a slowdown in equity capital markets, as both investors and issuers retreat before ramping back up in September. The current pipeline reflects this pattern, yet several high-profile names are preparing to go public in the coming month, signaling a potentially busy autumn.
A Quiet Calendar Amid Market Pause
There are currently no IPOs slated for this week, and the calendar is expected to remain subdued through the end of August. Market participants anticipate that activity will only resume in earnest after Labor Day, when conditions typically normalize and investor engagement increases. While smaller issuers may still seek windows to price, the broader landscape suggests a pause before renewed momentum.
Klarna and StubHub Headline September Prospects
Among the most closely watched names, fintech giant Klarna and ticketing platform StubHub have both updated their financials in recent days, a move widely seen as prelude to imminent IPO launches. These companies postponed earlier plans in the wake of market volatility triggered by tariff-related sell-offs, but now appear positioned to proceed. Their offerings could set the tone for the fall issuance cycle, particularly given the scale and visibility of their respective markets.
New Entrants to the Pipeline
Despite the lull, the IPO pipeline is expanding. In the past week, several issuers have formally joined the queue. Crypto exchange Gemini, transport-tech company Via Transportation, and systems services provider Legence have each taken steps toward public listings. While timing remains fluid, their inclusion underscores the continued appetite among private companies to tap public markets once conditions improve.
Market Snapshot: IPO Performance Remains Robust
Although the calendar is quiet, post-IPO performance has been strong. As of August 14, 2025, the Renaissance IPO Index was up 14.7% year-to-date, outpacing the S&P 500’s 10.8% gain. The top ETF holdings in Renaissance’s IPO ETF include Reddit and Astera Labs, both of which have delivered notable returns since going public.
Globally, momentum has been even stronger. The Renaissance International IPO Index rose 31.3% year-to-date, compared with 22.1% for the ACWX. Key holdings such as Galderma and Horizon Robotics highlight the breadth of investor demand for newly listed international equities. These figures indicate that while issuance is on hold for now, IPO investors have been rewarded in 2025.
Outlook: Anticipation Builds for September
With the summer lull nearing its end, attention is shifting to September, when Klarna, StubHub, and potentially other high-profile issuers are expected to debut. Market sentiment suggests that investor demand is intact, but timing will remain sensitive to macroeconomic signals, including interest rate policy and trade developments. Should conditions stabilize, the fall could usher in a wave of IPOs, reshaping the capital markets narrative for the remainder of the year.
