US Initial public offering (IPO) value ticked slightly higher between January and April 2025 over the same period in 2024, according to a recent report from consulting firm Uniqus.
Total capital raised in Jan-Apr 2025 rose to $14.36 billion compared to $11.72 billion in Jan-Apr 2024. Nasdaq listings raised $10.33 billion in 2025 versus $4.85 billion in 2024, with issuers rising from 44 to 97. NYSE listings raised $4.05 billion in 2025 versus $6.87 billion in 2024, with issuers dropping from 21 to 14. The overall average issue size declined by 41%, driven by an NYSE issue size drop from an average of $327 million in 2024 to $288 million in 2025. The Nasdaq average issue size remained stable at approximately $100 million.
Uniqus says the market trend favors Nasdaq’s tech and growth company pipeline. There are currently 280+ companies in the IPO pipeline after filing S-1 forms, with a collective valuation of $16.3 billion. Uniqus expects these companies to enter the market soon, with the larger IPOs including Arrive AI and Churchill Capital.
Industry trends
In Jan-Apr 2025, technology led capital formation, with 15 IPOs raising nearly $3 billion. Ninety-seven percent of this capital was allocated to pre-packaged software, highlighting a continued preference for scalable, software-driven business models. Consumer discretionary had the highest number of listings at 23, but raised a comparatively modest $599 million. Utilities had one issuer, but it was a giant one at $1.75 billion. Other active sectors were industrials and healthcare, at 15 and 13 issuers, respectively.
IPO returns
In Jan-Apr 2025, the US IPO market had muted returns, with 88 out of 111 companies listing at gains below 10% or even at a loss. The overall average return of 15% was heavily skewed by five companies with exceptional performance, recording listing-day gains of over 80%. With those companies excluded, the average return drops to less than 2%. This reinforce that market enthusiasm isn’t equally distributed, and performance concentrates in a handful of standout listings.
Use of proceeds
The top industries had varied priorities for utilization of IPO proceeds. Technology firms directed 62% of their proceeds to pay down loans, while the utilities industry funnelled 100% of IPO proceeds to capital expenditure and infrastructure investments. Healthcare firms directed 70% of proceeds to research and development, while consumer discretionary sent 57% of funds to business expansion, distribution, and marketing.
Source: Consulting US
