US IPOs raise $4.1b in busiest week since 2021

Six companies raised over US$4.1 billion through US IPOs this week, marking the busiest period for new listings since 2021.

Five of the six IPOs, each worth at least US$290 million, priced above their marketed ranges, though most saw modest gains after trading began.

Klarna’s shares retreated near its offer price, while Figure Technology Solutions traded close to its opening-day high.

Gemini Space Station, a crypto-exchange led by the Winklevoss twins, surged, while Legence and Via Transportation posted smaller gains.

The median IPO opened 31% above its offer price, Bloomberg reported.

Institutional and retail investors showed strong demand, with several IPOs selling larger stakes than planned.

Despite September’s activity, 2025’s US IPO volume of US$29 billion still trails the pre-pandemic yearly average of US$31.4 billion.

Analysts expect momentum to continue, but at a slower pace, with activity concentrated in tech and cryptocurrency sectors.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

This week’s $4 billion in IPO proceeds represents significant momentum, but the broader recovery remains gradual compared to the 2021 boom when 1,035 IPOs launched compared to 242 in 2025 so far2.
Year-to-date IPO volume of $28.9 billion still trails the pre-pandemic decade average of $31.4 billion from 2010-2019, indicating the market hasn’t fully returned to normal activity levels1.
The modest post-IPO performance despite strong pre-marketing demand suggests healthier pricing discipline than during the 2021 peak, when companies like Figma saw extreme opening day pops of over 120% followed by sharp reversals1.
This controlled approach appears sustainable. Five of six deals priced above their marketed ranges while maintaining reasonable first-day gains, creating what bankers call a “foundation” for long-term institutional ownership1.

The week’s largest deals from Klarna and Figure each attracted orders for roughly 25 times more stock than was available, while Gemini’s crypto exchange IPO was over 20 times oversubscribed1.
These extreme oversubscription ratios, combined with companies pricing conservatively due to “uncertain market conditions,” demonstrate that institutional investors are highly selective but willing to compete aggressively for quality deals1.
This selective demand creates a self-reinforcing cycle where successful IPOs encourage more companies to go public, evidenced by next week’s potential $2.53 billion pipeline that could mark the first back-to-back weeks of such volume since December 20211.