US IPO activity saw renewed momentum between January and April
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.
