![\"Chart](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2025\/07\/US-tech-IPO-issuance-by-pricing-ytd-1024x576.png\")
<\/p>\nJuly has emerged as one of the busiest windows for US initial public offerings in recent memory, marked by a steady stream of deals hitting the market and performing well. Still, some investor selectivity is returning.<\/p>\n
Several high-profile transactions have been priced to strong demand, attracting top-notch order books and robust participation from long-only investors.<\/p>\n
\u201cMany of the IPOs that have come out recently have produced alpha,\u201d said Houlihan Lokey Managing Director Dan Klausner. \u201cThat\u2019s real momentum.\u201d<\/p>\n
Klausner noted that average returns for many 2025 IPOs are already significantly outperforming the S&P 500, with some up 25% to 30%, and standout performers like CoreWeave and Circle posting gains of several hundred percent.<\/p>\n
Still, despite strong execution, the latest pricings suggest the near-term aftermarket remains unpredictable. The true test lies beyond the order book.<\/p>\n
NielsenIQ and McGraw Hill \u2013 two of the summer\u2019s most closely watched sponsor-backed IPOs \u2013 both traded lower in their debuts this week. The mixed performance is injecting a measure of caution into an otherwise resurgent market.<\/p>\n
NielsenIQ, backed by Advent International, generated significant long-only interest and was oversubscribed more than seven times, according to a source close to the deal.<\/p>\n
The firm conducted a full testing-the-waters campaign and roadshow and was viewed by mutual funds as a long-term \u201ccategory winner,\u201d thanks to margin expansion and improving leverage. Yet shares slipped 3.6% on their first day.<\/p>\n
Market observers attributed the decline more to hedge fund churn and capital rotation amid a busy deal pipeline than any fundamental weakness in the story. Advent declined to comment. NIQ did not respond to a request for comment.<\/p>\n
McGraw Hill also had a tough day. Backed by Platinum Equity, the education publisher was positioned as a value play, with slower top-line growth but firmer valuation support. Its shares priced USD 2 below the low end of its initial range.<\/p>\n
The company generated USD 2.1bn in revenue in FY2025, two-thirds of which came from digital products. Digital revenue has doubled over the past four years.<\/p>\n
Though less buzzy than its growth-oriented peers, McGraw Hill was seen as a stable, cash-generating brand. McGraw Hill declined to comment. Platinum Equity did not respond to a request for comment.<\/p>\n
Both IPOs were viewed as well-structured offerings but ultimately underscored that structure alone isn\u2019t enough. Performance still depends on sector, positioning and timing.<\/p>\n
Tech bonanza<\/p>\n
Amid the surge in issuance, technology is leading the charge. Tedd Boehly-backed insurance technology firm Accelerant Holdings and its backers raised USD 724m in an upsized IPO priced above the marketed range.<\/p>\n
There has been eight US tech IPOs of above USD 100m YTD according to\u00a0Dealogic\u00a0data, with full-year projections possibly reaching 15 to 20 IPOs, according to an ECM advisor based in Silicon Valley. Total US tech listings so far this year have been worth USD 6.96bn; the figure is above full-year 2024 already, but still well below previous YTD totals before 2022.<\/p>\n
<\/p>\n
Source: Dealogic<\/p>\n
Encouraged by improving execution and institutional engagement, several issuers originally eyeing the first half of 2026 are now mulling 4Q25 listings, the advisor said.<\/p>\n
Average tech IPO returns are tracking at 85% year-to-date, though that drops to about 30% when excluding Circle, this advisor noted.<\/p>\n
Figma, expected to price next week, is targeting a USD 15bn to USD 16bn valuation \u2013 below the USD 20bn that Adobe offered in its failed 2022 acquisition, but a meaningful premium to its 2024 tender valuation.<\/p>\n
Still, the market is watching closely to see how the deal performs, especially amid intensifying competition and rising expectations for AI-powered design tools.<\/p>\n
While some outcomes have been mixed, the broader macro backdrop remains constructive for issuance.<\/p>\n
With a 1 August tariffs announcement looming, corporate earnings have shown resilience despite ongoing international trade tensions.<\/p>\n
The VIX hovers in the 15-16 range, equity indices are at record highs, and most participants expect interest rates to remain steady through the summer.<\/p>\n
Policy tailwinds \u2013 including lighter regulation, a pro-business administration, and crypto-friendly signals \u2013 have added further momentum to names like Circle and Figma, the advisor added. More crypto-related issuers, such as Bullish, Gemini, BitGo, and Kraken are preparing to follow Circle into the public markets.<\/p>\n
As Klausner put it, \u201cIt only takes one or two large IPOs to tip the scales.\u201d<\/p>\n
Despite the approach of August, companies are continuing to come forward and file for IPOs. But for now, it\u2019s still investors setting the rules of engagement.<\/p>\n","protected":false},"excerpt":{"rendered":"July has emerged as one of the busiest windows for US initial public offerings in recent memory, marked…\n","protected":false},"author":2,"featured_media":24317,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[84,15352,467,56,54,55],"class_list":{"0":"post-24316","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-data-insight","10":"tag-markets","11":"tag-uk","12":"tag-united-kingdom","13":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/24316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=24316"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/24316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/24317"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=24316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=24316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=24316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}