Hot or not? How recent high-profile U.S. IPOs have performed

CTV News

2 days ago

A bull sculpture is displayed outside the New York Stock Exchange for the expected Circle IPO (AP Photo/Richard Drew)
Digital bank Chime's debut is expected to add more firepower to a recovering IPO market after a string of blockbuster listings in the last few months.
While the strong performance of recent listings like Circle, CoreWeave and eToro has boosted confidence, analysts say macroeconomic uncertainty and tariff-related risks could still make both investors and issuers more selective.
'Chime could absolutely have a major ripple effect, as many private companies are watching this closely, not just for valuation, but also for secondary market liquidity, demand depth, and overall investor appetite,' said Kat Liu, vice president at IPOX.
Below is a look at how some of the biggest IPOs in recent years have performed:
CIRCLE INTERNET CRCL.N:
The stablecoin issuer raised $1.05 billion in an upsized IPO earlier in June, debuting with a valuation of nearly $18 billion on a fully diluted basis.
Its shares more than doubled on day one, closing about 168 per cent above the IPO price. The stock is trading 70 per cent above its price at open.
ETORO ETOR.O:
Robinhood-rival eToro ETOR.O secured a valuation of $5.64 billion after its shares surged 34 per cent in their Nasdaq debut in May.
The stock and cryptocurrency trading platform raised $620 million in an upsized IPO. Its stock has declined 10 per cent since the debut.
COREWEAVE CRWV.O:
The AI cloud firm's Nasdaq debut was muted in March, but the stock has jumped nearly four-fold despite opening nearly 3 per cent below its offer price.
The Nvidia NVDA.O-backed company raised about $1.5 billion in its IPO for a valuation of about $23 billion on a fully diluted basis.
VENTURE GLOBAL LNG VG.N:
The liquefied natural gas exporter raised $1.75 billion in its offering in January, settling for nearly half the valuation it had aimed for earlier.
The company's shares opened nearly 4 per cent below their IPO price in a subdued NYSE debut. They have plunged around 30% since then.
SAILPOINT SAIL.O:
The Thoma Bravo-backed identity security company's shares traded flat in their Nasdaq debut, valuing it at $12.8 billion. The stock has since lost nearly 2 per cent.
The Austin, Texas-based company raised $1.38 billion in an upsized IPO.
ARM HOLDINGS ARM.O:
The chip designer raised $4.87 billion in its offering in September 2023, valuing it at $54.5 billion. It had sought a valuation of as much as $52 billion.
The company's shares rose 10 per cent at the open. The stock has more than doubled since then.
INSTACART CART.O:
The San Francisco-based company, which is incorporated as Maplebear, was priced at the top end of the marketed range in its IPO. It raised $660 million at a nearly $9.9 billion valuation in September 2023.
It had hiked its proposed price range and targeted a valuation of up to $10 billion.
The grocery delivery app's stock popped 40% at the open and hassince gained about 5 per cent.
VIKING HOLDINGS VIK.N:
The cruise operator's IPO raised $1.54 billion in April last year, valuing it at $10.35 billion. It had sought a valuation of as much as $10.8 billion in the offering.
Viking's shares opened 9% above their offer price and have surged 80 per cent since.
STANDARDAERO SARO.N:
The aircraft maintenance services provider notched a valuation of roughly $8 billion after pricing its offering above range to raise $1.44 billion in October last year. It had initially targeted a valuation of up to $7.69 billion.
The Carlyle-backed company's shares began trading 29% above the offer price. They have since lost around 1 per cent.
LINEAGE LINE.O:
The cold storage real estate investment trust raised $4.45 billion in its listing in July 2024, at a valuation of more than $18 billion. It had aimed for a valuation as high as $19.16 billion.
The company's stock gained 5 per cent in its Nasdaq debut at the open. However, it has fallen 45 per cent below its price at open.
REDDIT RDDT.N:
The social media giant fetched $748 million in its IPO in March last year, which valued it at $6.4 billion — the top end of the target range at which it had advertised.
Its stock opened 38 per cent above the offer price, and has more than doubled since.
BIRKENSTOCK BIRK.N:
The 250-year-old German sandal maker raised $1.48 billion and was valued at $9.3 billion in its IPO in October 2023, slightly lower than its target of $10 billion.
Its shares debuted 11% below their IPO price but have risen 32 per cent since.
(Reporting by Manya Saini and Niket Nishant in Bengaluru; Additional reporting by Ateev Bhandari; Editing by Krishna Chandra Eluri and Anil D'Silva)