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This comes as the Securities and Exchange Commission (SEC) grapples with a backlog of hundreds of registration statements, pushing many IPOs slated for this year into the next.
According to Breitbart, this delay has been compounded by the underperformance of shares from companies that managed to debut in the market. Investors are growing wary of overpriced stocks following another year of double-digit market gains. "A backlogged SEC, the approaching holiday slowdown, and pressure on AI and other tech stocks are all weighing on hopes for a near-term rebound," Bill Smith, CEO of Renaissance Capital, informed investors.
November 23, 2025
Despite the backlog, Wall Street is still hopeful for several IPOs in November and December that were already in the later stages of the regulatory process. Central Bancompany, the bank holding company for The Central Trust Bank, was one of the larger companies to go public following the end of the government shutdown, raising $373 million from its IPO. However, November is projected to be one of the slowest months for IPOs in 2025.
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The market is also keeping an eye on potential IPOs from medical supplies company Medline and cryptocurrency technology company BitGo, which could go public in December. Medline's IPO could potentially raise up to $5 billion.
The market's cautious turn has also curtailed the gains of some recent IPOs, with some experiencing a sharp drop since their debut. Web design software company Figma, for instance, has virtually lost all its gains since going public in July. Similarly, Klarna, the Swedish buy now, pay later company, and cloud computing company CoreWeave have seen their share prices fall significantly since their IPOs.
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The S&P 500 is having a lackluster November, down 3.5% for the month, with the tech sector leading the decline. Despite this, the S&P 500 is still up more than 12% for the year, and the tech-heavy Nasdaq is up more than 15%.
However, Renaissance Capital’s IPO Index is down about nearly 0.8% so far this year and has been falling against the S&P 500 since mid-October. "What that shows is that investors very quickly monetized, they didn’t want to take the long-term risk," said Samuel Kerr, head of global equity capital markets at Mergermarket.
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Despite the recent pullback, the broader market remains expensive, particularly within the influential technology sector. IPOs have traditionally been another way for investors to get into the market at a less expensive entry point. "Increasingly, as a money manager, you have to find other places to make money and typically, IPOs are that place," said David Kaufman, partner and co-chair of the corporate & securities practice at Thompson Coburn LLP.
The direction of the broader market in the new year will determine the costs and types of IPOs. Some of the more anticipated big tech names that could go public in 2026 include AI-focused software company Databricks and graphic design app Canva. Financial technology Plaid is also considered another possible 2026 IPO.
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While the rest of the year may see a visible slowdown in IPO activity, beneath the surface, there is a flurry of activity as companies go through the regulatory process. "It’s a busy time for lawyers and bankers trying to tee things up for the first and second quarter of next year," Kaufman said.
This suggests that while the IPO market may be experiencing a temporary slowdown, the potential for a rebound in the new year remains strong.
