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1、Q3 2025IPO&PublicListing ReportCraig ClayPresident of Global Capital Markets,DFINQ3 marked the most active IPO quarter since 2021,fueled by renewed investor appetite and a surge in high-growth tech listings.While the government shutdown introduces procedural delays at the SEC,historical precedent su

2、ggests the impact on Q4 IPOs may be modestespecially if the closure is brief.Strong investor demand and a healthy pipeline could help the market absorb short-term disruptions.35302520151050SEPT24OCTNOVDECJANFEBMARAPRMAYJUNJULAUGSEPT25VolumeTraditional IPOCompleted De-SPACDirect ListingMonthly Volume

3、7040103Q244Q241Q252Q253Q25VolumeTraditional IPOCompleted De-SPACDirect ListingOperating CompaniesPublic DebutsCongratulations to the 65 companies in Q3 that made their public debut via a traditional IPO,raising over$15 billion and the 12 that made their public debut via a SPAC merger.Special congrat

4、ulations to our clients:Accelerant,Ambiq Micro,CapsoVision,Carlsmed,CoastalSouth Bancshares,Firefly Aerospace,Kodiak AI,LB Pharmaceuticals,Legence,Netskope,NielsenIQ,Semnur Pharmaceuticals,StubHub,and WaterBridge.Traditional IPOs$50M+24181260SEP24OCTNOVDECJANFEBMARAPRMAYJUNJULAUGSEPT25VolumeFiledPri

5、ced IPO Activity-offerings$50M+0204060800102030403Q193Q203Q213Q223Q233Q243Q25VolumeProceeds*($B)VolumeProceeds*($B)Twenty-seven companies raised over$50 million in their IPOs,for a combined total of approximately$15 billionled by the tech sector in both volume and proceeds.There was a 108%increase i

6、n deal count and 88%increase in capital raised vs.Q3 2024.Thirty-three companies filed IPOs with$50M+placeholders in Q3,and 60%successfully debuted by quarters end.Meanwhile,Peak Resources and Moove Lubricants withdrew their 2024 registration statement in Q3,exiting the IPO pipeline.Q3 IPO Activity