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Chart of the week: IPOs try to stabilize

The IPO market entered 2025 with solid momentum, fueled by a rise in both the number of new IPOs and proceeds over the past 2 years. Expectations for further rate cuts and a more favorable market backdrop added to the optimism. But the momentum appears to have stalled thus far, with the Renaissance Capital IPO Index roughly flat after a rocky start to the year.
Chart described in text above.
Source: Renaissance Capital, as of June 17, 2025.

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Source: Renaissance Capital, as of June 17, 2025. The Renaissance IPO Index reflects approximately the top 80% of newly public companies based on full market capitalization, is weighted by free float capitalization, and imposes a 10% cap on large constituents. Sizeable IPOs are added on a fast entry basis and the rest are added during scheduled quarterly reviews. Companies are removed two years after their initial trade date, when they become seasoned equities.

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