2025年第三季度美国IPO市场回顾：创下2021年以来新股发行规模最大的季度

Group 1 - The IPO window has fully reopened, resulting in the largest quarterly issuance scale since 2021, with 60 companies raising over $14 billion [2][3] - 23 issuers raised $100 million or more, marking a new high since 2021, led by notable unicorn companies [3] - Large IPOs performed exceptionally well, with an average return of 23% driven by first-day price increases [3] - Companies like Klarna, Figma, and StubHub are leading a wave of well-known firms entering the public market [2][3] - The IPO index achieved a strong 17% return, significantly outperforming the S&P 500 index [3] - The anticipated IPO recovery sets a solid foundation for a strong finish in 2025 [2][3] Group 2 - The third quarter saw a steady recovery in the IPO market, with July showing gradual improvement, August being more active than previous years, and September experiencing even stronger trading volumes [2] - Despite some early IPOs showing explosive first-day performances, investor preferences became more rational by the end of the quarter [3] - The overall return rate for larger issuers was better than the market average, with a 31% return driven by a few strong-performing micro-cap stocks [3] - The revival of the IPO index in the third quarter was supported by growth demand and positive developments in the artificial intelligence sector [3] - Although new SPAC issuance did not reach the explosive growth of the second quarter, it remained at a high level, and the number of merger announcements increased due to the demand for IPO alternatives [3]