Group 1: Karman Holdings Inc. (KRMN) - Karman had its IPO on February 13, 2025, at a price of $22 per share, and ended the year at just above $73, achieving over 230% return [3] - The company is a supplier of mission-critical components to nearly every prime defense contractor in the U.S. space and defense market, supporting high-growth areas like hypersonic missiles [4] - Karman's gross margin was 41% last quarter, ranking it among the top five mid-cap or larger U.S. aerospace and defense stocks, indicating strong pricing power [5] Group 2: Market Performance and Analyst Outlook - In 2025, over 200 companies had IPOs on U.S. exchanges, but less than a quarter outperformed the S&P 500's 18% return [2] - Karman, along with Circle Internet Group (CRCL) and HNGE, delivered impressive returns between 40% and over 200% [7] - The consensus price target for Karman is $80.43, implying around 5% upside, indicating continued analyst optimism despite significant prior gains [5]
Notable Newcomers: These 2025 IPOs Dominated the Year