December 2025 is shaping up to be one of the busiest—and most consequential—year-end IPO windows in more than a decade. Unlike prior years, where the holiday period thins out, this December is carrying multiple mega-cap and global brand-name IPOs into the final weeks of the year.

Several of the market’s biggest deals are still ahead.
And the setup for 2026 is even stronger.

This is a defining moment for the IPO cycle—and exactly the environment IPO Prophet® was built for.

The Remaining December 2025 IPOs (Post-Thanksgiving)

These are the deals that are actually still pending, representing the true December window. Everything below is yet-to-price as of the first week of December.

1. Medline — The Year’s Largest Healthcare IPO

Sector: Global healthcare supplies & distribution
Expected pricing: Mid-December 2025

Medline is the heavyweight of the December calendar. As one of the largest privately held healthcare suppliers in the world, its IPO is attracting massive long-only demand and broad institutional attention.

Why Medline matters:

Defensive, predictable revenue base
Global infrastructure story
One of the rare mega-cap healthcare listings this decade
Anchors December deal momentum

Medline alone could define Q4 issuance.

2. Andersen Consulting — A Major Global Corporate Spin-Off

Sector: Professional services / consulting
Expected pricing: Late December

After years of internal restructuring and anticipation, Andersen is finally going public. The company chose a December slot to avoid a crowded Q1 2026.

Investor appeal:

High client stickiness
Strong margin profile
Deep corporate penetration
A globally recognized brand

This could set the tone for the 2026 corporate carve-out wave.

3. Lumexa Imaging — AI-Enhanced Diagnostic Technology

Sector: Med-tech / imaging
Expected pricing: Mid-to-late December

Lumexa is one of the most anticipated medical-technology IPOs in the pipeline, with AI-powered imaging systems designed for hospital networks and outpatient diagnostic centers.

Key reasons institutions are watching:

High-precision imaging technology
AI-driven diagnostic capabilities
Large commercial TAM
Early revenue traction

Expect cross-sector interest from both healthcare and tech investors.

4. Grayscale — The Most Watched Crypto/ETF Infrastructure IPO

Sector: Crypto ETF infrastructure / digital asset management
Expected pricing: Late December

Grayscale is easily the most retail-visible IPO still on the calendar. With crypto volumes surging through 2025, this deal carries both brand name recognition and significant institutional ETF flow relevance.

Why this IPO is important:

Major step in mainstreaming crypto asset management
High brand awareness
Clear profitability narrative
Potentially large Day-1 trading range

Expect significant market attention.

5. Klook — Global Travel & Experiences Platform

Sector: Travel / consumer platform
Expected pricing: Late December

Klook represents the global consumer-tech side of the December calendar. With travel demand normalizing and experiences-based commerce expanding, Klook enters with strong mobile penetration and geographic reach.

Why investors are leaning in:

Broad global brand footprint
Improving margin profile
High repeat customer behavior
Strong crossover and sovereign interest

Klook brings a “late-cycle consumer platform” flavor to the window.

6. Possible Late-December “Quiet Filers”

Based on SEC movement, we are tracking 2–4 additional candidates that may slide into the final pricing window:

A mid-market fintech/payments processor
A specialty supply-chain SaaS platform
A niche robotics/automation company
A logistics-tech services firm

If volatility stays low, banks may push to fit them in.

Why December 2025 is Unusually Strong

1. Volatility Has Dropped Into a Supportive Range

A calmer macro backdrop has allowed banks to keep roadshows running into late December.

2. Issuers Want to Avoid a Crowded January

Q1 2026 already looks packed. Several firms prefer the thinner—but more controlled—December tape.

3. 2025 IPO Returns Have Been Solid

Strong performance brings capital back into deals.
Investors are making money again, and demand is steady.

4. This Is a Backlog Release Year

Companies delayed between 2021 and 2024 are finally moving.

The 2026 IPO Pipeline: One of the Strongest in a Decade

IPO Prophet® is tracking the most robust early-year pipeline since 2013–2014.

2026 Pipeline Snapshot

40+ late-stage tech companies ready to file
30+ biotech names with pivotal readouts in H1
15–20 fintech/payments platforms
Large global consumer brands returning to growth
AI infrastructure, data orchestration, and robotics mega-cap candidates

Tech, biotech, fintech, consumer, and crypto will all be active at the same time—a rare alignment.

What This Means for IPO Traders

The December lineup—Medline, Andersen, Lumexa, Grayscale, Klook—creates:

High Day-1 volatility
Wide trading ranges
Strong institution-driven order books
Clear signal-based opportunities
A powerful setup for Q1 momentum

And once January hits, issuance could accelerate dramatically.

Final Word: December Sets Up a 2026 Super-Cycle

This is not a typical year-end calendar. December 2025 is packed with large, high-quality deals, and the 2026 backlog is even bigger.

IPO Prophet® will continue providing:

Real-time subscription and demand signals
Roadshow momentum analysis
IPO Prophet Rating® updates
Intraday and Day-1 modeling
Aftermarket tracking

December is strong.
2026 looks transformational.

December 2025 IPO Market Outlook: A Loaded Year-End Calendar Sets Up a Massive 2026 Pipeline