53% of the 2025 IPOs had negative earnings before listing, against 81% in 2000
94 IPOs in 2025, against 780 in 1969, the most in any year since 1960 · Of the 11 busiest classes, 8 trailed firms matched on size and book-to-market over three years and 3 kept pace or beat them (median -4.4% against matched firms) · Ritter's sample: offer price of $5 or more, no SPACs, ADRs, units or REITs
Markets · IPO statistics · Jay R. Ritter, University of Florida (Initial Public Offerings: Updated Statistics) · 30 Dec 2025