Medline — a top medical surgical and supply chain solutions company — established a new benchmark this year, landing the largest U.S. IPO of 2025 and the biggest market debut since EV manufacturer Rivian (RIVN).

LATEST IPOS AND DIRECT LISTINGS:

Medline (MDLN) opened on December 17 at $35. The company priced its upsized initial public offering of 216.03M shares of its Class A common stock, at a public offering price of $29.00 per share. Medline identifies itself as "the largest provider of medical-surgical products and supply chain solutions serving all points of care," noting that the company employs more than 43,000 people worldwide and operates in more than 100 countries.
Andersen Group (ANDG) opened on December 17 at $21. The company is a provider of independent tax, valuation and financial advisory services to individuals, family offices, businesses and alternative investment funds in the United States.
Starfighters Space (FJET) opened on December 18 at $10. The aerospace company that identifies itself as the owner and operator of "the world's largest commercial supersonic aircraft fleet" out of NASA's Kennedy Space Center, saw its shares of common stock begin trading on the New York Stock Exchange American under the ticker symbol "FJET". In connection to the listing, Starfighters raised an aggregate of $40M to advance its R&D, scale its operations and accelerate the development of its STARLAUNCH I and STARLAUNCH II programs. Both programs are currently in development and are expected to be capable of sub-orbital launches of small satellites and payloads from Starfighters' fleet of commercially flight-ready F-104 supersonic aircraft, providing "a proven reusable piloted platform via an equally well-established launch vehicle," the company stated. "

RECENT SPAC IPOS:

Vine Hill Capital Investment II (VHCP) opened on December 18 at $10.03. The blank check company priced its upsized initial public offering of 20M units at a price of $10.00 per unit.
American Drive Acquisition (ADAC) opened on December 18 at $9.96. While the company may pursue an initial business combination opportunity in any business, industry or geographic location, it intends to focus on American companies in the defense, logistics, transportation, technology and AI sectors.
Launchpad Cadenza Acquisition (LPCV) opened on December 18 at $9.96. The blank check company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution, but its primary focus will be on technology and software infrastructure companies operating within the blockchain, financial technology, and digital assets ecosystems.
Churchill Capital Corp XI (CCXI) opened on December 17 at $10.20. The blank check company priced its upsized initial public offering of 36M units at $10.00 per unit.
Iron Horse Acquisition II (IRHO) opened at $9.95. While the company may pursue an initial business combination in any industry, the company intends to concentrate its search on businesses with a focus within the media and entertainment industry with a primary focus on the United States.

PERFORMANCE: Prices as of 10.45 am ET on Monday, December 22

Medline – up over 3% at $43;
Andersen Group – up almost 6% at $25.85;
Starfighters Space –up about 83% at $12.28.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Grayscale (GRAY), Klook (KLK), Speed Group (SPED), and Lendbuzz (LBZZ).

Click here to see upcoming IPO calendar on TipRanks.

Grayscale Investments filed a prospectus for an initial public offering on the New York Stock Exchange under the ticker symbol "GRAY." Grayscale says it is the largest digital asset-focused investment platform in the world, with $35B in assets under management as of September 30. "Our mission is to make digital asset investing simple and open to every investor. Founded in 2013, we have pioneered regulated access to the digital asset class. Our platform spans the full spectrum of institutional-grade solutions, providing investors with the broadest and most diverse suite of digital asset-focused investment products in the United States based on number of products," the company added.
Klook Technology, which identifies itself as "the largest pan-regional experiences platform in Asia-Pacific" by gross transaction volume in 2024, announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of American Depositary Shares representing its ordinary shares. The company has applied to list the ADSs on the New York Stock Exchange under the ticker symbol "KLK". The number of ADSs to be offered and the price range for the proposed offering have not yet been determined.
Speed Group filed a prospectus for 2.5M share initial public offering. It expects the IPO price to be in the range of $4.00 to $5.00 per. The company's operating subsidiary, Speed Logistics, is an e-commerce logistics provider providing end-to-end logistics solution in Hong Kong, Europe and North America. The services include warehousing, customs clearance, air transportation, and final delivery from the European airports. For the years ended June 30, 2024 and 2025, Speed's revenues were $17.9M and $22.64M, respectively.
Lendbuzz Inc. is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC. The company has applied to list its common stock on the Nasdaq Global Select Market under the symbol "LBZZ." The prospectus states: "Our mission is to offer fair access to credit for underserved populations. We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of data through advanced computational approaches to more accurately predict a consumer's creditworthiness. Our business benefits both consumers through expanded access to credit, and auto dealerships via increased vehicle sales."

Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.

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