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IPO 2025: Klarna, Revolut and Shein among the most anticipated new listings on the stock exchange. Will it be the right year?

2025 promises to be a year full of opportunities and challenges for equity investments, with many companies ready to go public. Here are the most anticipated ones

IPO 2025: Klarna, Revolut and Shein among the most anticipated new listings on the stock exchange. Will it be the right year?

After a subdued 2024, the 2025 promises to bring some excitement back to the markets, with new players ready to do their part stock market entry. More accommodative monetary policies, thanks to interest rate cuts already underway in 2024, are creating fertile ground for growth. However, the tensions geopolitical continue to cast shadows on the global economy, influencing the balance of financial markets.

Despite these challenges, the main stock indices closed 2024 in positive territory, with the Ftse Mib Milan which recorded a +12,6%, the third best result in Europe (+12,6%). In this scenario, many companies are preparing to make their stock market debut.

The Most Anticipated IPOs of 2025

The IPO environment looks promising, with sectors like AI, fintech, and technology poised to dominate.

Discord, for example, has been in the spotlight on Wall Street since 2021, when it rejected Microsoft's $10 billion offer. With a valuation of $15 billion and three recent strategic acquisitions, the platform, very popular among gamers, is now preparing for a significant stock market debut, with over 1,5 billion hours spent by users monthly.

Among the emerging startups, CoreWeave, which specializes in AI and high-performance cloud platforms, aims to raise $3 billion, with a valuation of more than $35 billion in the second quarter.

Netsope, a cloud security innovator valued at $7,5 billion, plans to go public in the second half of 2025, capitalizing on increased demand due to hybrid work. Another notable name is Databricks, with a valuation of 62 billion, is billed as a leading innovator in artificial intelligence and data analytics and could debut as early as early 2025.

In the fintech sector, anticipation is growing for Klarna, a leader in the buy-now, pay-later sector, which is aiming for a valuation of 14,6 billion dollars. With 85 million customers and 600 partners, the Swedish fintech plans to go public by mid-year. Anticipation is also growing for Revolut, the London-based super app that has revolutionized fintech by offering services ranging from currency exchange to cryptocurrency trading. Its valuation, according to Reuters, exceeds $45 billion, placing it above big names such as Barclays and Societe Generale. Spotlight on PicPay, the Brazilian fintech platform with 65 million users, which aims to become known globally with a listing on the Nasdaq.

Animoca Brands is aiming for an IPO in the second half of the year, between Hong Kong and the Middle East, riding the wave of blockchain gaming and NFTs.

There is great anticipation for Shein, the undisputed king of fast fashion, which after several suspensions seems ready to make its entry into the stock market, with London as its destination. With a valuation that is close to 66 billion dollars, its IPO could give the big names of recent years a run for their money. Shein's overwhelming growth has been driven by irresistible prices, ultra-fast production cycles and a social presence that does not go unnoticed.

In the medical supplies sector, Medline Industries is preparing for one of the most significant IPOs of the year, with an expected raising of 5 billion dollars and a valuation that is close to 50 billion.

Focus on Piazza Affari

In Italy, the stock market continues to struggle compared to other countries. The 2024 saw only 22 new listings, well below the 39 of 2023, with collections that collapsed to 206 million euros, compared to 1,6 billion the previous year. To these numbers are added 29 delistings. Despite the financial wealth of Italians, equal to 5.500 billion, listing operations and capital increases remained below one billion, making 2024 one of the most difficult years for the Italian Stock Exchange.

Despite these difficulties, the 2025 could bring some opportunities thanks to incentives mainly intended for pmi, as the IPO bonus until 2027 or support of the Lombardy Region for listing costs, which combines public and private resources. Furthermore, the tax credit for business consultancy represents a further incentive for SMEs to consider the Stock Exchange as an option for growth.

IPO at Piazza Affari: will 2025 be the right year for the debut?

Among the possible protagonists, Cisalfa Sports, what a second Milano Finanza aims to have a valuation of one billion euros and to raise up to 500 million with a minimum free float of 30%, and aeroitalia, whose debut could arrive between the end of 2025 and the beginning of 2026, as stated by CEO Gaetano Intrieri in an interview on Corriere della Sera. Eni aims to bring to the stock market Fullness ed enilive, with an overall valuation of over 20 billion euros. For Plenitude, the debut was expected in recent years but postponed due to an unfavorable context. CEO Claudio Descalzi reiterated that the listing "remains the objective". 2025 will be the right year?

Also waiting Golden goose, an Italian luxury sneaker brand controlled by Permira, which withdrew from listing in June due to market volatility stemming from political uncertainty in Europe. At the time, the Marghera-based company boasted a valuation of €1,74 billion, but the backlash suffered by the luxury goods sector in recent months has prompted caution. “We will wait for the right market window. And we will be ready,” said the CEO Silvio Campara in a telephone interview with Reuters.

Ubaldi Costruzioni debuts with a sprint

Meanwhile, the Marchigiana Ubaldi Constructions has made its entrance on theEuronext Growth Milan on January 3, becoming the first company in 2025 to be listed on the list dedicated to SMEs. During the placement phase, it raised 4,2 million euros, with a free float of 21,89% and an initial market capitalization of 19,2 million.

The shares, placed at 2 euros, mark a theoretical increase of 50%, with requests at 3 euros but still without actual trading. "The listing is a new beginning, not a finish line," said CEO Massimo Ubaldi, underlining the company's constant growth and confidence in achieving the objectives set in the industrial plan.

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