Upcoming IPOs in 2025: Sectors and Regions to Watch for PE and VC Investors
After a two-year chill in public markets, 2025 is shaping up to be the most credible IPO window since 2021. But this time, it’s not being driven by hype cycles or speculative growth. It’s being shaped by investor selectivity, sector maturity, and a more disciplined equity story. Many PE and VC-backed companies that sidestepped earlier market windows are finally stepping forward—not because they’re chasing premium multiples, but because capital recycling, LP pressure, and structural readiness are aligning at once.
For institutional investors, this isn’t just about tracking headlines. It’s about anticipating where exit velocity returns, which sectors are ready for public scrutiny, and how cross-border listings are evolving beyond traditional U.S. exchanges. The private-to-public handoff is no longer a guaranteed liquidity event—it’s a strategic reset. Funds that understand this shift will know which companies to back into the finish line, and which to avoid as IPO-ready in name only.
Let’s get specific. Below, we map the upcoming IPOs in 2025 that actually matter—by pipeline, sector, region, and fund strategy.
Scanning the 2025 IPO Pipeline: Where the Real Momentum Is Building
The IPO backlog isn’t just thawing—it’s actively reshuffling. According to EY’s Q1 2025 global IPO trends report, over 120 companies globally have confidentially filed or retained banks for a potential offering this year, with roughly one-third backed by late-stage venture or growth equity investors. But unlike the 2021 rush, where SPACs and frothy multiples dominated, this year’s pipeline is more grounded: think enterprise software with real ARR, profitable fintech platforms, and industrial carveouts with clear cash flow.
Several firms that pulled filings in 2022 and 2023 are now re-engaging.
Other notable companies expected to move this year:
- Databricks, which raised at a $43B valuation in 2023, is rumored to be preparing a mid-year filing after hitting cash-flow breakeven in late Q4
- Reddit, after finally listing in 2024, has reset expectations for community-driven platforms—opening the door for vertical social media or forum-based networks
- Shein, the fast-fashion behemoth, is facing regulatory pushback in the U.S., but could still attempt a cross-border listing via Singapore or the UAE
- Rubrik, a cloud data protection firm with backing from Lightspeed and Bain Capital Ventures, is likely to test market demand for cybersecurity and infra tech
On the private equity side, a wave of industrial and energy carveouts is quietly building. Several multinationals are looking to spin off non-core divisions, and PE firms are stepping in to professionalize and prep them for market. These aren’t flashy names—but they’re profitable, resilient, and well-received by public markets starved for defensible EBITDA.
What’s changed since the IPO glut of 2021 is that banks are now demanding revenue visibility, not just top-line growth. Companies reliant on unproven TAM narratives or aspirational margin models won’t clear the diligence gauntlet. As a result, many high-burn consumer platforms are staying private or testing alternative exit paths through M&A or structured secondaries.
For investors mapping upcoming IPOs in 2025, the signal is clear: growth still matters, but discipline and cash conversion matter more.
Sectors Driving the 2025 IPO Surge: From AI Infrastructure to Climate-Tech Maturity
The most credible IPO candidates in 2025 aren’t just chasing market windows—they’re riding sectoral inflection points. And those sectors aren’t limited to big tech. From defense-tech to climate infrastructure, the surge is coming from verticals where public capital matches operational maturity.
At the front of the line: enterprise AI infrastructure. Forget consumer AI tools—what’s coming to market are the backbone providers: data labeling platforms, enterprise model optimization layers, and GPU orchestration tools. Companies like Scale AI, which closed a Series F at a rumored $13B valuation, are IPO-ready not because of narrative, but because their ARR is tied to government and Fortune 500 contracts. The margins are real, and so is the demand.
Second: climate-tech, but version 2.0. After the SPAC-induced flameouts of EV hopefuls, the market is now rewarding companies with actual infrastructure deployments. Think carbon capture platforms with cash-flowing industrial customers, or grid-scale battery companies with signed utility contracts. Redwood Materials, a battery recycling company founded by a former Tesla CTO, is on many watchlists as a credible climate-tech IPO, especially with U.S. government support behind reshoring supply chains.
Next, there’s defense and aerospace, once considered too old-school for venture capital. But geopolitical tailwinds and increased NATO defense spending are turning startups in this space into legitimate IPO candidates. Firms like Anduril, Vannevar Labs, and Shield AI have defense revenues, proprietary tech stacks, and strategic contracts that make them look far more like Raytheon than Palantir—and markets are noticing.
Fintech is re-emerging, too—but this time with a focus on embedded finance, payments infrastructure, and compliance tech. Companies such as Plaid and Tally are showing stronger monetization and regulatory alignment than many of the 2021-era fintech listings that underperformed. Don’t expect a flood—but expect selective, well-prepped IPOs that align with investor appetite for real cash-flow yield and product defensibility.
Consumer IPOs, meanwhile, are mostly limited to cross-border brands or platform plays with differentiated economics. Temu, Oura Ring, and Duolingo-style edtechs are exploring liquidity but face tighter scrutiny. The bar is high: the market isn’t handing out valuation premiums for “community” anymore unless it comes with durable CAC and LTV math.
Across sectors, what’s clear is this: profitability is back in fashion, and unit economics—not just addressable markets—are driving valuation comps. Funds pushing their portfolio companies to IPO in 2025 know the market won’t reward momentum alone. Instead, they’re prepping exit narratives around resilience, pricing power, and capital efficiency.
Regional IPO Trends: Why India, MENA, and Southeast Asia Are on Institutional Radar
For years, the IPO conversation was dominated by Nasdaq and the NYSE. But in 2025, the center of gravity is shifting. A new class of PE- and VC-backed companies is targeting listings in markets where valuation comps, policy tailwinds, and capital appetite are better aligned—and institutional investors are taking notice.
India is the standout. The pipeline is deep, and the quality is improving. After successful listings like Zomato, Nykaa, and MapmyIndia, the next wave includes Ola Electric, FirstCry, and several SaaS companies with global revenue footprints. PE firms like Warburg Pincus and TPG are pushing these names toward public readiness not just for liquidity—but because the domestic institutional base is now strong enough to anchor large offerings without relying heavily on foreign flows.
And it’s not just Mumbai. The UAE is aggressively positioning itself as a listing venue for growth-stage companies in fintech, e-commerce, and infrastructure tech. The Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) have streamlined listing processes, launched tech-focused IPO platforms, and attracted regional sovereign wealth funds as cornerstone investors. This has become especially attractive for PE-backed carveouts and MENA-based startups with exposure to GCC infrastructure or consumer sectors. Recent examples like Alef Education and Parkin suggest a steady pipeline in the second half of 2025.
Southeast Asia is also heating up. Singapore remains the institutional capital of the region, but some companies are choosing dual listings—balancing liquidity from U.S. investors with local regulatory ease. Growth-stage players in logistics tech, healthtech, and B2B SaaS from Indonesia, Vietnam, and Malaysia are actively engaging with capital markets. Funds like Insignia Ventures and Jungle Ventures are pushing their strongest portfolio companies toward listing readiness over the next 12 months.
What’s driving this regional push? Three forces:
- Better valuation comps: Many companies get higher multiples at home than they would via U.S. listings.
- Regulatory clarity: Regional exchanges are adapting to startup needs, especially on reporting and governance structures.
- Investor alignment: Domestic LPs and SWFs are more willing to back local champions, especially when macro risk is better understood.
For global investors, this means mapping IPO exposure across venues, not just names. Being ready to underwrite a Series D growth story out of Jakarta or an Abu Dhabi carveout requires different diligence and different syndicate relationships. But the opportunity is real: the next breakout IPO might not be on Wall Street at all.
What PE and VC Investors Should Watch in 2025 IPOs: Timing, Terms, and Exit Optionality
For PE and VC firms, the 2025 IPO window is less about chasing premiums and more about precision timing and liquidity optimization. With vintage pressure mounting, particularly on 2015–2018 funds, the next 12 months are critical for GPs looking to demonstrate DPI without forced exits.
One key dynamic to watch is dual-track maneuvering. Many firms are preparing for IPOs not to go public, but to draw out stronger M&A offers. In this environment, even a credible IPO prep process can create valuation tension in a strategic sale. For firms with assets straddling profitability, this dual-track prep is more than theater—it’s leverage.
Another factor: partial exits and structured offerings. GPs are increasingly using IPOs to unlock a portion of their stake while retaining upside. Expect more sponsored listings with anchor support, especially where large sovereigns or pension funds are willing to take a cornerstone position. This helps stabilize pricing and allows funds to scale out over time.
Also important: how pricing expectations are recalibrated. The days of 15x forward revenue multiples on growth names are over—unless there’s a very real path to margin expansion. GPs that approach IPOs with realistic comps and narrative discipline will get better execution. Those that cling to peak-cycle benchmarks from 2021 will likely be forced to pull.
Funds also need to watch lock-up structures and secondary market appetite. In low-float IPOs with high redemption or insider overhang, aftermarket volatility can be brutal. Savvier GPs are negotiating for staged unlocks, early liquidity rights, or even backstopped secondary blocks to manage exposure cleanly.
And for crossover-focused VCs or growth equity firms, the broader question is portfolio role. Is the IPO the exit—or just the next chapter? Some are repositioning stakes post-IPO into public equity-style hold strategies, especially when the company still has upside and insider access remains strong.
Ultimately, 2025 will reward precision over volume. The IPOs that work won’t be the loudest—but the ones that pair market timing with disciplined storytelling and institutional clarity. GPs that come to market with resilient companies, credible pricing, and flexible exit paths will get it done. The rest will stay private—and need to explain why.
IPOs are no longer default exits. In 2025, they’re strategic tools—used to unlock liquidity, sharpen comps, and position companies for long-term institutional relevance. For PE and VC investors, tracking upcoming IPOs isn’t just about watching tickers. It’s about understanding which companies can withstand public scrutiny, which regions offer real demand, and which structures actually deliver liquidity. The funds that show discipline in timing, creativity in structuring, and realism in valuation will lead the next wave of successful public listings, not just for optics, but for durable returns.