FACTBOX-Hot or not? How recent high-profile US IPOs have performed

Rewrites paragraphs 1-4 with CoreWeave debut, new context on IPO market and analyst comment; Adds graphic and updates post-debut performance throughout

By Manya Saini and Niket Nishant

March 28 (Reuters) - The U.S. IPO market stands at a critical juncture, with CoreWeave's CRWV.O debut set to be a key test of whether companies move forward with listings or retreat amid market volatility.

Hopes for a blockbuster rebound in 2025 have dimmed, as market turbulence and tariff-related uncertainty have made investors more selective, while companies are taking a wait-and-see approach in a shifting trade and geopolitical landscape.

"The recent volatility has made this a challenging market to go public in, but by no means is the IPO window closed," said Matt Kennedy, senior strategist at Renaissance Capital which provides IPO-focused research and ETFs.

Among the high-profile names in the pipeline are Swedish fintech Klarna and ticketing platform StubHub, which have advanced their listing plans in recent weeks.

Fintech Chime, chipmaker Cerebras and medical supplies maker Medline are also set to headline this year's IPO market.

Here's how an ETF tracking major newly public stocks has fared against the benchmark S&P 500 .SPX over the past year:

Below is a look at how some of the biggest IPOs in recent years have performed:

VENTURE GLOBAL LNG VG.N:

The liquefied natural gas exporter raised $1.75 billion in its offering in January, settling for nearly half the valuation it had aimed for earlier.

The company's shares opened nearly 4% below their IPO price in a subdued NYSE debut. The stock has lost 55.7% since.

SAILPOINT SAIL.O:

The Thoma Bravo-backed identity security company's shares traded flat in their Nasdaq debut, valuing it at $12.8 billion. The stock has since lost nearly 11%.

The Austin, Texas-based company raised $1.38 billion in an upsized IPO.

ARM HOLDINGS ARM.O:

The chip designer raised $4.87 billion in its offering in September 2023, valuing it at $54.5 billion. It had sought a valuation of as much as $52 billion.

The company's shares rose 10% at the open on debut day. The stock has doubled since then.

INSTACART CART.O:

The San Francisco-based company, which is incorporated as Maplebear, was priced at the top end of the marketed range in its IPO. It raised $660 million at a nearly $9.9 billion valuation in September 2023.

It had hiked its proposed price range and targeted a valuation of up to $10 billion.

The grocery delivery app's stock popped 40% at the open and is currently trading about 4% lower.

VIKING HOLDINGS VIK.N:

The cruise operator's IPO raised $1.54 billion in April last year, valuing it at $10.35 billion. It had sought a valuation of as much as $10.8 billion in the offering.

Viking's shares opened 9% above their offer price and have surged 58% since.

STANDARDAERO SARO.N:

The aircraft maintenance services provider notched a valuation of roughly $8 billion after pricing its offering above range to raise $1.44 billion in October last year. It had initially targeted a valuation of up to $7.69 billion.

The Carlyle-backed company's shares began trading 29% above the offer price. The stock has fallen around 10% since.

LINEAGE LINE.O:

The cold storage real estate investment trust raised $4.45 billion in its listing in July 2024, at a valuation of more than $18 billion. It had aimed for a valuation as high as $19.16 billion.

The company's stock gained 5% in its Nasdaq debut at the open. The stock has since fallen 27%.

REDDIT RDDT.N:

The social media giant fetched $748 million in its IPO in March last year, which valued it at $6.4 billion — the top end of the target range at which it had advertised.

Its stock opened 38% above the offer price, and has more than doubled since.

BIRKENSTOCK BIRK.N:

The 250-year-old German sandal maker raised $1.48 billion and was valued at $9.3 billion in its IPO in October 2023, slightly lower than its target of $10 billion.

Its shares debuted 11% below their IPO price and have risen 15% since.

WAYSTAR WAY.O:

The healthcare payments firm raised $968 million in its IPO in June last year, valuing it at $3.7 billion. It was initially seeking a valuation of up to $3.8 billion.

Its shares have soared 84% since the debut. They had opened 2% below their IPO price.

** Note: Stock performance since debut is calculated on the basis of the opening trade

** Sources: Filings, LSEG, Reuters' reports

(Reporting by Manya Saini and Niket Nishant in Bengaluru; Additional reporting by Ateev Bhandari; Editing by Krishna Chandra Eluri)

((Manya.Saini@thomsonreuters.com; X: manya__saini;))