As the 2025 IPO window enters its final two weeks, the US market is lining up one last burst of deals. As of December 7, 2025, five traditional IPOs are scheduled to list on NYSE American and Nasdaq between December 9 and 12, spanning fintech, healthcare, infrastructure and two small cross‑border tech and sourcing names. [1]
Together, these offerings could raise just under $1.2 billion, making next week one of the most active stretches of the year-end run. Here’s a deep dive into each deal, plus what the broader IPO backdrop and fresh December 7 commentary mean for traders and investors watching the US IPO calendar.
US IPO Market Outlook Heading Into Mid‑December 2025
The 2025 IPO rebound is real. According to StockAnalysis, the US market has seen 325 IPOs year‑to‑date as of December 7, up about 55% from 210 deals over the same period in 2024. [2]
Renaissance Capital’s latest weekly recap and winners‑and‑losers updates show:
- The Renaissance IPO Index is up around 7.7% year‑to‑date as of December 4, compared with an 18% gain for the S&P 500. [3]
- In a separate “Weekly Winners & Losers” note dated December 7, Renaissance says the IPO market is “down to the final two weeks” of the 2025 calendar and sitting on roughly a +9% gain for the year, helped by strength in tech and AI‑related names. [4]
At the same time, this late‑cycle IPO window is being shaped by:
- High first‑day pops – Reuters recently highlighted that 2025’s big US IPOs have posted average first‑day gains well above the “ideal” 15–20% range, rekindling debate about whether Wall Street banks are pricing too conservatively and leaving billions on the table. [5]
- Elevated risk and volatility – A Kiplinger analysis noted that 2025 has already surpassed 2024’s full‑year IPO count by September, with average first‑day returns near 27%, but also warned that many new listings remain unprofitable and highly volatile. [6]
Renaissance Capital’s December 5 weekly recap also flags a wave of SPAC issuance and three “notable deal launches” now on next week’s calendar: Cardinal Infrastructure (CDNL), Lumexa Imaging (LMRI) and Wealthfront (WLTH). [7]
Against that backdrop, next week’s IPOs look like a mini‑cross‑section of the 2025 market: one headline fintech, a large healthcare services platform, an infrastructure play tied to US housing, and two small cross‑border tech/sourcing listings.
Upcoming US IPO Calendar: December 8–15, 2025
Based on the latest IPO calendars (StockAnalysis, MarketBeat, MarketWatch and Renaissance Capital), the US IPO lineup for the week of December 8–15, 2025 currently includes five deals scheduled to price and begin trading between December 9 and 12: [8]
- Tuesday, December 9 – JM Group Limited (JMG), NYSE American
- Business: Hong Kong‑based merchandise sourcing provider
- Price range: $4.00 – $5.00
- Shares offered: 3,750,000
- Indicative deal size: ≈ $16.9 million
- Implied market cap: ≈ $89 million
- Wednesday, December 10 – Cardinal Infrastructure Group Inc. (CDNL), Nasdaq Global Select
- Business: US construction and infrastructure services, focused on “wet utilities” (water, sewer, stormwater) and related work
- Price range: $20.00 – $22.00
- Shares offered: 11,500,000
- Indicative deal size: ≈ $241.5 million
- Thursday, December 11 – Lumexa Imaging Holdings, Inc. (LMRI), Nasdaq
- Business: Outpatient diagnostic imaging centers (MRI, CT, mammography, X‑ray, ultrasound) across the US
- Price range: $17.00 – $20.00
- Shares offered: 25,000,000
- Indicative deal size: ≈ $462.5 million
- Friday, December 12 – SFIDA X, Inc. (SFDX), Nasdaq
- Business: Japan‑based web development and IT services
- Price range: $5.00 – $6.00
- Shares offered: 1,000,000 ADSs
- Indicative deal size: ≈ $5.5–6 million
- Friday, December 12 – Wealthfront Corporation (WLTH), Nasdaq
- Business: Automated digital wealth management and cash accounts (robo‑advisor / wealthtech)
- Price range: $12.00 – $14.00
- Shares offered: 34,615,384
- Indicative deal size: ≈ $450–485 million
Calendars note that IPO dates are tentative and can move; some deals may slide, price earlier/later in the week, or be pulled if markets wobble. But as of December 7, 2025, these are the US IPOs investors are preparing for.
Wealthfront (WLTH) IPO – Fintech’s Year‑End Headliner
What Wealthfront does
Wealthfront is one of the original US robo‑advisor platforms, offering automated ETF portfolios, bond ladders, high‑yield cash accounts and low‑cost credit to largely Millennial and Gen Z clients. Reuters and other filings‑based coverage say the company serves around 1.3 million funded clients with roughly $88 billion in platform assets. [9]
Over the past decade, Wealthfront has evolved from pure robo‑advisory into a broader “wealthtech” platform with:
- Automated investing in ETF portfolios and bonds
- High‑yield cash and checking‑like accounts
- A portfolio line of credit
- Plans for mortgage‑related products and expanded lending [10]
Deal terms and valuation
- Shares: 34.6 million
- Price range: $12–14
- Gross proceeds: Up to about $485 million at the top of the range [11]
- Implied valuation:
Renaissance also notes that cornerstone investors BlackRock and Wellington are expected to buy about one‑third of the deal, signaling strong institutional sponsorship. [14]
The bull case
Analysts and IPO research shops highlight several positives: [15]
- Profitable at scale – recent filings show solid profitability, with reported operating margins near 40% in the latest year.
- Sticky, fee‑based revenue from advisory fees and net interest income on cash balances.
- Younger, higher‑income customer base, many of whom are still in early wealth‑accumulation years.
- Diversified product stack (investing + cash + credit) that deepens relationships and cross‑sell potential.
The risks
The same research also flags some key watch‑outs: [16]
- Interest‑rate sensitivity: A big slice of Wealthfront’s economics comes from spreads on client cash. If the Fed cuts rates aggressively in 2026, that spread compresses.
- Slowing growth: Asset growth has cooled from the pandemic‑era surge when cash yields spiked.
- Fierce competition: Vanguard, Schwab, Fidelity and a long list of fintechs offer overlapping services.
- Pricing debate: In a year where many IPOs have popped sharply, some investors worry that banks may again be erring on the side of underpricing – good for first‑day traders, less ideal for the company. [17]
For traders, Wealthfront is likely to be the most actively followed US IPO of the week, with fintech ETFs, thematic funds and retail platforms all watching the order book closely.
Lumexa Imaging (LMRI) – A Big Bet on Outpatient Healthcare
Business profile
Lumexa Imaging Holdings (backed by private‑equity firm Welsh, Carson, Anderson & Stowe) operates around 184 outpatient diagnostic imaging centers across 13 US states, with heavy concentration in Texas and the US Southeast. [18]
Its centers provide:
- MRI and CT scans
- Mammography and breast imaging
- Ultrasound
- X‑ray and related outpatient services
The company has grown aggressively in recent years via acquisitions and new center openings, capitalizing on:
- The long‑term shift from hospital imaging to lower‑cost outpatient settings
- An aging population and rising imaging utilization
- Payer and provider interest in cost‑efficient diagnostic networks
Deal terms
- Shares: 25,000,000
- Price range: $17–20
- Potential proceeds: Up to $500 million according to Reuters and sector publications [19]
- Implied valuation: Roughly $1.8–1.9 billion, depending on final pricing [20]
- Underwriters: Barclays, J.P. Morgan and Jefferies lead the book. [21]
Key angles for investors
Lumexa offers a very different profile from high‑growth tech names:
- Defensive demand: Imaging volumes tend to be less cyclical than pure discretionary spending.
- Reimbursement exposure: Medicare and commercial payer decisions on imaging reimbursement remain a structural risk.
- Leverage & PE ownership: As with many sponsor‑backed roll‑ups, investors will want to look closely at debt levels and the mix of primary vs. secondary shares.
- AI and efficiency story: Sector coverage notes rising use of AI, workflow automation and analytics in diagnostic imaging – technologies Lumexa may lean on to improve throughput and margins over time. [22]
If it prices well and trades steadily, Lumexa could set the tone for healthcare services IPOs heading into 2026, especially with giant medical‑supply maker Medline (MDLN) preparing a much larger offering in the coming weeks. [23]
Cardinal Infrastructure (CDNL) – A Play on US Housing & Utilities
Business model
Cardinal Infrastructure Group installs and services “wet utilities” – water, sewer and stormwater systems – alongside related infrastructure work for residential, commercial and public projects. The company is based in North Carolina and has significant exposure to the fast‑growing Raleigh housing market. [24]
Reuters reports that nearly 71% of Cardinal’s revenue in the last twelve months came from residential builders, making it a direct play on homebuilding and local construction activity. [25]
Deal terms
- Shares: 11,500,000
- Price range: $20–22
- Gross proceeds: Up to about $253 million at the top of the range [26]
- Implied valuation: Roughly $770–805 million on proposed terms [27]
- Underwriters: Stifel and William Blair lead the offering. [28]
What to watch
Cardinal sits at the intersection of infrastructure and housing:
- A soft landing and lower mortgage rates could support strong demand for housing‑linked utility work.
- A renewed slowdown in construction, or a spike in financing costs for developers, would pressure backlog and margins.
- On the upside, Cardinal’s niche and regional focus may support above‑average margins, as Renaissance Capital’s preview notes. [29]
With the deal sized in the mid‑cap range and tied to real‑asset spending rather than AI or crypto, CDNL may appeal to investors looking for more “real economy” exposure in a tech‑heavy IPO tape.
JM Group Limited (JMG) – Micro‑Cap Sourcing Specialist
Who is JM Group?
JM Group Limited is a Hong Kong–based merchandise sourcing company, helping overseas brands and retailers coordinate manufacturing and procurement in Asia. Renaissance Capital describes it as a micro‑cap aiming to raise around $17 million. [30]
Key details from filings and IPO calendars: [31]
- Exchange: NYSE American
- IPO date (estimated): Tuesday, December 9, 2025
- Price range: $4–5
- Shares: 3,750,000
- Deal size: ≈ $16.9 million
- Implied market cap: ≈ $89 million
Why it matters (even at micro‑cap scale)
Micro‑cap cross‑border listings like JMG may not grab headlines, but they:
- Provide a sentiment check on risk appetite at the very small‑cap end of the market.
- Often trade with high volatility and low liquidity, amplifying first‑day swings.
- Reflect the continuing use of US markets by overseas companies, even after regulatory and geopolitical tensions in earlier years.
For most investors, JMG will be a niche trade rather than a core portfolio holding – but its reception can hint at how welcoming US markets are to small, foreign issuers at year‑end.
SFIDA X, Inc. (SFDX) – Tiny Japanese Web Developer Listing via ADSs
Business snapshot
SFIDA X, Inc. is a Japan‑based provider of website design, development and IT services, targeting businesses that need customized web solutions and support. Renaissance Capital notes that the firm booked about $33 million in revenue in the 12 months ending September 30, 2024, and plans a US IPO via American Depositary Shares (ADSs). [32]
Deal structure
- Exchange: Nasdaq
- Security: 1,000,000 ADSs, each representing one common share [33]
- Price range: $5–6
- Indicative proceeds: ≈ $5.5–6 million
- Implied fully diluted market cap: About $43 million, per Renaissance’s earlier term sheet summary [34]
- Underwriter: ThinkEquity as sole bookrunner [35]
Because the expected market cap is under $50 million, SFIDA X will not be included in some IPO performance indices and stats, even though it’s a traditional IPO. [36]
For traders, SFDX sits firmly in the “high‑risk, low‑float” bucket: small size, foreign issuer, and specialist underwriter — a combination that can produce big swings if day‑traders focus on the name.
Broader Takeaways From Next Week’s US IPO Slate
1. A balanced mix of sectors
Next week’s IPOs touch:
- Fintech / wealthtech: Wealthfront (WLTH)
- Healthcare services: Lumexa Imaging (LMRI)
- Infrastructure & housing: Cardinal Infrastructure (CDNL)
- Cross‑border tech & sourcing micro‑caps: JM Group (JMG) and SFIDA X (SFDX)
That cross‑section matches what Renaissance and other analysts describe in recent recaps: a resurgent but selective market, with investors showing interest in profitable or cash‑generative businesses (Wealthfront, Lumexa, Cardinal) while still funding smaller, higher‑risk stories. [37]
2. The IPO window is open – but not wide
Renaissance Capital repeatedly emphasizes that the 2025 IPO calendar is in its final two weeks, and that these offerings come after a brief growth‑stock sell‑off that threatened to close the December window entirely before markets rebounded. [38]
The fact that Medline (MDLN), a potential $5 billion mega‑deal, is preparing its roadshow and may start marketing as soon as the coming week underscores that demand is strong enough to support large, high‑quality issuers alongside mid‑caps like Lumexa and Cardinal. [39]
3. AI and mega‑tech remain in the background
While none of next week’s deals are pure AI plays, they are being priced in a market heavily shaped by the AI “supercycle.” Renaissance’s research and financial media note that names such as CoreWeave, Rubrik and other AI‑linked stocks have powered recent gains in the Renaissance IPO Index, and that Anthropic, the Claude AI developer, has already hired IPO counsel for a potential 2026 listing as it races OpenAI to market. [40]
Investors may view Wealthfront and Lumexa through this lens: fintech and healthcare platforms that could increasingly embed AI and data analytics in their offerings without being pure “AI stocks” themselves.
How Traders and Investors Can Approach Next Week’s IPOs
Nothing in this article is investment advice, but if you’re preparing for the December 9–12 US IPO window, here are some practical points many market participants consider:
- Understand the size and float
- Large deals like Wealthfront, Lumexa and Cardinal tend to be more liquid and attract institutional coverage sooner.
- Micro‑caps JMG and SFDX may trade with wide spreads and sharp intraday moves.
- Read the S‑1/F‑1, not just headlines
- Revenue mix, customer concentration, leverage, and cash‑flow trends matter at least as much as the story.
- For sponsor‑backed names like Lumexa and Medline (if it joins the calendar), check how much of the offering is primary capital vs. shareholder liquidity. [41]
- Watch macro catalysts
- Rate‑sensitive names like Wealthfront and Cardinal are especially exposed to shifts in expectations around Fed policy and housing data. [42]
- Be realistic about volatility
- 2025’s average first‑day return near 27% comes with plenty of losers as well as winners; many IPOs trade below issue price after lock‑ups expire. [43]
- Position sizing and risk controls (including stop levels or avoiding margin) are crucial, especially in micro‑caps.
- Consider diversified exposure
- Some investors prefer to gain exposure to new listings through IPO‑focused ETFs tracking the Renaissance IPO Index rather than picking individual deals, though these funds have their own risks and may lag the hottest offerings. [44]
FAQ: US IPOs in the Week of December 8–15, 2025
Which US IPOs are currently scheduled for next week?
As of December 7, 2025, calendars show five US IPOs scheduled between December 9 and 12: JM Group (JMG), Cardinal Infrastructure (CDNL), Lumexa Imaging (LMRI), SFIDA X (SFDX) and Wealthfront (WLTH). [45]
Which is the biggest IPO of the week?
By expected proceeds, Lumexa Imaging (up to roughly $500 million) and Wealthfront (around $450–485 million) are the largest. [46]
Could more US IPOs be added to the December 8–15 calendar?
Yes. Renaissance Capital notes that with two weeks left in the typical IPO year, more deals from the existing pipeline could launch at short notice, and it specifically highlights Medline (MDLN) as a potential mega‑IPO for mid‑December. [47]
Are SPACs part of next week’s traditional IPO count?
Not in the summary above. Recent reports show seven SPACs raised about $1.5 billion in the week of December 1, but the five listings highlighted here are operating‑company IPOs, not blank‑check vehicles. [48]
Is now a “good time” to buy IPOs?
That depends on your risk tolerance and time horizon. Commentary from market strategists stresses that 2025’s IPO market combines strong average pops with high dispersion, making selectivity and risk management essential, especially for retail investors. [49]
All deal details and dates are accurate to the best of publicly available information as of December 7, 2025 and may change. Always consult the latest prospectus and exchange filings before making any trading decisions.
References
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