2024 marked a revival of the U.S. IPO market following the post-2021 slump. A wave of large offerings hit the NYSE and Nasdaq as investor sentiment improved amid hopes of stabilizing interest rates. Technology and AI-centric companies featured prominently, alongside notable deals in energy, finance, and consumer sectors.

In total, 225 U.S. IPOs occurred in 2024 (46% more than 2023)

Here are the top 25 IPOs of 2024, with an estimated market cap at IPO and gains as of this writing:

1. Park Ha Biological Technology (PHH) went public on December 27, 2024, at $4.00 per share and has since surged to $41.13 — a remarkable gain of 925%. The company operates in the healthcare and biotech sector. Market cap at IPO: $157 million.

2. NANO Nuclear Energy (NNE) debuted on May 8, 2024, also at $4.00. Its stock price rose to $34.41, delivering a 753% gain, making it one of the strongest energy IPOs of the year. Market cap at IPO: $104 million.

3. Pheton Holdings (PTHL) listed on September 5, 2024, at $4.00. Its current price is $19.51, representing a gain of nearly 389%. The company focuses on medical technology. Market cap at IPO: $26 million.

4. Reddit (RDDT) launched on March 21, 2024, at $34.00. The social platform has seen its stock soar to $153.26 — a gain of 351%, reflecting investor enthusiasm for digital media and ad-driven platforms. Market cap at IPO: $5.4 billion.

5. LandBridge Company (LB), an infrastructure and energy firm, priced its IPO at $17.00 on June 28, 2024. The stock climbed to $64.30, gaining 278%. Market cap at IPO: $1.9 billion. American Healthcare REIT (AHR) began trading on February 7, 2024, at $12.00. It now trades at $37.00, a 207% increase, showing strength in healthcare real estate. Market cap at IPO: $5.4 billion.

7. Amer Sports (AS), the company behind brands like Wilson and Arc’teryx, IPO’d on February 1, 2024, at $13.00. It has climbed to $38.22 — a gain of 195%. Market cap at IPO: $6.5 billion.

8. Loar Holdings (LOAR), an aerospace and defense parts manufacturer, priced at $28.00 on April 25, 2024. The stock has more than doubled to $81.00, gaining 187%. Market cap at IPO: $308 million.

9. Rubrik (RBRK), a data security company, launched its IPO on April 25, 2024, at $32.00. It now trades at $90.05 — a gain of 181%. Market cap at IPO: $5.7 billion.

10. Legacy Education (LGCY), in the education space, debuted at $4.00 on September 26, 2024. It now trades at $10.60, reflecting a 167% return. Market cap at IPO: $26 million.

11. UL Solutions (ULS), known for product safety certifications, IPO’d on April 12, 2024, at $28.00. Its stock reached $72.88, yielding a 161% gain. Market cap at IPO: $5.6 billion.

12. Astera Labs (ALAB), a semiconductor firm, listed on March 20, 2024, at $36.00. It’s now at $92.41 — a gain of 149%. Market cap at IPO: $5.5 billion.

13. Mingteng International (MTEN) priced at $4.00 on April 18, 2024, and rose to $9.63, gaining 141% in the industrials sector. Market cap at IPO: $40 million.

14. Viking Holdings (VIK), the cruise line operator, debuted on May 1, 2024, at $24.00 and now trades at $55.44, a 130% gain. Market cap at IPO: $10.4 billion.

15. Chromocell Therapeutics (CHRO), in biotech, IPO’d on February 16, 2024, at $6.00 and climbed to $13.50 — a 125% gain. Market cap at IPO: $120 million

16. TWFG (TWFG), an insurance firm, went public on July 18, 2024, at $17.00 and rose to $35.38, delivering a 108% return. Market cap at IPO: $1.02 billion.

17. Invizyne Technologies (IZTC), specializing in enzyme-based biomanufacturing, debuted on November 13, 2024, at $8.00. It has nearly doubled to $16.50, gaining 106%. Market cap at IPO: $800 million.

18. Bowhead Specialty Holdings (BOW), a property and casualty insurance company, IPO’d on May 23, 2024, at $17.00. It now trades at $34.82 — a 105% increase. Market cap at IPO: $348 million.

19. Marex Group (MRX), a commodities broker, went public on April 25, 2024, at $19.00 and more than doubled to $38.85 — a 103% gain. Market cap at IPO: $1.4 billion.

20. Unusual Machines (UMAC), which focuses on drones, listed on February 14, 2024, at $4.00. It’s now at $8.11 — a 99% gain. Market cap at IPO: $104 million.

21. OneConstruction Group (ONEG) launched on December 31, 2024, at $4.00. Its stock rose to $6.60, gaining 74%. Market cap at IPO: $80 million.

22. BrightSpring Health Services (BTSG) IPO’d on January 26, 2024, at $13.00. Its price increased to $22.16 — a 69% gain. Market cap at IPO: $585 million.

23. HUHUTECH International (HUHU), an industrial automation firm, priced at $4.00 on October 22, 2024. It’s now at $6.70 — a 68% increase. Market cap at IPO: $100 million.

24. ServiceTitan (TTAN), a software platform for tradespeople, went public on December 12, 2024, at $71.00. It has risen to $108.75, up 54%. Market cap at IPO: $8.9 billion.

25. Guardian Pharmacy Services (GRDN) listed on September 26, 2024, at $14.00. Its price increased to $20.74 — a 48% gain. Market cap at IPO: $420 million.

Now, about that pattern…

You may have noticed it. Most of the biggest IPO winners of 2024 were small-caps!

In fact, 16 out of the top 25 biggest IPO winners of 2024 were small-cap companies when they went public. So, keep your eyes on the “smaller” companies going forward.

In conclusion, 2024 can be viewed as the year the U.S. IPO engine roared back to life. A diverse set of companies seized the window to go public, many delivering strong early returns to investors.

The success of these top 25 IPOs has rekindled optimism. As one analyst put it, “the bottleneck of 2022-2023 built up the pipeline”reuters.com – and in 2024 that pipeline finally started to flow, with tech unicorns and traditional firms alike finding their moment on the public stage.