As the calendar flips to December, one large IPO – Cardinal Infrastructure (CDNL Proposed) – set terms early Monday, Dec. 1st – to price its $241.5 million IPO next week. The IPO Pipeline also features another seven big IPOs that could dance into the spotlight before the year 2025 ends. In reality, probably only a few deals will get done with just three weeks to go before the Christmas holiday week.
Cardinal Infrastructure (CDNL Proposed) plans to offer 11.5 million shares at a price range of $20.00 to $22.00 to raise $241.5 million, if priced at the $21.00 mid-point of its range. At pricing, Cardinal Infrastructure would have a market cap of about $768.75 million, if the deal is done at the mid-point of its range.
Stifel, D.A. Davidson and William Blair are the joint book-runners.
Cardinal provides infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets. Its operations deliver wet utility installations (water, sewer, and stormwater systems), as well as grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. The Raleigh, North Carolina-based company was founded in 2013. Cardinal Infrastructure filed its S-1 in mid-October.
Cardinal Infrastructure is profitable, according to the prospectus.
Strong Stocks & A Friendly Fed
The IPO market has strong winds at its back. First, the U.S. stock market is in good shape. And second, the consensus favors a friendly Fed. Stocks rose in Friday’s short session on investors’ expectations that the Fed will cut interest rates at its meeting next week. Friday’s gains followed a technical outage at the Chicago Mercantile Exchange that disrupted pre-market trading.
The S&P 500 ended Friday’s short session near a record set in late October. For the month of November, however, the S&P 500 rose just 0.1 percent. The Dow Jones Industrial Average gained 0.6 percent on Friday; for November, the Dow rose 0.3 percent. The tech-heavy NASDAQ rose 0.7 percent on Friday. For November, though, the NASDAQ fell 1.5 percent – its first monthly loss since March – on fears of an AI bubble, the Wall Street Journal said.
November by the Numbers
Looking back at November, 23 deals got done. Of those, only nine were traditional IPOs – and in that group, only six raised $100 million each – or more. BillionToOne (BLLN), a pioneer in prenatal testing, scored the biggest gain – up 117 percent from its IPO price at the early closing bell on Friday, Nov. 28, 2025. BETA Technologies (BETA), an electric plane manufacturer, posted the largest loss – down 19.8 percent from its IPO price at Friday’s close.
Ten SPACs got priced in November. Two direct listings and two uplistings also got done in November.
Seven More Big IPOs in the Pipeline
IPO bankers may show their playbooks early this week – if terms are filed for some of the big deals in waiting.
Let’s take a look at another seven big IPOs in the IPO Pipeline:
Medline (MDLN Proposed) – Medline’s IPO could raise as much as $5 billion, according to Bloomberg. That would make Medline’s deal the biggest IPO of the year.
Goldman Sachs and Morgan Stanley are leading the joint book-running team.
Medline, based in the Chicago suburb of Northfield, is the largest provider of medical-surgical products. It offers about 335,000 medical-surgical products, including surgical and procedural kits, gloves and protective apparel, urological and incontinence care, wound care, and consumable lab and diagnostics products. Medline, founded in 1966, filed to go public in late October.
Medline is profitable, according to financial statements in the prospectus.
Klook Technology Limited (KLK Proposed) – Klook is a SoftBank-backed global travel app that helps people book experiences ranging from theater tickets to tours. Klook, based in Hong Kong and Singapore, filed to go public in November. Klook’s IPO proceeds are estimated at $100 million. Bloomberg reported that Klook could raise between $300 million and $500 million, according to people familiar with the situation.
Goldman Sachs and J.P. Morgan are leading Klook’s joint book-running team.
Klook stands for “Keep Looking.” The company was founded in 2014.
Klook is not profitable, according to the prospectus.
Hornbeck Offshore Services (HOS Proposed) – Hornbeck Offshore Services transports equipment and supplies to offshore drilling rigs. The Covington, Louisiana-based company updated its financial information in an SEC filing dated Nov. 14, 2025. This company’s road to going public began almost two years ago: Hornbeck Offshore Services filed to go public on Dec. 7, 2023. Hornbeck’s IPO proceeds are estimated at $100 million, a placeholder figure.
J.P. Morgan and Barclays are leading the joint book-running team for Hornbeck’s IPO.
Hornbeck is profitable, according to the prospectus.
Andersen Group (ANDG Proposed) – Andersen Group is a leading provider of independent tax, valuation and financial advisory services to individuals, wealthy families, businesses and institutional clients in the United States. The San Francisco-based company filed to go public in mid-September. Andersen Group’s IPO proceeds are estimated at $100 million, a placeholder figure. The company’s roots are in Arthur Andersen, one of the legacy Big Four Accounting firms.
Morgan Stanley and UBS Investment Bank are leading the joint book-running team.
Andersen Group is profitable, according to the
Lumexa Imaging Holdings (LMRI) -Lumexa Imaging Holdings, based in Raleigh, North Carolina, provides outpatient diagnostic imaging services through 184 outpatient centers in 13 states. Lumexa offers MRIs, CTs, PET scans, X-rays, ultrasounds and mammograms. The company was founded in 2018 by Charlotte Radiology and private equity firm Welsh, Carson, Anderson & Stowe. Lumexa Imaging filed to go public on Nov. 17, 2025. Its IPO proceeds are estimated at $100 million.
Barclays and J.P. Morgan are leading the joint book-running team.
Lumexa is not profitable, according to the prospectus.
York Space Systems (YSS Proposed) – York Space Systems is a leading U.S. Department of Defense contractor that hopes to land a contract for President Trump’s Golden Dome project. The Denver-based company filed its plans to go public in mid-November. Estimated proceeds of York Space Systems’ IPO are $100 million. AE Industrial Partners, the majority shareholder, will still control the company after the IPO, according to its SEC filings.
Goldman Sachs, Jefferies and Wells Fargo Securities are the joint book-runners.
York Space Systems is not profitable, according to the prospectus.
Grayscale Investments (GRAY Proposed) – Grayscale Investments, according to the prospectus, is the world’s largest digital asset-focused investment platform – with about $35 billion in assets under management as of Sept. 30, 2025. Grayscale filed to go public in mid-November. Estimated IPO proceeds are $100 million. The crypto platform company is based in Stamford, Connecticut. Grayscale was founded in 2013.
From the prospectus: “In 2013, we launched the first widely available and institutional-grade Bitcoin investment fund in the world—then known as the “Bitcoin Investment Trust”—to meet this market demand. Grayscale was the first firm in history to offer a product of this kind, pioneering regulated access to the digital asset class.”
Morgan Stanley and Jefferies are leading the joint book-running team.
Grayscale Investments is profitable, according to the prospectus.
Stay tuned.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
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