Wealthfront (WLTH Proposed) headlines an IPO Calendar of about $1.2 billion in deals that bankers expect to price this week – the second week of December. That line-up is attracting attention – along with the anticipation that Medline (MDLN Proposed) might launch its IPO early Monday.
The Fed is in the mix. Wall Street hopes that the Fed will cut interest rates for a third time on Wednesday, Dec. 10, as it wraps up its last meeting of 2025. Here’s what traders expect, according to CNBC on Friday, Dec. 5, 2025:
“After recent economic data revealed that inflation hasn’t reignited and the labor market is showing signs of weakness, traders are confident the Fed will lower its key overnight lending rate a quarter percentage point. Interest rate futures trading suggests close to a 90% (90 percent) certainty the Fed policy rate will come down next week, according to the CME Group FedWatch tool.”
All three of this week’s big IPOs – Wealthfront (WLTH Proposed) and Cardinal Infrastructure (CDNL Proposed) and Lumexa Imaging Holdings (LMRI Proposed) – plan to use some of their IPO proceeds to pay off some debt, according to their SEC filings.
All three deals are NASDAQ listings.
This week’s IPO Calendar also includes two small deals:
– JM Group Ltd. (JMG Proposed) – This profitable Hong Kong-based wholesaler of electronics, home goods, seasonal décor, toys and other items, plans to offer 3.8 million shares at a price range of $4.00 to $5.00 to raise $17 million tonight – Monday, Dec. 8, 2025. Webull and Prime Number Capital are the joint book-runners. This is a New York Stock Exchange-AmEx listing.
– SFIDA X (SFDX Proposed) – This Tokyo-based website designer and IT services provider plans to offer 1 million shares at a price range of $5.00 to $6.00 to raise $5.5 million on Thursday night, Dec. 11, 2025 – to trade Friday, Dec. 12 – on the NASDAQ. ThinkEquity is the sole book-runner.
Three Big IPOs Plan to Raise $1.2 Billion
Let’s take a look at this week’s three big IPOs – listed in order of pricing dates.
Pricing Tuesday night, Dec. 9, 2025, to trade Wednesday, Dec. 10:
Cardinal Infrastructure Group Inc. (CDNL Proposed), based in Raleigh, North Carolina, is a profitable contractor that 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 company was founded in 2013. Market Cap: $768.75 million (Incorporated in Delaware)
Size: 11.5 million shares at $20.00 to $22.00 to raise $241.5 million
Stifel, William Blair and D.A. Davidson are the joint book-runners.
The company intends to use some of the IPO’s proceeds to repay about $24.3 million in debt, the prospectus said.
Pricing Wednesday night, Dec. 10, 2025, to trade Thursday, Dec. 11:
Lumexa Imaging Holdings (LMRI Proposed), based in Raleigh, North Carolina, describes itself as a nationwide provider of diagnostic imaging services that include MRIs, CTs, PET scans, X-rays, ultrasounds and mammograms. The company was founded in 2018 by Charlotte Radiology and Welsh, Carson, Anderson & Stowe, a private equity firm that specializes in investments in private companies in the healthcare and tech sectors. Market Cap: $1.75 billion – if priced at $18.50, the mid-point of its IPO’s price range (Incorporated in Delaware)
As of Sept. 30, 2025, Lumexa Imaging and its affiliates operated the second-largest outpatient imaging center footprint in the United States. It spans 184 centers across 13 states and includes eight joint venture partnerships with health systems.
Size: 25 million shares at $17.00 to $20.00 to raise $462.5 million
Barclays, J.P. Morgan and Jefferies are the lead joint book-runners.
Lumexa expects to use some of the IPO proceeds to pay down some debt, the prospectus said.
After the IPO, Lumexa’s executive officers and directors, along with private equity firm Welsh, Carson, Anderson & Stowe, will still control about 31 percent of Lumexa’s outstanding common stock.
Lumexa is not profitable, according to financial statements in the prospectus.
Pricing Thursday night, Dec. 11, 2025, to trade Friday, Dec. 12:
Wealthfront (WLTH Proposed), based in Palo Alto, California, operates an automated wealth management platform – also known as a “robo-advisor” – that caters to Millennials and Gen Z – people born after 1980. The average age of its “individual funded client is 38,” Wealthfront said in the prospectus. The company was founded in 2007. Market Cap: About $1.9 billion – if priced at the mid-point of its IPO’s range (Incorporated in Delaware)
Goldman Sachs and J.P. Morgan are the lead joint book-runners.
Size: 34.62 million shares at a price range of $12.00 to $14.00 to raise $450 million
*Of the 34.62 million shares in the IPO, Wealthfront is offering about 21.47 million shares, while selling shareholders are offering about 13.15 million shares. The company will not receive any proceeds from the sale of the selling shareholders’ stock.
The company plans to use some of the IPO’s proceeds to repay some debt, the prospectus said.
As of July 31, 2025, Wealthfront had over 1.3 million funded clients who earn about $165,000 a year, the prospectus said. On that date, Wealthfront had $88.2 billion in platform assets.
Wealthfront makes a lot of money, according to financial statements in the prospectus: Net income of $122.8 million on revenue of $338.6 million for the 12 months that ended July 31, 2025.
(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.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading.