Medline had its more than $6 billion initial public offering on Wednesday, marking the largest IPO this year and capping off a strong year for new listings. The medical supplies firm listed its shares on the Nasdaq on Wednesday, with the stock opening at $35 per share. The company sold more than 216 million shares, raising $6.26 billion. The offering comes amid a broader revival of the IPO market. In the first three quarters of 2025, 176 companies went public, EY data shows. That makes this year the best 12-month period for IPOs since 2021, when 401 companies debuted on U.S. stock exchanges. Here’s a look at some of the biggest IPOs of 2025, according to a CNBC Pro analysis. We identified stocks that made the biggest gains since their public listings, filtering for companies that have market capitalizations of $1 billion or more. Aura Minerals In July, Canadian mining firm Aura Mineral had a $196.4 million IPO, pricing more than 8 million shares of its common stock at $24.25 each. Since then, the stock has surged nearly 92%. Its market capitalization was about $3.9 billion, as of Wednesday. Circle Internet Group Stablecoin issuer Circle’s blockbuster listing formed one of the largest IPOs this year. The company, which went public in June, raised just north of $1 billion through its offering. Its stock opened at $69 on the New York Stock Exchange, or more than double its initial price of $31 per share. The company’s shares have soared about 168% since its shares began trading in the stock market six months ago. Circle ‘s market capitalization is roughly $19.5 billion. Miami International Miami International went public in August, raising $345 million in the process. The financial marketplace operator, which largely focuses on options trading, listed its shares on the New York Stock Exchange, with the stock opening at $31.65 per share. It initially priced its stock at $23 per share, or above the marketed range of $19 to $21 each. Miami International has gained 88.5% since its public listing. The holding company’s market capitalization is about $3.5 billion.
