(BFM Stock Exchange) – IPOs in the United States had an encouraging start to the year, before the correction of the equity markets came to disturb this recovery. The recent customs initiatives of Donald Trump killed in the egg the projects of several candidates for an entrepreneur.

Last year, the Stock Exchange Market in the United States was distinguished by its attractiveness compared to other global places. Out of the 183 stock exchange on North American soil, more than half of the operations were on the initiative of foreign companies. Wall Street had even taken up the world’s first place in terms of raised uprights, to the detriment of continental China.

All hopes were allowed for this beautiful dynamic to continue in 2025. In the first three months of 2025, the number of IPOs in the United States increased by 46% over a year to reach 44 operations, according to Capital Renaissance data. This number is greater than the historical average over 10 years, housed at 33 operations. The raised amounts also increased over a year, by 20.5% to $ 9.4 billion.

As at the beginning of 2024, 15 companies raised $ 100 million or more, during their IPO. The rest of the activity was supported by lower -scale operations, with up dollars median amounts.

Global Venture has deflated

Among the other significant operations that have led the US market for IPOs in the first three months of 2025, we can cite that of Global Venture. This liquefied natural gas producer has raised $ 1.75 billion, which has been the largest IPO in the energy sector since 2013.

However, the stock market debut of these big behemoths were not successful. Global Venture in mind, since its title lost 4% on the first day of rating, and even abandons more than 57% at the end of March. In the meantime, the company has cleared the markets by announcing 2025 prospects well below expectations. SailPoint also had more hesitant first steps, and as Venture Global, the title lost more than 4% during its inaugural session on February 12.

But the worst performances are to be found on the side of small operations. Four modest -size companies that have recently introduced have accused withdrawal over 75% since their first stock markets. Golf club operator Aureus Greenway leads the worst performances dropping almost 83% since February 11, when it is entering the stock market, to be worth only less than one dollar.

Winds contrary

Starting on the fellowship of the IPO was interrupted by the correction of the American markets linked to the multiple announcements of Donald Trump on customs duties.

“The year started on solid foundations, but macroeconomic winds have caused a fall in the midst of the quarter which hampered the usual resumption of the IPOs in March,” said Renaissance Capital.

The Corewave case, a company with Microsoft as the main customer, illustrated the markets in March in March. However, all the ingredients were gathered so that the arrival of the “Cloud Computing” specialist restores confidence to investors during his introduction, at the end of March. This was the major IPO of an American technological company funded by venture capital since 2021.

But the technological sector fell in disgrace to Wall Street, which forced Corewave to lower the price of its offer to 40 dollars, when it initially planned a price range of 47 to 55 dollars. The company has also reduced its offer to 37.5 million shares instead of 49 million.

Corewave wanted to try everything for everything, despite the customs shadow that already hovered in the markets at the end of March. The audacity of the last major company to dare to launch on the stock market before the announcements of Donald Trump had initially rewarded. Despite a false departure for his inaugural session, his title gained 53% at the fence of April 2. Before the stock market tobacco that followed customs duties advertisements to reduce this copious advance to nothing.

Pause projects

Donald Trump’s Bazooka Douanier has lost more than $ 6,000 billion in market capitalization in Wall Street the two days following the announcement of reciprocal rights, according to the Dow Jones US Total Stock Market index, over the whole week, the Dow Jones gave 8%, the S&P 500 9%and the NASDAQ almost 10%.

The VIX, “The fear of the fear of Wall Street” has reached levels that had not been crossed since the start of the health crisis in February-March 2020. This stock market chaos is logically incompatible with the arrival of new stock market companies, due to instability and volatility on the financial markets.

In this context of stock market shock, several companies such as Klarna, the Swedish giant of fractional payment, Stubhub, the specialist in the resale of tickets in North America or the stock market broker Etoro have paused their project to join the American rating. They had deposited their prospectus in recent weeks in order to go on the stock market.

Klarna was trying to raise at least a billion dollars, and aimed at a valuation of $ 15 billion, according to Bloomberg, for her second attempt to introduce on the stock market. As Klarna, Stubhub also planned to present her offer to investors this week, and to raise $ 1 billion. But market conditions were right for the Stubhub project, which decided to freeze its operation, reported the Wall Street Journal, last week

The company feared while launching its IPO during such a volatile period on the markets does not give the impression that the company is desperate, one of the sources close to the file in the financial media said.

Circle is the other victim of the recent market debacle. This emitter of a cryptocurrency backed by the dollar, was also in the starting blocks. This historic actor of the cryptocurrencies had submitted his file to the Securities and Exchange Commission (SEC), the American stock market gendarme, with a view to an IPO on Tuesday, April 1. Or the day before Donald Trump’s customs program.

However, Circle has paused its project, scalded by recent stocks, according to the specialized media Cointelegraph.com. For its third attempt, Circle aimed at a valuation of 4 billion to $ 5 billion, according to press information. This should represent the largest IPO of an actor in the cryptocurrency sector since the quotation of Coinbase in 2021.

“The situation will not be resolved during the week or the next two weeks, it will take time for it to take place,” said Bloomberg Keith Canton, Equity Capital Markets in the Americas at JP Morgan. . “I do not think there is anything notable on the market for the IPO for a few weeks at the earliest, given the state of the market,” he continued.

The Capital Renaissance specialists had identified 181 companies in the running to join the financial markets, with a view to raising a total of nearly $ 10 billion and among these candidates, 110 were in its “active pipeline” with files already submitted to the American stock market gendarme or updates of these files over the first three months of 2025.