市場総括：2025年第4四半期
今回の市場要約は、2025年第4四半期をカバーしています。2024年11月と12月のレビューについては、 を参照してください。2024年10月については、 を参照してください。2025年第1四半期については、 を参照してください。2025年第2四半期については、 を参照してください。 2025年第3四半期については をご覧ください。
2025年第3四半期に価格決定された小型株（調達額3,000万ドル以下）のIPOは23件（10月14件、11月4件、12月5件）となり、2025年第2四半期に価格決定された40件から大幅に減少しました。一方、ダイレクト・リスティングは明確な増加傾向を示しており、2025年第3四半期には6社が取引を開始しました。以下は、第3四半期のIPOに関する主要な取引情報をまとめたチャートです。
| 取引所 | 募集金額 | 国内／外国発行体 | 主幹事証券会社 |
| ナスダック・キャピタル市場 | 500万ドル | 外国 | US Tiger Securities, Inc. |
| ナスダック・キャピタル市場 | 500万ドル | 外国 | Cathay Securities, Inc. |
| ナスダック・グローバル市場 | 2,000万ドル＋16ドル | 外国 | Joseph Stone Capital, LLC |
| ナスダック・キャピタル市場 | 1,000万ドル | 外国 | Cathay Securities, Inc. |
| ナスダック・キャピタル市場 | 500万ドル | 外国 | Kingswood Capital Partners, LLC |
| ナスダック・キャピタル市場 | 848万ドル | 外国 | Bancroft Capital, LLC |
| NYSEアメリカン市場 | 1,020万ドル | 外国 | Revere Securities |
| ナスダック・キャピタル市場 | 500万ドル | 外国 | Craft Capital Management, LLC and Revere Securities |
| ナスダック・キャピタル市場 | 560万ドル | 外国 | Craft Capital Management, LLC and Revere Securities |
| ナスダック・キャピタル市場 | 600万ドル | 外国 | AC Sunshine Securities, LLC and Univest Securities |
| ナスダック・グローバル市場 | 3,000万ドル | 外国 | D. Boral Capital |
| ナスダック・キャピタル市場 | 640万ドル | 外国 | Cathay Securities |
| ナスダック・キャピタル市場 | 700万ドル | 外国 | D. Boral Capital and Revere Securities |
| ナスダック・キャピタル市場 | 950万ドル | 外国 | D. Boral Capital |
| ナスダック・キャピタル市場 | 1,500万3,000ドル | 国内 | Craig-Hallum Capital Group, LLC |
| NYSEアメリカン市場 | 1,440万360ドル | 外国 | Network1 Financial Securities, Inc. |
| ナスダック・キャピタル市場 | 400万ドル | 国内 | D. Boral Capital |
| NYSEアメリカン市場 | 1,500万ドル | 国内 | ThinkEquity |
| ナスダック・キャピタル市場 | 1,995万5,000ドル | 国内 | Northland Capital Markets and Craig-Hallum Capital Group, LLC |
| NYSEアメリカン市場 | 1,000万ドル | 外国 | ThinkEquity |
| NYSEアメリカン市場 | 1,000万ドル | 外国 |
Market Wrap-Up – Fourth Quarter 2025
This edition of my market recap covers the fourth quarter of 2025. For a review of November and December 2024 see HERE; for October 2024 see HERE; for Q1 2025 see HERE; Q2 2025 see HERE; and for Q3 2025 see HERE.
Twenty-Three small cap ($30,000,000 and under) IPOs priced in the third quarter of 2025 (14 in October, 4 in November and 5 in December) – an significant downtick from the 40 deals that priced in Q3 2025. On the other hand, direct listings are definitely seeing an uptick with 6 commencing trading in Q3 2025. Below is a chart of relevant deal information for the third quarter IPOs.
| Exchange | Offer Amount | Domestic/Foreign Issuer | Banker(s) |
| Nasdaq Capital | $5,000,000 | Foreign | US Tiger Securities, Inc. |
| Nasdaq Capital | $5,000,000 | Foreign | Cathay Securities, Inc. |
| Nasdaq Global | $20,000,016 | Foreign | Joseph Stone Capital, LLC |
| Nasdaq Capital | $10,000,000 | Foreign | Cathay Securities, Inc. |
| Nasdaq Capital | $5,000,000 | Foreign | Kingswood Capital Partners, LLC |
Market Wrap-Up
For the first time since December 2022, the markets are seeing an uptick in completed small cap initial public offerings (IPOs). My clients are always asking me about the deals that are getting done, which prompted this blog, the first in what will be regular periodic market roundups.
Nineteen small cap (under $25,000,000) IPOs priced in October compared to 12 in September; 8 in August; 8 in July; 3 in June; 5 in May; 12 in April; 6 in March; 6 in February; and 8 in January. Below is a chart of relevant deal information for the 19 October IPOs. Normally, I would include all deals under $50,000,000 in this category, but the deal sizes remain very low. As deal sizes return to pre 2022 normal levels, I will adjust by market recaps upward accordingly.
| Exchange | Offer Amount | Domestic/Foreign Issuer | Banker(s) |
| Nasdaq Capital | $4,199,995 | Foreign | Aegis Capital Corp. |
| Nasdaq Capital | $5,200,000 | Foreign | The Benchmark Company |
| Nasdaq Capital | $7,000,000 |
Terminating Reporting Obligations In An Abandoned IPO
It has been a tough few years for small cap (and all) initial public offerings (IPOs). Although I have been seeing a small up-tick in priced deals recently, we are not yet near the highs of 2020 – 2022. Among the various challenges facing IPO issuers, lengthy Nasdaq/NYSE review periods and trouble building out sufficient allocations have been especially difficult resulting in a lengthier IPO process than expected.
An increased IPO timeline adds significant expense to the process. A registration statement cannot go effective with stale financial statement. Financial statements for domestic issuers go stale every 135 days requiring either a new quarterly review or annual audit and an amended registration statement. Likewise, financial statements for foreign private issuers (FPIs) go stale every nine months. When an issuer is nearing the end date for financial statements, and it appears that a closing of an IPO may be imminent, they sometimes choose to go effective and rely on Rule 430A.
Small-Cap IPO Volatility – The China Connection
Less than two months after the PCAOB and the China Securities Regulatory Commission and Ministry of Finance signed a Statement of Protocol reaching a tentative deal to allow the PCAOB to fully inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong, Nasdaq effectively halted all small-cap IPOs with a China connection. This time, the issue is not audit-related.
During the week of September 19, one of our clients had a deal ready to be priced and begin trading on Nasdaq. We had thought we cleared all comments when a call came from our Nasdaq reviewer – all small-cap IPOs were being temporarily halted while the Exchange investigated recent volatility. The same day, an article came out on Bloomberg reporting on 2200% price swings (up and then steeply back down) on recent IPOs involving companies with ties to China – a repeat of similar volatility in the late ’80’s and early ’90’s despite three decades of
