TL;DR

• ECM Resilience: August 2025 marked the fourth consecutive month with U.S. ECM volumes above $19B (+26% YoY).
• IPO Comeback: Six IPOs >$50M raised $3.3B, breaking a three-year August drought; Bullish and Firefly Aerospace led with strong debuts. 
• Follow-On Strength: 42 offerings raised $15.8B; Circle’s $1.3B deal was the largest first FO within 90 days of an IPO. 
• Convertible Activity: 15 convertibles totaled $10B, a 355% YoY jump, with Coinbase accounting for ~30% of issuance. 

Momentum Carries into August 

Historically a quiet month, August 2025 defied the typical market lull as issuers continued to press into favorable conditions. For the first time since 2021, ECM deal volumes topped $19.1 billion for four consecutive months, supported by robust momentum across IPOs and follow-on offerings. Activity rose sharply, with a 26.3% increase in total proceeds and an 84.6% jump in offerings compared with August 2024.  

IPOs Surge, Raising $3B 

IPO activity in August 2025 defied historical precedent, breaking a three-year drought for the month with six offerings above $50 million that collectively raised $3.3 billion. Often a dormant period for new issuance, August instead delivered a broad mix of deals across financials, healthcare, industrials, and technology. Performance was solid, with issuers posting a weighted 52.39% first-day gain—down from July’s record levels but still robust.

The largest dollar-weighted contributors were Bullish and Firefly Aerospace, posting first-day gains of 83.8% and 34.1%, respectively. The two IPOs contributed 69.2% of total proceeds. Importantly, every deal executed 100% of its overallotment shares, underscoring resilient investor demand across sectors.  

Largest First Follow-On  

42 follow-ons raised $15.8 billion – five of which were first follow-ons, most notable was Circle which wasted no time leveraging its successful IPO by returning to market with a $1.3 billion marketed follow-on just 71 days after the initial listing. The transaction represented the largest first follow-on executed within 90 days of an IPO and ranked as the 11th-quickest IPO-to-FFO among U.S. offerings above $50 million.   

Convertibles Remain Constant 

Convertibles took center stage in August as 15 offerings raised $10.0 billion, marking a 355% year-over-year surge compared with $2.2 billion in August 2024. Coinbase drove much of this activity, with two separate deals that contributed around 30% of total volume. 

With momentum showing no signs of slowing, August’s performance underscores investor confidence and sets a favorable tone for the final stretch of 2025.