December 2025 is shaping up to be one of the busiest—and most consequential—year-end IPO windows in more than a decade. Unlike prior years, where the holiday period thins out, this December is carrying multiple mega-cap and global brand-name IPOs into the final weeks of the year.

Several of the market’s biggest deals are still ahead.
And the setup for 2026 is even stronger.

This is a defining moment for the IPO cycle—and exactly the environment IPO Prophet® was built for.

Central Bancompany, Inc., a Jefferson City, Missouri–based bank holding company with deep community roots dating back to 1902, is preparing to list its Class A common stock on the Nasdaq Global Select Market under the symbol CBC. The company plans to offer 17,778,000 shares at an expected price range of $21.00 to $24.00 per share, implying a midpoint price of $22.50. At that midpoint, the deal would raise approximately $400 million in gross proceeds and value the company at an estimated $5.4 billion post-offering. Joint lead bookrunners include Morgan Stanley and Keefe, Bruyette & Woods (a Stifel Company), joined by BofA Securities, Piper Sandler, and Stephens Inc.

While we regularly use analogues as a part of our intelligence-gathering process, I wanted to highlight the Navan comparable set as we felt it provided a particularly useful framework for this offering. And in this case, the rhymes of history really reverberated.

Earlier this week, we published “Navan’s Tune Has Played Before”, where we noted that Navan’s setup looked similar to a handful of past deals that shared three traits: elevated valuation expectations, heavy issuance size, and a growth story with solid—but not explosive—margins. Those analogues tended to produce muted openings and follow-through weakness, particularly when the opening trade came in below the offer price. The framework wasn’t intended as prediction so much as preparation—a way to recognize the familiar footprints of deals that struggled to find secondary demand after pricing.

Navan, the corporate travel and expense-management platform formerly known as TripActions, is preparing to go public this week.

At IPO Prophet, we rely on analogues—historical comparisons of comparable offerings—as a way to ground expectations.

Here, we turn to three instructive examples—Coupa (COUP), Sabre (SABR), and Expensify (EXFY)—to set a frame of reference for Navan’s debut.

The IPO Market Oscillator has entered a decisive upswing, with its 120-day moving average now rising into the Strong Bull regime for the first time since early 2021. This move reflects a broad and sustained improvement across virtually every dimension of issuance behavior — deal pricing, first-day performance, and technical trading signals.

The composite score’s advance underscores a meaningful shift in investor psychology: risk appetite has returned, deal quality has improved, and secondary-market liquidity has deepened enough to absorb new supply without destabilizing prices. Historically, similar transitions into the Strong Bull zone have preceded periods of elevated deal flow and favorable trading outcomes for new issues.

While the pace of improvement may moderate, the current trajectory suggests the IPO market has regained structural momentum after a multi-year reset.

BillionToOne is positioning itself not just as a diagnostics player, but as a category-defining healthcare company with disruptive technology and accelerating financial performance. Investors will be weighing the promise of its breakthrough platform and growing test adoption against the risks of operating in a highly competitive and capital-intensive diagnostics market.

From IPO Prophet’s perspective, BETA’s IPO will test investor appetite for aerospace disruptors after a wave of SPAC-era eVTOL names struggled in public markets. With cornerstone investor backing and a strong industrial partner in GE Aerospace, BETA may stand apart. Still, the path to FAA certification in 2026/27 will ultimately determine whether this story takes flight.

Navan, Inc. (NASDAQ: NAVN) has officially filed to go public, bringing one of Silicon Valley’s most closely watched AI-powered travel and expense platforms to the Nasdaq Global Select Market. The company is offering 30 million shares, with another 6.9 million shares coming from selling stockholders, at an expected price range of $24 to $26. At the $25 midpoint, Navan will command a market capitalization of approximately $6.21 billion on 248.2 million shares outstanding. The company itself expects to raise about $750 million in proceeds, while the total deal size reaches $923 million, or $1.06 billion if underwriters fully exercise their overallotment option. Leading underwriters of the deal are Goldman Sachs and Citigroup, with support from Jefferies, Mizuho, and Morgan Stanley among others.

After a long 2024/2025 wait caused by the U.S. presidential election, tariff uncertainty, and interest-rate volatility, the IPO market is finally roaring back to life post–Labor Day. Issuers who sat on the sidelines for more than a year are now filing and pricing at a rapid clip, setting up what could be the busiest fall calendar in years.

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