Oura, Shein, Ripple Fuel Fresh Wave of Big-Ticket IPOs

A Busy Season for Blockbuster Listings

A cluster of high-profile companies is either preparing to go public or reshaping how the market values them, signaling that the IPO pipeline for late 2025 is unusually crowded and diverse. Smart ring maker Oura is reportedly eyeing a September initial public offering that could value the company at more than $16 billion, a figure that would place it among the most closely watched consumer-tech debuts of the year 1. While the timing had been anticipated by industry watchers, the scale of the expected valuation is turning heads given Oura's relatively niche wearables business 1.

Shein's Long, Bumpy Road to Hong Kong

At the other end of the spectrum sits Shein, the fast-fashion giant whose IPO saga illustrates how dramatically investor sentiment toward once-hyped companies can shift. After failed attempts to list in New York and London, Shein has finally launched an IPO in Hong Kong, targeting a valuation of up to $27 billion 246. That figure represents a roughly 70% collapse from the $100 billion valuation investors assigned the company at its 2022 peak 26. According to a regulatory filing, Shein is aiming to raise as much as HK$13.86 billion, or about $1.77 billion, through the offering 3. The company has said proceeds will go toward strengthening its technology infrastructure and expanding its global footprint 4. The steep valuation haircut underscores how regulatory scrutiny, trade tensions, and shifting consumer sentiment toward fast fashion have weighed on the company's prospects since its earlier, more ambitious listing attempts stalled 6.

AI and Crypto Add to the Mix

Beyond consumer hardware and retail, the IPO conversation is also being shaped by artificial intelligence and crypto. Anthropic's investors are reportedly pushing for a valuation as high as $2 trillion in a future listing, a number that would dwarf every IPO in history 5. That ambition is being tempered by a cautionary example: the current record-holder for the largest-ever IPO has failed to generate any returns for its buyers in the two months since it began trading, a reminder that eye-popping valuations don't guarantee post-listing performance 5. Meanwhile, in the crypto sector, Ripple has drawn attention after a $750 million buyback implied a company valuation of $50 billion, even as CEO Brad Garlinghouse has left the door open on an eventual IPO without committing to a filing 7.

Why It Matters

Taken together, these developments paint a picture of an IPO market that is simultaneously frothy and skittish. Companies across sectors — wearables, fashion, AI, and crypto — are testing investor appetite for enormous valuations, but Shein's steep markdown and the shaky aftermarket performance of recent record-setters suggest that public investors are increasingly demanding proof of durable growth before rewarding companies with the sky-high multiples once assigned in private markets.