While economic uncertainty prompted a cautious approach to IPOs in 2025, several high-profile companies are preparing to float in 2025. From leading fintechs such as Monzo, Revolut, and Klarna to global giants such as OpenAI and SpaceX, some of the most exciting growth companies in recent years could IPO this year.

Here is a look at some of the most anticipated IPOs to look out for in 2025:

Monzo

The digital challenger bank Monzo, a household name in UK fintech serving over 9m customers, including over 400,000 business clients, may begin its IPO process in 2025.

In May 2024, CEO TS Anil noted that while Monzo would make a “great public company one day”, it wasn’t there yet.

In June of that year, he told City AM he wished to grow the business “several times” before going public.

He said it was “too early for us to talk about the IPO. We’re incredibly well capitalised. We don’t need to raise capital. We’re focused really on continuing to scale the business”.

Since then, the London-based company has become the UK’s seventh-largest bank by customers, boasting more than 11m users.

Monzo appointed former Nubank executive Tom Oldham as its chief financial officer in November – a potential sign of IPO ambitions for the digital challenger bank.

In 2024, Monzo raised $610m (£491m), boosting its valuation to $5.5bn (£4.5bn).

Shein

Chinese fast fashion behemoth Shein has its eyes on the London Stock Exchange (LSE) for a potential IPO in early 2025.

Valued at $66bn (£53bn) – down from $100bn (£80bn) back in 2022 – the fast fashion brand continues to dominate the eCommerce market, with sales outpacing rivals such as Zara and H&M.

Shein is considering offering less than 10 per cent of its shares, Reuters reported in December.

This would value the IPO at $6.6bn (£5.3bn), pending approval from UK regulators. That’s not a given considering the company’s various challenges, including regulatory scrutiny over labour practices and environmental concerns.

If granted, Shein would become the first company allowed to bypass the UK’s 10 per cent IPO rule in 2021.

Starling

Starling Bank, founded in 2014 by former ABN AMRO executive Anne Boden, now boasts over 2m accounts, including 300,000 business accounts, and reported its third consecutive year of profitability during 2024.

With pre-tax profits up 54.7 per cent to £301.1m and revenues growing by 50 per cent to £682.2m, Starling’s financial performance has positioned it well for a public offering.

Recent recruitment for an IPO-focused role has indicated that the bank is laying the groundwork for a potential listing.

The role description looked for a role which will “play a role alongside senior management, appointed advisors and underwriters to execute a successful IPO or other capital event”.