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What is considered a ‘healthy’ economy is often in dispute, but capital formation in the form of initial public offerings (IPOs) remains a strong signal of confidence in future returns. So far, 2025 has outpaced all prior years since the record liquidity boom of 2021, with 282 IPOs compared to 1,035 that year.

Although President Trump’s global tariff realignment has caused a mini market crash and lingering uncertainty, new tariffs are projected to raise ~$2.7 trillion between 2026 through 2035, according to the Tax Policy Center (TPC). On a yearly basis, compared to ~$77 billion raised in FY 2024, 2026 is expected to bring in $323 billion in tariff revenue.

That is to say, greater capital formation is likely despite the short-term turbulence, boosted by reshored manufacturing, cheaper borrowing capital via rate cuts, and rotation into domestic assets. The subservient status of the EU should also not be underestimated, as continued dependence on U.S. security, tech and energy policy has effectively consolidated transatlantic capital flows under American influence.With that in mind, here are three IPO companies investors should consider.

HW Electro Co., Ltd. (HWEP)

Under the brand name ELEMO, this Japanese company is manufacturing van-type electric vehicles for light commercial and recreational use. In late July, President Trump signed the “largest trade deal in history” with Japan, establishing a $550 billion investment fund to facilitate U.S. domestic industries.

With Japan being the top foreign investor, HW Electro, as a niche company, is positioned to benefit as a part of the plan to raise capital and expand its portfolio of BEVs.The target customers range from last-mile delivery fleets to local governments and corporations.

In late 2023, HW Electro CEO Xiao Weicheng unveiled the cube-like Puzzle van for the North American market.

Set for listing on NASDAQ under ticker HWEP, the company’s stock is priced at $4 per share, at an offer value of $19 million. The expected IPO date for HW Electro is October 30th.

Aptera Motors Corp. (SEV)

Aptera Motors gained approval for a Nasdaq listing on October 10 and began trading since last Thursday, opening at $6 and currently priced at $5.21 per share. For years, the California-based EV company has been capturing the imagination with its unique aerodynamic tear-shaped vehicle running on three wheels.

Technically classified as an autocycle, Aptera offers up to 400 miles range on a full charge. With integrated solar cells across the roof and rear slope, drivers can gain up to 40 miles of free daily range. As one of the lightest vehicles on the market, Aptera is ideally suited for sunny regions.

One-of-a-kind, Aptera also offers great potential to be the next meme stock. After all, it would be difficult to find a more futuristic-looking vehicle straight out of a retro sci-fi movie. The raised capital will be essential for the company to scale up and lower the price of the vehicle. At the moment, Aptera’s price range is $28k-$55k, which may be too much for an autocycle.

The Launch Edition is expected to start at $40k. At the time of listing, Aptera Motors reported $26.8 million in equity against $7.6 million worth of liabilities.

Medline

This Illinois-based medical supplies company is poised to be the biggest IPO this year, aiming to raise around $5 billion in late October or November. Medline’s total valuation could reach up to $50 billion, backed by Blackstone, Carlyle and Hellman & Friedman. These private equity investors acquired the company for record-breaking $34 billion in 2021.

For H1 2025, Medline reported $13.5 billion in net sales, representing 9.7% year-over-year growth. However, during the same period, the company’s free cash flow (FCF) dropped by 30% to $671 million, largely owing to tariffs and legal settlements.

Given Medline’s expansive scale and critical supply to the entire hospital ecosystem in the U.S., investors should consider the company akin to the utility sector. One that has reliable, recurring revenue with 98% prime vendor customer retention, demonstrating its entrenched market position.

As such, Medline’s quasi-utility stock should appeal to investors looking for long-term defensive growth underpinned by stable demand, resilient healthcare spending and high retention.

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