A table showing the 2025 IPOs with largest first-day gains among listings that raised over $50m. Newsmax's IPO returned 735% on the first day, but since its IPO the stock has lost 5%. Figma returned 250% on its first day, but is only up 4% since IPO. Circle returned 169% on its first day, and 149% since IPO. In general, stocks that had large gains on their first trading day generally have not held on to those gains throughout the year.