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H1 2025 global IPO activity shows resilience amid market volatility, says EY
George Chan , EY Global IPO Leader, says: "The realignment of the IPO market across regions and sectors reflects a deeper shift in global capital flows and investor sentiment. As markets recalibrate in real time, robust IPO readiness will be essential for companies to navigate short-term volatility while aligning their IPO strategies with long-term macro trends."
The first half of 2025 was characterized by significant geographic realignment in the IPO landscape. The US led the way with 109 IPOs, marking its strongest first-half performance since the 2021 peak. A significant rebound is underway in Greater China following years of market trough. In particular, Hong Kong has reclaimed its top global IPO exchange position by proceeds achieving a sevenfold increase YOY. Most major European markets have hit a pause since the market turmoil in early April, although Sweden contributed a mega IPO. Strong momentum persisted in the Middle East , while India also sustained elevated fund-raising levels despite a decline in deal number.
Geopolitical dynamics and national strategic priorities have played a crucial role in shaping the sectoral IPO landscape, driving opportunities at more granular levels. Industrial sector IPOs, especially in mobility, are benefiting from reshoring and supply chain localization. Energy IPOs are shifting toward strategic infrastructure, while defense tech is gaining traction amid rising global defense budgets. Life Sciences are attracting interest through biotech innovation. Technology remains foundational, with US and Japan leading in software IPOs and Greater China contributing hardware listings. Digital assets and fintech are gaining renewed momentum, with stablecoin pioneers among the players.
The global IPO market demonstrated resilience during the first half of 2025 while the outlook for the second half remains cautiously optimistic despite ongoing challenges. The potential for a global IPO market rebound hinges on more cooperative trade frameworks, accommodative monetary policy, controlled inflation and geopolitical de-escalation. Companies aligned with national priorities and innovation, and those able to present a credible equity story with realistic valuations and flexible timing, are likely to succeed in navigating this complex environment.
For more insights, please refer to the EY Global IPO Trends report.
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The data presented here is available on ey.com/ipo/trends.
refers to the second quarter of 2025 and covers completed IPOs from 1 April to 30 June 2025 . refers to the second quarter of 2024 and covers completed IPOs from 1 April to 30 June 2024 . refers to the first half of 2025 and covers completed IPOs from 1 January 2025 to 30 June 2025 . refers to the first half of 2024 and covers completed IPOs from 1 January to 30 June 2024 . 2024 refers to the full calendar year and covers completed IPOs from 1 January 2024 to 31 December 2024 .
All data contained in this document is sourced from Dealogic, Mergermarket, S&P Capital IQ, LSEG and EY analysis unless otherwise noted. The Dealogic data in this report are under license by ION. ION retains and reserves all rights in such data. SPAC data are excluded from all data in this report, except where indicated.
Sophie Zuriff
EY Global Media Relations
+ 1 917 331 7427
sophie.zuriff@ey.com
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