- Global IPO market rebounded in Q3 2025 supported by major indices reaching new highs.
- Despite the recovery, IPO activity remains selective, with increased scrutiny from investors on fundamentals, profitability pathways and governance.
- The US, India and Greater China are leading the resurgence in IPO activity, Europe shows signs of revival while the Middle East and parts of Asia-Pacific saw modest growth.
The latest EY Global IPO Trends report showed that in the third quarter of 2025, global equity markets staged a robust recovery, with major indices across the United States of America (US), Asia and Europe climbing to fresh new highs after months of pressure from tariffs, interest rate uncertainty and debt concerns. This rally has been underpinned by easing monetary policy and resilience in corporate earnings.
George Chan, EY Global IPO Leader, says: “Global IPO momentum, fueled by robust equity markets, monetary easing and more accommodative financial conditions, is accelerating. For issuers, opportunities expand for those who can harness macro trends, translate AI-driven disruption into growth, navigate geopolitical complexity and deliver narratives that resonate with investor selectivity and long-term value creation.”
Broader recovery in the global IPO market
Global IPO momentum is accelerating, with Q3 2025 witnessing a 19% year-over-year (YOY) increase in deal volume and an impressive 89% surge in proceeds. The US led the rebound, supported by a constructive market backdrop and generally positive IPO pricing and trading outcomes. Notably, India demonstrated remarkable momentum, with deal volumes tripling and proceeds nearly quadrupling compared to Q2, reflecting a vibrant domestic market. Meanwhile, Greater China and the Middle East sustained their paces, with Europe beginning to see signs of revival, bolstered by regulatory reforms and an improving macro backdrop.
Evolving regulatory frameworks
Global stock exchanges are accelerating reforms to boost competitiveness, streamline listings and attract innovative firms. Meanwhile, regulators are tightening safeguards to balance innovation with investor protection. These initiatives highlight a dual-track approach: creating faster, more flexible access to capital to boost fundraising while embedding protections that reduce volatility and restore confidence.
Shifts in private equity-backed IPO landscape
While still heavily relying on M&A and secondary sales, private equity firms are increasingly turning to IPOs as a viable exit strategy amid improving public market conditions. In the first nine months of 2025, PE-backed IPO listings more than doubled YOY, signaling renewed investor confidence in IPO exits. This trend is particularly evident in the US, Greater China and the Nordics, where PE-backed deals surged. The strong post-IPO performance, especially in sectors adapting to AI and digital transformation, underscores the growing preference for public visibility and long-term value creation among private equity sponsors.
Market sentiment and outlook
Resilient optimism is driving IPO momentum globally, supported by monetary easing, strong corporate earnings, robust IPO returns and lower market volatility, all of which are boosting investor confidence — especially in sectors adapting to AI and digital transformation.
Despite the positive momentum, market sentiment remains affected by ongoing tariff disputes and political volatility, which continue to cast a shadow over deal-making. Investors are increasingly seeking resilient business models that can withstand market fluctuations and deliver sustainable growth. Companies looking to go public must anticipate and adapt to these shifts by diversifying their strategies and aligning with external changes. The transition to a new economy, marked by climate adaptation, digital transformation, and geopolitical recalibration, requires IPO candidates to align their equity story with macro trends, manage external risks, and articulate a resilient, forward-looking strategy that resonates with investors.
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About EY Romania
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About the data
The data presented here is available on ey.com/ipo/trends.
Q3 2025 refers to the third quarter of 2025 and covers completed IPOs from 1 July to 24 September 2025, plus expected IPOs by 30 September 2025 (forecasted as of 24 September 2025). Q3 2024 refers to the third quarter of 2024 and covers completed IPOs from 1 July to 30 September 2024. Q1-Q3 2025 refers to the first nine months of 2025 and covers completed IPOs from 1 January 2025 to 24 September 2025, plus expected IPOs by 30 September 2025 (forecasted as of 24 September 2025). Q1-Q3 2024 refers to the first nine months of 2024 and covers completed IPOs from 1 January 2024 to 30 September 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, PitchBook, 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.
