- The global IPO market recorded 539 listings raising US$61.4 billion in H1 2025, a 17% increase in proceeds year-over-year (YOY)
- Greater China now captures one-third of global IPO proceeds, while the US led with 109 IPOs, marking its strongest first-half performance since 2021
- Cross-border listings reached record highs in H1 2025, with 62% of US listings by foreign issuers
In the first half (H1) of 2025, the global IPO market demonstrated resilience with 539 listings raising US$61.4 billion in capital, reflecting a 17% increase in proceeds, YOY. Sustained IPO activity amid significant policy uncertainty and market volatility highlights the resilience of strategically positioned and well-prepared IPO companies and their ability to adapt in a shifting capital market landscape. Notably, Greater China has re-emerged as a dominant player, capturing one-third of all global proceeds, while Europe has seen its share decline to just 10%.
The prevailing market conditions served as a defining characteristic of H1 2025, compelling many companies to rethink their exit strategies, and decide whether to stay private for longer or pursue listings with smaller float sizes. Cross-border IPO activity reached a record high in H1 2025, accounting for 14% of total global deal number. Geographic flows reveal a clear pattern: Greater China and Singapore have emerged as the dominant sources, while the US became the overwhelming destination of choice.
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.”
Geographic realignment in the IPO landscape
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.
Nuanced sector trends shaped by geopolitical dynamics
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.
Cautious optimism for H2 2025
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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About the data
The data presented here is available on ey.com/ipo/trends.
Q2 2025 refers to the second quarter of 2025 and covers completed IPOs from 1 April to 30 June 2025. Q2 2024 refers to the second quarter of 2024 and covers completed IPOs from 1 April to 30 June 2024. H1 2025 refers to the first half of 2025 and covers completed IPOs from 1 January 2025 to 30 June 2025. H1 2024 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.
