- Global IPO proceeds rose 39% in 2025 to US$171.8b while deal count stayed roughly flat, signaling fewer but larger offerings.
- Asia-Pacific led in capital raised (about 43%) driven by Greater China and Hong Kong, while EMEIA led in IPO volume (about 42%).
- Private equity-backed IPOs were ~8% of deals but ~36% of proceeds globally, reaching nearly 60% of proceeds in Europe.
- The 2026 outlook is cautiously optimistic as inflation and rate clarity improve and pipelines in AI, industrials and tech could reopen issuance windows for IPO-ready firms.
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The EY report ‘Global IPO market key highlights and 2026 outlook’ provides a detailed retrospective of IPO markets in 2025, revealing a market that has shifted from prolonged uncertainty toward more selective strength. Globally, proceeds rose sharply—39% over 2024—to US$171.8 billion, while deal count remained largely flat. This suggests that while companies were more strategic about when and how to go public, those that did enter the market did so with larger, higher-quality offerings.
Regionally, EMEIA led in terms of number of IPOs, reflecting broad issuer activity across many countries, but capital-raised skewed heavily toward Asia-Pacific. Asia-Pacific’s dominance in proceeds was driven largely by Greater China and Hong Kong’s resurgence, aided by favorable policies and strong demand, narrowing the gap in capital flows between regions.
Private equity involvement emerged as a force multiplier. PE-backed IPOs made up a small share of transactions globally (8%) but generated disproportionately high proceeds (36%), notably in Europe where PE deals constituted just 13% by volume but nearly 60% by capital raised. This divergence underscores institutional investors’ preference for scale, governance and cash flow visibility.
Sectorally, Industrials and TMT (Technology, Media & Telecommunications) led in proceeds globally in 2025, though sector performance varied by geography. For example, TMT represented nearly 40% of US proceeds, whereas EMEIA had more balanced representation across sectors including real estate, financial services and hospitality.
Looking toward 2026, several factors could shape IPO market recovery. Key among them are clearer paths for interest rates, more predictable policy (especially trade and regulation), and macro stability. AI remains central—both as an investment engine and a valuation risk. Issuers that build strength in governance, financial reporting, and strategic optionality are likely to capitalize if windows open.
However, open questions remain. Can Asia-Pacific, particularly China and Hong Kong, sustain momentum amid regulatory shifts? Will Europe reverse declines in proceeds? And how deep might valuation corrections be in AI-led offerings if growth projections falter? These questions will test investor discipline and timing in the upcoming year.
Supporting Notes
- 1,293 IPOs globally raised US$171.8 billion in 2025, up 39% vs. 2024, while deal count stayed roughly constant.
- Asia-Pacific generated ~43% of proceeds in 2025, largely due to strong activity in Hong Kong and Greater China.
- EMEIA accounted for ~42% of the number of IPOs globally, although proceeds in the region declined ~8% versus 2024.
- India saw 367 IPOs in 2025, an 8% increase vs. 2024, raising US$22.9 billion (up 9%).
- Private equity-backed deals comprised ~8% of IPO number but generated ~36% of proceeds globally; in Europe, PE IPOs made up ~13% of volume but nearly 60% of proceeds.
- In H1 2025, 539 IPOs raised US$61.4 billion globally, a 17% increase in proceeds YoY, with Greater China responsible for one-third of those proceeds.