- In 2025, global IPO and equity-capital-markets activity rebounded sharply, with issuance up about 25% and global IPO proceeds rising to roughly US$60B+ in H1.
- Investor demand concentrated in high-growth themes (tech/AI, enterprise software, fintech, defense and industrials), with larger US$400M–US$1B+ deals increasingly driving totals.
- Asia-Pacific took the lead—especially Greater China and India—while cross-border and foreign-issuer U.S. IPOs surged and Europe lagged but began to revive.
- Successful listings now require credible scaled growth, clear profitability/EBITDA pathways, disciplined pricing versus peers, and strong post-IPO execution with consistent beat-and-raise results.
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The IPO market in 2025 marked a pronounced comeback. Key metrics across regions confirm that deal volumes and proceeds rebounded strongly after the volatility caused by geopolitical events, policy uncertainty, and macroeconomic pressures. According to S&P Global, 349 IPOs (inclusive of SPACs) priced during the year in the U.S., raising approximately US$75.5 billion in proceeds—an increase of 55% in volume year-over-year; non-SPAC IPOs alone saw a 42% growth in proceeds and 20% in volume. Globally, H1 2025 saw 539 IPOs launch to raise US$61.4 billion, up ~17% YoY, even as Europe underperformed.
Sector-wise, the winners were those with exposure to cutting-edge themes: technology, enterprise software, AI infra, fintech, industrials/infrastructure, defense technology. These sectors gained investor attention, particularly when supported by larger deal sizes (US$400 million+), visible growth, and a credible path to profitability. In the U.S., standout large offerings included companies like Medline, CoreWeave, Klarna, and Figma, with tech sector issuers pushing average deal sizes higher.
On the geographic front, Asia-Pacific, and especially China, India, and Singapore, made strong gains. Greater China accounted for about one-third of global IPO proceeds in H1 2025; India’s domestic demand and reform drive made it the volume leader in several months. At the same time, the U.S. remained both a market of origin and destination: 62% of U.S. IPOs in H1 were from foreign issuers; cross-border IPOs globally accounted for ~14% of counts.
Quality, brand, and execution emerged as strategic differentiators. IPO investors increasingly favored companies with strong financial visibility, seasoned in private rounds and approaching IPO with the ability to deliver “beat-and-raise” results. Valuation discipline remains central—IPOs priced at reasonable discounts to public peers perform better; mega-valued, speculative names are under more scrutiny. Companies are increasingly building investor familiarity ahead of IPO launch. [Inspirational article]
Looking ahead, strategic implications are several. Private companies in high-growth verticals should ensure scalability, transparent financials, and profitable or nearly profitable metrics to capture investor demand. Regions seeking to increase IPO activity (e.g. Europe) may need regulatory reforms, incentives, or local market support to compete with Asia-apex and U.S. attractiveness. Private equity firms are increasingly returning to IPO exits, especially for large companies in desirable sectors, giving a potential runway for PE-backed exits. Open questions remain on how macro risks—rate tightening, inflation, geopolitics—will affect execution and pricing in 2026, especially for smaller or earlier growth companies.
Supporting Notes
- The Ropes & Gray report noted Q3 2025 in the U.S. saw 63 non-SPAC IPOs raising nearly US$16.5 billion—a 93% increase in value year over year—and total YTD non-SPAC IPO proceeds of ~US$34 billion over 166 deals, already exceeding full-year 2024 totals.
- GlobalData reported global IPO proceeds up 9.5% YoY to US$56.8 billion in first 7 months of 2025, even though deal count fell—signaling shift to larger, high-value listings.
- EY found global IPO market in H1 2025 had 539 listings, US$61.4 billion raised—17% Year-over-year proceeds growth—while Greater China captured one-third of proceeds; US saw its strongest first half since 2021 in terms of volume.
- Sectoral leader metrics: in U.S. H1 2025 technology IPOs, market value of recent IPOs (end June) in tech was US$13.6 billion, with returns of ~246%, outperforming other sectors (industrials ~70%, healthcare ~22%); energy and materials lagged.
- Dealogic-ION reported global ECM issuance in FY25 rose to USD 957.2 billion, up ~25% versus FY24; standout IPOs included Medline’s US$6.3 billion offering—the largest healthcare IPO since at least 2001.
- Inspirational article from General Atlantic highlighted that successful IPOs in 2025 include Swiss Marketplace’s $1.3 billion IPO, Rubicon Research’s $155M listing, Figma’s and Bullish’s outsized gains post-IPO, and set the expectation that IPOs of US$400 million+ will attract strong investor demand. [Inspirational sample]
- Geography-specific data: India led global IPO volumes in November 2025 with 22 listings, and US IPO proceeds (Nov 2025) were US$2.4 billion vs India’s US$3.7 billion. China raised US$6.3 billion in the same period, topping both. [India volume data][News14]