Global IPO highlights in Q2 2025 and insights for future IPO candidates

Read about IPO activities in Q2 2025 and find out how ESG expectations shift when a company goes public.

In brief

• Q2 2025 saw global IPOs down 14% to 241. Emissions rose to $31.5B, driven by Asia. Europe declined, while the U.S. had mixed results in IPOs and volumes.
• An IPO comes with sustainability reporting requirements. Understanding the relevant listing rules and applicable regulations is crucial.
• An enhanced sustainability reporting journey entails transparency on governance, strategy and business processes and should be seen as a long-term value driver.

Q2 2025 IPO barometer

The latest IPO Barometer reveals a stagnation in global IPO activity during the first half of 2025, with 539 companies going public, a 4% decrease compared to the previous year. However, the total emissions volume increased by 17% to $61.4 billion. The second quarter saw a 14% drop in IPOs, totalling 241, yet emissions rose to $31.5 billion, up from $28.2 billion in Q2 2024.

Asia showed significant growth in H1 2025, with emissions volume soaring by 172% to $28.4 billion, driven by a rebound in China and Hong Kong. In contrast, Europe experienced a decline, with IPO numbers falling by 24% to 51 and emissions dropping to $5.9 billion from $14.7 billion. The U.S. market presented a mixed picture, with IPOs increasing by 35% to 109, but emissions decreasing to $17.1 billion.

The technology sector led the global emissions volume in the first half of 2025, followed by mobility and real estate. Notably, the largest IPO of the year occurred in China, with Contemporary Amperex Technology Co. Ltd. raising nearly $5.3 billion.

In Switzerland, Bioversys AG is still the only company that went public this year, raising approximately $85 million. Additionally, on June 23, Amrize made its trading debut on the SIX Swiss Exchange after successfully completing a 100% spin-off from Holcim. This transition established Amrize as an independent, publicly traded leader in building solutions within the North American market, with a resulting market capitalization of around CHF 26 billion. On the same day, the shares were also listed on the New York Stock Exchange. Furthermore, the shareholders of the US group Shyft approved the merger with Aebi Schmidt at the end of June. This approval allowed the Swiss company Aebi Schmidt, based in Frauenfeld, to definitively integrate the US company. The transaction has been completed and the stock began trading under the ticker symbol AEBI on the New York Stock Exchange (NASDAQ) on July 2, 2025.

While the specific requirements may vary, the intention behind these obligations goes beyond regulatory compliance; they are designed to foster transparency towards stakeholders such as capital providers on how the company manages sustainability-related risks and opportunities and how it aligns corporate behavior with stakeholder expectations. Ideally, sustainability becomes a central part of the company’s equity story and long-term value creation, with key sustainability matters along the entire value chain being addressed.

Sound ESG management considers both external impacts that the company generates (inside-out perspective), as well as how the company is impacted by sustainability matters (outside-in perspective). This is what the European Sustainability Reporting Standards (ESRS) define as double materiality and require reporting companies to assess. Other jurisdictions and standards may prioritize one or the other perspective.

Good sustainability management and reporting can produce internal and external benefits, by contributing to elements such as:

• Competitive advantage
• Access to capital (e.g. green bonds, impact investing)
• Employee motivation
• Reputation and trust

While detailed monitoring and assessment of ESG regulations is strongly recommended for all countries in which a company operates, we can take a simplified look at three main layers that are relevant for Swiss companies with international exposure:

Companies must comply not only with national law, but also with the sustainability reporting rules that are set by the stock exchanges where they are listed. These requirements can vary significantly from one stock exchange to another and may be either mandatory or voluntary in nature. For example, at the Swiss Stock Exchange, sustainability reporting follows an opting-in approach where companies must follow accepted international standards if they decide to opt in. In contrast, many other stock exchanges mandate sustainability reporting for listed companies, often driven by the global adoption of the IFRS Sustainability Standards.

Companies often face challenges during each phase of report production. It is important to bear in mind that, first and foremost, reporting is a transparency exercise. At the same time, in order to have a convincing story to tell, it requires good management. As such, it can be seen as a journey of constant improvement and development.

An IPO marks not only a financial milestone but also a pivotal moment in how companies address sustainability and provide transparency on their sustainability efforts. By embedding ESG into governance, operations and capital market communications, companies can go beyond compliance and unlock long-term value. Done right, ESG reporting is transformed from a checkbox exercise into a catalyst for reviewing and rethinking strategy, business model, trust, performance and future readiness.