Global IPO highlights in Q1 2025 and insights for future IPO candidates

In the United States, the IPO market showed remarkable strength, with 59 IPOs recorded, marking a 55% increase from the 38 IPOs in the first quarter of 2024. Notably, more than half of these IPOs (34) originated from foreign companies, highlighting the global nature of the market. The total issuance volume in the U.S. reached $8.9 billion, slightly higher compared to the $8.8 billion in the same quarter last year.  

Asia maintained its IPO activity at the level of Q1 2024, with 116 IPOs, while the total issuance volume surged by 87% to $10.9 billion. In contrast, Europe experienced a slight decline, with 29 IPOs compared to 30 in the first quarter of 2024, resulting in an issuance volume of $4.1 billion, down from $6.2 billion in the same period last year.  

The Swiss biotech firm Bioversys AG made its debut on the SIX Swiss Exchange on February 7, 2025, raising nearly $85 million. This marks a significant event for the Swiss market, which traditionally experiences fewer IPOs in the first quarter.

Technology companies played a crucial role in the global IPO landscape, accounting for a quarter of the total issuance volume in the first quarter of 2025. The largest IPO of the quarter was Japan's JX Advanced Metals, which raised approximately $3 billion. Other significant IPOs included U.S. companies Venture Global ($1.75 billion), CoreWeave ($1.5 billion), and SailPoint ($1.38 billion). Two European firms, Asker Healthcare Group AB and HBX Group, also made it to the top ten, raising $886 million and $772 million, respectively.

Private equity and venture capital firms were involved in 9% of the total IPOs during the quarter, contributing to 31% of the overall issuance volume.

As the global capital markets face increasing volatility due to geopolitical tensions, inflationary pressures, and new tariffs introduced by the U.S. government, the outlook remains cautious. Companies in Switzerland and beyond are closely monitoring market conditions and investor sentiment, adjusting their strategies accordingly.

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Going public is a significant milestone for any company, but it comes with a host of new responsibilities. Candidates need to ensure that they are well prepared and may benefit from external support in assessing readiness and developing a roadmap toward the target structure across eight key areas:

EY IPO destination assessment

A guided assessment of potential IPO destinations can help organizations clearly establish which destination best fulfills their main objectives and aligns with their corporate and IPO strategy— and equally important — which destinations are a mismatch from the outset. A structured and comprehensive assessment of these factors from the vantage point of the various stakeholders can set the stage for a successful IPO process.