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Press release
01 Oct 2025
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Zurich, Switzerland
IPO markets up – Switzerland sees largest IPO in Europe
- SMG Swiss Marketplace Group listed on Swiss stock exchange in the third quarter of 2025. Issue volume of around CHF 903 million makes this the largest IPO of the year so far in Europe and puts it in the top 10 in the world.
- Sentiment upturn in key regions America/USA and Asia/China.
- Mixed performance in Europe, with much more positive trend of late.
- Switzerland has three new members in total so far in 2025.
Zurich, 1 October 2025 – The results of the latest IPO Barometer from the audit and consulting firm EY Switzerland show that global IPO sentiment picked up significantly in the third quarter of 2025 following a period of stagnation. 370 companies were listed globally in the third quarter of 2025, up from 311 in the same quarter of the previous year – an increase of 19%. The issue volume went up by a whopping 89% to USD 48.3 billion. This trend is also reflected in the nine-month figures. There were 914 IPOs in the first three quarters of 2025, up slightly from 874 in the previous year – an increase of 5%; at 41% year on year, the increase in the placement volume was significant, up from USD 78.2 billion to USD 110.1 billion.
Tobias Meyer, Head of Transaction Accounting and IPO Services at EY Switzerland, said: “Despite persistent macroeconomic uncertainty, it looks like being an encouraging year for IPOs – including and especially for Switzerland. The successful listing of SMG Swiss Marketplace Group as the largest IPO in Europe underscores the attractiveness of the Swiss capital market. Positive impetus has come from the return of volatility to normal values, the prospect of interest rate cuts by the Fed and the ECB, and the stability of the equity markets. This has boosted confidence. Nevertheless, geopolitical tensions and trade policy developments – particularly in the United States – remain factors that we must continue to monitor closely.”
Global IPO market on the up: America and Asia drive growth
The significant improvement in IPO sentiment seen over the year in America and Asia is striking. The number of IPOs in the United States rose considerably to 180 in 2025 (2024: 121), with an issue volume of USD 33.0 billion (2024: USD 27.3 billion). The IPO market in Greater China also grew significantly, reaching 155 IPOs (2024: 119), with an issue volume of USD 35.9 billion (2024: USD 14.1 billion). Hong Kong saw the largest IPO in terms of issue volume in the third quarter – that of Zijin Gold International Co Ltd. with USD 3.2 billion. Fewer companies were listed on European stock exchanges over the year (73, down from 97 in 2024); the issue volume reached USD 9.4 billion (2024: 15.4 billion).
Technology (USD 23.8 billion), Mobility (USD 14.2 billion) and Real Estate/Hospitality & Construction (USD 13.2 billion) accounted for the largest shares of the global issue volume in the first three quarters (USD 110.1 billion).
Switzerland records largest IPO in Europe in 2025 to date
There was an IPO on the SIX Swiss Exchange in the third quarter of 2025. SMG Swiss Marketplace Group, a leading operator of digital marketplaces based in Zurich, was listed on September 19, 2025. With an issue volume of around CHF 903 million, this is the largest IPO of the year so far in Europe, putting it in the top 10 globally. The company was formed in 2021 out of a joint venture between Ringier, TX Group, Mobiliar and General Atlantic.
The Aebi Schmidt Group, an internationally active manufacturer of special vehicles based in Frauenfeld, has also taken an important step this year. At the end of June, the shareholders of the US-based Shyft Group approved the merger with Aebi Schmidt. The share has been traded on the NASDAQ stock exchange since July 2025 under the name AEBI. Also shortly before the end of the second quarter (June 23, 2025), Amrize – a spin-off of Holcim – had its first trading day on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
The Basel-based biotech company Bioversys AG went public on February 7 with an issue volume of around CHF 80 million. This means that Switzerland has so far recorded three new additions in 2025.
Contextualizing the results of the current IPO barometer, Tobias Meyer, Head of Transaction Accounting and IPO Services at EY Switzerland, said: “After a period of restraint, global IPO sentiment improved noticeably in the third quarter of 2025. The strong performance in the United States and China, as well as the successful IPO of SMG Swiss Marketplace Group and the listing of Amrize, show that the markets are ready for new impetus, including in Switzerland. Despite geopolitical uncertainty, the positive signals are currently outweighing the negative ones – that is a good omen for a dynamic fourth quarter.”
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