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Press release
10 Dec 2025
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Zurich, Switzerland
IPO year 2025: Against the background of a cautious upturn
- Switzerland: three IPOs, including SMG Swiss Marketplace Group as one of Europe’s largest IPOs in 2025.
- Following the tariff agreement with the United States and persistently low interest rates, the Swiss market offers an attractive environment for new IPOs in 2026.
- Full-year results 2025: At 1,259, number of global IPOs slightly higher than in previous year; volumes increased considerably (+32%).
- Asia making significant gains, United States benefiting from many cross-border IPOs, Europe with more large IPOs in a declining environment.
Zurich, 10 December 2025 – The results of the latest IPO Barometer from the auditing and consulting firm EY Switzerland show that there was a slight improvement in the IPO year as a whole: while the absolute number of IPOs worldwide rose only marginally by 2% to 1,259 (2024: 1240), the issue volume rose significantly by 32% to around USD 163.3 billion. In the fourth quarter of 2025, 347 companies were listed globally – a decline of 5% compared with the same quarter in the previous year (366). By contrast, the issue volume increased by 15% to USD 51.7 billion. Switzerland had a total of three traditional IPOs on the SIX Swiss Stock Exchange – one more than in the previous year.
IPO year 2025 was volatile, particularly the first half. While Asia and the United States saw a significant upturn, driven by higher issue proceeds and a rising number of IPOs, Europe fell short of expectations. There, both the volume and number of IPOs declined as a result of persistent sluggish growth and geopolitical uncertainty. In the United States, deregulation and hopes for interest rate cuts provided tailwinds, while the market also benefited from numerous cross-border listings from Asia. Asian stock markets regained significant ground following a weak 2024.
Tobias Meyer, Head of Transaction Accounting and IPO Services at EY Switzerland, said: “2025 has shown just how strongly regional differences shape the IPO market. While the United States and Asia benefited from robust demand, Europe fell short of expectations despite individual large listings. The United States saw a significant upturn, driven by cross-border IPOs and a strong performance from technology-oriented companies. In China and Hong Kong, catch-up effects and government support made for an impressive comeback. Europe, on the other hand, struggled with structural barriers and geopolitical uncertainty, despite the pipeline being well filled. We expect the positive trend to continue in 2026, particularly in the areas of technology, energy and infrastructure. How companies set up their equity story and governance in order to succeed in a selective investor environment will be crucial.”
Year-on-year comparison of international markets
- In China (including Hong Kong), there were 214 new issues (2024: 179), with a total value of USD 53.7 billion (2024: USD 20.9 billion) – the largest increase of all relevant stock exchanges.
- The US market grew significantly in 2025 to 220 transactions (2024: 176), with the total volume increasing from USD 33.0 billion to USD 40.2 billion. More than 60% of IPOs in the United States come from abroad.
- The trend was less positive in Europe, where the absolute number fell to 100 (2024: 131), while the issue volume declined to USD 17.1 billion (-11%, down from USD 19.3 billion in the previous year).
- When it comes to sectors, technology companies continued to dominate, with companies from the Mobility (in terms of issue proceeds) and Advanced Manufacturing (in terms of the number) sectors some way behind. In the Technology sector, the issue volume was more than USD 34 billion, compared with USD 19.0 billion in the sector ranked second, while the number of IPOs amounted to 202 and 185, respectively.
- This year, IPOs of companies in the portfolios of private equity and venture capital funds globally accounted for 11% of all IPOs and 36% of placement volume.
- The largest IPO in the world was Contemporary Amperex Technology Co Ltd, a Chinese company, which raised approximately USD 5.3 billion from its May IPO. The largest European IPO in 2025 took place in Q4: the Swiss company Verisure generated an issue volume of almost USD 4.2 billion.
Swiss stock exchange 2025: Calm Q4, solid full year
Although Switzerland did not record any new IPOs in the fourth quarter, the year was shaped by several significant transactions. In the third quarter, Switzerland saw the largest European IPO of the year – that of SMG Swiss Marketplace Group. The company was listed on the SIX Swiss Exchange on September 19, 2025 and raised an issue volume of around CHF 903 million, making it one of the ten largest IPOs worldwide in the quarter. SMG 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, also completed its IPO 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.
Shortly before the end of the second quarter (June 23, 2025), Amrize – a spin-off of Holcim – made its debut on both the SIX Swiss Exchange and the New York Stock Exchange (NYSE). At the beginning of the year (February 7), the Basel-based biotech company Bioversys AG went public with an issue volume of around CHF 80 million.
Commenting on 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 has brightened in 2025. The strong performance in the United States and China, as well as the successful IPOs of Swiss companies, underline the fact that the markets are ready for new impetus. Despite geopolitical risks, the positive signals are currently outweighing the negative ones – that is a good omen for a dynamic 2026.”
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