Fewer IPOs, more capital: Global market remains robust; initial signs of an upturn in Switzerland

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• 367 IPOs and USD 93.3 billion issue volume in Q3 2026
• Q1–Q3: Number of IPOs and issue volume increase significantly in Europe and Asia
• Tech, AI infrastructure and defense stocks still in demand
• 4 new additions in Switzerland so far this year

Zurich, 1 October 2026 – Globally, a total of 367 IPOs were registered in the third quarter of 2026. This represents a slight decline of around 2% year on year (374 IPOs). By contrast, the issue volume increased by 79% to USD 93.3 billion (Q3 2025: USD 52.0 billion). There were 888 IPOs in the first nine months of 2026 (prior-year period: 922). The global issue volume reached a record level of USD 287.5 billion, around 151% higher than the previous year’s figure of USD 114.4 billion. The figures show a market that has seen fewer IPOs globally since the start of the year, but significantly larger volumes. At USD 26.5 billion, the listing of SK Hynix on the NASDAQ was by far the largest transaction in the third quarter, followed by CXMT Corp in Shanghai (USD 9.8 billion) and Zhongji Innolight in Hong Kong (USD 7.8 billion). These are the main results of the latest IPO Barometer from the auditing and consulting firm EY.

“The latest figures show that investors are still prepared to make significant funds available for attractive stock exchange candidates. Even though the number of IPOs worldwide fell year on year, the issue volume reached a record high. This indicates a market environment in which larger and well-positioned companies in particular can successfully raise capital,” said Tobias Meyer, Head of Transaction Accounting and IPO Services at EY Switzerland.

Record volumes in the United States; increases in Europe and China

In the United States, only 24 companies went public in the third quarter (PY: 65), but issue volume more than doubled, increasing by 121.9% to USD 35.0 billion (PY: USD 15.8 billion). Over the course of the year, the US stock exchanges hosted 96 IPOs with a total issue volume of USD 163.0 billion. In China, both the number of IPOs and issue volume increased: 79 IPOs were recorded in the third quarter (58), raising USD 43.1 billion (USD 18.4 billion); over the course of the year, 242 IPOs raised USD 85.7 billion. There were 45 new issues on European stock exchanges in the third quarter (24), with a volume of USD 2.9 billion (USD 3.7 billion); the figures for the first nine months of the year are 99 IPOs and USD 12.3 billion.

Tech companies dominate; regulatory environment creating a tailwind

The technology sector dominated in the third quarter of 2026, accounting for 67.4% of the global placement volume. However, looking at the first nine months of 2026, the picture was more broadly diversified, with Advanced Manufacturing accounting for 41.4% of the global placement volume, while technology made up around 32%. The market was driven in particular by companies from the areas of critical infrastructure and energy, AI, robotics and defense. These sectors are currently benefiting from extensive government orders and economic stimulus programs.

In addition, the regulatory framework in the European Union has improved significantly of late in that the EU Listing Act reduces prospectus requirements to two annual financial statements, while increased thresholds mean that CSRD reporting is no longer mandatory for many companies.

Swiss IPO market remains selective in Q3

Following three new listings in the second quarter of 2026, activity on the Swiss IPO market remained modest in the third. Infracore, a Swiss real estate company specializing in hospital and healthcare infrastructure, went public on the SIX Swiss Exchange on July 9. The IPO comprised newly issued and existing shares; the total placement volume amounted to around CHF 238 million. With an offer price of CHF 54 per share, Infracore achieved a market capitalization of around CHF 826 million at the IPO. SIX has also announced the planned listing of Infomaniak SA on the SIX Swiss Exchange, subject to the fulfillment of the outstanding conditions and technical steps. Overall, the market upturn observed in certain sectors in the second quarter continued, but has not yet developed into a broader recovery.

Contextualizing this, Tobias Meyer, Head of Transaction Accounting and IPO Services at EY Switzerland, said: “The Swiss IPO market continued to be shaped by selective activity in the third quarter. The latest development shows that companies can gain access to the capital market if they are well positioned and suitably prepared, even in the current environment. However, talk of a broader revival would be premature. Many potential issuers are still waiting for an attractive market window and using this time to further advance their IPO readiness.”

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EY’s organization is represented in Switzerland by Ernst & Young Ltd, Basel, with 10 offices across Switzerland, and in Liechtenstein by Ernst & Young AG, Vaduz. In this publication, “EY” and “we” refer to Ernst & Young Ltd, Basel, a member firm of Ernst & Young Global Limited.