2025 Global IPO market key highlights and 2026 outlook

After several years marked by macroeconomic and geopolitical headwinds, 2025 represented a period of stabilization and recalibration of the global IPO market. Overall, 1,293 IPOs raised US$171.8b globally, reflecting a significant 39% increase in proceeds across a fairly static number of deals compared with 2024. This resurgence signals renewed investor confidence and a shift toward higher-quality offerings.

In terms of regional performance, EMEIA led global IPO activity by number of deals, accounting for 42% of the total. Asia-Pacific, however, captured the lion’s share of proceeds, securing 43% of the total, driven largely by robust activity in Hong Kong and sustained strength in the Chinese mainland’s pipeline. This highlights the region’s renewed appeal as a listing venue, particularly as companies in the Chinese mainland increasingly selected Hong Kong for their IPOs.

While the Americas lagged behind EMEIA and Asia-Pacific in both deal count and proceeds, the US remained one of the most active locations globally. It continued to attract foreign issuers seeking access to its deep capital pools, underscoring its significance in the global IPO landscape. 

At the country and exchange level, India emerged as a leader by number of deals, followed by the US and the Chinese mainland. In terms of proceeds, the US led, followed by Hong Kong and India. This dynamic illustrates the diverse strengths of different markets, and the strategic choices companies are making as they evaluate liquidity depth, valuation potential and regulatory alignment.

“Activity in 2025 demonstrated a return of confidence in global IPO markets, marked by a selective and fast-moving environment. Investors favored scale, clarity and resilience,” says Karim Anani, EY Global IPO Leader. “As we approach 2026, the foundations for a broader reopening are strengthening. Companies that prioritize IPO readiness and act with agility will be ready to seize opportunities as they arise.”

Americas

In the Americas, the US IPO market continued its recovery following the downdraft in 2022. The year began with strong optimism for greater IPO activity, underpinned by strength in equity markets, robust investment into AI-related infrastructure and a deep pipeline of companies preparing to list. However, two significant disruptions — the announcement of new tariffs by the US administration in early April and the longest government shutdown in US history later in the year — forced many companies to focus on 2026.

Despite the year’s challenges, the US IPO market strengthened, with deal count and proceeds increasing by 27% and 38%, respectively, compared with 2024. Market activity skewed toward larger, higher-quality transactions. Notably, there were 11 deals that raised more than US$1b, up from seven in 2024, collectively accounting for over 40% of total proceeds. In total, 70 IPOs raised more than US$100m. AI remained a major contributor, while crypto and digital assets, and aerospace and defense technologies also fueled activity.

Special purpose acquisition companies (SPACs) saw renewed momentum, with SPAC IPOs in 2025 surpassing the combined total of 2023 and 2024. However, SPAC merger activity has not kept pace with new SPAC formation, reflecting continued performance and capital challenges in these deals. As a result, there are now more than 100 active SPACs that have not announced a deal but have more than six months remaining to find a target.

In the broader Americas, there were positive developments as well. Canada’s TSX completed two offerings that each exceeded US$500m, while Mexico saw two large deals totaling more than US$1b.

Overall, there is a robust pipeline of future offerings in the Americas. IPO activity can be expected to accelerate if IPOs continue to perform well in the aftermarket and broader macroeconomic conditions remain favorable. 

“The Americas IPO market showcased remarkable resilience in 2025, navigating significant challenges while maintaining a strong pipeline of high-quality companies,” says Rachel Gerring, EY Americas IPO Leader. “In this dynamic environment, readiness is critical. Companies that are prepared with discipline will be well-positioned to act swiftly and strategically to favorable market opportunities.”

Asia-Pacific

Asia-Pacific IPO markets delivered strong performance in 2025. While deal count stayed flat, the region achieved a 106% surge in proceeds compared with 2024, with seven out of the top 10 global deals taking place in the region. This activity underscores renewed investor confidence and a more robust macroeconomic foundation.

Greater China remained the core engine of this growth, with Hong Kong returning as one of the world’s strongest performers. The strength of Hong Kong was reinforced by companies in the Chinese mainland choosing it as their preferred listing venue.

Regulatory developments across the region contributed to this performance. Authorities in Hong Kong and the Chinese mainland continued to refine their listing frameworks, balancing stricter governance through enhanced disclosure and ownership dispersion requirements with measures aimed at improving efficiency and supporting innovation. These reforms strengthened Hong Kong’s positioning as a global hub while helping to ensure deeper alignment with investor protection priorities.

Beyond Greater China, Japan, ASEAN, Oceania and South Korea each demonstrated distinct market dynamics. Japan recorded 24% fewer deals than in 2024 but significantly higher proceeds (up 33%), driven by large deals, including two that ranked among the top 10 global listings for 2025. Notably, Japan saw its largest listing on its exchanges since 2018.

Across ASEAN, the number of IPOs declined by 15% but proceeds increased by 61% compared with 2024, led by Singapore, where two major real estate investment trusts (REITs) listings together raised close to US$1.5b. Oceania saw pickup in deal activity from last year, with several larger offerings suggesting early signs of a turnaround. In South Korea, momentum is building toward year-end as the Korean Composite Stock Price Index (KOSPI) strengthens and several high-profile deals move through the pipeline.

Asia-Pacific markets are well positioned to sustain steady momentum moving forward. A robust pipeline in the Chinese mainland and Hong Kong, along with favorable interest rate conditions, easing geopolitical concerns and ongoing innovation-led growth, is expected to support continued activity.

“The resilience of Asia-Pacific IPO markets reflects a dynamic interplay of robust regional pipelines and continued strength across innovation-led sectors. This momentum is expected to carry into 2026, setting the stage for the region’s next phase of growth,” says Ringo Choi, EY Asia-Pacific IPO Leader.

EMEIA

The EMEIA IPO market demonstrated measured resilience in 2025, maintaining its position as one of the world’s most active and geographically diverse listing regions. While the region recorded an 8% reduction in proceeds compared with 2024, EMEIA remained ahead of both the Americas and Asia-Pacific for the year by number of IPOs, highlighting the region’s deep and multifaceted issuer base. Notably, the third-largest deal by IPO proceeds of the year, exceeding US$4b, came from Switzerland, while India recorded the 11th-largest deal of the year, which raised US$1.7b, both occurring in October.

Across Europe, IPO activity reflected a year of structural recalibration rather than retrenchment. Deal count fell 20% to 105 IPOs compared to 131 last year, while proceeds declined 10% from 2024 to US$17.3b. Much of this adjustment can be attributed to the ongoing competition between public and private markets, where companies are staying private longer due to ample dry powder in the private sector. Consequently, Europe is seeing less IPO activity, and those that do come to market tend to feature more resilient, cash flow-oriented business models, stronger governance and clearer value-creation roadmaps. Furthermore, Europe’s pipeline is becoming increasingly transformational, aligned with themes such as AI adoption, advanced manufacturing, energy transition and supply chain redesign.

The UK IPO market remained relatively quiet in 2025, albeit showing growth over 2024, and included two deals exceeding US$500m.

India continued to serve as one of EMEIA’s most active growth engines with 367 IPOs (up 8% from 2024) raising US$22.9b (up 9% from 2024), following a record-breaking year in 2024. This strength was fueled by robust economic growth, resilient market sentiment and a more favorable regulatory environment. India’s market remained characterized by a broad base of small and mid-cap IPOs, alongside select large-cap offerings across various sectors. Despite many offerings being relatively small, India ranked among the top global markets by IPO proceeds, highlighting the depth and strength of its capital markets.

The Middle East and North Africa (MENA) region reported 50 IPOs (down 14% from 2024) that raised US$6.6b (down 48% from 2024), largely due to the absence of outsized deals that characterized the previous year. The market contended with global volatility, geopolitical uncertainties and oil price fluctuations, all of which tempered investor sentiment. Regional equity indices, including Tadawul All-Share Index (TASI), came under pressure at times, and aftermarket performance across recent IPOs was mixed. Despite these headwinds, the Kingdom of Saudi Arabia (KSA) remained the main driver of IPO activity, leading the region in both the number of deals and proceeds, including a notable IPO that exceeded US$1b. 

Overall, the breadth and diversity of activity across EMEIA underlines its continued role as a central engine of global IPO issuance, even as markets navigate a more selective and quality-focused environment.

“EMEIA remains one of the world’s most active IPO regions, with Europe contributing meaningful depth,” says Dr. Martin Steinbach, EY EMEIA IPO Leader. “As companies focus on quality and transformation, those that invest in readiness now will be best positioned to step forward when the fog of volatility lifts in 2026.”

In a NAVI world, IPOs evolve as sectors shift, and sponsors adapt

In a NAVI environment, the global IPO landscape is shifting in ways that are reshaping issuer behavior and investor appetite. Rapid technological advancements, evolving geopolitical conditions and changes in capital allocation are driving these dynamics, evident across sectors, regions and sponsor-backed activities, with AI playing a pivotal role.

Sector activity is uneven, accelerated and globally differentiated

Because NAVI conditions amplify thematic dispersion, sector performance in 2025 diverged distinctively across markets.

The composition of IPO activity reflects these shifting dynamics. Globally, industrials (22%) and technology, media, telecommunications (TMT) (21%) dominated IPO proceeds in 2025, though their influence varied by region. In the US, TMT accounted for nearly 40% of proceeds, largely driven by companies supporting the AI infrastructure. In contrast, Europe exhibited a more diverse sector mix, including industrials, financial services, real estate and hospitality, and consumer. Asia-Pacific saw large issuers in AI systems in robotics, mobility and industrials.

Sponsor-backed activity is selective and strategic

Sponsor-backed activity exemplifies the impact of NAVI dynamics in today’s IPO market. Private equity (PE)-backed deals, while representing a small share of global issuance (just 103 deals or 8% in 2025), generated a substantial US$62.1b in proceeds (36%). This disparity is even more pronounced at a regional level. In Europe, PE-backed IPOs made up 13% of activity but contributed nearly 60% of proceeds, while in the US, sponsors represented 16% of deal count yet delivered 65% of the proceeds. In Asia-Pacific, sponsor involvement is moderate by volume but decisive in the positioning and scale of the region’s largest offerings. These trends highlight PE’s role as a force multiplier in the IPO market.

In non-linear markets, sponsors concentrate their efforts on large, clear narratives that can withstand shifting sentiment. In volatile conditions, they prioritize optionality, maintaining dual-track flexibility as a strategic tool. And in an interconnected capital landscape, global rate paths, M&A conditions and sector-specific capital flows increasingly shape PE exits, positioning sponsors as both key participants and stabilizing agents in the market.

AI’s transformative potential and valuation debate

The transformative potential of AI is evident, yet current valuations have sparked debate about whether they are entering “bubble” territory. This discussion has become central to market sentiment, particularly as AI-related companies have significantly influenced equity performance this year. In the US, Big Tech stocks have driven about half of the S&P 500’s gains in 2025, with just a handful of mega-cap AI leaders contributing roughly one-third of the index’s rise. This concentration underscores AI’s potential but also introduces heightened sensitivity; modest valuation shifts among a few issuers can impact broader asset classes.

The core of the “AI bubble” debate is less about whether AI will reshape industries (it will), and more about whether current valuations are aligned with near-term revenue generation and realistic deployment timelines. The risk lies not in AI’s trajectory faltering, but in markets potentially pricing in its future benefits too quickly. In a NAVI environment, such misalignments can lead to temporary dislocations without undermining the structural growth thesis for AI.

Navigating in a NAVI world

Across sectors, sponsors and emerging valuation themes, one conclusion stands out: the 2025 IPO market is not a return to equilibrium but an adaptation to a new normal. While the market evolves rapidly, a lack of agility can falter plans while significant opportunities remain for well-prepared companies.

For issuers, success hinges on strategic flexibility, compelling equity narratives and the ability to act swiftly when opportunities arise. In this NAVI environment, IPO readiness and transaction optionality remain critical to better withstand volatility.

Cautious optimism ahead

Looking ahead to 2026, sentiment across the global IPO markets is cautiously optimistic, supported by improving macroeconomic indicators, more predictable monetary policies and a broader base of investor demand. The momentum in AI and technology investments is expected to remain a key catalyst, drawing capital toward companies with scalable business models, strong fundamentals and clear pathways to commercialization. Companies will need to navigate challenges related to infrastructure investments, valuation discipline and market absorption, but the overall sentiment remains constructive.

A diverse global pipeline is forming, with many large-cap, sponsor-backed and cross-border-ready candidates preparing for potential listings. If volatility remains constrained, the groundwork laid in 2025 could support a meaningful expansion of IPO activity in 2026.

Staying agile in a transformative environment

The 2025 IPO landscape reflected a complex interplay of challenges and opportunities. For issuers, agility became a defining differentiator as leading IPO candidates adjusted timelines, refined equity stories and explored multiple pathways to capital, readying themselves for rapidly shifting market windows. As companies look toward 2026, this emphasis on adaptability will be increasingly critical.

IPO aspirants will need to be proactive about readiness, enhancing governance, financial reporting, internal controls and strategic clarity. Investors are increasingly rewarding companies that demonstrate discipline, operational resilience and credible value-creation roadmaps. Companies that invest early in readiness will maximize optionality and seize fleeting market opportunities as they arise.