Global IPO activity shows resilience in first half of 2025 amid ongoing market volatility

• Global IPO market recorded 539 listings, raising US$61.4 billion in the first half of year, a 17% increase in value year-over-year (YOY), despite a 4% decline in volume
• China responsible for one-third (34%) of global IPO proceeds by value, surpassing the US (28%)
• US (109) and India (108) most popular locations for IPO listings; Europe lagging with 50 listing in first half of 2025, down 15% YOY
• No IPOs recorded in Ireland in H1 2025, but investor sentiment remains positive

Dublin, 25 July 2025 - Despite geopolitical tensions and policy uncertainty, the global IPO market demonstrated resilience in the first half of 2025, according to the latest EY Global IPO Trends Report. A total of 539 listings raised US$61.4 billion in capital globally, reflecting a 17% year-over-year increase in proceeds, though deal volume declined by 4%.

The US led the way with 109 IPOs, marking its strongest first-half performance since the 2021 peak. Notably, cross-border listings reached record highs in the first half of 2025, with 62% of US listings coming from foreign issuers, highlighting the enduring appeal of the US as a location of choice for listings.

In EMIEA (Europe, Middle East, India and Africa), Europe experienced a notable slowdown, with most major markets experiencing a pause following the market turmoil in early April. The region recorded just 50 IPOs in H1 2025, a 15% decline year-on-year. Sweden stood out as an exception, contributing a mega IPO and demonstrating resilience amid broader regional volatility. Strong momentum persisted in the Middle East, while India also sustained elevated fund-raising levels despite a decline in deal number.

While Ireland recorded no IPOs during the period, investor sentiment remains positive, and companies are maintaining IPO readiness as they assess market conditions. Many are continuing to pursue dual-track strategies, evaluating both private and public funding options.

A significant rebound is underway in China following years of market trough. In particular, Hong Kong has reclaimed its top global IPO exchange position by proceeds achieving a sevenfold increase YOY.

Geopolitical instability in the Middle East and the impact of tariffs have weighed on investor sentiment globally. The second quarter saw just 241 IPOs, with US$31.5b in capital raised, which was the weakest second-quarter performance since 2020 by number.

Prevailing market conditions defined the first half of 2025, prompting many companies to reconsider their exit strategies, and decide whether to stay private for longer or pursue listings with smaller float sizes. However, the ‘VIX’ index – the Chicago Board Options Exchange's Volatility Index  which is recognised as a key measure of market volatility – has declined by 69% since early April, and global equity indices such as the FTSE 100, S&P 500, and Nasdaq have reached all-time highs, reflecting sustained investor confidence and a more stable environment for capital markets.

Fergal McAleavey, EY Ireland Corporate Finance Partner, commented:

“Geopolitical instability and trade tensions have impacted investor sentiment more than had been anticipated at the start of the year, with knock effects for IPO valuations and listings. However, we’re seeing signs of recovery. The VIX index has dropped nearly 70% since April, and major indices like the FTSE, S&P 500 and Nasdaq are at or near all-time highs. This creates a more supportive environment for IPOs to return, and sustaining this momentum will be critical to reopening IPO windows in the months ahead.”

“More broadly, the realignment of the IPO market across regions and sectors reflects a deeper shift in global capital flows and investor sentiment. The rebound in IPO activity in China and the continued appeal of the US for cross-border listings are key trends to watch for in 2025.”

“While Ireland has not seen IPO activity so far this year, the fundamentals remain strong. Investor sentiment is holding firm, and the pipeline of potential listings is healthy. Continued market stability will be key to unlocking that potential.”

Sustained IPO activity amid significant policy uncertainty and market volatility highlights the resilience of strategically positioned and well-prepared IPO companies and their ability to adapt in a shifting capital market landscape. Notably, Greater China has re-emerged as a dominant player, capturing one-third of all global proceeds, while Europe has seen its share decline to just 10%.

Across EMEIA, IPO activity remained subdued in H1 2025, but signs of momentum are emerging. In particular, European markets have seen strong performance in sectors such as aerospace and defence, supported by increased government spending and geopolitical developments. Companies like BAE Systems, Rheinmetall, Leonardo, and Rolls Royce have benefited from this trend, highlighting the region’s strategic importance and continued investor interest.

Nuanced sector trends shaped by geopolitical dynamics

Geopolitical dynamics and national strategic priorities have significantly shaped the sectoral IPO landscape, creating opportunities at more granular levels. In this environment, Greater China and Singapore have emerged as dominant sources of IPOs, while the US remains the top destination of choice for cross-border listings.

Industrial sector IPOs, especially in mobility, are benefiting from reshoring and supply chain localisation. Energy IPOs are shifting toward strategic infrastructure, while defence tech is gaining traction amid rising global defence budgets. Life Sciences are attracting interest through biotech innovation. High-profile fintech names such as Klarna, Stripe, and Monzo continue to be the subject of IPO speculation, though none have yet moved to list. British lender Shawbrook, backed by two private equity funds, is also rumoured to be planning an IPO on the London Stock Exchange this year.

Cautious optimism for H2 2025

The outlook for the second half remains cautiously optimistic despite ongoing challenges. The potential for a global IPO market rebound hinges on more cooperative trade frameworks, accommodative monetary policy, controlled inflation and geopolitical de-escalation. Companies aligned with national priorities and innovation, and those able to present a credible equity story with realistic valuations and flexible timing, are likely to succeed in navigating this complex environment.

Fergal McAleavey concluded, “Looking ahead the second half of the year will be shaped by how well markets absorb ongoing geopolitical and macroeconomic pressures. While volatility has eased and investor sentiment remains strong, companies will need to remain agile. Many are continuing to run dual-track processes, keeping both public and private capital options open. If stability holds, Ireland is well-positioned to benefit from any reopening of the IPO window.”

For more insights, please refer to the EY Global IPO Trends report.

Notes to Editors

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About the data

The data presented here is available on ey.com/ipo/trends.

Q2 2025 refers to the second quarter of 2025 and covers completed IPOs from 1 April to 30 June 2025. Q2 2024 refers to the second quarter of 2024 and covers completed IPOs from 1 April to 30 June 2024. H1 2025 refers to the first half of 2025 and covers completed IPOs from 1 January 2025 to 30 June 2025. H1 2024 refers to the first half of 2024 and covers completed IPOs from 1 January to 30 June 2024. 2024 refers to the full calendar year and covers completed IPOs from 1 January 2024 to 31 December 2024.

All data contained in this document is sourced from Dealogic, Mergermarket, S&P Capital IQ, LSEG and EY analysis unless otherwise noted. The Dealogic data in this report are under license by ION. ION retains and reserves all rights in such data. SPAC data are excluded from all data in this report, except where indicated.