Global IPO market rebounds in Q3 2025 amid easing volatility and rising investor confidence

• Global IPO market rebounded in Q3 2025, with deal volume up 19% and proceeds rising 89% year-on-year (YOY), signalling renewed investor appetite.
• Europe saw a sixfold increase in proceeds compared to Q2, while the US, India and Greater China led the global resurgence.
• Stamp Duty exemption for smaller listed companies in Ireland’s recent Budget welcomed as signal to strengthen domestic capital markets ecosystem.

Dublin, October 16, 2025. Global IPO activity has rebounded strongly in the third quarter of 2025. Easing monetary policy, resilient corporate earnings and declining market volatility are fuelling a robust recovery in global equity markets resulting in a surge in IPOs, according to the latest EY Global IPO Trends report.

A total of 370 IPOs raised US$48.2 billion globally, marking a significant rebound in investor confidence with major indices across Europe, the United States of America (US) and Asia reaching strong highs after months of pressure from tariffs, interest rate uncertainty and debt concerns.

In Q3 2025, global IPO markets saw a 19% year-over-year (YOY) increase in deal volume and an impressive 89% surge in proceeds. The US achieved its strongest IPO quarter since Q4 2021, while Europe also showed signs of revival, with proceeds increasing sixfold compared to Q2, supported by regulatory reforms and improving macro conditions, although still down 36% year-on-year.

India’s IPO pipeline is now the most active globally, with 254 listings in the first nine months of 2025, the highest of any market, with October alone expected to deliver over US$5 billion in listings, including Tata Capital and LG Electronics India. The surge is being driven by strong domestic investor demand, steady earnings, and optimism in sectors such as fintech, manufacturing and renewables.

While global IPO activity rebounded in Q3, the implications extend beyond listings alone. IPOs are widely seen as a bellwether for broader capital markets, influencing valuations, M&A activity and private equity sentiment. In the UK, the market has seen modest growth, but sentiment is beginning to stir, with exchange executives indicating that the pipeline is rebuilding, and signalling renewed ambition. While there have been no IPOs in Ireland, recent policy developments in the country signal a growing recognition of the need to strengthen the domestic capital markets ecosystem.

As part of Budget 2026, the Irish Government announced that Stamp Duty will no longer apply to share transactions in Irish companies listed on a recognised stock exchange with a market capitalisation below €1 billion. The measure aims to improve competitiveness and reduce barriers to investment in smaller listed companies.

Fergal McAleavey, EY Ireland Corporate Finance Partner, says: “We’re seeing a much more constructive global environment for IPOs after what has been a challenging period. Investor sentiment is improving, and global markets are showing signs of renewed strength, with major indices trending upwards and IPO activity rebounding across key regions. While geopolitical uncertainty remains part of the new normal, stability in debt markets and easing monetary conditions are helping restore investor confidence.  

“Only last month, Klarna launched its initial public offering on the New York Stock Exchange, while the Beauty Tech Group debuted on the London market earlier this month, both signalling renewed appetite for high-growth listings. This week, Europe saw further momentum with Verisure raising €3.2 billion in the region’s largest listing in three years, and Ottobock securing €700 million in Germany’s biggest IPO of the year.

“For companies considering going public, the opportunity is strongest for those that can tap into global trends, turn AI-driven innovation into growth, and present a compelling case for long-term value.

“India’s IPO momentum is remarkable: it’s a clear example of how strong domestic investor participation and sectoral confidence can drive primary market activity. The scale and diversity of listings we’re seeing there reflects a maturing capital market with deep local support. This level of domestic engagement offers a valuable lesson for European markets, including Ireland, where unlocking local capital and improving retail investor access could help revitalise IPO activity and strengthen the broader capital markets ecosystem.

“While no IPOs have been recorded in Ireland, the fundamentals remain solid, and we expect M&A activity to pick up as global conditions continue to stabilise. With strengths in fintech, medtech and AI, there are many Irish companies positioned well to participate in future IPO waves.”

Europe sees sixfold increase in IPO proceeds despite cautious deal flow

Europe recorded 72 IPOs in Q1–Q3 2025, raising US$9.3 billion, a 36% decline in proceeds year-on-year. However, Q3 alone saw a near sixfold increase in proceeds compared to Q2, signalling renewed investor interest in quality listings. The revival was led by deals in Switzerland, Sweden, Spain and Germany, with notable listings including SMG Swiss Marketplace Group and Aumovio.

Real Estate, Hospitality and Construction led the way in terms of deal count across European IPOs in Q3, while Technology continued to dominate in terms of capital raised. Regulatory reforms such as the EU Listing Act and CSRD recalibration are expected to ease burdens and improve competitiveness, potentially enhancing Ireland’s attractiveness for future listings.

Broader recovery in the global IPO market

Globally, the US led the rebound, supported by a constructive market backdrop and generally positive IPO pricing and trading outcomes. Notably, India demonstrated remarkable momentum, with deal volumes tripling and proceeds nearly quadrupling compared to Q2, reflecting a vibrant domestic market. Meanwhile, Greater China and the Middle East sustained their paces.

Shifts in the private equity-backed IPO landscape

While still heavily relying on M&A and secondary sales, private equity firms are increasingly turning to IPOs as a viable exit strategy amid improving public market conditions. In the first nine months of 2025, PE-backed IPO listings more than doubled YOY, signalling renewed investor confidence in IPO exits. This trend is particularly evident in the US, Greater China and the Nordics, where PE-backed deals surged. The strong post-IPO performance, especially in sectors adapting to AI and digital transformation, underscores the growing preference for public visibility and long-term value creation among private equity sponsors.

Market sentiment and outlook

Resilient optimism is driving IPO momentum globally, supported by monetary easing, strong corporate earnings, robust IPO returns and lower market volatility, all of which are boosting investor confidence - especially in sectors adapting to AI and digital transformation.

Investors are increasingly seeking resilient business models that can withstand market fluctuations and deliver sustainable growth. Companies looking to go public must anticipate and adapt to shifts and volatility by diversifying their strategies and aligning with external changes. The transition to a new economy, marked by climate adaptation, digital transformation, and geopolitical recalibration, requires IPO candidates to align their equity story with macro trends, manage external risks, and articulate a resilient, forward-looking strategy that resonates with investors.

For more insights, please refer to the EY Global IPO Trends Q3 2025 report: EY Global IPO Trends Q3 2025 | EY - Global

ENDS

Notes to Editors

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About the data

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

Q3 2025 refers to the third quarter of 2025 and covers completed IPOs from 1 July to 24 September 2025, plus expected IPOs by 30 September 2025 (forecasted as of 24 September 2025). Q3 2024 refers to the third quarter of 2024 and covers completed IPOs from 1 July to 30 September 2024. Q1-Q3 2025 refers to the first nine months of 2025 and covers completed IPOs from 1 January 2025 to 24 September 2025, plus expected IPOs by 30 September 2025 (forecasted as of 24 September 2025). Q1-Q3 2024 refers to the first nine months of 2024 and covers completed IPOs from 1 January 2024 to 30 September 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, PitchBook, 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.