US leads in listings, China in capital, Europe and India see slowdown: EY report
- The global IPO market remained broadly flat in the first half of 2025, with 539 deals raising US$61.4 billion.
- The United States led all markets with 109 IPOs, its strongest start to a year since the 2021 boom.
- India experienced a 30% drop in IPO volume, though proceeds were largely flat.
The global IPO market remained broadly flat in the first half of 2025, with 539 deals raising US$61.4 billion, matching the deal count from the same period last year but posting a notable uptick in proceeds.
However, momentum slowed in the second quarter, which saw only 241 IPOs and US$31.5 billion raised—the weakest second-quarter performance by volume since 2020.
| Region | No of IPOs H1 2025 | H1 2024 | % Change | Proceeds H1 2025 (US$b) | H1 2024 | % Change |
|---|---|---|---|---|---|---|
| Global | 539 | 563 | -4% | 61.4 | 52.7 | 17% |
| Africa | 2 | 1 | 100% | 0.1 | 0.0* | >1,000% |
| ASEAN | 48 | 66 | -27% | 1.4 | 1.4 | 0% |
| Canada | 5 | 8 | -38% | 0.0* | 0.0* | -66% |
| Europe | 50 | 59 | -15% | 5.9 | 14.2 | -58% |
| Greater China | 104 | 78 | 33% | 20.7 | 6.5 | 218% |
| India | 108 | 155 | -30% | 4.6 | 4.7 | -2% |
| Japan | 27 | 37 | -27% | 3.7 | 1.0 | 270% |
| Latin America | 2 | 1 | 100% | 0.0* | 0.0* | 155% |
| Middle East | 36 | 29 | 24% | 5.1 | 3.9 | 31% |
| Oceania | 9 | 11 | -18% | 1.1 | 0.3 | 255% |
| South Korea | 38 | 29 | 31% | 1.5 | 1.2 | 24% |
| United States | 109 | 81 | 35% | 17.1 | 18.8 | -9% |
US leads in volume, China tops in proceeds
The United States led all markets with 109 IPOs, its strongest start to a year since the 2021 boom, though total proceeds declined.
Despite the surge in listings, valuations remained elevated, with P/E ratios stable at around 27.
Greater China recorded strong gains, with IPO volumes rising over 30% and proceeds tripling year-on-year, driven by larger offerings and investor appetite.
Hong Kong, in particular, posted a dramatic recovery, emerging as the top global IPO venue by proceeds in H1 2025 after capital outflows plagued the market a year earlier.
India slows, but outlook remains positive
India experienced a 30% drop in IPO volume, though proceeds were largely flat.
Market activity was muted early in the year due to persistent equity volatility.
Nevertheless, a recovery appears to be underway, supported by a healthy pipeline, favourable macro conditions, and strong retail investor participation.
Valuations remain high, comparable to US levels.
Asia-Pacific and the Middle East outperform
South Korea delivered a standout performance with 38 IPOs, its second-best first-half showing in over two decades.
Japan raised US$3.7 billion across 27 deals—the highest proceeds since 2013—boosted by the high-profile listing of JX Advanced Metals.
In ASEAN, Malaysia was the only market to post growth in both volume and proceeds, with 27 IPOs marking a 20-year high.
The Middle East saw solid expansion, led by Saudi Arabia with 25 IPOs—a historic first-half figure for the kingdom—as activity across the region accelerated.
Europe struggles amid volatility
European IPO markets continued to lose ground, with deal volume down 15% and proceeds plunging 58% to US$5.9 billion.
Most major markets saw limited activity following renewed volatility in April.
Sweden was a rare bright spot, benefiting from a major transaction by Asker Healthcare. Overall, investor caution remained elevated, with greater scrutiny on company profitability and resilience.
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