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, 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.