In 2025, the global IPO market proved more stable than in 2024. The EMEIA region (Europe, the Middle East, India and Africa) led by number of initial public offerings, accounting for 42% of all deals worldwide, while Asia-Pacific generated the largest share of proceeds (43%). In total, 1,293 IPOs raised USD 171.8 billion—up 39% year-on-year—according to EY’s report “Global IPO Trends 2025 and Outlook 2026.”
Globally, 1,293 listings took place in 2025, bringing in USD 171.8 billion—39% more than a year earlier—even though the number of transactions increased only slightly (by 53 IPOs). The fourth quarter was the strongest, with 381 IPOs, marking the best quarterly result since 2022.
EMEIA remained the most active region in terms of volume, representing 42% of global IPOs. In contrast, Asia-Pacific captured the largest share of total proceeds, with 43% of worldwide fundraising. India, the United States and China recorded the highest number of IPOs, while by proceeds the leaders were the United States, followed by Hong Kong and India.
By sector, proceeds were led by industrial companies (22% of total IPO proceeds globally) and technology—especially TMT (technology, media and telecommunications)—at 21%. Artificial intelligence played a central role: in the US, TMT was responsible for 40% of IPO proceeds, while in Asia-Pacific, companies applying AI in robotics, mobility and industrial use cases were among the top performers. Europe was more diversified, with proceeds spread across industry and TMT as well as financial services, real estate and hospitality, and the consumer sector.
“Last year we saw stabilization in the global market after a long period of uncertainty,” said Anna Zaremba, EY Partner. “Investor sentiment improved, among other things due to interest rate cuts, and new IPOs were rewarded with better aftermarket performance. It’s also worth noting how strongly AI-related companies influenced IPO outcomes. In the United States alone, shares of large technology firms contributed to roughly half of the gains in the S&P 500, and a handful of mega-cap AI leaders accounted for around one-third of the index’s rise.”
EMEIA: India Drives Volumes, Europe Supports Regional Activity
The IPO market in EMEIA remained one of the most active and geographically diverse regions in 2025, supported by solid economic growth, stable market sentiment and a relatively favorable regulatory backdrop. India was the standout, with 367 IPOs (8% more than in 2024) raising USD 22.9 billion (up 9% year-on-year).
However, the region’s largest deals were not confined to India. The third-largest IPO globally by proceeds—exceeding USD 4 billion—took place in Switzerland, while India’s biggest transaction ranked 11th worldwide and raised USD 1.7 billion.
Europe helped sustain EMEIA’s overall momentum, even though European IPO activity weakened compared to 2024: the number of IPOs fell by 20% (105 vs. 131), and proceeds declined by 10% to USD 17.3 billion.
The Americas: US Momentum Despite Policy Headwinds
In North and South America, the United States remained the clear leader. IPO expectations were high at the start of 2025, but the introduction of new tariffs and the longest period in US history without an approved budget bill prompted many companies to postpone listings until 2026.
Even so, US IPO volume and proceeds still rose sharply versus 2024—up 27% and 38%, respectively. Another notable shift was the growing number of blockbuster offerings: 11 IPOs raised more than USD 1 billion, compared with just seven the previous year. The market was dominated by AI-focused technology companies, alongside strong representation from aerospace and defense-related technologies.
Asia-Pacific: Proceeds Surge as Hong Kong Reasserts Leadership
Asia-Pacific delivered very strong IPO results in 2025. While the number of transactions remained broadly unchanged, total proceeds jumped by 106% compared with 2024.
Mainland China was a key driver, and Hong Kong returned to the top of global rankings, attracting listings from Chinese companies. EY attributes part of this rebound to regulatory changes: authorities in Hong Kong and mainland China accelerated efforts to modernize listing rules, balancing stricter corporate governance requirements with initiatives aimed at efficiency and innovation.
IPO Outlook for 2026: Optimism, But Rates and Volatility Still Matter
EY experts describe sentiment in global capital markets as broadly optimistic heading into 2026, supported by improving macroeconomic indicators, more predictable monetary policy and stronger investor demand for equities. Further growth in IPO activity will depend primarily on continued interest rate cuts and reduced market volatility.
A decline in geopolitical tensions, rising consumer wealth and a stable labor market could also help rebuild investor confidence. AI and technology are expected to remain the most important drivers, continuing to attract capital—especially to companies with scalable business models and strong fundamentals. At the same time, organizations will need flexibility: adjusting timelines, exploring different funding routes and responding quickly to changing market conditions.
“IPO candidates in 2026 will need to prepare proactively, improve corporate governance, financial reporting, internal controls and growth strategies,” Zaremba emphasized. “Investors are increasingly rewarding companies that are disciplined, operationally resilient, and have credible value-creation plans.”
About the Report
EY’s “Global IPO Trends 2025 and Outlook 2026” analyzes 2025 market data based on information provided by Dealogic, S&P Capital IQ, PitchBook and Mergermarket.
