Global initial public offerings (IPOs) markets showed reliance in the first half of 2025, with proceeds surging year-over-year despite persistent volatility and geopolitical tensions.
According to EY’s latest Global IPO Trends report, 539 IPOs were launched globally in H1 2025, raising $61.4 billion, a 17% increase in proceeds from the same period last year.
Despite a flat year-over-year deal count, the report pointed to stronger average deal sizes, particularly in Greater China, which captured one-third of global IPO proceeds.
The US led in volume with 109 IPOs, marking its most active first half since 2021.
Major US IPOs included AI cloud computing company CoreWeave (NASDAQ:CRWV), which raised $1.5 billion in its Nasdaq debut, and fintech firm Chime (NASDAQ:CHYM), which raised approximately $273 million in its IPO.
Cross-border listings reached a 20-year high, accounting for 14% of global IPO activity by deal count.
In the US, 62% of IPOs in H1 2025 came from foreign issuers, reflecting strong international demand for US listings.
The report also highlighted solid growth in Asia-Pacific markets, with notable activity in China, South Korea, Malaysia, and Japan.
South Korea reported 38 IPOs in the first half, its second-highest total in 22 years. Malaysia reached a 20-year high in IPO volume with 27 deals, showing growth in both proceeds and deal count. Japan raised US$3.7 billion across 27 IPOs, its highest first-half proceeds since 2014, supported by the JX Advanced Metals listing.
On the other hand, India saw a 30% decline in IPO volume year-over-year, though proceeds remained stable.
In Europe, IPO activity declined in both volume and proceeds following market disruption in April.
European markets recorded 50 IPOs, down 15% year-over-year, while proceeds fell 58% to US$5.9 billion. Sweden was an exception, benefiting from a large IPO by Asker Healthcare.
EY noted a clear geographic shift in global IPO flows, with Greater China and Singapore emerging as key sources, and the US as the primary destination.
Per the report, sector activity was influenced by geopolitical and strategic priorities, with industrials, energy infrastructure, and defense technology seeing increased listings.
Technology remained a major contributor, with the US and Japan leading software IPOs and Greater China focused on hardware. Life sciences and fintech also attracted investor interest, including companies involved in digital assets and stablecoins.
H2 IPO outlook
The IPO outlook for the second half of 2025 remains cautiously optimistic, the report noted. Market conditions such as accommodative monetary policy, controlled inflation, and reduced geopolitical tensions could support further activity.
Companies aligned with national priorities and offering realistic valuations may be better positioned to access public markets in the coming months, EY added.
“The realignment of the IPO market across regions and sectors reflects a deeper shift in global capital flows and investor sentiment,” EY Global IPO Leader George Chan said in a statement.
“As markets recalibrate in real time, robust IPO readiness will be essential for companies to navigate short-term volatility while aligning their IPO strategies with long-term macro trends.”
Major companies expected or speculated to IPO in H2 include customer experience platform Weave Communications, fintech Stripe, digital bank and fintech firm Revolute, medical products firm Medline and buy-now, pay-later provider Klarna.