“The US remains the world's deepest and most liquid equity market, with total exchange capitalisation of approximately $68 trillion, and EMEA-headquartered issuers alone accounting for over $7 trillion of that figure as of year-end 2025. Traditional IPOs raised $33.6 billion in 2025, their strongest year since 2021. EMEA listings in the US demonstrate that international companies continue to find compelling valuations and investor appetite in New York. Whether you are evaluating a primary IPO, secondary listing, de-SPAC, strategic M&A, or migrating your UK or European listing, we can offer an honest, experience-based perspective on how to get there successfully from first conversations about venue selection and SEC registration, through the complexities of ongoing compliance, annual FPI status testing, and governance choices that set the best-performing foreign issuers apart.
As we look ahead, our view remains pragmatic. Despite policy developments and debates, and episodic volatility, the US remains open and attractive for EMEA issuers seeking depth of capital, valuation support, and a scalable investor base.”
Jenny Harper
Partner, US Capital Markets Leader, PwC UK
Index performance of major indices 2025 to 20 March 2026
Source: S&P Global Market Intelligence LLC 20 March 2026
Equity markets update
- Global equities advanced in 2025, partially offset by decreases in the first few months of 2026. The Hang Seng led with +26%, the MSCI World gained +14%, Europe's FTSE 100 +21% and Stoxx 600 +17%, China’s Shanghai Composite +18%, and the S&P 500 +11%, supported by energy, financials, and mega-cap tech.
- EMEA headquartered, US listed companies, grew by 19% across 2025, outperforming the S&P 500 index growth (16%) for the same period.
- Primary issuance remained episodic but constructive in low-volatility windows, scaled, profitable platforms priced best, including US listings by EMEA issuers and landmark fintech deals.
- Regulatory backdrop: court-driven constraints on aspects of the SEC’s in-house enforcement and heightened scrutiny of rulemaking were monitored by issuers but did not materially change execution windows or index performance in 2025.
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