Global IPO Watch 2025

Highlights:

In 2025, global equities powered ahead with double-digit growth across major indices, boosting global IPO activity.

• Major global equity indices powered ahead in 2025 to close the year with high-teens or higher gains as of 30 November, despite volatility seen in April, geopolitical instability, and the US government shutdown in the fourth quarter.
• Strong performance of equities was supported by easing monetary policies from major central banks, resilient corporate earnings, and investor enthusiasm behind AI and tech-enabled stocks.
• Leading the way was the Hang Seng Index gaining nearly 30% this year to 30 November 2025.
• Other major winners were the pan-European Stoxx 600 and London’s FTSE 100, gaining 14% and 19% respectively as investors sought to diversify their portfolios.
• The S&P 500 also advanced, but at a slower pace compared to 2024, following volatility earlier in the year. The index showed a strong recovery in the second half of 2025, closing 16% up.
• Supportive equities market conditions led to an increased global IPO activity in 2025.

Global IPO proceeds have risen 21% compared to last year, driven by increased activity in the US and Asia.

• Global IPO proceeds increased by 21% from $118.1bn in 2024 to $143.3bn in 2025 trending towards more normalised levels.
• Asia Pacific was the largest region globally by volume and proceeds raising $61.6bn in 2025, up 24% compared to 2024. Within Asia Pacific, Hong Kong particularly stood out with a flurry of activity as Mainland China companies sought out new listings to raise capital in Hong Kong. Hong Kong's IPO pipeline is also substantial going forward with more than 300 companies in the listing queue.
• Within Asia-Pacific, Hong Kong particularly stood out with a flurry of activity as companies already listed in Mainland China sought out new listings to raise capital in Hong Kong. Hong Kong's IPO pipeline is also substantial going forward with more than 300 companies in the listing queue.
• Americas accounted for over 40% of global IPO proceeds (over 95% of that is contributed to the US IPO issuance). Within the Americas, the financials sector dominated the issuance representing over 50% of total proceeds raised.
• EMEA showed continued gradual recovery led by the Nordics and the Middle East with a rebound in UK issuances.

Financials, including fintech and SPACs, along with IT and consumer sectors, led global IPO proceeds this year.

• Financials was the most active sector raising $42.3bn in IPOs globally, concentrated in the Americas ($31.3bn) and Asia Pacific ($8.0bn). Significant growth in the sector was fuelled by US SPAC IPOs, which represented 50% of IPO proceeds in the financials sector globally.
• The Information Technology sector saw continued growth, with IPO proceeds up 53% to $19.6bn (14% of total), a trend bolstered by the AI boom.
• The third largest sector by proceeds was Consumer discretionary, raising $18.8bn (13% of total), 71% of these proceeds were raised in the Asia Pacific market.
• The Industrials sector saw a strong year of IPO activity; proceeds rose to $18.1bn (13%), supported by demand for IT-related infrastructure.
• The 10 largest IPOs during 2025, worth a total of $20.8bn, were shared between 6 sectors, including Industrials, Materials, Utilities, Energy, Financials, and Information Technology.

Looking ahead to 2026, there is a strong pipeline of IPO-ready private equity backed assets and unicorns looking to access public markets.

• The long-term outlook for the global IPO market is promising. There is an increasing pipeline of PE-backed companies looking to exit, as well as large unicorns (private companies valued over $1bn) which are exploring IPO plans for 2026 and beyond.
• Central banks are expected to continue their dovish stance in 2026 with sustained rate cuts throughout the year, albeit at a slower pace. The easing of monetary policy lends itself to increased levels of economic activity and growth, both a catalyst for IPO activity.
• Geopolitical and macroeconomic stability, however, will be critical to the continued recovery of the IPO market. In recent years, geopolitical shocks have weighed heavily on IPO activity. As we head into 2026, a hopefully more benign geopolitical and macroeconomic environment will act as a catalyst for increased levels of IPO activity.

Global market equity update

Major equity markets around the world have shown consistent growth during 2025, despite a spike in volatility and a global sell-off in April due to the US tariffs announcement and other persistent geopolitical uncertainties. Major indices are set to close the year with double-digit growth.

Index performance in 2025

^{Source: S&P Global Market Intelligence LLC, as of 30 November 2025}

IPO proceeds ($bn) and volume by region (2022 to 2024)

Global IPO proceeds ($bn) and volume (2010 to 2025)

Spotlight | Hong Kong IPO market:

Hong Kong IPO market recent trends

• The Hong Kong IPO market has shown robust performance in 2025. As of 30 November 2025, Hong Kong has completed 69 traditional IPOs and 17 new listings from companies already listed in Mainland China, raising $12.4bn and $15.9bn, respectively.
• Funds raised by the companies from Mainland China in Hong Kong reached $15.9bn in 2025. Access to international capital, streamlined listing application procedures for Mainland China-listed companies, and enhanced market liquidity are all encouraging Mainland Chinese companies to list in Hong Kong, collectively injecting momentum into the city’s new trend.
• The growing momentum is further reflected in the substantial IPO pipeline. There are more than 300 companies in the listing queue. There is a notable surge in the number of listing applications in 2025, underpinning the strong market sentiment and investor confidence in Hong Kong IPO market.
• Taking into account the funds raised by the companies from Mainland China through new listings in Hong Kong IPOs in 2025, Hong Kong would have been ranked second globally in terms of IPO fundraising ($28bn in total proceeds) as of 30 November 2025.

Hong Kong IPOs and new listings proceeds ($bn)

Hong Kong IPO market outlook

• Looking ahead to 2026, it is expected that the Hong Kong IPO market will continue to show strong momentum on the back of strong pipeline of over 300 listing applications under process.
• Improved valuations and liquidity, ongoing policy support and continuous inflow of capital are driving the robust development of Hong Kong's IPO market, with listings of Mainland China to Hong Kong IPOs and issuance from TMT and biotech/healthcare sectors being particularly active.