Global IPO Watch H1 2026

Highlights:

Despite Q1 volatility, global equities rebounded in Q2, driving solid H1 2026 gains and supporting global IPO activity

• Equity markets rebounded strongly in Q2, with most major global indices posting gains in H1, more than offsetting the Q1 sell-off following developments in the Middle East.
• The S&P 500 advanced 10%, reaching another all-time high in early June, supported by strong corporate earnings and gains in the technology sector, while the MSCI World tracked it closely, returning 9%.
• The Stoxx Europe 600 closed up 8%, reaching a fresh all-time high in June, supported by positive developments in the Middle East and the reopening of the Strait of Hormuz. The FTSE 100 gained 6%, driven by energy and natural resources stocks.
• The Hang Seng index closed down 11% in the first half, due to fragile consumer confidence in China and weak corporate earnings among major technology companies.
• We expect equity markets to remain headline-driven, with the outlook hinging on further stabilisation of geopolitical tensions and a continued easing of inflationary pressures

Global IPO proceeds tripled in H1 2026 year-on-year, driven by robust US IPO activity, while EMEA remained broadly flat and Asia-Pacific saw growth

• Globally, IPO proceeds have tripled year-on-year, driven by the largest IPO in history listing on the Nasdaq raising $75bn.
• The Americas raised $138bn from 203 IPOs, its strongest activity since 2021, boosted by the strong US IPO market.
• Asia-Pacific IPO proceeds in H1 rose to $30bn raised across 249 IPOs, supported by issuance in Hong Kong/China and India. China Resources New Energy was the largest IPO in the region, raising $3.1bn.
• EMEA IPO proceeds slightly increased, raising $11bn across 72 IPOs, with activity spread across European markets as issuance in the Middle East moderated.
• In contrast to recent years, the Top 10 global IPOs were heavily concentrated in the US, with only one IPO coming from China and Europe.

The gravitational pull of a record-breaking mega IPO reshaped sector performance with Industrials, Financials and IT also delivering strong growth

• With $75bn raised, the largest IPO in history accounted for 42% of global IPO proceeds in H1 2026, more than total global proceeds for H1 2025 $58bn
• Financials recorded the highest number of IPOs of any sector, with 154 deals raising $27bn. However, this was largely driven by SPAC IPOs, which accounted for the majority of proceeds, with $21bn raised across 123 IPOs.
• The Industrials sector also performed strongly in H1 2026, contributing four of the top 10 IPOs. A total of 89 IPOs raised proceeds of $23bn (excluding the largest IPO), up 246% compared with H1 2025, driven by a cluster of large US listings across energy, defence and aerospace.
• The Information Technology sector saw 76 IPOs raising $21bn, as the market prepares to absorb highly anticipated mega-cap tech listings

Looking ahead to H2 2026, the IPO market could be dominated by highly anticipated mega-cap IPOs, while the broader pipeline also appears strong for 2027

• The second half of 2026 could see one of the most concentrated IPO windows in recent years. Following the largest IPO debut in June, other high profile Technology companies have filed confidentially with the SEC in early June for prospective US IPOs, although timing has yet to be announced.
• Whilst strong equity markets, earnings momentum and a robust pipeline of issuers suggest that positive IPO momentum is likely to continue, macroeconomic and geopolitical stability will be critical for execution. Any major geopolitical or macroeconomic shocks could push activity into 2027.
• Global central banks’ monetary policies will also be closely monitored. The European Central Bank has resumed its tightening cycle, raising rates for the first time in three years, while the Bank of England and the US Federal Reserve have held rates steady, with the latter recently signalling a more hawkish stance
  

IPO proceeds ($bn) and volume by region (H1 2024 to H1 2026)

Global IPO proceeds ($bn) and volume (2016 to 2026)