Global IPO market overview
Global IPO proceeds improved in 2024, but while some IPO markets performed strongly, others faced a challenging year. In 2025, regional markets appear set to drive IPO themes
Local markets shape global IPO trends
Global IPO markets delivered improved year-on-year performance in 2024, with some regions contributing more than others. The outlook for 2025 remains broadly positive, although an escalating trade tariff standoff among certain major economies could weigh on activity
After an incredibly challenging two years, global IPO markets are back on an upward trajectory.
Falling interest rates in key markets encouraged IPO candidates to come to market in 2024, resulting in a five percent jump in year-on-year IPO proceeds. Momentum has carried into the early months of 2025. In the US, liquefied natural gas exporter Venture Global raised US$1.75 billion from its IPO, Chinese bubble tea maker Mixue landed a US$444 million IPO in Hong Kong and, in Amsterdam, luxury logistics company Ferrari Group performed well in early trading after listing at a market capitalization of US$818 million.
However, the headlines do not tell the full story, as global activity was driven by very local themes. While some IPO markets thrived, others had a more challenging year.
India and the Middle East were the two standout regions for IPOs in 2024. India consolidated its position in 2024 as the busiest IPO market in the world by deal count, while the Middle East delivered large, groundbreaking listings.
The US and Europe saw improved annual IPO issuance as interest rates decreased. But they still have some ground to make up to get back to pre-pandemic activity levels.
In other regions, launching new listings has been challenging. In China, domestic economic headwinds have put the brakes on IPOs on mainland stock exchanges, although Chinese issuers have been able to proceed with listings on Hong Kong and US exchanges. Meanwhile, in Latin America, activity has been hampered by sustained high interest rates in the crucial Brazilian market.
As 2025 unfolds, this regional patchwork of localized themes looks set to continue shaping the global picture.
The macroeconomic environment for IPO activity is significantly more supportive than it was a year ago, as interest rates appear to have peaked. However, the impact of the United States’ tariff policy will be felt across global markets. The US has imposed and rescinded tariffs on various trading partners, creating uncertainty for investors and supply chains.
IPO opportunities should continue to emerge in 2025, but in a more complex world, investors will be analyzing developments in global trade and using a regional lens to identify the best IPO deals.
Firm foundations: Can US IPO markets continue to build on solid gains?
US IPO markets entered 2025 well positioned for a promising year as stabilizing interest rates, a business-friendly US administration and the pressing need for private equity firms to exit portfolio companies laid the foundation for a favorable IPO environment, but uncertainty regarding US tariffs and retaliatory actions by other nations, and continuing market volatility have weighed on early offering
European IPO markets rally with a focus on sustaining long-term growth
Although European IPO markets still trail pre-pandemic levels, they began an upward trajectory in 2024, with an encouraging pipeline of new IPO candidates lined up for 2025. Regulators, issuers and investors are not resting on their laurels and continue to sustain long-term growth and competitiveness
APAC lifted by bumper year for Indian IPOs
The Asia-Pacific region had to contend with a slowdown in new listings in mainland China, but another bumper year for India's IPO market, which consolidated its position as the most active IPO hub globally, helped to lift overall activity in the region
Middle East sees strong IPO activity
Long-term policy initiatives supporting the development of capital markets in the Middle East are paying off, with stock markets across the region supporting a cluster of large state-backed and private sector IPOs in 2024
Navigating complexity: LatAm presents IPO opportunities and risks
Although Latin America IPO markets look set to remain challenging in the year ahead, investors who are able to handle risk will find opportunities
Local trends lift global IPO outlook
Global IPO activity showed steady progress in 2024. Although geopolitical volatility still lingers, the foundations are in place for another solid year
