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Strong performance from regional IPO hubs has helped stabilize global IPO markets and lay the foundation for further gains in 2025

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 The US has imposed and rescinded tariffs on various trading partners, creating uncertainty for investors and supply chains.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.

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

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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

Green light of Wall Street

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

Worm's-eye view of Madrid Stock Exchange Building

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

Macro shot of 50 Indian Rupee

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

Golden hour view of residential skyscrapers on Sheikh Zayed Road

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

Downtown Mexico City view

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

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Golden hour view of residential skyscrapers on Sheikh Zayed Road

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

Insight
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4 min read

The Middle East had an exceptionally strong 2024 for IPOs, with the long-term initiatives of governments in the United Arab Emirates (UAE), Saudi Arabia and Oman laying the foundation for robust listing activity.

Middle East IPO proceeds climbed to US$13.42 billion in 2024, up more than 20 percent from the US$10.81 billion raised in 2023.

The region's IPO surge has been driven by the Gulf Cooperation Council (GCC) states, with the UAE and Saudi Arabia, in particular, emerging as leading venues for IPO activity in Europe, the Middle East and Africa (EMEA). Meanwhile, Oman has witnessed several international IPOs in 2023 and 2024, including the IPO of OQ Exploration Production (OQEP), the exploration and production division of state-owned energy company OQ, which raised US$2 billion.

Momentum in Oman has continued into 2025, with Asyad Shipping, a subsidiary of the Asyad Group, pricing its IPO early in March and raising more than US$330 million.

Long-term policies bear fruit

Buoyant IPO markets in the Middle East represent the success of long-term policies implemented across the region to diversify economies dominated by oil & gas, and modernize legal and regulatory frameworks supporting capital formation.

Policymakers have worked hard to grow domestic capital markets and make IPOs more transparent and attractive to local and domestic investors, including retail investors and family offices, who have historically opted for other wealth management or investment opportunities rather than investing it in equities and putting money to work in other sectors of the economy.

Successful initiatives to develop stock markets have enabled governments to realize value from state-owned assets (predominantly in the energy and infrastructure sectors) through IPOs and subsequently reinvesting those proceeds to diversify their economies into new sectors, including technology, tourism and renewables.

More sophisticated stock markets have also meant that companies fully or partially owned by the state have been able to secure funding raised through capital markets rather than rely entirely on government financing.

From public to private

The willingness of governments in the Middle East to take successful, state-owned companies to IPO has been a powerful signal of confidence in the credibility of regional stock markets.

The landmark IPO of state-owned oil company Saudi Aramco on Tadawul, Saudi Arabia's stock exchange, in 2019 has served as an inflection point for IPOs across the Middle East. Saudi Aramco's 2019 IPO raised approximately US$29 billion for the state and valued Saudi Aramco at US$1.7 trillion, proving that stock markets in the Middle East had the liquidity, depth and sophistication to handle big IPOs.

The Saudi Aramco IPO opened the gate for a wave of other state-owned company IPOs in other jurisdictions. For example, in the UAE, Dubai Electricity and Water Authority (DEWA) raised US$6.1 billion from its IPO in 2022.

These successful listings of state-owned businesses have encouraged private companies in the UAE to come to the market, diversifying the issuer base and attracting more investors to stock markets. For example, in 2024, food delivery company Talabat raised US$2 billion from its IPO on the Dubai Financial Market (DFM), with supermarket Lulu Retail securing US$1.7 billion through its IPO on the Abu Dhabi Stock Exchange (ADX).

Saudi Arabia and the UAE may have led the way when it comes to providing favorable conditions for new listings, but other countries, most notably Oman, have adopted a similar strategy by reforming legal and regulatory frameworks and then pushing ahead with the IPOs of state-owned companies. The state-owned OQ group raised US$749 million and US$244 million from the OQ Gas Networks SAOG (OQGN) and Abraj Energy IPOs, respectively, in Oman in 2023.

International interest and more state-backed listings bode well

A strong slate of IPO candidates—both state-owned and private—and sustained interest from international investors in the Middle East put the region on firm footing at the start of 2025.

In Saudi Arabia, according to Bloomberg, low-cost airline Flynas and technology business Ejada may be among the businesses to test the IPO waters in the coming months. Oman has identified about 30 assets that could be privatized, including Asyad Group, according to Bloomberg.

A steady pipeline of candidates should keep global investors interested in the region and eager to invest in the Middle East. Global tracker funds, passive fund managers and global sovereign wealth funds have been among the overseas investors that have increased their exposure to the region. IPOs are also expected to become a credible exit event for private equity funds looking to take minority stakes in regional companies, which will boost private money investments.

Increased international investor interest will not only support new listings, but also help boost liquidity and trading in secondary markets.

An encouraging cohort of IPO candidates and deepening liquidity in secondary markets mean that 2025 could be even better for IPOs in the Middle East.

White & Case means the international legal practice comprising White & Case LLP, a New York State registered limited liability partnership, White & Case LLP, a limited liability partnership incorporated under English law and all other affiliated partnerships, companies and entities.

This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.

© 2025 White & Case LLP

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