Signs of growth and decline in IPO activity paint a mixed picture of investor confidence, with the global market projected to continue its quiet period in the latter half of 2025, according to an EY analysis.<\/p>\n
\u201cOngoing uncertainty around global trade and tariffs has fuelled market volatility,\u201d a news release<\/a> said. The latest outlook overturns<\/a> EY\u2019s optimism in 2024 for the market\u2019s resurgence this year.<\/p>\n Globally, deal volume fell in the first half of 2025 (H1). The market recorded about 540 deals, raising nearly $62 billion in the first half of 2025 \u2014 flat year-on-year (YoY) in deal volume, but deal value increased, reflecting a 17% increase in total proceeds, EY found.<\/p>\n The Asia-Pacific region saw solid growth in 2025, and dealmaking remained steady in the Americas. \u201cThe US, India, and China accounted for two-thirds of global IPOs, with half of the proceeds raised in the US and China,\u201d the release said. The Middle East also stood out with \u201crobust expansion\u201d.<\/p>\n However, IPO activity declined in India and Europe. In Europe, deal volumes fell 24% YoY with proceeds falling 60% to $5.9 billion. Most major European markets have become \u201cincreasingly selective\u201d, the release added. They are instead focusing on more profitable deals and prioritising market resilience.<\/p>\n The UK also experienced \u201cdampened\u201d listing activity in the second quarter of 2025. The nine listings on the London Stock Exchange in H1 raised a combined \u00a3182.8 million, a 64% fall in deal value from the \u00a3513.8 million raised in H1 2024.<\/p>\n Overall, momentum has dropped following geopolitical uncertainty. According to EY, investor caution could linger into the second half of 2025 if geopolitical and macroeconomic headwinds persist.<\/p>\n