The global IPO market recorded 539 listings in the first six months of the year, raising $61.4 billion.
A new report from EY shows this was up 17% on the first half of last year, despite a 4% drop in volume.
The US led the way with 109 IPOs, marking its strongest first-half performance since the 2021 peak.
Europe experienced a notable slowdown, with most major markets experiencing a pause following the market turmoil in early April.
The region recorded just 50 IPOs in the first six months of the year, a 15% decline year-on-year.
While Ireland recorded no IPOs during the period, the report states that investor sentiment remains positive, and companies are maintaining IPO readiness as they assess market conditions.
“Many are continuing to pursue dual-track strategies, evaluating both private and public funding options,” the report states.
Strong momentum persisted in the Middle East, while India also sustained elevated fund-raising levels despite a decline in deal number.
Geopolitical instability in the Middle East and the impact of tariffs have weighed on investor sentiment globally.
The second quarter saw just 241 IPOs, with $31.5b in capital raised, which was the weakest second-quarter performance since 2020 by number.
“Geopolitical instability and trade tensions have impacted investor sentiment more than had been anticipated at the start of the year, with knock effects for IPO valuations and listings,” said Fergal McAleavey, EY Ireland Corporate Finance Partner.
“However, we’re seeing signs of recovery,” he added.
