Despite challenging circumstances global IPO markets showed resilience in the first quarter of 2025, with an increase in both deal volume and value globally.
The latest EY Global IPO Trends Report shows that a total of 291 IPOs raised $29.3 billion in the first quarter of 2025, with total deal value up 20% compared to the first quarter of 2024, while deal volume was up 3%.
But the global market also saw uncertainty in the first three months of the year, with significant and volatile geopolitical shifts as well as the rise of disruptive artificial intelligence models impacting broader financial markets and new listings.
Today’s figures show that the number of IPOs in the Americas increased by 51% in the first quarter of this year compared to the same time last year as positive market conditions at the start of the year facilitated the transition to the public markets.
In the US, EY noted that cross-border deals accounted for 58% of the new listings this quarter as the strength of the US as the premier location for funding and realising value remains.
In Europe, Middle East, India and Africa EY said that significant US policy shifts under a new administration put Europe in the middle of significant geopolitical crosswinds and brought more uncertainty to its IPO market.
But it added that the Middle East continued to perform well, while India stood out for its substantial deal value despite a decline in volume. Overall, the region saw 113 companies go public, raising $9.5 billion, a year on year decline of 9% and 4%, respectively.
EY also noted that the average age of European companies at the time of their IPO has more than doubled, climbing from 20 years in 2021 to 42 years.
Meanwhile, Asia-Pacific markets showed signs of recovery, reclaiming the lead area in IPO volume and value, with Japan contributing the largest global IPO this quarter.
Hong Kong, South Korea and Malaysia all recorded robust growth, however the Chinese mainland and Oceania remain subdued.
Fergal McAleavey, EY Ireland Corporate Finance Partner, said that after an improved first quarter for IPO’s globally, with deal values up by 20% over the same quarter in 2024, global financial markets have more recently been impacted by heightened volatility and uncertainty, with a knock-on impact on the IPO landscape for upcoming quarters.
He said that IPOs were up globally in terms of both volume and value in the quarter, although not to the extent that might have been forecasted even at the start of the year.
“Although IPOs held firm overall, heightened volatility readings and a shaky outlook may now signal faltering investor sentiment for near-term future listings. A number of high-profile companies planning to list in the first half of 2025 have now delayed their IPOs to later quarters or even early 2026 as they wait for markets to settle and some certainty to return,” he added.
On Ireland, McAleavey noted that IPO activity continues to remain subdued, as firms continue to raise private capital (venture capital or private equity) for investment or to seek an exit for shareholders.
“While the immediate landscape appears quite unsettled, continued interest rates cuts by the ECB, together with more market stability in Europe could spur activity here in the domestic market,” he added.
