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.
“Ongoing uncertainty around global trade and tariffs has fuelled market volatility,” a news release said. The latest outlook overturns EY’s optimism in 2024 for the market’s resurgence this year.
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 — flat year-on-year (YoY) in deal volume, but deal value increased, reflecting a 17% increase in total proceeds, EY found.
The Asia-Pacific region saw solid growth in 2025, and dealmaking remained steady in the Americas. “The US, India, and China accounted for two-thirds of global IPOs, with half of the proceeds raised in the US and China,” the release said. The Middle East also stood out with “robust expansion”.
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 “increasingly selective”, the release added. They are instead focusing on more profitable deals and prioritising market resilience.
The UK also experienced “dampened” listing activity in the second quarter of 2025. The nine listings on the London Stock Exchange in H1 raised a combined £182.8 million, a 64% fall in deal value from the £513.8 million raised in H1 2024.
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.
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