Overview

• EY Global reports 539 IPOs raised $61.4 billion in the first half of 2025, a 4% decline in deal count from a year earlier.
• The United States led markets with 109 listings, followed closely by India’s 108 and China’s 104 offerings.
• Greater China and the US together accounted for more than 60% of H1 proceeds, securing $20.7 billion and $17.1 billion respectively.
• Second-quarter activity hit its weakest level since 2020 with 241 IPOs raising $31.5 billion amid market volatility.
• Policy reforms in Hong Kong and a deep IPO pipeline in India underpin expectations for renewed issuance in the second half.