Initial public offering (IPO) activity in the United States led a global rebound in the third quarter of 2025, supported by strong corporate earnings, easing monetary policy, and positive investor sentiment, according to the latest EY Global IPO Trends report.
US markets saw robust deal volumes and proceeds, with private equity-backed IPOs increasingly using public listings as exit strategies amid improving conditions.
Strong post-IPO performance, particularly in sectors embracing AI and digital transformation, reflected renewed investor confidence and a preference for public visibility among sponsors.
Globally, the resurgence was led by India and Greater China. India posted a remarkable increase, with deal volumes tripling and proceeds nearly quadrupling compared with Q2, highlighting a vibrant domestic market.
Greater China and the Middle East sustained steady activity, while Europe showed early signs of revival supported by regulatory reforms and a more favorable macroeconomic backdrop.
Overall, global IPO deal volume rose 19% year-over-year in Q3 2025, with proceeds surging 89%.
“Global IPO momentum, fueled by robust equity markets, monetary easing and more accommodative financial conditions, is accelerating,” EY Global IPO Leader George Chan said in a statement.
“For issuers, opportunities expand for those who can harness macro trends, translate AI-driven disruption into growth, navigate geopolitical complexity and deliver narratives that resonate with investor selectivity and long-term value creation.”
The report also noted evolving regulatory frameworks, designed to streamline listings while maintaining investor protections.
Private equity-backed IPOs more than doubled in the first nine months of 2025, reflecting strong confidence in public market exits.
Despite the rebound, EY cautioned that tariff disputes and political volatility could affect sentiment, prompting investors to focus on company fundamentals, governance, and sustainable profitability.
Companies planning IPOs are advised to align strategies with macroeconomic trends and present resilient, forward-looking equity stories.