Global proceeds from initial public offerings reached $56.8 billion between January and July 2025, marking a 9.5% year-on-year increase despite persistent market uncertainty, according to GlobalData. The rise in capital raised came even as the number of IPOs declined, pointing to a clear shift in strategy toward fewer but higher-value listings.
The Asia-Pacific region led the activity with 385 IPOs that generated $28.4 billion. North America followed with 124 deals worth $21.7 billion. India topped the country rankings by volume, with 150 IPOs raising $6.3 billion, driven primarily by small and medium enterprise listings. The United States recorded 115 listings worth $21.3 billion, while China ranked third with 82 IPOs valued at $14.2 billion.
Sector-wise, technology and communications led with 97 IPOs raising $9.5 billion. Financial services followed with 88 listings worth $12.9 billion, while pharmaceuticals and healthcare registered 55 IPOs generating $6.2 billion. The industrial goods and machinery sector saw 53 IPOs valued at $3.1 billion.
GlobalData analyst Murthy Grandhi attributed the market trend to shifting investor sentiment and recalibrated capital-raising strategies. He said companies are reassessing exit strategies, weighing the option of remaining private against launching smaller-scale IPOs in volatile conditions. Grandhi noted that IPO readiness remains a core requirement in a market that is adjusting to shifting macroeconomic dynamics.
Recent data from EY shows that global IPO volumes were flat in the first half of 2025 at 539, but total proceeds reached $61.4 billion, up 17% from the same period a year earlier. Greater China accounted for nearly a third of that value and saw a threefold increase in capital raised, driven by larger offerings. Cross-border IPOs also surged, with volumes hitting a 20-year high. Chinese firms listing in the US continued at a steady pace, despite geopolitical headwinds, with 36 companies going public via SPACs in the first half of the year and more than 40 filings in the pipeline.
In Hong Kong, changes to listing rules, including confidential filing for certain sectors, encouraged a fresh wave of activity. Twelve unprofitable Chinese tech companies filed for IPOs under the new regime between January and July, the highest since the rule was introduced in 2023.
In India, IPO volumes dropped by around 30%, but total funds raised held steady, signalling continued investor interest despite fewer listings. The National Stock Exchange of India ranked fourth globally by IPO proceeds in H1 2025, with $5.51 billion raised, representing nearly 9% of the global total.
Overview
Global IPO performance in early 2025 reflects an ongoing reallocation of capital across regions, sectors, and listing venues. While volumes have softened, proceeds remain strong, supported by large transactions and strategic timing. The second half of the year will likely depend on how macroeconomic policies evolve, how inflation is managed, and whether trade tensions de-escalate. For now, the market continues to favour scale, cross-border flexibility, and firms that can clearly present a credible equity story to investors.
