Global IPO market value dipped to $121 billion in 2024

The global IPO market faced a dip in 2024, with total proceeds ending the year at $121 billion across 1,215 deals, according to EY’s Global IPO Trends report.

The year 2024 was a mixed bag for companies that go public, as well as the stock exchanges that host them and the advisors that guide such complex processes. In terms of proceeds, the US was the largest IPO market, a position it reclaimed for the first time since the 2021, while notably, India was the most active IPO market for the first time in history, listing nearly twice as many IPOs as the US and two-and-a-half times as many as Europe.

Tightened regulations in the Chinese mainland contributed to its weakest IPO performance in a decade (by deal volume), while Australia faced its sharpest decline in IPO volume in more than 20 years.

Asia Pacific region

Closer to home, IPO activity in the Asia-Pacific region continued its downward trajectory that began in 2021, declining 35% in deals and 51% in proceeds year-over-year, although the second half of the year had a greater performance compared with the first half.

In ASEAN, there were a total of 129 deals (down 21% year-over-year) raising $3.6 billion (down 38% year-over-year). The most active exchanges were those in Malaysia (49 IPOs raising $1.7 billion), Indonesia (41 IPOs raising $921 million) and Thailand (31 IPOs raising $808 million). Exchanges in Singapore and the Philippines hosted four and three IPOs, raising $31.4 million and $197 million, respectively.

Commenting on the performance in Asia Pacific, Chan Yew Kiang, ASEAN IPO Leader at EY, said: “High inflation and elevated interest rates deterred public listings, while slower economic growth globally, together with national elections in numerous countries, have introduced uncertainties and dampened IPO activity.”

“The absence of large IPOs added to the muted performance with average deal size dropping to a 19-year low. However, Malaysia and Indonesia continue to draw interest; Malaysia saw a near-20-year high in IPO launches while Indonesia is increasingly an attractive destination for foreign private equity and venture capital firms. In Singapore, government reforms to revitalize the stock exchange are expected to boost IPO activity.”

2025 outlook

Looking ahead, the EY report IPO activities are expected to pick up in 2025, supported by a cautiously optimistic economic environment, increasingly favorable monetary policies and heightened liquidity and valuation levels.

“Strong fundamentals from IPO aspirants, combined with regulators’ support toward growth companies to tap the capital markets for growth, bode well for the markets. Additionally, we can expect growing interest in cross-border listings as companies seek to achieve brand equity in other markets that they are venturing into,” said Kiang.

George Chan, EY’s Global IPO Leader, added: “After a period of slower activity, the global IPO market is regaining its momentum, supported by more favorable market conditions. The outlook for 2025 appears increasingly optimistic, with a strong pipeline of companies across sectors looking to capture the opportunities presented by this renewed market strength.”