China and Hong Kong account for one third of IPO proceeds in first half 2025
The global IPO market demonstrated resilience in the first half of 2025, with Greater China playing a notably large role in listing activity.
In H1 2025, a total of 539 listings raising $61.4 billion in capital, reflecting a 17% increase in proceeds year-on-year. The US led the way with 109 IPOs, marking its strongest first-half performance since the 2021 peak.
Greater China re-emerged as a dominant player, capturing one-third of all global proceeds, with Hong Kong reclaiming its top global IPO exchange position by proceeds on the back of a sevenfold increase year-on-year.
Europe meanwhile saw its share of IPO proceeds decline to just 10%, although Sweden contributed a mega IPO. Strong momentum persisted in the Middle East, while India also sustained elevated fund-raising levels despite a decline in deal number.
Cross-border IPO activity reached a record high in H1 2025, accounting for 14% of total global deal number. Geographic flows reveal a clear pattern: Greater China and Singapore have emerged as the dominant sources, while the US became the overwhelming destination of choice.
George Chan, Global IPO Leader at EY, said: “The realignment of the IPO market across regions and sectors reflects a deeper shift in global capital flows and investor sentiment.”
Sector trends
EY’s report found that geopolitical dynamics and national strategic priorities are playing a crucial role in shaping the sectoral IPO landscape. Industrial sector IPOs, especially in mobility, are benefiting from reshoring and supply chain localization. Energy IPOs are shifting toward strategic infrastructure, while defense tech is gaining traction amid rising global defense budgets. Life Sciences are attracting interest through biotech innovation.
Across regions, technology remains foundational, with US and Japan leading in software IPOs and Greater China contributing hardware listings. Digital assets and FinTech are gaining renewed momentum, with stablecoin pioneers among the players.
Southeast Asia
Southeast Asia saw a total of 48 IPOs raising $1.4 billion, down from 66 deals raising $1.4 billion over the same period in 2024. The most active markets during this period were Malaysia, which saw 27 IPOs raising $896 million, followed by Indonesia (14 deals raising $428 million) and Thailand (5 deals raising $27 million). Philippines and Singapore each saw 1 public offering.
Chan Yew Kiang, Asean IPO Leader at EY, stated: “Southeast Asia’s IPO market faced significant headwinds in H1 2025 with a sharp decline in activity, while proceeds held steady. Indonesia bore the brunt of this weakness and Malaysia emerged as the regional frontrunner.”
“Importantly, the market’s struggles extend beyond numbers. Post-IPO performance has not been strong, with most new listings trading below their IPO offer prices. This persistent underperformance is reshaping corporate strategy, with companies more likely to sell smaller portions of their equity in IPOs, either to retain greater control during turbulent times or because investors are showing diminished appetite for large equity injections.”
The outlook
The outlook for IPOs in the second half remains cautiously optimistic despite ongoing challenges.
Chan: “The potential for a global IPO market rebound hinges on more cooperative trade frameworks, accommodative monetary policy, controlled inflation and geopolitical de-escalation. Companies aligned with national priorities and innovation, and those able to present a credible equity story with realistic valuations and flexible timing, are likely to succeed in navigating this complex environment.”
