Global IPO markets made steady gains in 2024, with IPO proceeds increasing compared to the previous year as the high interest rates that had disrupted major markets began to ease.
After a challenging 2023 where global IPO proceeds dropped to US$120.13 billion, in 2024, deal value climbed approximately five percent to reach US$126.10 billion, with deal count holding steady at 1,340 IPOs.
View full image: Global IPO deal value and market value, 2018 – 2024 (PDF)
View full image: Global IPO count, 2018 – 2024 (PDF)
The gains made in 2024 reflect the impact of distinct regional trends rather than overarching global themes, with the global market driven by robust activity in select IPO hubs.
View full image: Top-10 IPOs, globally, by deal value, in 2024 (PDF)
Regional trends are poised to continue shaping IPO activity in 2025, as investors base decisions on domestic growth drivers and sector strengths.
The improving backdrop for IPOs in 2024 has carried over into 2025, with a number of high-profile listings in various jurisdictions at the beginning of the year.
IPO figures for January 2025 are up compared to January 2024, with global IPO count up from 102 to 117, and global IPO deal value increasing from US$6.86 billion to US$9.81 billion.
In the US, liquefied natural gas exporter Venture Global raised US$1.75 billion from its IPO, Chinese bubble tea maker Mixue landed a US$444 million IPO in Hong Kong and in Amsterdam, luxury logistics company Ferrari Group performed well in early trading after listing at a market capitalization of US$818 million. In Oman, Asyad Shipping, a subsidiary of the Asyad Group, raised US$332.8 million from an IPO in March.
India and Middle East shine
India and the Middle East emerged as two of the strongest IPO hubs in 2024. India, cementing its position as the most active IPO market in the world, generated more new listings than any other jurisdiction, while Middle Eastern IPO markets saw strong pipelines of state-backed company IPOs supplemented by big-ticket private sector listings.
In India, IPO proceeds increased almost threefold to reach US$20.99 billion in 2024 compared to 2023, with the market benefiting from strong underlying growth fundamentals and increasing retail investment. Meanwhile, the jumbo IPOs of carmaker Hyundai's Indian division and food delivery group Swiggy have underscored the ability of India's stock markets to fund big-ticket IPOs, positioning the market well for 2025.
The listing of Hyundai's India business is particularly significant. The IPO—the second-largest IPO in the world and the largest-ever Indian IPO—demonstrates the ability of India's stock markets to digest large IPOs that would have had to pursue international listings ten years ago to raise sufficient capital. Today, Indian stock markets have the depth and liquidity to support these listings domestically.
Indian IPO activity has made a promising start to 2025, with IPO deal value for January coming in at US$889 million from 26 IPOs, compared to US$786 million from the same number of IPOs in January 2024.
In the Middle East, IPO proceeds climbed by more than 20 percent to US$13.42 billion in 2024. Large state-backed IPOs—a historical key driver of listings in the region—continued to progress, but the market also saw the emergence of big-ticket IPOs by private companies, such as Talabat and Lulu Retail, highlighting the evolution and maturity of stock markets across the region, most notably in the United Arab Emirates, Saudi Arabia and Oman.
More international investors are showing interest in investing in the region given the strong pipeline of IPOs in place for 2025, as seen with the IPO of Asyad Shipping that priced in March.
US on upward trajectory
In the US, IPO proceeds climbed by close to 75 percent year-on-year to reach US$41.36 billion last year. Even though proceeds in 2024 were still below pre-pandemic averages, the improvement in activity compared to 2023 bodes well for 2025.
The US IPO pipeline in 2025 is expected to benefit from strong post-market performance of many companies that listed in 2024, providing investors with greater comfort that backing IPOs does offer value rather than simply increasing allocations to existing listed companies.
US IPO activity should also see an uptick as private equity firms move to exit positions in portfolio companies that they have been holding for extended periods.
The new US administration, which is expected to loosen regulations and boost investment in sectors such as cryptocurrency, is also broadly seen as positive for the US IPO outlook, although the implementation of trade tariffs has dampened investor sentiment, presenting mixed signals for market participants to navigate.
Investors in US stocks may also remain more sensitive to the market concentration of the "Magnificent Seven" companies (Alphabet, Apple, Amazon, Nvidia, Meta, Microsoft and Tesla) after the release of DeepSeek, an artificial intelligence chatbot developed in China, underscored the risk of disruption to the US technology giants that have driven stock market gains during the past year.
However, listings of high-quality companies are expected to continue to receive investor support and sustain the momentum built up in 2024.
Europe shows progress
European stock markets also made encouraging IPO gains, with IPO proceeds more than doubling from US$7.79 billion in 2023 to US$16.63 billion in 2024, as cooling inflation and interest rate cuts supported capital formation in the region.
View full image: Central banks’ interest rates, January 2022 – February 2025 (PDF)
However, Europe has not been without its challenges given the lingering political uncertainty in two key jurisdictions, Germany and France, and high-profile companies transferring their listings from the London Stock Exchange to the US. Construction equipment business Ashtead, building supplier CRH and betting company Flutter switched their London listings to New York.
A number of large, private equity-backed IPOs, including pharmaceuticals business Galderma landing more than US$2.5 billion from its IPO in Switzerland; and private markets asset manager CVC securing almost US$2.5 billion in IPO proceeds from its listing in Amsterdam (with more set to follow), counterbalanced these headwinds, spurring the annual gains for European stock exchanges, which remain deep, liquid and capable of supporting large follow-on equity deals. For example, consumer healthcare group Haleon, which ran an accelerated bookbuilding process to facilitate a share sale worth approximately £2.57 billion that enabled Pfizer to sell a 7.7 percent stake in Haleon.
For 2025, the pipeline for European IPOs is promising, with a number of companies considering potential listings. According to Bloomberg, German pharmaceuticals company Stada Arzneimittel and Dutch telecommunications business Odido are eyeing possible listings.
Challenges for China and Latin America
In China and Latin America, IPO markets have been challenging, with a liquidity squeeze in the crucial real estate sector putting the brakes on new listings in mainland China, while a lack of activity in Brazil, the largest economy in Latin America, has weighed on IPO numbers across the region.
There are hopes that the year ahead will see a revival in IPO activity in these two jurisdictions. The Hong Kong Stock Exchange, which proved resilient in 2024, is ready for a bumper 2025 as companies listed on mainland exchanges shift to Hong Kong to access international capital.
Latin American markets are tougher to read, but jurisdictions like Argentina—where a radical package of economic reform has brought down inflation, strengthened the country's finances and boosted local stock markets—is expected by many regional market watchers to present exciting opportunities for investors who know where to look.
After showing improvement in 2024, global IPO markets are positioned to build on these gains in 2025, with regional drivers continuing to drive global IPO numbers.
