George Chan, EY Global IPO Leader, says: “Global IPO momentum, fueled by robust equity markets, monetary easing and more accommodative financial conditions, is accelerating. 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.”
Broader recovery in the global IPO market
Global IPO momentum is accelerating, with Q3 2025 witnessing a 19% year-over-year (YOY) increase in deal volume and an impressive 89% surge in proceeds. The US led the rebound, supported by a constructive market backdrop and generally positive IPO pricing and trading outcomes. Notably, India demonstrated remarkable momentum, with deal volumes tripling and proceeds nearly quadrupling compared to Q2, reflecting a vibrant domestic market. Meanwhile, Greater China and the Middle East sustained their paces, with Europe beginning to see signs of revival, bolstered by regulatory reforms and an improving macro backdrop.
In Southeast Asia, the region’s IPO market stabilized in Q3 2025, with 25 listings raising US$2.5b in the quarter, up from 22 IPOs raising US$0.7b in Q2 2025. In Q3 2025, Singapore emerged as the regional leader with six deals raising US$1.5b. The strong performance was driven by two large real estate investment trusts (REITs) listings, which elevated the Singapore Exchange to the sixth place in proceeds raised. Other active markets in the region included Indonesia (8 IPOs raising US$478m), Malaysia (8 IPOs raising US$94m), Thailand (2 IPOs raising US$5m) and Vietnam (1 IPO raising US$410m).
Chan Yew Kiang, EY Asean IPO Leader, says: “Singapore’s push for regulatory reforms aimed at injecting liquidity into the market has led to improving sentiments and growing interest in the local bourse. While companies in Singapore may continue to pursue cross-border listings in Hong Kong and the US, the country has seen increased interest driven by pro-market reforms, while maintaining its reputation as a stable, well-regulated and free market that is attracting companies amid geopolitical tensions. Malaysia has also continued its momentum in attracting listings in the country with positive IPO returns. The region’s IPO pipeline is expected to remain strong across diversified industries, supported by improving valuations and liquidity. Discussions with intermediaries and corporates also indicate that activity levels are likely to increase. Companies exploring capital market alternatives should prepare early and remain ready to act within narrow market windows as market sentiment continues to improve.”
Evolving regulatory frameworks
Global stock exchanges are accelerating reforms to boost competitiveness, streamline listings and attract innovative firms. Meanwhile, regulators are tightening safeguards to balance innovation with investor protection. These initiatives highlight a dual-track approach: creating faster, more flexible access to capital to boost fundraising while embedding protections that reduce volatility and restore confidence.
Shifts in private equity-backed IPO landscape
While still heavily relying on M&A and secondary sales, private equity firms are increasingly turning to IPOs as a viable exit strategy amid improving public market conditions. In the first nine months of 2025, PE-backed IPO listings more than doubled YOY, signaling renewed investor confidence in IPO exits. This trend is particularly evident in the US, Greater China and the Nordics, where PE-backed deals surged. The strong post-IPO performance, especially in sectors adapting to AI and digital transformation, underscores the growing preference for public visibility and long-term value creation among private equity sponsors.
Market sentiment and outlook
Resilient optimism is driving IPO momentum globally, supported by monetary easing, strong corporate earnings, robust IPO returns and lower market volatility, all of which are boosting investor confidence — especially in sectors adapting to AI and digital transformation. Despite the positive momentum, market sentiment remains affected by ongoing tariff disputes and political volatility, which continue to cast a shadow over deal-making. Investors are increasingly seeking resilient business models that can withstand market fluctuations and deliver sustainable growth. Companies looking to go public must anticipate and adapt to these shifts by diversifying their strategies and aligning with external changes. The transition to a new economy, marked by climate adaptation, digital transformation and geopolitical recalibration, requires IPO candidates to align their equity story with macro trends, manage external risks and articulate a resilient, forward-looking strategy that resonates with investors.
For more insights, please refer to the EY Global IPO Trends Q3 2025 report: https://www.ey.com/en_sg/insights/ipo/trends
