2025年第三季度全球IPO趋势报告

EY Global IPO TrendsQ3 2025 PageChapter title3ForwardGlobal4Executive summaryIPO market highlights51. The global IPO market review82. The evolving regulatory landscape113. PE-backed IPOs144. The global IPO market outlook19Association of Southeast Asian Nations (ASEAN)Region20Europe23Greater China25India26Japan27Middle East28Oceania29South Korea30US, Canada, Latin America33IPO activity by specific marketAppendix34IPO activity by sector35Regional IPO facts and figures38Stock exchange ranking Forward In the third quarter of 2025, global equity markets staged a robust recovery,with major indices in the US, Asia and Europe reaching fresh highs after monthsof pressure from tariffs, interest rate uncertainty and debt concerns. Thisrebound has been underpinned by easing financial conditions, moderatinginflation in some regions and declining market volatility, alongside regulatoryreforms that are streamlining listing processes and encouraging sponsors andissuers to revisit public exits. George Chan EY Global IPO Leader Investors increasingly view geopolitical risk as part of the “new normal,” nolonger a singular shock but a persistent backdrop to market dynamics.Nevertheless, monetary policies, political decision-making and artificialintelligence (AI)-driven technological disruption remain decisive forces shapingsentiment and capital flows. Companies credibly leveraging AI continue tocommand premium valuations, reinforcing expectations of transformativegrowth even as the broader economy signals more mixed momentum. LinkedIn Economic data, particularly weaker job creation and uneven capital spendingoutside AI, point to a softer underlying growth pulse. While secondary marketvaluations remain buoyant, this divergence from real-world fundamentals hasresulted in a fragmented re-opening of the primary market. Against thisbackdrop, activity is gaining traction in the US, China and India, while Londonand parts of Europe are showing early signs of revival, albeit with more cautiouspricing. Recent listings highlight a “flight to quality,” with new issuersdemonstrating stronger profitability and resilient aftermarket performanceacross many regions and most sectors. Though a broader recovery is emerging, investor selectivity remains a definingfeature across regions with heightened scrutiny on fundamentals, profitabilitypathways and governance. Amid a highly active private market and a resurgentpublic market, sponsors now have multiple viable avenues to monetize portfoliocompanies, prompting many to re-assess the appeal of IPO exits. Thecoexistence of strong public and private exit channels reflects a renewedcompetitive dynamic — one that requires IPO candidates to demonstratestrategic agility, adaptability and a compelling equity narrative. To succeed, issuers must be financially prepared and respond tomacroeconomic, geopolitical, and technological shifts. The transition to a neweconomy — marked by climate adaptation, digital transformation andgeopolitical recalibration — requires IPO aspirants to align their equity story withmacro trends, manage external risks and articulate a resilient, forward-lookingstrategy. “Global IPO momentum, fueled by robust equity markets,monetary easing and more accommodative financial conditions,is accelerating. For issuers, opportunities expand for those whocan harness macro trends, translate AI-driven disruption intogrowth, navigate geopolitical complexity and deliver narrativesthat resonate with investor selectivity and long-termvalue creation. Executive summary The global IPO landscape in 2025 is undergoing a dynamic transformation, shaped byshifting economic conditions, evolving regulatory frameworks and changing investorpriorities. As markets adapt to new realities — ranging from monetary policy shifts andtechnological innovation to geopolitical uncertainty — issuers and investors arerecalibrating their strategies. This report will cover the following topics: a broader recovery in the global IPO market,key reforms and innovations by stock exchanges, trends in PE exits via IPOs, and theoutlook for IPO activity in the near term. Accelerating momentum in the global IPO market became more evident in Q32025. The US led the rebound, supported by a constructive market backdrop andgenerally positive IPO pricing and trading outcomes. India also showedremarkable growth, with deal volumes tripling and proceeds nearly quadrupling.Meanwhile, Greater China and the Middle East sustained their paces, and Europeexperienced a modest recovery.1 Global stock exchanges are accelerating reforms to boost competitiveness,streamline listings, and attract innovative firms. Flexible listing rules — such asHong Kong’s TECH channel — enable broader access for high-growth companies.Alternative pathways like special purpose acquisition companies (SPACs), directlistings, and potential blockchain-based models offer issuers more options amidselective IPO conditions. Meanwhile, regulators are tightening safegu