A total of 539 companies raised $61.4 billion through initial public offerings (IPO) across the world during the first half of 2025, according to a report released on Friday. In numbers terms, the public offerings declined 4 per cent year-on-year, a total of 563 companies went public in 2024. However, the proceeds surged 17 per cent in the period against $52.7 billion, the fund raised in H1 2024, according to EY Global IPO Report.  

Three countries — the US, India and China, each launched more than 100 IPOs in H1 2025. The US led with 109 IPOs, followed by India (108) and China (104). Meanwhile, Europe saw 50 new listings, South Korea witnessed 38 initial share sales. At the same time, Middle East and Japan reported 29 and 27 initial share sales respectively.

According to the report, the momentum of the IPO market has become increasingly fragmented across regions, influenced by divergent economic cycles, trade tariff concerns, policy decisions and investor risk appetite. Greater China regions and US accounted for over 60 per cent of the total fund raised in the H1 2025. They both raised $20.7 billion (34 per cent of proceeds) and $17.1 billion (29 per cent) respectively.

Meanwhile, Europe’s contribution stood at 10 pr cent ($5.9 billion) of total proceeds, and India accounted for 8 per cent or $4.6 billion. Middle East IPO activity has experienced volume growth, as activity in countries such as Saudi Arabia and Israel is trending upward. Among these countries, Saudi Arabia achieved a historic milestone with 25 IPOs so far this year, the report said.

Opportunities at more granular levels have been driven by geopolitical dynamics and national strategic priorities, which have significantly shaped the sectoral IPO landscape. According to the report, supply chain localisation and reshoring are helping industrial sector initial public offerings (IPOs), particularly in the mobility sector.