2025年第三季度全球IPO趋势报告_稳健驾驭IPO规划_41页_5mb

EY Global IPO Trends Q3 2025 Summary

Global IPO Market Recovery

• Global equity markets rebounded in Q3 2025, driven by easing monetary policy, reduced inflation, and regulatory reforms streamlining listing processes.
• Deal volume and proceeds surged by 19% and 89% YoY, respectively, with India, the US, and Greater China leading the recovery.
• India set a record with 146 IPOs raising $7.2B, while Japan recorded its largest IPO in years ($3B).

Key Regulatory Developments

• Exchanges introduced flexible listing rules (e.g., Hong Kong’s TECH channel) to attract high-growth firms, with a focus on corporate governance and transparency.
• SPACs and direct listings remain relevant, though traditional IPOs are favored for their stability amid market volatility.

PE-Backed IPOs

• PE-backed IPOs nearly doubled YoY, with the US and Greater China accounting for the majority of activity.
• Strong post-IPO performance, particularly in China ($149% YTD return), underscores investor demand for quality assets.

Regional Highlights

• India: Record-breaking IPO volume ($11.8B proceeds, +26% YoY).
• Greater China: Hong Kong’s Main Board drove $23.2B in proceeds, supported by government reforms.
• Europe: Recovery from Q2 lows driven by Sweden and Germany, but cautious pricing reflects ongoing geopolitical risks.
• Middle East: resilient performance despite fiscal pressures, with a pipeline focused on healthcare and mobility sectors.

Sector Trends

• TMT and Industrials: Dominated deal volume (28% and 23% of global IPOs) amid strong AI and global trade themes.
• Health and Life Sciences: Notable growth in Europe and the US, with diagnostics, healthcare providers, and health tech leading.
• Real Estate: Continued demand for REITs and hospitality assets in markets like Singapore and Malaysia.

Forward-Looking Outlook

• Monetary easing and improving market sentiment support continued IPO activity, but elevated bond yields and geopolitical risks pose challenges.
• Investors prioritize AI-driven innovation, governance, and profitability, with dual-track strategies (IPO vs. M&A) increasingly common for exits.

This summary provides a concise overview of global IPO trends, regional performance, regulatory shifts, and sector insights for Q3 2025 and beyond.