EY Global IPO Trends Q2 2025 (EY Swiss Fintech / Banking Barometer)

Summary

• Cross-border listings reached a record 14% of all global deals, with 93% of these international issuers choosing to list on US exchanges.p.11
• The Industrials sector led all industries in deal volume and total proceeds, raising US$15.9b across 129 offerings in H1 2025.p.20
• Global market volatility surged significantly, with the CBOE VIX index fluctuating between 14.8 and 52.3 during H1 2025, a range five times wider than the same period in 2024.p.9

Key insights

1. Cross-border listings reached an all-time high share of 14% of global deals in H1 2025, dominated by issuers from Greater China and Singapore.p.11
2. Rising policy uncertainty and market volatility forced European companies to stay private longer, increasing their median age at IPO to 29 years in H1 2025.p.10
3. The average deal size for cross-border IPOs has compressed drastically to US$20m–US$40m compared to the US$340m–US$400m peaks seen in 2020-2021.p.12
4. South Korea delivered its second-highest first-half IPO deal count in 22 years, recording 38 listings in H1 2025.p.6
5. Three non-financial factors—research and innovation, brand strength, and execution of corporate strategy—are among the top five criteria influencing investor interest for H2 2025.p.14
6. In London, de-listings via take-private transactions continued to outpace new IPO debuts during the early half of 2025.p.10