Global IPO Trends Q3 2026 (EY Swiss Fintech / Banking Barometer)

Summary

• The global IPO market entered Q3 2026 on the back of an active first half and sustained issuance levels through the quarter.p.3
• The IPO proceeds shown include approximately $86 billion from one IPO priced in June 2026.p.2
• Industrials was the largest sector by number of IPOs, with 303 IPOs.p.4
• The S&P 500 reported its seventh consecutive quarter of double-digit earnings growth, with over 85% of constituents exceeding earnings expectations.p.5
• In Hong Kong, 38 A-share issuers completed H-share listings year-to-date, raising $33.4 billion and accounting for around 68% of total proceeds.p.6
• Year-to-date, European IPO deal numbers and proceeds are up 35% and 28%, respectively, compared to the same period in 2025.p.7

Key insights

1. AI-adjacent issuers including chips, data centers and robotics anchored a concentration of sponsor-backed issuance and quality transactions.p.3
2. Inflation remained stubbornly above Fed targets, leading to the first interest rate increase in the US since 2023.p.5
3. Special purpose acquisition companies continue to form at a steady pace as an alternative route to the public market.p.5
4. Hong Kong's Chapter 18C specialist-technology listing regime has scaled with unprecedented speed, with year-to-date listings raising over $4.6 billion.p.6
5. The EU Listing Act and reduced CSRD requirements are supporting IPO activity by lowering compliance burdens.p.7
6. Sponsor-led carve-outs and spinoffs have emerged as a meaningful source of IPO candidates, and dual-track processes are standard tools for sponsors.p.7
7. A further ECB rate increase added complexity to the European market backdrop.p.7
8. The global IPO market enters Q4 with broad-based sector activity and resilient investor demand, but faces headwinds from geopolitical tensions, rising interest rates and the US election cycle.p.8