US IPO Trends 2025 — Q2 Report (EY)

Summary

• Gross proceeds in Q2 2025 declined by 20% compared to Q2 2024 despite the rise in deal count.p.2
• June alone accounted for 9 of the 16 IPOs in Q2 2025 that raised over US$50 million.p.2
• The TMT sector dominated Q2 2025 activity, accounting for 25% of deals and 50% of total proceeds.p.3
• Cross-border IPOs on US exchanges comprised two-thirds of total offerings during Q2 2025.p.3
• During 1H 2025, the US, India, and China together accounted for 60% of all global IPOs.p.5

Key insights

1. US IPOs in Q2 2025 achieved a median jump of over 20% in first-day trading.p.3
2. The class of 2025 IPOs that raised over US$50 million delivered returns exceeding 40% through the end of Q2 2025.p.3
3. The TMT sector represented 38% of US IPO deals raising over US$500 million in Q2 2025.p.3
4. Robust SPAC formation in 1H 2025 provided private companies with renewed merger options for public listings.p.4
5. The US and China combined generated half of all global IPO capital raised in 1H 2025.p.5