According to the latest Global IPO Trends 2024 report released by Ernst & Young (EY), the global IPO market experienced a strong recovery in 2024. Driven by shifts in global interest rate policies and the rapid development of artificial intelligence technology, major stock markets repeatedly hit record highs in 2024, and investor confidence rebounded significantly, fueling activity in the new-issue market.
Overview of the Global IPO Market in 2024
Globally, there were 551 IPOs in the first half of 2024, raising US$52.2 billion, with the number of deals and proceeds down 12% and 16% year-on-year respectively, mainly dragged down by slower activity in the Asia-Pacific region, although the strong performance of the Americas and EMEIA partially offset this impact. In the third quarter, IPO proceeds in EMEIA surged 45% year-on-year, demonstrating the market's resilience.
Regional Performance: India Leads in Deal Count, the US Leads in Proceeds
By region, both the number of IPOs and proceeds in the Americas and EMEIA (Europe, the Middle East, India and Africa) recorded solid growth, becoming the main engines of the global recovery. Although the Asia-Pacific region got off to a relatively slow start, it gradually accelerated during the year, providing support for market stability. Notably, in 2024 India rose to the top of the global IPO rankings by deal count for the first time, with nearly twice as many listings as the United States and more than 2.5 times those of Europe. At the same time, after two quiet years, the United States reclaimed the top spot globally in IPO proceeds, thanks to the outstanding performance of large listings.
Industry Trends: TMT, Industrial and Consumer Sectors Dominate, Aerospace and Defense Attract Attention
By industry, the technology, media and telecommunications (TMT), industrial and consumer sectors continued to dominate the global IPO market, together accounting for about 60% of total deal count and proceeds. In addition, the entertainment content subsector (including film, gaming, music and television) gained momentum in ASEAN, South Korea and India, while IPO activity in the steel industry grew steadily, supported by strong demand from infrastructure construction in India. Meanwhile, amid heightened geopolitical tensions and rising defense spending, IPOs in the aerospace and defense manufacturing industry also grew against the trend, attracting increasing attention from investors.
2025 Outlook: Challenges and Opportunities Coexist
Looking ahead to 2025, the global IPO market will face a complex and volatile macro environment. Fiscal and monetary policy directions, geopolitical conflicts, artificial intelligence and digital transformation, the return of ESG (environmental, social and governance) issues, and the outcomes of the global super-election cycle will all profoundly reshape the IPO market landscape. EY recommends that companies actively embrace change, adjust their strategies to adapt to evolving market demands, and view IPOs as an important platform for driving growth and innovation. For well-prepared and resilient companies, 2025 will remain a critical year for seizing the IPO window.