Global IPO Market Shows Strong Recovery in 2024
According to EY's latest Global IPO Trends 2024 report, driven by structural changes such as expectations of looser monetary policy and breakthroughs in artificial intelligence technology, major global stock markets repeatedly hit record highs in 2024, with IPO activity accordingly becoming notably vibrant. The report shows that the Americas and Europe, the Middle East, India and Africa (EMEIA) regions both achieved steady growth in IPO volume and capital raised, serving as the main engines of the global recovery. Although the Asia-Pacific region got off to a lackluster start early in the year, its momentum strengthened in the second half, contributing to overall market stability.
Regional Highlights: US Leads in Capital Raised, India Tops in Deal Count
By region, the US market ranked first globally in terms of capital raised, thanks to the dense listing activity of technology innovation companies. India, meanwhile, surpassed the US and Europe in IPO volume, becoming the world's busiest listing destination. Benefiting from the restructuring of global supply chains, domestic economic growth, and surging investor enthusiasm, Indian companies have increasingly turned to IPO financing for expansion.
Private Equity and AI Unicorns Become Key Drivers
The report specifically notes that in 2024, private equity- and venture capital-backed IPOs accounted for 46% of total global capital raised, reflecting strong demand for capital exits. At the same time, unicorn companies in the artificial intelligence and cryptocurrency sectors have continued to emerge, building a substantial pipeline of potential listings for the future market.
2025 Outlook: Seizing the Window Amid Uncertainty
Looking ahead to 2025, the global IPO market faces a more complex environment. The direction of fiscal and monetary policy, geopolitical tensions, the deepening of artificial intelligence and digital transformation, the continued evolution of ESG principles, and the knock-on effects of the global super-election year may all reshape the listing landscape. These factors bring both challenges and new opportunities. EY advises that companies intending to go public should make strategic preparations in advance and maintain flexibility to navigate market volatility and seize the IPO window.
Report Methodology and Key Data
The report is based on data from Dealogic, S&P Capital IQ, Mergermarket, PitchBook, and Refinitiv, covering transactions as of December 9, 2024, as well as those anticipated by year-end. Unless otherwise noted, the report does not include SPAC data. George Chan, EY Global IPO Leader, stated that companies with resilience and thorough preparation will blaze a path through the uncertainties of 2025 and successfully fly through the IPO window.