2025 Global IPO market key highlights and 2026 outlook

EY

Karim Anani

Research

25 Pages

EY analyzes how the 2025 IPO market stabilized after years of disruption and what that means for 2026. They highlight 1,293 IPOs raising about 172 billion dollars globally as proceeds recovered while deal volumes stayed roughly flat. The piece frames 2026 as a cautiously optimistic environment where high quality issuers and agile investors can benefit most.

Date published: December 17, 2025

Key Takeaways

Global stabilization: Global IPOs totaled 1,293 deals and 171.8 billion dollars, signaling recovery but still below prior cycle peaks.
Regional shifts: EMEIA led in deal count, Asia Pacific in proceeds, with India and the United States prominent listing venues.
NAVI environment: Introduces NAVI conditions nonlinear, accelerated, volatile, interconnected and stresses agility and IPO readiness amid AI driven volatility.
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