According to data from LSEG Lipper, a research unit of the London Stock Exchange Group, global IPO volume dropped 9.3% year-over-year, totaling just $44.3 billion as of June 17 — the lowest level since 2016.
Key regional breakdown:
United States: Down 12% to $12.3 billion
Europe: Plunged 64% to $5.8 billion
Asia-Pacific: Surged 28% to $16.8 billion
While IPO markets in the West struggle, Hong Kong has emerged as a rare bright spot. According to EY estimates, 40 companies are expected to raise a combined HK$108.7 billion (US$14 billion) through IPOs in the city in H1/2025 — a 711% increase year-on-year.
Notable listings include Foshan Haitia, the world’s largest soy sauce producer, and CATL, China’s top battery manufacturer, which raised $4.6 billion — making it the largest IPO globally so far in 2025.
Analysts attribute the IPO slowdown to President Donald Trump’s tariff policies, including a base 10% import tax and possible retaliatory tariffs on various trading partners, which have frozen global IPO markets since early April.
Compounding the issue are ongoing military tensions between Israel and Iran and persistently high interest rates, prompting companies like Germany’s Autodoc and UK-based Cobalt Holdings to postpone IPOs without clear future timelines.
Despite the gloomy start, some optimism is emerging. On June 12, U.S. fintech Chime soared 37% on debut after raising $700 million at an $11.6 billion valuation via Nasdaq — signaling renewed investor interest.
Several high-profile IPOs are lined up for late 2025, including:
Klarna (Fintech)
Gemini (Crypto exchange)
Cerebras (AI chipmaker)
Additionally, defense contractors in the U.S. and Europe, along with Indian consumer goods giants, have filed IPO applications.
According to Michael Ashley Schulman, CIO at Running Point Capital Advisors, if market volatility subsides, Q4 2025 could become one of the most active IPO seasons in recent years.
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