安永：尽管全球风险持续存在，IPO数量仍飙升至四年来最高水平！

Core Insights - The U.S. IPO market experienced a significant surge in Q3, raising $15.9 billion, nearly double the amount from Q2, driven by a rebound in the stock market and heightened awareness of global geopolitical risks [1] - The number of IPOs in the U.S. reached its highest level since Q4 2021, with a total of 180 IPOs in the first nine months of the year, marking a 49% increase compared to the previous year [1] - Factors such as market stability, increased investor confidence, strong corporate earnings, and monetary easing policies are expected to drive global IPO growth through early 2026 [1] Summary by Category IPO Market Performance - The total amount raised through IPOs in the U.S. for the first nine months of the year increased to $33 billion, a 21% rise year-over-year [1] - The number of IPOs surged to 180, reflecting a 49% increase compared to the same period last year [1] Influencing Factors - George Chan from EY noted that geopolitical risks are now viewed as a "new normal," influencing market dynamics continuously rather than as isolated shocks [1] - The IPO market is expected to gain momentum from investor interest in companies focused on artificial intelligence and new technologies in finance, defense, and healthcare [1] Private Equity Influence - Companies in real estate, industrial production, consumer goods, and energy sectors are expanding their IPO channels, with private equity firms playing a significant role in driving the IPO market [2] - The number of private equity-backed IPOs more than doubled in the first nine months of 2025, with a 68% increase in fundraising [2] Economic Concerns - Ongoing inflation concerns and uncertainties regarding global economic growth are casting shadows over the IPO outlook [4] - Rising long-term interest rates due to economic dynamics and fiscal sustainability concerns may pressure IPO valuations and require clearer profit pathways from issuers [4]