2025年第三季度全球IPO趋势报告：稳健驾驭IPO规划（英文版）-EY安永

Global IPO Market Overview - The global IPO market showed a robust recovery in Q3 2025, with a 19% increase in the number of transactions and an 89% surge in fundraising, reaching $48.2 billion [2][26] - The first three quarters of 2025 recorded a total of 914 IPOs, raising $110.1 billion, marking a 41% increase in fundraising compared to the same period last year [2][30] - The US, India, and Greater China accounted for nearly 75% of the total transaction volume and 80% of the total proceeds, with nine out of the top ten global IPOs originating from these markets [2][26] Regional Performance - The US experienced its strongest IPO quarter since Q4 2021, with significant contributions from technology companies, particularly in AI and cloud computing [2][27] - India led in the number of IPOs with 254 transactions, raising $11.8 billion, driven by sectors like fintech, manufacturing, and renewable energy [3][27] - Hong Kong emerged as the highest fundraising exchange globally, with $23.2 billion raised, supported by reforms like the TECH channel [3][30] - Europe showed a mild recovery with increased fundraising but a decline in transaction numbers, while the Middle East maintained resilience, led by Saudi Arabia [4][30] Key Trends and Drivers - Regulatory reforms are a significant driver of the market, with exchanges easing listing requirements and enhancing investor protections [4][20] - PE-backed IPOs saw a strong resurgence, with transaction numbers doubling year-over-year and proceeds increasing by 68%, particularly in the US, Greater China, and the Nordics [4][66] - The technology, media, and telecommunications (TMT) sector dominated the IPO pipeline, accounting for 28% of total listings, with strong interest in AI, fintech, and green energy [4][22] Future Outlook - The market outlook for late 2025 and early 2026 remains cautiously optimistic, supported by monetary easing, strong corporate earnings, and robust IPO returns [5][86] - However, challenges such as geopolitical uncertainties, persistent inflation, and high bond yields may impact investor sentiment and IPO valuations [5][88] - Companies are advised to prepare for IPOs 12-24 months in advance, focusing on compliance, strategic positioning, and effective communication with investors [5][79]