2025年第三季度全球IPO趋势报告：稳健驾驭IPO规划（英文版）

Core Insights - The global IPO market showed a robust recovery in Q3 2025, with 914 IPOs raising a total of $110.1 billion, marking a 5% increase in volume and a 41% increase in proceeds compared to the previous year [1][27][23] - The US, India, and Greater China were the primary drivers of this resurgence, contributing nearly 70% of global IPO transactions and 80% of total proceeds [1][23][24] - Regulatory reforms and market innovations have played a crucial role in enhancing market activity, with exchanges streamlining listing processes and introducing alternative pathways like SPACs and direct listings [2][18][49] Global IPO Market Review - The first three quarters of 2025 saw a total of 914 IPOs, with proceeds reaching $110.1 billion, indicating a gradual recovery in the market [27] - Q3 2025 experienced a significant uptick, with deal volume increasing by 19% and proceeds surging by 89% year-over-year [23][24] - The US achieved its strongest IPO quarter since Q4 2021, while India set a record with 146 IPOs raising $7.2 billion [24][27] Regional Market Dynamics - The Asian market, particularly India, led in IPO volume, driven by active trading in sectors like fintech and manufacturing [2][31] - Greater China maintained strong performance in strategic sectors such as advanced manufacturing and semiconductors, achieving double-digit growth in both deal volume and proceeds [29][31] - The US continued to dominate in terms of capital raised, supported by strong valuations in the technology sector [28][31] Regulatory Landscape - Global exchanges are accelerating reforms to attract innovative firms, with flexible listing rules and streamlined processes becoming common [42][47] - Regulatory changes are aligned with sectoral priorities, focusing on technology, advanced manufacturing, and digital infrastructure [43][47] - Enhanced investor protection measures are being implemented alongside these reforms to maintain market integrity [54][56] PE-Backed IPO Trends - The number of PE-backed IPOs more than doubled year-over-year, with proceeds increasing by 68%, reflecting a shift in exit strategies among private equity firms [62][63] - PE-backed IPOs have shown strong aftermarket performance, particularly in sectors like technology and industrials, with notable gains in the Chinese mainland [64][66] - The trend indicates a growing preference for mature, profitable companies among PE sponsors, emphasizing the importance of financial stability and governance [69][72] Future Outlook - The global IPO market is expected to continue its recovery, with optimism driven by easing monetary policies and strong corporate earnings [76][78] - However, challenges such as persistent inflation and geopolitical uncertainties may impact investor sentiment and IPO valuations [80][81] - Companies are advised to align their strategies with macro trends and demonstrate robust financial health to capitalize on upcoming market opportunities [12][76]