安永：2024-2025全球IPO趋势报告，转型洞察

Core Insights - The global IPO market in 2024 showed resilience amidst uncertainties, with a total of 1,215 companies going public, raising $121.0 billion, slightly lower than 2023 levels [4][5][25] - The Americas and EMEIA regions experienced growth, while the Asia-Pacific region struggled to maintain stability, reflecting a divergence in regional performance [4][5][25] Group 1: Global IPO Trends - In 2024, the total IPO activity was 1,215, a decrease of 10% from 2023, with total proceeds of $121.0 billion, down 4% [2][4] - The Americas saw a significant increase in IPOs, with 205 companies listed, a 37% rise, and proceeds of $33.1 billion, up 45% [2][4] - The Asia-Pacific region faced a 35% decline in IPO numbers, with only 488 companies listed, and a 51% drop in proceeds to $34.9 billion [2][4] Group 2: Regional Performance - EMEIA region's IPO activity increased by 17%, with 522 companies listed and proceeds rising by 64% to $53.2 billion [2][4] - The Americas achieved the highest IPO activity since 2021, driven by strong performances in health and life sciences [5][8] - India emerged as the leading country in IPO volume, nearly doubling the number of IPOs compared to the US, while the US regained the top position in IPO proceeds [7][8] Group 3: Sector Dynamics - Technology, industrial, and consumer sectors dominated the IPO landscape, accounting for approximately 60% of total IPOs by both number and proceeds [12][21] - The defense sector showed continuous growth, with 19 IPOs in 2024, reflecting increased investor interest due to geopolitical tensions [13][21] - The health and life sciences sectors are expected to lead IPO activities in 2025, alongside technology and industrial sectors [21][22] Group 4: Cross-Border Listings - Cross-border listings increased to 113 in 2024, up from 83 in 2023, although the average deal size decreased by 48% [14][15] - The US remained the preferred destination for international listings, with 101 transactions, representing 89% of cross-border IPOs [14][15] - Foreign issuers accounted for over half of the US public companies, reaching a historical high, despite contributing only 18% to total transaction value [14][15] Group 5: Impact of Political Policies - Post-election policies are expected to create opportunities for domestic IPOs while introducing uncertainties for candidates from global trade partners [17][18] - The clarity of policies following elections typically stabilizes market sentiment, fostering a favorable environment for IPOs [17][18] - The anticipated economic policies under the second Trump administration may boost US IPO activities, particularly in energy, industrial, and technology sectors [18][21]