安永：2024-2025全球IPO趋势报告，转型洞察

Core Insights - The global IPO market in 2024 faced a complex landscape of opportunities and challenges, with significant variations across regions and sectors [2][5][25] Group 1: Global IPO Trends - In 2024, a total of 1,215 companies went public, raising $121.2 billion, reflecting a 10% decrease in volume and a 4% decrease in proceeds compared to 2023 [3][4] - The Americas and EMEIA regions saw growth in IPO activities, while the Asia-Pacific region struggled, marking the lowest IPO activity in a decade for mainland China [5][6] - The fourth quarter of 2024 showed a rebound, with global IPO activity increasing, particularly driven by the Americas and EMEIA regions [5][6] Group 2: Regional Performance - The Americas experienced a strong recovery, achieving the highest IPO activity since 2021, with significant contributions from health and life sciences sectors [5][6] - EMEIA became the largest IPO region, surpassing the Americas and Asia-Pacific, with notable growth in both transaction volume and proceeds [6][8] - Asia-Pacific's IPO activities continued a downward trend, with regulatory challenges in mainland China contributing to a significant decline [5][6] Group 3: Sectoral Insights - Technology, industrial, and consumer sectors dominated the global IPO landscape, accounting for approximately 60% of total IPOs by both number and proceeds [10][21] - The health and life sciences sectors are expected to lead in IPO activities in 2025, alongside technology and industrial sectors [21][22] - The defense sector showed consistent growth, with an increase in IPOs from 10 in 2021 to 19 in 2024, reflecting heightened investor interest [11][10] Group 4: Cross-Border Listings - Cross-border listings increased in 2024, with 113 companies going public compared to 83 in 2023, although the average deal size decreased by 48% [14][15] - The U.S. remained the preferred destination for international listings, accounting for 89% of such transactions, despite a 42% drop in total transaction value [14][15] - Foreign issuers represented over half of the U.S. public companies, reaching a historical high, driven by favorable market conditions and regulatory environments [14][15] Group 5: Impact of Political Policies - Post-election policies are expected to shape the IPO landscape, with potential benefits for domestic IPOs and uncertainties for candidates from geopolitical sensitive regions [17][18] - The clarity of policies following elections typically stabilizes market sentiment, creating a conducive environment for IPO activities across various sectors [17][18] Group 6: Future Outlook - The global IPO market is anticipated to continue evolving, with a focus on technology, industrial, and health sectors leading the way in 2025 [21][22] - CEO interest in IPOs as a preferred transaction type is on the rise, indicating a positive outlook for future IPO activities [21][22]