Upcoming Initial Public Offering (IPO) Analysis for the Year 2025
The recently released 2021-2025 IPO Report offers a detailed analysis of the Initial Public Offering (IPO) landscape, focusing on successful candidates, industry trends, and leading states over the past five years.
Profile of Successful IPO Candidates
The report delves into the profiles of companies that have successfully gone public, considering both current and former shell companies. It also offers advice on assembling a board of directors for pre-IPO companies and facilitating pre-IPO communications to find IPO investors.
Industry Breakdown
The report highlights several key trends in the IPO market by industry sector. Technology and Health Care have led IPO activity, particularly in the U.S. Software and hardware across regions have seen significant activity, with the U.S. and Japan leading in software IPOs, and Greater China contributing to a significant number of hardware listings. Health and life sciences followed closely with notable IPO counts and proceeds.
The FinTech, Energy, and Defense sectors have gained momentum, with renewed activity in fintech IPOs due to stronger fundamentals and strategic industry positioning. Industrial sector IPOs are benefiting from reshoring and supply chain localization, with mobility sub-sectors performing strongly. Other rising sectors include digital assets, biotech innovation in life sciences, and defense technology amid growing global defense budgets.
Notably, the fintech sector had a significant IPO surge in 2021 with 61 IPOs, but activity slowed in the next three years. However, fintech fundamentals improved notably by 2024, setting the stage for a resurgence starting 2025.
Leading States and Regions
The U.S. IPO market saw its highest activity in the first half of 2025 since 2021, with 109 IPOs accounting for 20% of global IPO transactions. Most U.S. IPO volume remains concentrated in states with major financial and tech hubs.
Greater China (China and Hong Kong) accounted for about one-third of global IPO proceeds in the first half of 2025, highlighting a dominant role in listing activity, especially in hardware and tech-related sectors.
Southeast Asia had notable but lower IPO activity, with Malaysia and Indonesia as regional leaders by IPO number and proceeds. In North America, states with strong health and life sciences sectors contributed significantly to IPO numbers and funding.
Additional Notes
IPO proceeds have fluctuated: despite increased IPO counts, proceeds declined slightly in some regions like North America in 2025 compared to prior years, reflecting smaller deal sizes or market volatility. Cross-border listings have increased, with 62% of U.S. listings coming from foreign issuers in 2025, indicating global integration in IPO markets. Post-IPO performance has varied, with some marquee IPOs outperforming substantially, while others have dropped from initial prices.
This synthesis draws from EY reports and market analyses between 2021 and mid-2025, providing a nuanced overview of IPO trends by industry sector and leading U.S. and global regions over the past five years. The report also includes a detailed review of the IPO market and outlook, a breakdown of IPOs by industry, and examines the IPO market by the numbers.
For those interested in staying updated on IPOs and capital markets, subscribing to the mailing lists provides regular updates. Additionally, a Venture Capital Report is forthcoming, and the M&A Report is available for reading.
Venture capital firms might find attractive investment opportunities in the fintech sector, which experienced a surge of 61 IPOs in 2021 and is expected to see a resurgence starting from 2025, according to the IPO Report. The report also emphasizes the importance of understanding and following finance trends, such as IPO proceeds, deal sizes, and market volatility, in various regions to make informed investment decisions.
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