IPO issuance skyrocketed in October, reaching almost US$30 billion globally.
The US$29.24 billion marked an 89% increase year-on-year (YoY), from US$15.4 billion, and 16% increase from US$25.1 billion in October (month-on-month/MoM).
November’s results fell slightly from the peak, driven by a decline in USD-denominated issuance (US$8.6 billion, down 32% MoM), but were globally still well above the yearly average. Momentum has grown steadily over the year, with April’s tariff-related decline proving to be just a minor bump in the road.
READ MORE: IPO issuance plummets post-tariffs
Europe’s IPO environment remains subdued, in spite of repeated efforts from regulatory and government bodies to revive the market. Its most active month year-to-date was September, with US$5.3 billion issued. This was driven by Swiss security company Verisure, with a US$4.3 billion issuance.
READ MORE: Public market liquidity hampering IPO appetite, industry warns
Activity in the Indian IPO market ballooned towards the end of 2024, before contracting in Q1 2025. INR-denominated issuance has picked up again, however, growing steadily since May and recording US$5 billion in September and US$2.9 billion in November. This was driven by e-commerce firm Meesho Inc, which issued US$606.6 million in INR.
READ MORE: India, Middle East are new IPO hotspots as Europe and China flag
The Hong Kong dollar (HKD) has also performed strongly this year, with US$7.8 billion issued in October and US$2.5 issued in November. Aluminium business Chuangxin Industries Holdings Ltd’s US$813 billion issuance was the largest over the month.
Year-to-date (YTD), the largest three issuances have been USD-denominated (Medline Inc, US$5.4 billion), EUR-denominated (Verisure, US$4.3 billion) and HKD-denominated (Zijin Gold, US$3.695 billion).
Additionally of note and sneaking into the top 20 YTD was the SEK spike, with Nordax Bank AB’s US$817 million issuance in early September.
