While the U.S. IPO market in 2025 has remained selective and valuation-disciplined, global IPO activity has rebounded. Across Asia, the Middle East, and parts of Europe, capital markets reopened more consistently as inflation stabilized and rate expectations improved.
Globally, IPO proceeds increased by approximately 39% YOY in 2025 compared with 2024, signaling a healthier and more resilient pipeline even amid political and regulatory uncertainty.
A defining feature of 2025 has been the divergence between deal volume and deal size by region, with India emerging as the clear leader in IPO count, while the U.S. continues to dominate average deal size.
India’s Standout Role in 2025 IPO Volume
India recorded the highest number of IPOs globally in 2025, driven by a steady flow of mid-market and growth-stage listings rather than a reliance on a small number of mega-deals. This depth has made India one of the most active and reliable IPO markets worldwide.
Why India is an increasingly attractive place to list:
Strong domestic capital participation
Consistent mid-market deal flow
Predictable regulatory clarity and pace
Economic growth and sector diversity
What’s Happening Inside These IPO-Bound Companies
Beyond headline deal activity, one of the most important trends we’re seeing is how companies are preparing for a listing.
Rather than building out a full permanent C-suite too early, IPO-bound organizations are increasingly relying on interim and fractional finance leadership to remain flexible, capital-efficient, and execution-focused.
Common areas of focus include:
IPO readiness and financial controls – Dedicated Interim and fractional CFOs supporting forecasting discipline, audit readiness, and investor reporting
Revenue and go-to-market alignment –
Leadership focused on pipeline predictability, pricing strategy, and scalable growth models
Operational and compliance readiness – Expertise to meet public-company standards without over-engineering the organization
Systems, reporting, and governance infrastructure – ERP implementations, internal controls, and data integrity needed to operate at public-market scale
Looking Ahead to 2026: Readiness Over Rush
Looking into 2026, IPO activity is expected to remain strong, supported by a healthy global pipeline that includes several high-profile potential listings. Importantly, much of the activity underway today is preparatory rather than rushed.
Building Optionality Through Interim Leadership
IPO figure shown are across data sources from EY – Global IPO trends, PwC Capital Markets/ IPO Watch, S&P Global Markets Intelligence and Reuters (Deal Logic).