10 Surprising Statistics from Q1 2025’s Global IPO Market

The IPO landscape has undergone a dramatic shift in early 2025, creating both challenges and opportunities for investors trying to navigate this evolving market. After analyzing EY’s latest Global IPO Trends report, I’ve identified ten statistics that reveal surprising truths about where the real value lies in today’s public offerings.

These numbers aren’t just interesting data points—they signal fundamental changes in how companies approach public markets and where investors might find the next wave of opportunities. Let’s dive in.

1. Foreign companies now make up 58% of all US IPOs

Remember when US exchanges primarily listed domestic companies? Those days are long gone. Nearly 60% of all US IPOs in Q1 came from foreign issuers—the second-highest level ever recorded, trailing only the 2021 peak.

This cross-border surge signals strong international confidence in US capital markets despite domestic policy shifts. For investors, this means your “US portfolio” might actually give you more global exposure than you realize. More importantly, it creates opportunities to access high-growth foreign markets without the complexity of trading on overseas exchanges.

2. European companies are waiting twice as long to go public

Here’s a startling shift: The average European company now waits 42 years before going public—more than double the 20-year average from 2021.

This isn’t just a statistical anomaly. European companies are deliberately staying private longer, often until they’ve achieved significant scale and profitability. When they finally do list, they’re mature businesses rather than growth stories.

Meanwhile, India is seeing the opposite trend, with younger companies entering public markets, creating a stark contrast in IPO candidate profiles across regions.

3. Asia-Pacific IPO proceeds soared 87% while deal count dropped

Something fascinating happened in Asia-Pacific markets this quarter. While the actual number of IPOs declined slightly (-2%), the money raised skyrocketed by 87%.

This counterintuitive trend points to a quality-over-quantity approach. Companies are waiting until they can support larger offerings, and investors are willing to put more capital behind each deal.

Japan exemplifies this trend—its $3.0 billion JX Advanced Metals Corp IPO became the largest global listing of the quarter, driving Japan’s proceeds up 461% despite a 16% decrease in deal count.

4. Only 43% of US IPOs posted first-day gains despite 59% being profitable

Here’s where things get really interesting. Nearly 60% of US companies that went public were profitable—yet less than half saw their stock rise on the first day of trading.

This disconnect reveals a crucial insight: profitability alone isn’t enough anymore. Investors are demanding more than just positive earnings; they want compelling growth trajectories and reasonable valuations.

The gap between profitability and market performance is evident across most regions, showing a fundamental shift in how investors evaluate new listings globally.

5. Industrial sector IPO pipeline grew by a staggering 184%

While tech typically dominates IPO headlines, the industrial sector is quietly building an unprecedented pipeline—up 184% year-over-year.

This surprising surge contradicts the narrative that only technology companies drive IPO markets. In fact, industrial businesses led all sectors in completed listings with a 23% year-over-year increase.

The Real Estate, Hospitality & Construction sector followed closely, growing its pipeline by 128% and increasing completed deals by 18%, further highlighting the shift toward traditional sectors.

6. South Korean IPO volume hit a 20-year high

South Korea emerged as an unexpected IPO powerhouse, with listings up 64% and proceeds increasing by a remarkable 269%.

With 23 new listings in Q1, South Korea achieved its highest first-quarter IPO count in over two decades, surpassed only by the record-setting first quarter of 2021. This surge has created a new hotspot for investors seeking exposure to advanced manufacturing, semiconductor technology, and consumer brands with Asian growth potential.

The country’s financial regulators have also implemented reforms to improve market efficiency, particularly around short-term trading in IPOs.

7. Middle East IPO proceeds jumped 116% year-over-year

Despite geopolitical tensions, the Middle East continues its extraordinary IPO momentum with proceeds more than doubling compared to Q1 2024.

Saudi Arabia led the charge with 11 IPOs raising $1.9 billion, cementing its position as a key player in the global IPO landscape. This acceleration creates opportunities for investors seeking diversification outside traditional Western markets.

The region’s 21 IPOs in Q1 2025 represented a 75% increase from the previous year, making it one of the fastest-growing IPO regions globally.

8. 100% of Chinese mainland IPOs were profitable companies

In a striking contrast to other markets, every single mainland Chinese company that went public in Q1 was profitable. Not 90% or 95%—a full 100%.

This remarkable statistic reflects China’s strict regulatory approach to IPO quality but also signals potential opportunities for investors seeking fundamentally sound businesses rather than growth-at-all-costs stories.

The focus on profitability hasn’t dampened investor enthusiasm either, with 100% of these listings posting positive first-day returns, the only major market to achieve such perfect performance.

9. PE-backed deals were just 5% of EMEIA IPOs but 38% of proceeds

Private equity-backed companies accounted for only one in twenty IPOs across Europe, Middle East, India and Africa—yet they represented nearly 40% of all capital raised.

This massive disparity highlights the outsized influence PE firms now have on public markets. When they do bring portfolio companies public, they tend to be substantial, mature businesses with proven models.

For investors, this means PE-backed IPOs often present different risk-reward profiles than traditional listings. These companies have typically undergone significant operational improvements under private ownership.

10. AI infrastructure leader CoreWeave’s $1.5B IPO faced market challenges

Perhaps most surprising is what happened with CoreWeave, the data center provider serving AI companies. Despite raising $1.5 billion in the third-largest IPO of the quarter, it faced initial challenges at its Nasdaq debut, briefly rebounded with gains, and then slipped again as Trump’s tariffs roiled markets.

This performance from a major AI infrastructure play suggests investors have become more discriminating about AI-adjacent businesses, focusing on sustainable competitive advantages rather than just sector association.

The report notes it’s too soon to gauge AI IPO momentum, but a stabilized market could still bolster confidence and encourage other AI firms currently holding off on flotation plans.