Now, with tensions easing and the US$43.6 billion ($56.62 billion) raised in 2025 IPOs so far running just behind the same period last year, frozen listings are finally moving forward.
The stock market’s striking rebound from the tariff disruption imposed by US President Donald Trump has rekindled global IPO activity, as businesses without direct exposure to trade look to get deals done before the summer — and before geopolitical tensions flare up again.
After several slow years for listings, bankers and investors were preparing for a standout 2025, while nervously monitoring the then-President-elect’s speeches promising action on trade. Trump’s April 2 tariff announcement more than justified their worry. In its wake, a slew of suspended deals made for the slowest April in terms of initial public offering volume since 2020, the depths of the pandemic.
