The US "excelled" in IPO activity while the Asia-Pacific region showed "signs of recovery". Southeast Asia, in particular, saw IPO volume and value decline y-o-y with 27 listings raising US$0.7 billion in 1Q2025, down from 37 IPOs raising US$0.8 billion in 1Q2024. Europe, the Middle East, India and Africa (EMEIA) remained steady.
Global volatility from US tariffs and an escalating trade war has left market watchers divided on the outlook for deal-making. Reflecting this cautious sentiment, an April 18 report by EY notes that mergers and acquisitions (M&A) remain subdued, weighed down by ongoing economic and policy uncertainties.
In a separate release on April 23, the firm reported that global IPOs remained steady y-o-y in the first quarter of 2025, with 291 listings raising US$29.3 billion ($38.3 billion). Total deal value rose by 20% compared to the first quarter of 2024.
