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2024 IPO wrapped: Americas and EMEIA recover, Asia-Pacific lags
In 2024, public listings of private equity- (PE) and venture capital- (VC) backed portfolio companies generated 46% of total global IPO proceeds, highlighting their substantial contribution to global IPO activity and reinforcing the critical role of PE and VC firms in shaping the IPO landscape. Out of the 20 mega IPOs in 2024, 12 were PE-backed, a significant increase from the two listed last year. There were also 18 unicorn IPOs listed in 2024, half of which were launched by VC firms, up from just three in 2023.
Technology, media and telecommunications (TMT), industrials and consumer sectors dominated global IPOs, with an approximately combined 60% share across all sectors by both number and proceeds.
Cross-border listings continued to increase in 2024 with a total of 113 listings compared with 83 in 2023. The US remained the leading destination for IPOs, while mid-to-large cap deals demonstrated a solid after-market performance.
EMEIA emerged as the leader in both volume and proceeds among the regions, with 522 deals raising US$53.2b . The region contributed six of the top 10 largest public offerings, with three of them PE-/VC-backed.
The Americas saw a strong recovery, reaching its highest IPO activity since 2021, in both volume and proceeds, with 205 IPOs raising US$33.1b .
IPO activity in the Asia-Pacific region continued its downward trajectory that began in 2021, declining 35% in deals and 51% in proceeds year-over-year (YOY), although the second half of the year had a greater performance compared with the first half.
There are currently more than 600 artificial intelligence (AI) and AI-related public companies and nearly half of them have gone public in the past four years, many with VC backing, demonstrating how IPOs can help overcome funding challenges while driving innovation and growth.
Approximately, 60 AI companies are currently in the process of IPO registration, with more than 400 in the pipeline, indicating continued investor interest and VC support in AI-driven innovations. If the AI vertical establishes a benchmark in successful IPOs, it could encourage other high-growth verticals to pursue IPOs, fueling broader market momentum in future years.
The approval of Bitcoin and Ethereum exchange-traded funds (ETFs) in the US this year has enhanced the legitimacy of digital assets, which provides greater access for institutional investors and improved market liquidity, potentially driving a wave of IPO filings from crypto-focused firms. The success of these IPOs, however, also hinges on navigating regulatory challenges and showcasing robust compliance structures.
Historically, IPO activity has typically risen in the years following the US presidential elections, regardless of which party controls the majority. There's usually a certain amount of uncertainty in the lead up to an election, but, post-election, there is generally greater clarity in terms of policy direction and economic initiatives. This tends to stabilize market sentiment, creating a more favorable environment for IPOs. First-movers in a post-election year tend to include industrials, TMT and financials. However, nearly all sectors experience growth.
Mega trends, including shifting fiscal and monetary policies, geopolitical tensions and global supply chain, AI and digital transformation, new environmental, social and governance (ESG) priorities and the influence of the new US administration are reshaping the global IPO market. Despite these transformative forces, the IPO market remains on track for a strong performance in 2025, supported by a cautiously optimistic economic environment, increasingly favorable monetary policies and heightened liquidity and valuation levels.
Simultaneously, the traditional global IPO market is evolving into interconnected, yet distinct regional ecosystems with their own sector specializations and growth drivers. The success of each sector is increasingly influenced by the economic conditions of its local market and the strategic priorities of the region.
George Chan , EY Global IPO Leader, says:
"Business transformation requires funding, and an IPO offers a powerful avenue to raise the capital needed to drive growth and innovation. After a period of slower activity, the global IPO market is regaining its momentum, supported by more favorable market conditions.
The outlook for 2025 appears increasingly optimistic, with a strong pipeline of companies across sectors looking to capture the opportunities presented by this renewed market strength."
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Q4 2024 refers to the fourth quarter of 2024 and covers completed IPOs from 1 October to 9 December 2024 , plus expected IPOs by 31 December 2024 (forecasted as of 9 December 2024 ). Q4 2023 refers to the fourth quarter of 2023 and covers completed IPOs from 1 October to 31 December 2023 . H1 2024 refers to the first half of 2024 and covers completed IPOs from 1 January 2024 to 30 June 2024 . H2 2024 refers to the second half of 2024 and covers completed IPOs from 1 July to 9 December, plus expected IPOs by 31 December 2024 (forecasted as of 9 December 2024 ). 2024 refers to the full calendar year and covers completed IPOs from 1 January 2024 to 9 December 2024 , plus expected IPOs by 31 December 2024 (forecasted as of 9 December 2024 ). 2023 refers to the full calendar year and covers completed IPOs from 1 January 2023 to 31 December 2023 .
All data contained in this document is sourced from Dealogic, Mergermarket, PitchBook, S&P Capital IQ, LSEG (Refinitiv) and EY analysis unless otherwise noted. The Dealogic data in this report are under license by ION. ION retains and reserves all rights in such data. SPAC data are excluded from all data in this report, except where indicated.
Lauren Mosery
EY Global Media Relations
+1 732 977 2063
lauren.mosery@ey.com
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