Global ECM meets with triumph and disaster in volatile first half

NEW YORK and LONDON, June 25, 2025 /PRNewswire/ -- Global equity capital markets demonstrated heightened sensitivity to macroeconomic and geopolitical shocks in the first half of 2025, according to the ECM Highlights 1H25 report by Dealogic, a service of ION Analytics. After a strong start, markets collapsed in April amid the imposition of global tariffs, marking the worst month for ECM since October 2011. However, May 2025 brought a dramatic rebound, with issuance surging 2.4x month-on-month, mirroring a rally in global equity indices.

Regional performance and sector trends:

• Americas and APAC lead recovery: ECM issuance totaled USD 381.2 billion in 1H25, 3 percent higher than the USD 370 billion recorded in the same period last year. The Americas led global issuance with USD 190.6 billion, followed by APAC at USD 114.5 billion. The EMEA region, while initially lagging, showed signs of revival as major European deals returned to the market in May and June in the form of listed sell-downs in names such as Galderma and Lottomatica.
• US growth tech IPOs reignite optimism: The post-IPO performances of CoreWeave (up 334 percent), Circle Financial (up 750 percent), and Chime (up 10.2 percent) helped restore investor confidence, offsetting the earlier-year losses from Venture Global and SailPoint. These listings underscored investor appetite for high-growth, tech-driven businesses primarily driven by emergent asset classes like artificial intelligence and cryptocurrencies.
• European follow-ons attract global interest: As global asset managers sought portfolio diversification away from US large-cap stocks, interest grew in undervalued European names. EMEA ECM issuance was driven primarily by follow-ons, totaling USD 78.4 billion, due to large sell-downs in household names like Ferrari, and sponsor disposals, as private equity companies leaned into public markets for asset sales. IPO volumes in EMEA fell 46 percent Y-o-Y.
• Asia's revival anchored in Hong Kong: Hong Kong new listings surged to USD 12.8 billion in 1H25, up from just USD 1.8 billion in 1H24. The momentum was fueled by Chinese new economy names, particularly following DeepSeek's AI successes in 1Q. India also saw a rebound through listed follow-ons, reflecting renewed domestic investor interest.

Samuel Kerr, Head of ECM at Mergermarket, a service of ION Analytics, commented, "It's been a rollercoaster first half of the year in global equity markets, with the early momentum curtailed by tariffs in April, leading to the worst month for ECM in over a decade. The remarkable bounce back in May, however, shows how quickly both investors and issuers are adapting to a world of acute geopolitical volatility. Should current trends continue, the full-year issuance could still surpass 2024 levels.

"The impressive post IPO performance of AI hyperscaler CoreWeave after a strong set of first results, and the huge first-day jumps in the price of Circle Financial and Chime, shows hunger for new growth businesses. Oversubscription in European blocks also shows a willingness by investors to seek global equity diversification. If the first half of 2025 shows us anything, it is that sentiments can turn in an instant, so issuers and investors will need to be on their toes for the rest of the year."

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**All data accurate as of 24 June 2025, 8:40am BST.

**All share price as of close of trading on 23 June 2025.

About ION

ION provides mission-critical trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporate organizations. Our solutions and services simplify complex processes, boost efficiency, and enable better decision-making. We build long-term partnerships with our clients, helping transform their businesses for sustained success through continuous innovation. For more information, visit https://iongroup.com/

About ION Analytics

ION Analytics delivers personalized, targeted data and market intelligence to banks, investors, advisors and corporates, helping clients find opportunities and drive better decisions in markets ranging from equities and fixed income to infrastructure and private equity. For more information, visit https://ionanalytics.com/ 

About Dealogic

Dealogic offers integrated content, analytics, and technology via targeted products and services to financial firms worldwide. Whether working in capital markets, sales and trading, banking, or the buy-side, firms rely on Dealogic's platform to connect and more effectively identify opportunities, execute deals, and manage risk. With 30 years' experience and an in-depth understanding of financial markets, Dealogic is a trusted global partner. For more information, visit www.dealogic.com

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SOURCE ION