Global equity issuance jumps to USD 687 billion despite economic headwinds

NEW YORK and LONDON, Oct. 7, 2025 /PRNewswire/ -- Equity capital markets (ECM) are at their most bullish since 2021. According to the latest ECM Highlights 9M25 report by Dealogic, an ION service, issuance of USD 271.4 billion in 3Q25 lifted year-to-date (YTD) volumes to USD 686.8 billion. A wave of large US IPOs and a sharp revival in Asia-Pacific powered the surge despite mounting geopolitical tensions, fears of a global recession, rising bond yields, and weak economic data in several major economies. The US government shutdown at the beginning of 4Q could dent momentum towards the end of the year.

The report notes that the strength of global stock markets underpinned issuance momentum. Benchmark indices remained at or near historic highs, showing resilience in the face of geopolitical and economic headwinds. IPO trading, however, was volatile with several high-profile listings from 3Q25 below offer price, indicating fragility beneath the surface of a bullish market.

Key insights from the report

• Global IPO recovery doubles year-on-year: Global IPO activity accelerated sharply, raising USD 52.2 billion in 3Q25, more than double the USD 24.4 billion recorded in 3Q24. YTD IPO volume climbed to USD 120.3 billion, surpassing the USD 79.2 billion raised in the same period last year. The largest new listings in 3Q25 included the USD 1.58 billion IPO of Klarna and the USD 1.40 billion listing of Figma. Klarna ended September trading below its offer price, while Figma and Bullish remain above IPO levels but with reduced early gains.
• US leads global issuance: In the Americas, ECM issuance totaled USD 336.5 billion YTD, almost a 32 percent increase compared to 9M24. Issuance in 3Q25 alone reached USD 127.7 billion, making the region the most valuable globally. Americas IPOs raised USD 25.3 billion in 3Q25, marking the strongest quarter since 4Q21. Mega trends of increasing investment in Crypto and AI continue to drive the US IPO market as investors seek the next generation of trillion-dollar businesses.
• APAC revival gains momentum: In Asia-Pacific, 9M25 ECM volumes stood at USD 227.3 billion, a 35 percent increase from 9M24. ECM activity totaled USD 99.6 billion in 3Q25, with Hong Kong leading the region through USD 33.6 billion of transactions. Much of this activity came from Chinese A-share companies pursuing secondary H-share listings in Hong Kong.
• EMEA strengthens year-on-year: In EMEA, 9M25 volumes rose to USD 122.9 billion YTD, up 4 percent on the corresponding period in 2024. ECM issuance reached USD 44.1 billion in the third quarter, up from USD 34.6 billion in the second quarter and almost double the USD 22.3 billion recorded in 3Q24.

Sam Kerr, Head of Global ECM and Mergermarket EMEA, says, "Global ECM just wrapped a blockbuster 3Q, setting up the best year since 2021. The rally has shrugged off geopolitics and looming recession risk, with investors still putting money to work while the window is open. But — as April's Liberation Day showed — the music can stop fast; with the US government now shut down, we'll see if momentum lasts."

To download the full report, click here.

**All data accurate as of 30 September 2025.**

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