IPO Performance Surges 53% Amid 2025 Listing Decline US, Hong Kong, India

The IPO market in 2025 shows a mixed yet promising picture, with strong performance from newly public companies despite a reduced volume of offerings. U.S. IPOs have returned a weighted average of 53%, significantly outperforming the S&P 500's 4.4% gain, fueled by high-profile debuts in fintech and crypto sectors such as Circle and CoreWeave. However, the total number of IPOs remains down, with just 33 listings so far compared to 41 in the first half of 2024, reflecting ongoing market caution amid geopolitical tensions and tariff uncertainties. Globally, markets have seen robust activity, including notable IPOs in Hong Kong, Australia, and India, with companies like Sanhua and HDB Financial Services leading new listings. The IPO market's current resurgence follows a stagnant period after the 2021 peak, affected by inflation, higher interest rates, and regulatory challenges, but 2025 is poised to be the strongest year since then if trends continue. Despite a lighter calendar ahead, investor appetite remains robust, especially in fintech, where firms like Wealthfront and Klarna are preparing IPOs, signaling potential for increased activity later in the year.