Global IPO Trends: How IPO Candidates Can Navigate Uncertain and Selective Markets (EY)
Summary
- Industrials led global sector distribution in Q1 2026, accounting for 61 IPOs and $14b in proceeds.p.3
- Hong Kong was the top listing destination by proceeds in Q1 2026, generating $13b across 39 IPOs.p.3
- India led all listing destinations by deal volume in Q1 2026 with 54 IPOs.p.3
- Over 100 A-share companies have applied for dual H-share listings in Hong Kong to support international supply chain expansion.p.4
- More than 400 companies have active listing applications on the Hong Kong Stock Exchange, with 180 estimated to complete IPOs in 2026.p.5
Key insights
- Geopolitical tensions and volatility have tightened investor risk appetite, raising the bar for public listing candidates globally.p.3
- Capital is increasingly concentrating in specific favored sectors, including aerospace, defense, and AI-related infrastructure.p.2
- Defense spending momentum propelled the world's largest IPO of Q1 2026, which originated in Europe.p.4
- Geopolitical fragmentation has driven Chinese firms to use Hong Kong H-share listings as a gateway to diversify supply chains outside mainland China.p.4
- Regulatory approvals from the China Securities Regulatory Commission act as the primary gating mechanism for listing timing in Greater China.p.5
- Sponsor-backed and high-growth European companies are increasingly pursuing dual-track processes to preserve M&A transaction optionality.p.6
- Hyper-jumbo private companies valued in the hundreds of billions of dollars are preparing for potential mega-IPOs raising $US20b or more.p.7
Topics and entities
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