Overview
- EY counted 1,259 IPOs worldwide in 2025, up 2% from 2024, with proceeds rising about 32% to $163.3 billion.
- Europe saw only 100 IPOs versus 131 a year earlier and proceeds fell to $17.1 billion; Germany logged seven listings, with Ottobock (~€800 million), TKMS and Aumovio among the year's largest in Europe.
- EY attributes regional divergence to U.S. deregulation and rate‑cut hopes, a catch‑up in Asia after a weak 2024, and Europe’s growth weakness compounded by uncertainty over U.S. tariff policy and geopolitical tensions.
- Several German candidates—including Stada, Brainlab and Autodoc—postponed or canceled 2025 plans, underscoring issuer caution.
- EY projects a cautiously optimistic 2026 with a well‑filled pipeline and potential for up to ten German IPOs, as media reports say SpaceX is being considered for a mid‑ to late‑2026 listing that could raise well over $30 billion at around a $1.5 trillion valuation.