NEW YORK/LONDON – 22 December 2025: Global equity capital markets staged a recovery in 2025, with issuance rising 25 percent year-on-year to USD 957.2 billion, according to the latest ECM Highlights FY25 report by Dealogic, an ION service. While this marked the strongest year since 2021, political volatility, including the US government shutdown and “Liberation Day”, curtailed issuance.

US IPO activity fell short of expectations in the fourth quarter when deals were abruptly halted by the shutdown. Crypto issuers were hit particularly hard, with the collapse of Bitcoin and other cryptocurrencies coinciding with market reopening. Despite these setbacks, ECM showed resilience this year, navigating tariff pressures, US government stasis, and mounting concerns over AI valuations.

Investor appetite for diversification beyond the “Magnificent 7” tech stocks remained strong in 2025, while private equity issuers also played an increasingly prominent role in the market. Hellman & Friedman was a key example of this theme, issuing the two largest IPOs of the year, Medline in the US and Verisure in Sweden. This PE activity is expected to accelerate in 2026 as pressure builds for PEs to return capital to LPs.

Key insights from the report

• Global recovery hits peak since 2021: Global ECM volumes reached USD 957.2 billion in 2025, up 25 percent from USD 765.3 billion in 2024. Deal volumes of USD 258.7 billion in 4Q slipped 7 percent from 3Q but were still 15 percent above the same period last year, which was impacted by the uncertainty around the US presidential elections. US medical supplies business Medline’s USD 6.3 billion IPO in December was the largest deal of the year and helped end 2025 on a positive note.
• Americas drive market gains: The Americas finished the year as the busiest region with USD 472.7 billion, compared to USD 366.9 billion in 2024. 4Q volumes were roughly flat quarter-on-quarter at USD 131 billion with the US government shutdown slowing market momentum. While Medline’s December IPO was a positive, crypto-linked issuers such as BitGo and Grayscale did not reactivate their pre-shutdown IPO plans in 4Q due to a cryptocurrency sell-off.
• APAC sees YTD growth: Asia-Pacific issuance totaled USD 309 billion, up from USD 239 billion last year driven by listings in Hong Kong, mainly by Chinese issuers. But activity slowed in 4Q to USD 75.6 billion from USD 103.7 billion in 3Q, due to geopolitical noise and risk-off investor sentiment. Hong Kong ironically saw the sharpest quarterly decline, but a revival in Indian ECM helped soften the downturn in 4Q25.
• EMEA closes year strong: ECM activity in EMEA reached USD 175.5 billion, compared to USD 160 billion in 2024. EMEA ECM volumes of USD 52.1 billion in 4Q were well above 3Q issuance of USD 44.5 billion, with European issuers unaffected by geopolitical turmoil in the Americas and APAC. 4Q25 marked the strongest quarter for EMEA issuance.

Sam Kerr, Head of Global ECM and Mergermarket EMEA, says, “Equity capital markets roared back to life in 2025, by far the best year for equity dealmakers since the Covid-19 pandemic. But the year could have been even better if not for the US government shutdown in 4Q and ‘Liberation Day’ at the start of April. Despite the bullish spirits underlying equities, politics, particularly the actions of US President Donald Trump, can open deal windows or slam them shut abruptly.”

To download the full report, click here.

**All data accurate as of 17 December 2025.**