The past five years have been anything but predictable for global markets. From pandemic shocks to interest rate volatility, issuers and investors alike have had to navigate uncharted territory. Yet one story has become clear: the appetite for equity capital is back, and public markets are once again proving to be a vital engine of corporate growth.
IPO Activity: Signs of Steady Momentum
The IPO pipeline is not just open—it’s healthy.
The first half of 2025 has already underscored this resilience. In Q1 alone, 291 companies went public worldwide, raising US$29.3 billion—a 20% increase in proceeds compared to the same period in 2024. By the end of H1, the tally had climbed to 539 IPOs, with issuers raising US$61.4 billion, reflecting a 17% year-over-year gain.
The U.S. market, while not surging, has held steady. With 79 IPOs in Q1 2025 raising US$11.4 billion, activity levels remained consistent with Q4 2024. This stability is significant: it suggests that, rather than being driven by fleeting windows of opportunity, the market is developing a more durable base of investor demand.
Equity Issuance: Beyond the IPO
Follow-on activity tells its own story.
The IPO market is only part of the story. In 2024, total global equity issuance (excluding SPACs) reached US$222.9 billion, an extraordinary 60.9% increase from the year before. IPOs contributed US$31.4 billion, up 55.9%, while follow-on offerings surged to US$169.8 billion, a 59.2% rise.
This boom in follow-ons is particularly telling. It demonstrates that companies already public are returning to the markets to raise additional capital, a signal of both confidence and opportunity. It also underlines how equity markets are serving not just as entry points for new issuers, but as ongoing partners in corporate expansion.
A Broader Market Context
Capitalization is growing, and cross-border flows are reshaping the map.
The macro picture is equally compelling. Global equity market capitalization grew by 8.7% in 2024, reaching US$126.7 trillion, according to White & Case. Against a backdrop of geopolitical uncertainty, that growth speaks volumes about the resilience of capital markets and the willingness of investors to commit to equities.
Cross-border activity has also re-emerged as a defining theme. In the first half of 2025, cross-border IPOs hit a 20-year high, accounting for 14% of all global deals. Greater China and Singapore have established themselves as dominant sources of proceeds, while Europe’s share has declined significantly. This shift is more than a geographical footnote—it represents a fundamental reshaping of where capital is raised and where investor confidence is concentrated.
What the Trends Suggest
The story is one of participation, resilience, and competition.
Taken together, these dynamics point to a public market environment that is not just recovering, but evolving. Companies are increasingly turning to IPOs and follow-ons as core funding mechanisms. Investors are showing sustained appetite, even in periods of macro volatility. And the rise of Asia-Pacific as a hub for IPO proceeds signals a competitive new landscape in which issuers must think globally from the outset.
The number of listed companies worldwide may not yet be fully updated for this period, but the trajectory is clear: participation in public markets is expanding, and the ecosystem is becoming more complex, more competitive, and more global.
How 3DOTS Helps Issuers Navigate
At 3DOTS, we see these trends not as abstract statistics, but as signals that guide how companies should prepare for the next stage of their growth. The resurgence of IPOs and follow-ons shows that timing matters—but strategy matters more.
We work with high-growth issuers to structure listings in the U.S., align with global investors, and build equity stories that last beyond day one. We support dual listings and post-listing positioning, bridging the gap between strategic ambition and operational execution.
In a world where more companies are coming to market but competition for capital is sharper than ever, we help issuers list smart, not just fast.
