Africa Trails as US, India, China Dominate Global IPO Market in H1 2025
Story Written by Editor August 29,2025
While the world saw 539 listings raising $61.4 billion, Africa registered only two IPOs worth $100 million. In contrast, the United States, India, and Greater China each launched more than 100 IPOs, cementing their dominance.
The US led with 109 IPOs raising $17.1 billion—its best first-half performance since the 2021 peak. India followed with 108 IPOs worth $4.6 billion, while Greater China secured 104 listings valued at $20.7 billion.
Other regions also outpaced Africa:
- Europe – 50 IPOs worth $5.9bn
- Middle East – 36 IPOs worth $5.1bn
- Japan – 27 IPOs worth $3.7bn
Investor Appetite Driven by Innovation
The report notes that investors are prioritising innovation, trusted brands, and strong growth strategies, viewing them as signals of resilience in a volatile global market.
Industrials led all sectors globally in IPO issuance, while technology IPOs surged in capital raised, especially in the US and Japan where software firms dominate. Consumer-focused IPOs also rose, driven by retail, while real estate, construction, and infrastructure-related offerings showed parallel strength.
Global Market Outlook: Cautious but Optimistic
Institutional investors surveyed by EY expressed cautious optimism about IPOs in the near term. Strong activity is expected in Asia-Pacific and the Middle East, with early signs of recovery in Europe.
London, however, continues to see more take-private deals than new listings, as companies lean on private capital and private equity sponsorship.
The report highlights the upcoming September–October 2025 window as a critical testing ground, with several high-profile IPOs scheduled. Market participants see it as a litmus test for global investor confidence ahead of 2026.
Africa’s Missed Opportunities
Analysts say Africa’s underperformance reflects structural challenges, limited capital market depth, and weak investor confidence. While BGFI’s planned $200 million IPO in Central Africa signals renewed ambition, experts warn that without reforms, Africa risks being left behind in the global capital market recovery.
