Business
Global equity capital markets recover while IPO pipeline faces shutdown impact
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.
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[{"type":"text","content":"NEW YORK and LONDON, Dec. 22, 2025 /PRNewswire/ -- 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.","length":419,"tagName":"p"},{"type":"image","alt":"ION Corporates (PRNewsfoto/ION)","displaySize":"","headline":null,"caption":"ION Corporates (PRNewsfoto/ION)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":283,"url":"https://media.zenfs.com/en/prnewswire.com/e5c1f35fc8c601b33e7941c282d5984a"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/x_OHARBGC67Bvsrbg.ROqQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTQ5OTtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/e5c1f35fc8c601b33e7941c282d5984a","width":400,"height":283},"resize_sm":{"url":"https://s.yimg.com/ny/api/res/1.2/ghAdyU3CNjuXmIhxJmrriA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTY0MDtoPTQ1MztjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/e5c1f35fc8c601b33e7941c282d5984a","width":400,"height":283}},"href":"https://mma.prnewswire.com/media/2611446/ION_Logo_New.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"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.","length":396,"tagName":"p"},{"type":"text","content":"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.","length":442,"tagName":"p"},{"type":"text","content":"Key insights from the report","length":28,"tagName":"p"},{"type":"list","it...