New WFE HY25 market data: IPOs down in first half
London, 14 August 2025 - New data published by the World Federation of Exchanges (WFE), the global industry group for exchanges and CCPs, shows that the number of IPOs decreased 20.9% compared to H2 2024.
Key Report highlights:
- The number of IPOs and capital raised through IPOs decreased 20.9% and 15.7%, respectively, in H1 2025 compared to H2 2024; with global markets welcoming only 570 IPOs in this period, raising USD 66.41 billion (Y-o-Y -2.9% and +23.6% respectively).
- The APAC region declined from H2 2024 both in terms of new listings, down 31.7%, and capital raised, down 29.8%. (Y-o-Y -13% and +123.9% respectively).
- The Americas increased in the number of new listings, up 10.8%, and capital raised up 14.7%. (Y-o-Y +18.9% and -5.6% respectively).
- The EMEA region increased in the number of new listings, up 3.1%, and capital raised up 35.9%. (Y-o-Y +21.7% and -47.5% respectively).
- The average size of an IPO increased from USD 109.3 million in H2 2024 to USD 116.5 million in H1 2025, as global markets welcomed ten IPOs in 2025 that raised over USD 1 billion each (H1 2024 had 6 IPOs that raised over USD 1 billion each):
- American markets hosted 113 IPOs generating USD 16.71 billion; including Venture Global Inc, the largest IPO of the region which listed on NYSE, generating USD 1.75 billion.
- APAC markets welcomed 356 IPOs generating USD 40.21 billion. They hosted five IPOs raising more than USD 1 billion each. The largest IPO of the year so far, Contemporary Amperex Technology Co listed on Hong Kong Exchanges and Clearing, raising USD 5.23 billion.
- EMEA markets opened their doors to 101 IPOs, raising USD 9.49 billion. The only IPO raising more than USD 1 billion in the EMEA region in the first half of 2025 was Flynas Co, which listed on Saudi Exchange (Tadawul), generating USD 1.09 billion.
- The number of exchange-traded derivatives contracts traded halved in H1 2025 compared to H2 2024, down 51.6%. (Y-o-Y -47.8%), amounting to 43.92 billion.
- Options contracts, which account for 68% of all derivatives contracts traded, declined 61.3% relative to H2 2024 (Y-o-Y -58.1%)
- Futures contracts peaked in the period, reaching 14.18 billion contracts traded, up 2.8% relative to H2 2024 (Y-o-Y +7.8%).
- Derivatives volumes traded in the Americas and EMEA regions rose 6.5% and 17%, amounting to 17.19 billion and 3.57 billion, respectively.
- The APAC region declined 67.6%, largely due to regulatory changes in India, dropping to a total of 23.16 billion contracts.
- Options contracts and futures contracts reached a 5-year peak on markets in the Americas and EMEA regions.
Nandini Sukumar, CEO of the WFE, commented, “Even in a cautious climate, exchanges hosting landmark IPOs proves they remain vital engines of economic growth and innovation. Some regions showed real progress, loosening regulations and pushing hard to boost capital market participation. The early data reflects those reforms. But overall, complacency still dominates — and without broader, bolder action, public markets will keep sliding into decline.”
Dr Pedro Gurrola-Perez, Head of Research at the WFE, commented, “Looking ahead to the remainder of the year, geopolitical and trade tensions will remain a key driver of capital markets, shaping business confidence, IPO activity and investor sentiment. US developments - particularly new tariffs, regulatory shifts, or an economic slowdown - will be a major influence on market performance. So far, the impact of US tariffs has been somewhat limited but economic indicators already suggest that the second half of the year could see the impact spread.”
Key data points:
Americas region | |||
Indicator | H1 2025 | H1 2025 / H2 2024 | H1 2025 / H1 2024 |
Domestic Market Capitalisation (USD millions) | 68,523,577 | 2.14% | 13.88% |
Equity Value traded EOB (USD millions) | 48,401,240 | 20.22% | 19.90% |
Number of IPOs | 113 | 10.78% | 18.95% |
Capital raised through IPOs (USD millions) | 16,714 | 14.68% | -5.61% |
Asia-Pacific region | |||
Indicator | H1 2025 | H1 2025 / H2 2024 | H1 2025 / H1 2024 |
Domestic Market Capitalisation (USD millions) | 39,821,874 | -2.88% | 1.25% |
Equity Value traded EOB (USD millions) | 34,569,638 | 4.07% | 36.48% |
Number of IPOs | 356 | -31.67% | -12.96% |
Capital raised through IPOs (USD millions) | 40,212 | -29.77% | 123.88% |
Europe Middle East and Africa region | |||
Indicator | H1 2025 | H1 2025 / H2 2024 | H1 2025 / H1 2024 |
Domestic Market Capitalisation (USD millions) | 19,365,375 | 1.44% | -6.46% |
Equity Value traded EOB (USD millions) | 5,718,718 | 31.40% | 9.10% |
Number of IPOs | 101 | 3.06% | 21.69% |
Capital raised through IPOs (USD millions) | 9,487 | 35.90% | -47.51% |
Total | |||
Indicator | H1 2025 | H1 2025 / H2 2024 | H1 2025 / H1 2024 |
Domestic Market Capitalisation (USD millions) | 127,710,825 | 0.41% | 6.24% |
Equity Value traded EOB (USD millions) | 88,689,596 | 13.95% | 25.02% |
Number of IPOs | 570 | -20.94% | -2.90% |
Capital raised through IPOs (USD millions) | 66,413 | -15.73% | 23.58% |
Americas region | |||
Number of contracts traded | H1 2025 | H1 2025 / H2 2024 | H1 2025 / H1 2024 |
Equity Derivatives | 9,130,221,068 | 7.49% | 5.01% |
Interest Rate Derivatives | 2,531,893,094 | 2.12% | 3.07% |
Commodity Derivatives | 768,460,450 | 12.91% | 14.60% |
Currency Derivatives | 674,224,229 | 8.46% | 28.74% |
ETF Derivatives | 4,086,908,023 | 5.87% | 33.98% |
Total | 17,191,706,864 | 6.54% | 11.67% |
Asia-Pacific region | |||
Number of contracts traded | H1 2025 | H1 2025 / H2 2024 | H1 2025 / H1 2024 |
Equity Derivatives | 18,809,690,561 | -71.97% | -69.21% |
Interest Rate Derivatives | 181,351,558 | 15.26% | 30.65% |
Commodity Derivatives | 3,251,408,577 | 0.39% | 22.95% |
Currency Derivatives | 196,742,967 | -3.80% | -83.30% |
ETF Derivatives | 716,478,288 | -14.71% | -2.66% |
Total | 23,155,671,951 | -67.64% | -64.81% |
Europe Middle East and Africa region | |||
Number of contracts traded | H1 2025 | H1 2025 / H2 2024 | H1 2025 / H1 2024 |
Equity Derivatives | 2,014,202,795 | 18.57% | 24.75% |
Interest Rate Derivatives | 884,664,421 | 13.83% | 16.13% |
Commodity Derivatives | 584,869,531 | 14.93% | 20.57% |
Currency Derivatives | 90,796,520 | 30.00% | 28.67% |
ETF Derivatives | 280,051 | 39.33% | 78.66% |
Total | 3,574,813,318 | 17.02% | 21.92% |
The full paper can be read here.
For more information, please contact:
Cally Billimore +44 7391 204 007
Communications Manager [email protected]
About the World Federation of Exchanges (WFE):
Established in 1961, the WFE is the global industry association for exchanges and clearing houses. Headquartered in London, it represents the providers of over 250 pieces of market infrastructure, including standalone CCPs that are not part of exchange groups. Of our members, 37% are in Asia Pacific, 43% in EMEA and 20% in the Americas region. The WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some USD 1.1 trillion (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. The exchanges covered by WFE data are home to over 49,054 listed companies, and the market capitalization of these entities is over USD116.58tr; around USD155tr in trading annually passes through WFE members (at end-2024).
The WFE is the definitive source for exchange-traded statistics and publishes over 350 market data indicators. Its free statistics database stretches back 50 years and provides information and insight into developments on global exchanges. The WFE works with standard-setters, policy makers, regulators and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets. The WFE shares regulatory authorities’ goals of ensuring the safety and soundness of the global financial system.
With extensive experience of developing and enforcing high standards of conduct, the WFE and its members support an orderly, secure, fair and transparent environment for investors; for companies that raise capital; and for all who deal with financial risk. We seek outcomes that maximise the common good, consumer confidence and economic growth. And we engage with policy makers and regulators in an open, collaborative way, reflecting the central, public role that exchanges and CCPs play in a globally integrated financial system.
Website: www.world-exchanges.org
Twitter: @TheWFE
Tags: data market highlights
For more information, please contact:
- Cally Billimore
- Manager, Communications
- Email: [email protected]
Phone: +44 7391 204 007 - Twitter: @TheWFE