Global IPO Market Driven by Fewer, Larger Deals

The first nine months of 2026 saw issue volume reach $287.5 billion, a 151 percent climb compared to the same period in 2025. This growth was anchored by mega-deals, led by the $26.5 billion Nasdaq debut of SK Hynix. Other major contributions included CXMT Corp’s $9.8 billion listing in Shanghai and Zhongji Innolight’s $7.8 billion offering in Hong Kong. While the number of IPOs dropped to 888 from 922, the concentration of capital in high-value placements remains the defining trend.

Regional performance varied significantly. The US saw a sharp contraction in listing volume to just 24 deals, yet total proceeds jumped 121.9 percent to $35 billion. Conversely, China experienced growth in both deal count and total value, with 79 IPOs raising $43.1 billion. European exchanges hosted 45 listings, though total volume slipped to $2.9 billion. Within this landscape, specialized firms like Infracore on the SIX Swiss Exchange highlighted the continued interest in infrastructure assets. Technology dominated the quarter, accounting for 67.4 percent of global volume, while advanced manufacturing, AI, and defense sectors provided the broader momentum for the year, bolstered by government stimulus and infrastructure demand.