In the first half of this year, the number of initial public offerings (IPOs) in Korea decreased by 15 compared to a year ago, but thanks to the prominent LG CNS, the amount raised increased by about 20%.
Samil PwC noted on the 15th that it published a report titled "Global IPO Performance and Outlook for the First Half of 2025," which includes the global IPO performance for the first half of the year (January to June) and outlook for the second half (July to December).
According to the report, the global IPO amount raised during this period reached $58.2 billion, marking an increase of about 17% compared to the same period last year ($49.6 billion), with the number of IPOs increasing from 444 to 486, a rise of 9%.
The Americas recorded a fundraising amount of $27.5 billion, a 56% increase from the first half of last year, driving global growth. The Nasdaq and the New York Stock Exchange raised $19.4 billion and $8.1 billion, respectively, leading the market recovery, particularly as special purpose acquisition company (SPAC) IPOs accounted for more than 40% of total IPOs in the first half.
The IPOs in the Asia region showed signs of recovery centered on China, Hong Kong, India, and Japan. Although the number of IPOs decreased by 34 compared to the same period last year, the average amount raised per IPO increased, totaling $21.3 billion. JX Advanced Metals Corporation raised $2.5 billion through an IPO, and India continued its active participation, accounting for 2 out of the top 10 global IPOs in the first half.
Korea raised a total of 2.2 trillion won from 40 IPOs during the same period. Although the number of IPOs decreased by 15 compared to the same period last year, the amount raised increased by 366.9 billion won, thanks to the listing of LG CNS (offering amount of 1.2 trillion won), reflecting a growth rate of 19.8%.
In contrast, the Europe, Middle East, and Africa (EMEA) region experienced a 45% decrease in IPO funds raised to $9.4 billion compared to the same period last year due to macroeconomic slowdowns and policy uncertainties. However, as the second quarter (April to June) progressed, volatility eased, showing a gradual recovery trend. Notably, Saudi Arabia's low-cost airline Flynas successfully completed its IPO for the first time in about 20 years among Gulf region airlines, and a Swedish medical solutions company raised $888 million, among other significant listings driving the market.
In the first half of this year, the top 10 global IPOs were from the United States, India, Japan, Saudi Arabia, and Sweden, accounting for a total of $13.5 billion (23% of total IPO amounts). By industry, significant IPOs occurred across various sectors including finance, technology, energy, healthcare, and metals. Notably, technology firms represented 4 out of the top 10 listings, indicating a recovery trend. The financial sector recorded $18.3 billion, which corresponds to 31% of the total offering amount, influenced by the surge in SPAC IPOs in the U.S.
The report analyzed that "Since the announcement of U.S. tariffs in early April, major indexes fell by about 10% and the volatility index (VIX) exceeded pandemic levels, causing a temporary market slowdown. However, entering the second quarter, progress in trade negotiations and expectations of interest rate cuts have led the stock market to transition back into a recovery mode."
The Morgan Stanley Capital International (MSCI) World Index ended the first half with a 9% increase, while the Standard and Poor's (S&P) 500 Index rose by 5%, and Europe's Stoxx 600 and the UK FTSE 100 indexes each increased by 7%, bouncing back.
The report also forecasted the possibility of further recovery in the global IPO market in the second half of this year. It noted, "While macroeconomic conditions and geopolitical instability continue to weigh on the stock market, corporations that have postponed IPOs may attempt IPOs in the latter half of the year, driven by the timing of the stock market's uptrend and the retrieval of investment capital."
Kim Gi-rok, the global IPO services leader (partner) at Samil PwC, stated, "The global IPO market in the first half of the year exhibited a recovery compared to the previous period, but the uncertainty and volatility in the market remain high," adding, "While recovery is expected to continue in the second half, corporations preparing for IPOs need to establish risk management strategies and flexible approaches in response to the global macroeconomic environment."