Equity capital markets kicked off 2025 with strong momentum, despite a volatile macro backdrop that heightened in March. IPO activity was up 9% compared to Q1 2024 levels, raising $8 billion across 15 IPOs. Nearly 40% of Q1 IPOs priced above the range and were up 14% (on average) on their first day of trading. Technology IPOs led sector issuance, and five private equity-backed IPOs raised a combined $3 billion in proceeds.
While broader ECM volumes were mixed, follow-on issuance remained resilient—up 7% (in proceeds) from the same period last year.
Looking ahead, public IPO filings in Q1 outpaced the last three years, with a growing backlog of 22 IPOs positioning the equity capital markets for an active Q2.
Get our full Q1 2025 Equity Capital Markets Review for more insights on:
- Equity market observations from the first quarter
- Comparison of historical year-to-date equity capital markets activity
- Analysis of Q1 2025 IPO issuance
- Growing IPO pipeline and public filing backlog
- Follow-on, block trade, and convertible offering updates
- Updated IPO timeline guidance and planning considerations
