Equity capital markets sustained strong momentum through the third quarter of 2025, with major U.S. indices reaching new record highs amid Fed rate cuts, easing inflation, and resilient corporate earnings.
IPO activity accelerated, with 25 U.S. listings raising nearly $16 billion in proceeds—the busiest quarter since 2021—and bringing year-to-date proceeds to $32 billion. Sponsor-backed IPOs strengthened, reflecting rising exit confidence and a broader re-opening of the IPO market.
Public IPO filing activity and backlog continued to expand, signaling broad-based readiness among issuers heading into a potentially active fourth quarter and 2026 pipeline.
Convertible issuance surged again to $34 billion in Q3, marking the strongest two-quarter stretch since the COVID-era boom and putting 2025 on track to exceed $100 billion for the first time since 2021. Follow-on and block activity remained steady against constructive valuation levels, while SPAC issuance continued its rebound with 66 SPAC IPOs raising $14 billion year-to-date.
Download ICR Capital’s Q3 2025 Equity Capital Markets Review for insights on:
- Key market trends and volatility dynamics shaping issuance windows
- Q3 ECM activity across IPOs, follow-ons, block trades and converts
- Detailed analysis of 2025 IPO performance and sponsor-backed issuance
- Convertible market momentum
- Updated IPO timelines and readiness considerations heading into 2026
Download the full review today.
