Market Maker The Deal Room: IPO Market 2025 & Investment Bank League Tables (Feat. eToro, CoreWeave, Revolut, Figma...)
May 19, 2025
Dive into the dynamic world of IPOs, featuring eToro's highly anticipated debut and a surge of micro IPOs from China. Explore the unexpected resurgence of SPACs and the intriguing factors behind Japan’s IPO boom. The discussion sheds light on London’s challenges in the market and reveals surprising leaders in the investment banking league tables. This insightful analysis offers a comprehensive view of current trends and highlights key players shaping the public listings landscape.
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Micro IPOs Inflate US Numbers
- IPO volume is up 51% but the proceeds only increased 2%, meaning more but smaller IPOs. - Many are micro listings mostly by Chinese companies exploiting Nasdaq rule loopholes before changes.
SPACs Maturity and Comeback
- SPAC IPOs are making a comeback after a wild 2021 hype and subsequent disillusionment. - They provide a faster, alternative public listing route and now attract more credible targets.
Japan Drives Asia-Pacific IPO Growth
- Asia-Pacific IPO proceeds surged 87% year-on-year driven by Japan's 404% IPO increase in Q1 2025. - Japan’s renewed economic activity is a key global IPO market driver now.