Equity capital markets showed resilience through the first half of 2025, despite elevated volatility in March and April driven by tariff concerns, shifting Fed expectations, and geopolitical uncertainty. Major indices ended 1H with modest gains while volatility subsided to constructive levels supportive of issuance.
IPO activity held steady year-over-year, with 31 U.S. listed IPOs raising $15 billion as 39% of IPOs priced above the range. Aftermarket returns were also strong, as first half IPOs posted an average first-day gain of +30% and were up 42% by quarter-end. Technology IPOs led sector issuance, and seven private equity-backed IPOs raised a combined $4 billion in proceeds.
Follow-on and block issuance was moderate, but convertible activity surged in Q2 to $32.2 billion in proceeds—doubling Q1 levels and marking the highest quarterly total since early 2021. The SPAC market also rebounded, with 66 IPOs raising nearly $14 billion in 1H 2025.
Public IPO filing activity remained elevated, signaling broad-based readiness among prospective issuers heading into a potentially active second half.
Download ICR Capital’s full Mid-Year 2025 Equity Capital Markets Review for insights on:
- Equity market trends and volatility dynamics shaping issuance windows
- Year-to-date ECM activity across IPOs, follow-ons, blocks, and converts
- Analysis of 1H 2025 IPO issuance
- IPO public filing backlog
- Resurgence in the convertible and SPAC markets
- Updated IPO planning timeline and key execution considerations
Download the full review today.
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