IPO activity this far in 2025 has been shaped by market challenges characterised by volatility due to the new tariffs imposed by the US, and emerging trends, such as regional shifts, cautious listings, and sector focus, especially when it comes to crypto and fintech.
In the US, companies raised USD 9.22 billion in Q1, up 7% from the same period in 2024. However, the total number of IPOs fell to 59 due to trade tensions and market volatility created by the Trump administration’s tariff policies. This led firms to postpone listings and focus on markets such as the UK or India. Nevertheless, the new administration’s pro-investment stance, particularly in the crypto sector, still supports a significant number of IPOs.
In contrast, India stands out, with IPOs tripling in number in 2024 and record-breaking activities in sectors such as fintech, digital services, and manufacturing. Strong fundamentals and rising retail investor participation are positioning the country as a key market for IPOs in 2025.
The first quarter of 2025 witnessed a more challenging economic landscape than anticipated due to market volatility increased by shifting global trade tariffs. Despite the FTSE 100 reaching another record high, the UK’s stock market remains stagnant, with only 18 companies listed on the main market in 2024. Many firms remain indecisive on IPO plans. UK-based fintech Monzo, for example, has explored listing options, with internal debate over whether to pursue a US IPO to attract global investors or remain in the UK to strengthen its domestic customer base.
Monument Bank decided to remain in the UK, securing GBP 200 million in private financing as it prepares for an IPO by the end of 2027. The bank stated that this would likely be the final fundraising effort before an eventual public listing, with the capital supporting product development and international expansion. The UK-based lender is also considering a secondary listing on a major exchange in the Middle East or India the following year.
Meanwhile, the US continues to attract IPO candidates. In 2024, IPO proceeds rose by 75% YoY to reach USD 41.36 billion, although this number is still below the pre-pandemic average. Despite volatility, companies like SailPoint, Tabby, and DailyPay are planning their listings according to market conditions and available funds.
SailPoint raised USD 1.38 billion for itself and its parent company, Thoma Bravo, in a US IPO. The cybersecurity company priced its IPO at USD 23 per share, including 60 million shares. Of these, 57.5 million shares were offered to pay down debt, while 2.5 million were sold by Thoma Bravo, who retained a majority stake.
At the same time, MENA-based BNPL platform Tabby is collaborating with HSBC Holdings, JPMorgan Chase, and Morgan Stanley for its potential IPO. Tabby may raise additional funds before the listing, following a common trend among firms. Its IPO would join an increasingly active line of listings in the region, with firms such as Ejada Systems, Riyad Capital, and Flynas also preparing for public offerings.
Following this trend, DailyPay is also preparing for a potential US stock market list, which could come as soon as Q2 2025. The firm is taking steps to hire investment bankers for its planned IPO, which could value the company between USD 3 billion and USD 4 billion. However, DailyPay’s plans are subject to market conditions and have not been finalised.
Since US President Donald Trump introduced new tariffs on imported goods, global reactions have been largely critical. While Trump argued the move would strengthen the US economy and promote domestic spending, international leaders warned of serious global repercussions.
The growing fears over trade tensions have led to a drop in global stock markets, as investors are concerned about negative economic outcomes. In this time of uncertainty, several companies planning US IPOs, including Klarna and eToro, decided to delay their plans. After filing a USD 1 billion IPO in March 2025, Klarna planned to close down offices in Amsterdam, Mannheim, and Ohio as part of its strategy to scale operational efficiency, integrate AI, and minimise administrative costs.
The move came just one day after Klarna publicly filed a registration statement on Form F-1 with the US Securities and Exchange Commission for a proposed IPO. The company also applied to list its ordinary shares on the New York Stock Exchange under the symbol ‘KLAR’. The offering remained subject to market conditions, with no guarantee as to whether or when it may be completed. The IPO plan, initially announced in early March 2025, was aligned at the time with a wider rebound in public listings caused by the false expectation that Trump’s return as president would help markets improve and boost the economy.
However, with the current market uncertainty and growing backlash directed at the US, Klarna put a stop to its IPO arrangements. This could potentially influence the recovery of the US IPO market, as Klarna’s listing is considered a potential catalyst for supporting other companies to make the same decision. Nevertheless, the fintech remains open to re-examining its decision should the market conditions become more stable.
Similarly, eToro decided to postpone its plans after it filed for a US IPO in February 2025. The company aimed to start its investor roadshow in the upcoming period, but stalled its plans indefinitely due to the recent tariffs. eToro, much like Klarna, filed a registration statement on Form F-1 with the US SEC for an IPO of its Class A common shares. The platform planned to list on the Nasdaq Global Select Market under the symbol “ETOR”, stating that the IPO completion will be dependent on market conditions, investor demand, and regulatory approvals. A successful Nasdaq listing could have further solidified its position in the online brokerage market, valuing the company at over USD 5 billion.
In India, IPO proceeds increased almost threefold compared to 2024, reaching USD 20.99 billion in 2024. The market benefited from strong underlying growth fundamentals and increasing retail investment. India's IPO market experienced a significant resurgence, with companies raising over 317 IPOs. This surge was driven by high-profile listings across sectors such as fintech, digital services, and manufacturing. The fintech sector saw remarkable activity.
In 2025, this trend continues as companies prepare their public listings for India. Tata Capital initiated the process on the National Stock Exchange of India in what is expected to be one of the largest IPOs in the country for 2025. While specific details were to be confirmed, reports indicate the IPO could raise up to USD 2 billion.
Another development that reflects the continued momentum in India’s capital markets is Groww’s decision to go public, targeting a valuation between USD 6 billion and USD 8 billion. This represents a significant increase from the USD 3 billion the company was valued at during its last funding round. If successful, this would mark the first public listing by a digital trading platform in India.
Following the same route, Indian fintech Pine Labs planned a USD 1 billion IPO in the second half of 2025. This will be a mix of raising new capital and existing investors selling their stakes, according to the company. Pine Labs mentioned that even if the IPO timing changes, it is still ready for the public market. If the issue goes through, it will be the second-largest fintech IPO in India after Paytm’s USD 2.5 billion listing in 2021.
The new US administration, expected to loosen regulations and boost investment in sectors such as cryptocurrency, is also broadly seen as positive for the US IPO outlook.
The Singapore-based hardware manufacturer Bgin Blockchain filed for a US IPO, aiming to raise up to USD 50 million. According to a filing from 12 February 2025 with the US SEC, Bgin plans to offer approximately 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares. The company also applied to list its Class A shares on the Nasdaq under the ticker symbol “BGIN”.
Similarly, US-based cryptocurrency exchange Gemini has reportedly made progress toward going public by confidentially filing for an IPO in the region. The company collaborates with Goldman Sachs Group and Citigroup on the offering, aiming for a 2025 listing. This move would be preceded by the closing of a US Securities and Exchange Commission investigation into its operations.
Kraken secured an Electronic Money Institution (EMI) authorisation from the UK’s FCA to accelerate its development in the region and prepare for an IPO in 2026. The EMI licence aims to strengthen Kraken’s position in the UK by allowing the firm to issue electronic money, facilitating faster deposits and withdrawals for users. Kraken’s IPO will take place in the US, benefiting from a friendly regulatory climate in the region under Donald Trump’s administration, which has shown support for the crypto industry.
Circle, the issuer of the USDC stablecoin, is also preparing for an IPO after scrapping earlier plans to go public via a SPAC merger in 2021. The deal was abandoned in 2022 amid a downturn in the cryptocurrency market and regulatory challenges following the FTX collapse. With improved market conditions, Circle is now pursuing a conventional IPO route.
In conclusion, while global IPO activity continues to face uncertainty due to market volatility and geopolitical tensions, signs of resilience are emerging across regions. India, in particular, is driven by strong economic fundamentals and increasing retail investor participation. Meanwhile, the UK and EU markets may see renewed activity if stability returns.
The US outlook is mixed. If US markets fail to recover, it could trigger further IPO delays, reduced valuations, and a shift in listing interest towards regions like Asia, the UK, and the EU. Companies may also be forced to scale back operations or implement cost-cutting measures in response to delayed capital inflows. The remainder of 2025 will largely depend on whether market conditions can stabilise, and investor confidence can be restored.
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