Global IPO Watch Q2 2023

August 2023

In Q2 2023, rising interest rates and monetary policy uncertainty curbed appetite for IPOs in the US and Europe. However, Mainland China and the Middle East continue to dominate global IPO markets, supported by a streamlined new listings regime for the Shanghai and Shenzhen stock exchanges and a privatisation push in the Gulf.

Whilst there are signs of life in the IPO market and some issuers will be able to get their IPOs done, we do not expect things to materially change until early 2024. Current cautious outlook will impact the pace of the recovery of the IPO market in the US and Europe, however, we continue to see a strong pipeline of issuers preparing to access the public markets across a variety of sectors such as technology, energy transition, consumer and healthcare.