HowcanyounavigateyourIPOplanning

withconfidence?

EYGlobalIPOTrends

Q32025

Region

Contents

ChaptertitlePage

Forward3

Executivesummary4

IPOmarkethighlights

Global1.TheglobalIPOmarketreview5

2.Theevolvingregulatorylandscape8

3.PE-backedIPOs11

4.TheglobalIPOmarketoutlook14

AssociationofSoutheastAsianNations(ASEAN)19

Europe20

GreaterChina23

India25

Japan26

MiddleEast27

Oceania28

SouthKorea29

US,Canada,LatinAmerica30

IPOactivitybyspecificmarket33

IPOactivitybysector34

Appendix

RegionalIPOfactsandfigures35

Stockexchangeranking38

Forthisdocument,unlessotherwisenoted,Q32025referstothethirdquarterof2025andcoverscompletedIPOsfrom1Julyto

24September2025,plusexpectedIPOsby30September2025(forecastedasof24September2025).Q32024referstothethirdquarterof

2024andcoverscompletedIPOsfrom1Julyto30September2024.Q1-Q32025referstothefirstninemonthsof2025andcoverscompleted

IPOsfrom1January2025to24September2025,plusexpectedIPOsby30September2025(forecastedasof24September2025).Q1-Q32024referstothefirstninemonthsof2024andcoverscompletedIPOsfrom1January2024to30September2024.YTD2025coverscompletedIPOsfrom1January2025to24September2025.2024referstothefullcalendaryearandcoverscompletedIPOsfrom1January2024to

31December2024.

2

EYGlobalIPOTrendsQ32025

3

EYGlobalIPOTrendsQ32025

GeorgeChan

EYGlobalIPOLeader

LinkedIn

Forward

Inthethirdquarterof2025,globalequitymarketsstagedarobustrecovery,

withmajorindicesintheUS,AsiaandEuropereachingfreshhighsaftermonthsofpressurefromtariffs,interestrateuncertaintyanddebtconcerns.This

reboundhasbeenunderpinnedbyeasingfinancialconditions,moderating

inflationinsomeregionsanddecliningmarketvolatility,alongsideregulatoryreformsthatarestreamlininglistingprocessesandencouragingsponsorsandissuerstorevisitpublicexits.

Investorsincreasinglyviewgeopoliticalriskaspartofthe“newnormal,”nolongerasingularshockbutapersistentbackdroptomarketdynamics.

Nevertheless,monetarypolicies,politicaldecision-makingandartificial

intelligence(AI)-driventechnologicaldisruptionremaindecisiveforcesshapingsentimentandcapitalflows.CompaniescrediblyleveragingAIcontinueto

commandpremiumvaluations,reinforcingexpectationsoftransformativegrowthevenasthebroadereconomysignalsmoremixedmomentum.

Economicdata,particularlyweakerjobcreationandunevencapitalspending

outsideAI,pointtoasofterunderlyinggrowthpulse.Whilesecondarymarket

valuationsremainbuoyant,thisdivergencefromreal-worldfundamentalshas

resultedinafragmentedre-openingoftheprimarymarket.Againstthis

backdrop,activityisgainingtractionintheUS,ChinaandIndia,whileLondon

andpartsofEuropeareshowingearlysignsofrevival,albeitwithmorecautiouspricing.Recentlistingshighlighta“flighttoquality,”withnewissuers

demonstratingstrongerprofitabilityandresilientaftermarketperformanceacrossmanyregionsandmostsectors.

Thoughabroaderrecoveryisemerging,investorselectivityremainsadefiningfeatureacrossregionswithheightenedscrutinyonfundamentals,profitabilitypathwaysandgovernance.Amidahighlyactiveprivatemarketandaresurgentpublicmarket,sponsorsnowhavemultipleviableavenuestomonetizeportfoliocompanies,promptingmanytore-assesstheappealofIPOexits.The

coexistenceofstrongpublicandprivateexitchannelsreflectsarenewedcompetitivedynamic—onethatrequiresIPOcandidatestodemonstratestrategicagility,adaptabilityandacompellingequitynarrative.

Tosucceed,issuersmustbefinanciallypreparedandrespondto

macroeconomic,geopolitical,andtechnologicalshifts.Thetransitiontoanew

economy—markedbyclimateadaptation,digitaltransformationand

geopoliticalrecalibration—requiresIPOaspirantstoaligntheirequitystorywithmacrotrends,manageexternalrisksandarticulatearesilient,forward-lookingstrategy.

“

GlobalIPOmomentum,fueledbyrobustequitymarkets,

monetaryeasingandmoreaccommodativefinancialconditions,isaccelerating.Forissuers,opportunitiesexpandforthosewhocanharnessmacrotrends,translateAI-drivendisruptionintogrowth,navigategeopoliticalcomplexityanddelivernarratives

thatresonatewithinvestorselectivityandlong-termvaluecreation.

4EYGlobalIPOTrendsQ32025EY

Executivesummary

TheglobalIPOlandscapein2025isundergoingadynamictransformation,shapedbyshiftingeconomicconditions,evolvingregulatoryframeworksandchanginginvestorpriorities.Asmarketsadapttonewrealities—rangingfrommonetarypolicyshiftsandtechnologicalinnovationtogeopoliticaluncertainty—issuersandinvestorsare

recalibratingtheirstrategies.

Thisreportwillcoverthefollowingtopics:abroaderrecoveryintheglobalIPOmarket,keyreformsandinnovationsbystockexchanges,trendsinPEexitsviaIPOs,andthe

outlookforIPOactivityinthenearterm.

AcceleratingmomentumintheglobalIPOmarketbecamemoreevidentinQ3

1

2025.TheUSledtherebound,supportedbyaconstructivemarketbackdropandgenerallypositiveIPOpricingandtradingoutcomes.Indiaalsoshowed

remarkablegrowth,withdealvolumestriplingandproceedsnearlyquadrupling.Meanwhile,GreaterChinaandtheMiddleEastsustainedtheirpaces,andEuropeexperiencedamodestrecovery.

Globalstockexchangesareacceleratingreformstoboostcompetitiveness,

2

streamlinelistings,andattractinnovativefirms.Flexiblelistingrules—suchas

HongKong’sTECHchannel—enablebroaderaccessforhigh-growthcompanies.Alternativepathwayslikespecialpurposeacquisitioncompanies(SPACs),directlistings,andpotentialblockchain-basedmodelsofferissuersmoreoptionsamidselectiveIPOconditions.Meanwhile,regulatorsaretighteningsafeguardsto

balanceinnovationwithinvestorprotection,introducingmeasurestocurb

manipulationandensuresustainablefundamentals,ultimatelyfosteringresilientcapitalmarketsandlong-terminvestorconfidence.

In2025,PEfirmsincreasinglyturnedtoIPOsasaviableexitstrategywhile

3

thepublicmarketconditionswereimproving.Thoughmergersandacquisitions

(M&A)andsecondarysalesremainedpopular,PE-backedIPOlistingsmorethandoubledyear-over-year(YOY),supportedbyglobalmonetaryeasingandequitymarketrallies.ThetrendisparticularlyevidentintheUS,GreaterChinaandtheNordics,wherePE-backeddealssurged.Theresurgencewasalsosectoralbroad-based,withmultipleregionssteppinguptheirparticipationinkeyindustries.

Overallactivitysurgedacrossdealvolume,proceedsandaftermarket

performance,reflectingstronginvestorappetiteforqualityassetsandsector-specifictailwinds.

4

ResilientoptimismisdrivingIPOmomentumglobally.Thisoptimismissupportedbyabroad,thoughuneven,shifttowardmonetaryeasingacrossmajor

economies,alongsidestrongcorporateearnings,robustIPOreturnsandlower

marketvolatility,allofwhichareboostinginvestorconfidence—especiallyin

sectorsadaptingtoAIanddigitaltransformation.IPOpipelinesareexpanding

acrossRealEstate,Industrials,Consumer,andEnergy,withTechnology,Media&EntertainmentandTelecommunications(TMT)leadinginvolume,particularlyintheUSandChina.Despitegeopoliticalandmacroeconomicuncertainties,

investorsentimentisimproving.Executionwillfavorwell-preparedissuerswithstrongfinancialsandgovernance.Sponsorsareadvisedtotimelistingswith

liquidityupswingsandmaintaindual-trackreadinesstopreserveflexibilityinexitstrategies.

Sources:EYanalysis,Dealogic.

EY

5

EYGlobalIPOTrendsQ32025

GlobalIPOmarketinQ1-Q32025

TheglobalIPOmarketrebounds:Indiatopsinvolume,theUSincapitalraisedandChinainpost-IPOreturns

Q3IPOmarket:unevenbutadvancing

GlobalIPOactivityacceleratedinQ32025,withdealvolumerising19%andproceedssurging89%yearoveryear(YOY),signalingasolidreboundininvestorappetitefueledbymonetaryeasingandimprovingmarketsentiment.However,therecoverywas

largelyconcentratedinafewkeyregions.Ofthe370dealslistedduringthequarter,

nearlythree-quarterswerefromIndia,theUS,andGreaterChina.Thesethreemarketsalsocontributedcloseto80%ofthetotalUS$48.2binproceeds,eachshowingstrongYOYgrowth.Notably,nineofthetop10globalIPOsinQ3camefromthesemarkets,

underscoringtheirdominantroleindrivingthemarketsresurgence.

InQ3,theUSachieveditsstrongestIPOquartersinceQ42021,withfilingsandnew

shareissuancessurgingsharplyfollowingarelativelysubduedQ2.Meanwhile,India

postedastandoutperformance,with146IPOsraisingUS$7.2bsettingnewrecordsindealnumber.

SignsofrecoveryareindeedvisibleinEurope,theMiddleEastandpartsofAsia-Pacific,thoughinvestorselectivityremainsadefiningfeatureacrosstheseregions.

10-yearquarterlyglobalIPOactivity(Q12016Q32025)

20162017

202020212022202320242025

20182019

$115$112

$118

$98$103

$114

$93

$64$49$50$53$55$61

$55

$53$56

$30$38$33$39

$52

$42$29

$45$26

$41

$36$40$38

$48

$30$32

$22$25$24$28

$40

$14

$15

Average

=363

181274279368374444390505323357337366211306251378241199477535512659602663326321371397307317359368283280311366299245370

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

NumberofIPOs10-yearquarterlyaverageIPOnumberIPOproceeds(US$b)

6EYGlobalIPOTrendsQ32025EY

BroadrecoveryinQ1-Q3seesIPOsoutperformmajorindices

Thefirstninemonthsof2025saw914IPOsraisingUS$110.1b,agradualrecoveryinnumberbuta41%growthbydealsizecomparedwiththesameperiodlastyear.

Byarea,EMEIAledglobalIPOactivitybydealvolumeinthefirstthreequartersofthe

year,followedbyAsia-PacificandtheAmericas.Atthecountryandexchangelevel,theUSmaintaineditsdominanceinglobalmarkets,leadinginproceedsandmarket

capitalization,withstrongIPOreturnsandhighprice-to-earnings(P/E)multiples

pointingtopremiumvaluations.ThestrongperformanceoftheS&P500index

underscorestheprevailingbullishsentimentinequitymarkets.TheTechnologysector’sdominanceintheUShassustainedthroughouttheperiod,withnotablepost-IPO

performancefromhigh-profileUSlistingssuchasCircleInternet,Bullish,Klarna,Figma,andCoreWeave.

ChinesemainlandandHongKonghaveemergedasgloballeadersinIPOreturns.Thetwomarketsrecordeddouble-digitYOYgrowthinbothdealvolumeandproceedsoverthefirstninemonths—drivenbystronginvestorappetiteinstrategicsectorssuchasadvancedmanufacturing,mobility,semiconductorsandelectronics.

SouthKorea’sIPOsrosenotablybybothnumberandproceeds,drivenbylarge-cap

listingsandstronginvestordemandinTechnologyandIndustrials.InASEAN,Malaysia’sstandoutIPOreturncontrastswithitsbroadermarketdecline,drivenbynichetech

listings,whiletheregionoverallsawfewerbutlargerIPOs—reflectingtheselectivetimingandvaluationdisciplinethatbecameapparentinQ3.

India’sleadershipinIPOvolume,supportedbystrongvaluationmultiples,underscoresthevibrancyofitsdomesticmarket.Theriseinaveragedealsizereflectsgrowing

investoroptimisminsectorssuchasfintech,manufacturing,andrenewables.

TraditionalIPOsandcarve-outlistingsintheMiddleEasthavemaintainedstrong

momentum,reachingtheirhighestlevelsincetheGlobalFinancialCrisisduringthefirstninemonthsoftheyear.

Q1-Q32025IPOactivity,YTDIPOreturnandkeystockmarketindicatorsbymajorIPOmarket

IPOnumber

India254

UnitedStates180

Chinesemainland86ASEAN75

Europe72

HongKong66

SouthKorea56MiddleEast54

Japan37

Oceania16

Proceeds(US$b)

UnitedStates33.0

HongKong23.2

Chinesemainland12.6India11.8

Europe9.3

MiddleEast6.3

Japan4.2

ASEAN3.9

SouthKorea2.5Oceania1.7

IPOreturn(%)

Chinesemainland149.3%

Japan80.9%

HongKong75.9%

SouthKorea43.9%

UnitedStates32.7%

UnitedKingdom30.4%Europeexcl.UK27.3%Malaysia21.1%

India17.5%

SaudiArabia10.7%

Indexreturn(%)

KOSPI44.7%

HangSeng32.3%

Nikkei22514.4%

FTSE10013.9%

ShanghaiComposite13.1%S&P50012.4%

EuroSTOXX5012.2%

BSESensex4.4%

BursaMalaysiaKLCI-2.3%TadawulTASI-4.8%

Marketcap(US$t)

UnitedStates62.2

Europeexcl.UK13.5Chinesemainland11.8

UnitedKingdom6.5Japan6.3

India5.1

HongKong4.6SaudiArabia2.7SouthKorea1.6Malaysia0.5

P/Emultiple

S&P50028.7X

BSESensex23.2X

Nikkei22520.8X

EuroSTOXX5018.1XFTSE10017.8X

TadawulTASI14.7X

BursaMalaysiaKLCI14.6X

FRKoreaPriceReturnI12.7X

HangSeng12.1X

ShanghaiComposite12.0X

IPOreturn,indexreturnsandover-allotmentdataasof24September2025close.P/Emultipledataasof23September2025close.

IPOreturnrepresentsyear-to-date(YTD)changeincommonsharepricingofnewlylistedcompanies,weightedbymarketcapitalization,comparedtotheirofferpricesatthetimeoflistingsasof24September2025.

MarketcapitalizationdatarepresentsthecombinedmarketcapofstockexchangeswithineachmarketasofOctober2024(e.g.,USdataincludesNYSEandNasdaq,whileChinesemainland’sdataincludestheShenzhenandShanghaistockexchanges).

Sources:EYanalysis,Dealogic,S&PCapitalIQ,WorldFederationofExchanges(WFE),LondonStockExchangeGroup(LSEG).

7EYGlobalIPOTrendsQ32025EY

Post-IPOperformancesurged

The2025IPOcohortdeliveredpositivereturnsacrossallmajorregionsthroughthefirstthreequarters.Chinesemainlandlistingsledbyawidemargin,withexceptionalfirst-dayandsustainedgainsdrivenbystrongdomesticdemandandpolicysupport.

ASEANalsoperformedstrongly,withgainsbuildingprogressively.TheUSandSouth

Koreapostedhealthydebutpopsbutmoremeasuredfollow-through,reflecting

valuationdisciplineinmaturemarkets.EuropeandOceanialagged,withmuted

performanceamidmacrouncertainty,thoughbothstillachieveddouble-digitYTDgains.

EarlyIPOpopsremaincommon,butsustainedperformancesuggeststhemarketis

regainingdepthandinvestorconfidence,creatingamoresupportiveenvironmentforfuturelistings.

Post-IPOsharepriceperformancebyregion

Global/region

Offerpricevs.firsttradingdate

Offerpricevs.Offerpricevs.Offerprice

endof1stweekendof1stmonthvs.YTD

Globalaverage

29.4%

28.4%

24.9%

58.3%

ASEAN

10.7%

49.7%

95.5%

106.8%

Chinesemainland

145.6%

128.0%

110.3%

149.3%

Europe

5.4%

5.9%

4.6%

27.3%

HongKong

16.3%

19.4%

19.3%

75.9%

India

10.8%

14.0%

12.2%

17.5%

Japan

14.3%

19.2%

14.3%

80.9%

Oceania

9.0%

7.1%

9.4%

13.8%

SouthKorea

29.0%

31.8%

19.5%

43.9%

UnitedStates

32.4%

25.9%

17.9%

32.7%

Sources:EYanalysis,Dealogic,S&PCapitalIQ.

Post-IPOsharepriceperformancerepresentschangeincommonsharepriceofnewlylistedcompaniesatdifferentpointsoftime,weightedbymarketcapitalization,comparedtotheirofferpricesatthetimeoflistingsasof24September2025.

Profitabilityedgeshigheronregionalandsectorgains

Thusfar,thisyear’sIPOclasshasregisteredmarginalprofitabilitygainsonaglobal

averagebuthasshownnotableimprovementinselectmarkets.Thisreflectsinvestors’growingpreferenceforfinanciallysoundandwell-governedcompanies—particularlyinvolatilemarketconditionswherequalityandtransparencyarecritical.ProfitabilitygainsweremostevidentinASEAN,HongKong,OceaniaandtheUS.Bysector,Industrials,

Consumer,Energy,GovernmentandPublicSector,andProfessionalServices

contributed,withthestrongestmarginsinFinancials,OilandGasandPublicSector

offerings.BankingandinsuranceIPOsbenefitedfromstablecashflowsandrenewed

MediannetprofitmarginofIPOcompaniesbyregion(%)

investordemandfordefensiveyield,whileenergydealsattractedoutsizedinflowsamidaglobalpushtosecurecriticalresources.

2024IPOsYTD2025IPOs

16.6%

16.9%

15.3%

12.8%

8.5%

8.4%

8.7%

12.8%

12.9%

6.6%

6.5%

7.3%

9.5%

3.5%

8.0%

7.9%

8.2%

2.5%

3.6%

2.8%

0.4%

3.2%

UnitedStates

SouthKorea

Global

Chinesemainland

India

MiddleEast

ASEAN

Europe

HongKong

Japan

Oceania

Sources:EYanalysis,Dealogic,S&PCapitalIQ.

8EYGlobalIPOTrendsQ32025EY

Theevolvingregulatorylandscape

KeytrendsinIPOlistingregulationssince2021

Stockexchangesarespeedingupreformstocompeteglobally

Globalexchangesareacceleratingregulatoryreformstostrengthentheirroleinlong-termcapitalformation.Manyhavestreamlinedlistingrequirements,modernized

disclosureregimesandrelaxedproceduralbarriersstrategicmovesaimedat

attractinginnovativefirmsandpositioningregionalmarketsascrediblealternativestoUSdominance.Regulatoryreformisincreasinglybecomingacompetitiveleverintheglobalcapitalmarketrace.

Thesereformsaretightlyalignedwithevolvingeconomicandsectoralpriorities.TheUScontinuestoleverageitscapitalmarketstomaintaintechnologicalleadership;Chinaisfocusedonadvancedmanufacturingandelectricvehicle(EV)supplychains;India

prioritizesIT,digitalinfrastructureandfintech;EuropeisinvestingheavilyinIndustrialsandLifeSciencessectors;andtheMiddleEastisacceleratingdiversificationinto

sovereignwealthinvestment,EnergyandTechnologicalsectors.AsIPOissuance

increasinglyreflectssectoralthemesgreenenergy,AI/tech,defensetech,healthcare,infrastructureexchangesareadaptingtheirregulatoryframeworkstosupportgrowthintheseverticals.Emergingmarketsarealsostrivingtobecomeregionalcapitalhubs.India,theMiddleEast,andASEANaregainingprominenceintheIPOlandscape,with

Indiasexchangesalreadyleadinggloballyindealvolumereflectingstrongermarketdepthandgreaterdynamism.

Top5IPOstockexchangebynumber(total:914IPOs)

SouthKorea

US(NASDAQ),141

India(NationalandBombay),

254

(KRXandOthers,357

KOSDAQ),

HongKong(MainBoardandGEM),66

Shenzhen(SZSEandChiNext),40

Top5stockexchangebyproceeds(total:US$110.1b)

HongKong

(MainBoard

India(NationalShanghai(SSE

andBombay),andSTAR),$7.4$11.8

US(NYSE),$17.1

Others,$34.7

US(NASDAQ),$15.9

andGEM),$23.2

Sources:EYanalysis,Dealogic.

Listingrulesbecomemoreflexibleworldwide

Manyexchangesinrecentyearshaveeasedlistingrequirementstoattractinnovative

andhigh-growthcompanies.HongKongsTechnologyEnterprisesChannel(TECH)andbiotechframeworkallowconfidentialfilingsandbroadereligibility,helpingfundsraisedinH12025jumpmorethansevenfoldYOY.ThesechangeshighlighthowexchangesarecompetingwithUScapitalmarketsandrevivevolumesinkeysectorsliketechnology,

financialservices,andlifesciences.Whilelightersafeguardscanraisevolatilityrisks,thesenewruleshavepairedflexibilitywithoversightmeasures,strikingabalance

betweenmarketaccessandinvestorprotection.Cross-borderconnectionshavealso

strengthened,withexchangescreatingframeworkstoattractinternationalissuersandfacilitatecapitalflowsacrossregions.

Market

(regulator/exchange)

Year

Selectedrecentreforms

Chinesemainland(CSRC/SSE/

SZSE/BSE)

2024-2025

RestartedIPOswithpriorityfortechandinnovationfirms

Relaxedforeign-investmentthresholdsforlistedfirms

Expandedred-chipandoverseaslistingoptions

EuropeanUnion(EU)

UK(FCA/LSE)

2025

2024

RecalibratingCorporateSustainabilityReportingDirective

(CSRD)toseparatesustainabilityreportingfromlistingrules

EUListingAct:reducingfreefloatrequirementsandnumberofhistoricfinancialstatementsinprospectus

Replacedpremium/standardwithsingledisclosure-basedsegment

Moreflexibilityondual-classandrelated-partyrulesRelaxedhistoriceligibilitytests

HongKong(SFC/HKEX)

India(SEBI)

Singapore(MAS/SGX)

SaudiArabia

(CMA/Tadawul)

US(SEC/NYSE)

LaunchofTECHchannelandconfidentialfilingforChapter18C/18A

TemporaryeasingofmarketcaprequirementsforChapter

2024202518Ctechfirms(20242027)

IPOallocationreforms:minimum40%placingtranche,moreflexibleclawbackmechanism

Loweredmega-capfreefloat2025Extended25%floattimeline

Openedtoforeigninvestors;reformedanchorpools

2025Proposedeasinglistingrulesandearlierinvestoroutreach

(consultation)Liquidityandmarket-developmentmeasures

Consideringlistingtheforeignownershipcap

EnabledforeignlistingsviaSaudiDepositaryReceipts2025

OngoingExpandedaccommodationsforconfidentialdraftfilings

2025GlobalholdercountsacceptedforNYSEforeignIPOs

Sources:EYanalysis,stockexchangesandregulators.

PathwaysbeyondtraditionalIPOs

Globalexchangesarewideningtheirplaybooks,offeringcompaniesmorevariedroutestothepublicmarkets.Aftertheirboomandbustin2021,SpecialPurposeAcquisitionCompanies(SPACs)havebeenreshapedwithstrongersafeguardsandcontinuetoplayameaningfulrole.The2024SECreformstightenedoversightofSPACandde-SPAC

deals,bringingthemclosertotraditionalIPOstandards.In2025,SPACsaccountforasizeableshareoflistings,offeringanalternativerouteamidselectiveIPOmarkets,

thoughperformance,litigationandsectorrisksremain.

Directlistingshavebecomemoreflexibleasregulatorseektoprovidefaster,less

restrictiveroutestomarket.Inparallel,digitalfinanceisreshapingthelandscape,withproposalstointegrateblockchain-basedmodelsandbroadenaccesstoalternative

assets.

Thesemovesreflectabroaderstrategicgoal:tokeepmarketsrelevant,channelcapitaltowardprioritysectorssuchastechnologyandenergytransitionsandofferissuers

optionalityinuncertainconditions.Yet,thelessonsofpastcycles,whererapid

.

innovationsometimesledtovolatilityoruneveninvestoroutcomes,underscoretheneedtobalanceaccessibilitywithsafeguards

EY

9

EYGlobalIPOTrendsQ32025

10EYGlobalIPOTrendsQ32025EY

Market

(regulator/exchange)

Year

Selectedrecentreforms

)2022LaunchedSPACframework

SaudiArabia

(CMA/Tadawul)

2024–2025

ExpandedSPACanddual-/cross-listingchannelsforforeignissuers

Switzerland(SIX)

2022

IntroducedSPACstandard

Clarifiedde-SPACmigrationrules

UAE(ADX/SCA)2022

ApprovedGulfCooperationCouncil(GCC)’sfirstSPACregimewithIPOsizeandsafeguardrules

UK(FCA/LSE)

2023–2024

(consul./pilot)

Proposedintermittenttradingplatform(Pisces)forprivatecompanyshares

US(SEC/NYSE/Nasdaq)

2020–2025

Alloweddirectlistingswithcapitalraise

TightenedSPACrules

Proposedtokenizedsecuritiestrading

Sources:EYanalysis,stockexchanges,regulators.

Balancingmarketaccessandinvestorprotection

Asexchangesmovetostreamlinelistingregimesandattractmoreissuers,regulatorsarealsotighteningsafeguardstoprotectmarketintegrity.Thisbalancingactreflectslessonsfrompastcyclesofspeculativeexcessandthegrowingimportanceof

maintaininginvestortrustinincreasinglyglobalizedmarkets.

AuthoritiesintheUS,China,andSouthKoreahavesteppedupoversight,introducing

measurestocurbmarketmanipulation,strengthengovernance,andensurelistingsarebackedbysustainablefundamentals.Atthesametime,reformsinplaceslikeAustralia,HongKongandJapanaredesignedtocutcostsandshortentimelines,whileEuropeandMalaysiaarereinforcingtransparencytosupportresilientaftermarketperformance.

T