In 2025, the U.S. IPO market experiences a resurgence with Singapore and Malaysia emerging as key contributors, showcasing promising investment opportunities for U.S. investors.

Overview of U.S. IPO Activity

The U.S. IPO market has experienced a significant resurgence in 2025, showcasing a marked rebound from the cautious atmosphere that characterized 2023 and 2024. As reported by S&P Global Market Intelligence, the second quarter of 2025 saw IPO issuances soar by over 80% compared to the same period last year, culminating in the strongest first half of the year since 2021. Total equity issuance exceeded $26.3 billion during the first six months, driven by a substantial rise in both operating company IPOs and Special Purpose Acquisition Company (SPAC) offerings.

In the second quarter alone, 59 IPOs raised $15 billion, contrasting with 45 IPOs that raised $11.2 billion in the first quarter. Data from Nasdaq indicates that there were 108 operating company IPOs in the first half of 2025, marking it the third highest half-year total in the past decade, with proceeds up 40% compared to the first half of 2024.

Southeast Asia's Role in the Market

Amid this robust recovery, Southeast Asia has emerged prominently as a valuable contributor to the U.S. IPO landscape. According to research from ARC, Singapore and Malaysia together represented nearly 30% of all Asian