Our last update on NASDAQ’s US and Stockholm IPO pulses was on April 10 – Day after Liberation Day Tariff was suspended by 90 days by 90 days (since it was expanded by 1 August).
At the time, Nasdaq-100® and S&P 500 bounced their offering for the year and were still about 15% away from their previous high levels.
A falling stock market and increased instability, weighed on IPO pulses, pushed our US and Stockholm IPO pulses into recession, further indicating less IPOs.
Of course, Nasdaq IPO was not a slowdown in the pulse Now! About tariffs.
The IPO Pulse was actually at the peak in the previous October and has been slowing down since then. But in March and April, the recession certainly intensified as the stock market was sold, the IPO Pulse fell into April with 1 of the year (below chart, blue line).
108 US IPO in H1 2025
The US IPO activity slowed down in Q2 2025 only in Q1 slow in 58 to 50 operating companies.
108 operating companies IPOs mark the third strongest first half in the last 10 years in the joint, first half (Green Bars), which is only behind 2018 and 2021. And H1 Capital rose 40% year-over year to $ 27bn!
In short, IPO activity was really strong to start 2025 compared to recent years (especially if we exclude the duration of zero-onion rate after covid).
Chart 1: Nasdaq IPO Pulse has increased for two months in April.
US IPO activity was widespread in sectors
The IPO activity was also widespread-based, out of which 10 out of 10 sectors had at least one IPO. And there were at least 10 IPOs in six regions, which was led by industrial with 29 IPOs (below charts).
Interestingly, the special objective acquisition companies (SPACS) have also rebound, in addition to 62 Spac IPO in the first half – more than – more than All 2023 (31) or 2024 (57).
We are also proud to say that the wholesale of IPO activity is on Nasdaq (blue part of the bar), with 80+% winning rate in the first half.
Chart 2: With even a slight slow slow in Q2, the IPO activity was relatively strong in H1
Despite the low IPO, Stockholm Capital increased 500+% in H1 2025
The story is the same for the Nasdaq Stockholm IPO Pulse.
It was at the peak in the middle of 2024-long before the weight of tariffs in the bazaar. But its recession also intensified in March and April, causing Nasdaq Stockholm IPO Pulse to reduce 1 of year by April (below chart, blue line).
After the summit of 2024 in the Stockholm IPO Pulse, the IPO was counted in Q4 2024 and has slowed down in each of the last two quarters (Green Bar).
But in this recession count The IPOS ignores strength more widely in Stockholm and other European places of Nasdaq.
In particular, Nasdac Stockholm had the largest European IPO this year – Oscar Healthcare – and three of the top five IPOs in Europe. And Nasdac Stockholm saw Fall 65% to € 3.7 billion in the first half.
And, like the US IPO Pulse, Stockholm IPO Pulse has also increased in May and June, reaching a three -month height. Therefore, if it is recovering, then the recession in Stockholm IPO Counting It may end soon, too.
Chart 3: Stockholm IPO’s count H1 to slow down in 2025, even the capital rebound
Like the market, IPO recession may also be less
While we have seen Some? The recession in the number of public operating companies, it has become relatively lighter, and despite the capital instability and the initial tariff cell-off, the US and Stockholm actually increased many years since.
If both IPO pulses continue to lift recently, it is possible that the recession time in the US and Stockholm IPO activity is one or two quarters, which is helped by a quick recovery of markets and a solid pipeline of private equity.
