The 10 Biggest IPOs 2025 & the Role of Halal Investing

The first half of 2025 was a tale of two quarters for global equity markets. After a strong start in Q1, optimism faltered in early April following the U.S. announcement of new tariffs, sparking selloffs and driving volatility to its highest levels since the early pandemic. Yet by mid-May, a pause on tariffs and renewed trade optimism reignited confidence, helping global indices rebound and setting the stage for selective IPO recovery.

According to PwC’s Global IPO Watch H1 2025, total global IPO proceeds reached $58.2 billion, marking a 17% increase from $49.6 billion in H1 2024. While activity remained uneven across regions, the U.S. and Asia-Pacific markets led the rebound, together accounting for most of the growth.

What are the top 10 IPOs of H1 2025?

Based on the PwC’s Global IPO Watch H1 2025 report published in July 2025, the top 10 IPOs are:

• JX Advanced Metals
• Venture Global
• CoreWeave
• HDB Financial Services
• SailPoint
• Flynas Company
• Circle Internet Group
• Hexaware Technologies
• Asker Healthcare
• Chime Financial

Americas Lead the Global Rebound

The Americas region, driven primarily by the U.S., was the top performer globally. IPO proceeds rose 56%, climbing from $17.6 billion in H1 2024 to $27.5 billion this year. This surge was fueled by a resurgence in SPACs (Special Purpose Acquisition Companies), which represented over 40% of total IPO issuances in the first half of 2025, according to PwC’s Global IPO Watch H1 2025.

Major U.S. exchanges, NASDAQ and NYSE, raised $19.4 billion and $8.1 billion, respectively, with technology and financials leading the charge. Tech IPOs such as CoreWeave, SailPoint, and Circle Internet Group highlighted the U.S. market’s renewed appetite for innovation. Meanwhile, the financial sector saw notable listings, including Chime Financial and eToro, signaling a comeback for fintech IPOs after a quiet 2024.

Asia-Pacific: Strong Activity Across Fewer IPOs

The Asia-Pacific region also experienced robust growth, with IPO proceeds increasing 44% year-on-year to $21.3 billion, despite 34 fewer IPOs than in H1 2024. Markets in China/Hong Kong SAR, Japan, and India were the main contributors to this momentum.

Japan hosted the largest IPO globally, JX Advanced Metals, which raised $2.5 billion on the Tokyo Stock Exchange. India followed closely behind with two successful IPOs, HDB Financial Services ($1.5 billion) and Hexaware Technologies ($1 billion), cementing its position as Asia’s most active IPO hub.

In Hong Kong, the IPO market rebounded as Chinese firms sought overseas capital, led by battery giant CATL, which raised $4.6 billion through a secondary listing in May. The National Stock Exchange of India (NSE) saw 50 IPOs in the first half, a slowdown from 65 a year earlier but with higher average deal sizes, underscoring investors’ preference for larger, higher-quality offerings.

EMEA: Selective Recovery Driven by the Middle East

The EMEA region (Europe, the Middle East, and Africa) saw mixed results. IPO proceeds dropped to $9.4 billion, nearly half of last year’s $17.2 billion. However, the Middle East emerged as a bright spot, accounting for more than half of EMEA’s total IPO issuance.

The standout deal in the region and one of the global top 10 IPOs was Flynas, Saudi Arabia’s low-cost airline, which raised $1.1 billion in what became the first Gulf airline IPO in nearly two decades. Strong investor demand for Flynas shares reflected continued enthusiasm for Saudi Arabia’s diversified economic growth under Vision 2030, as well as the sustained appeal of the region’s aviation sector.

Other notable Middle Eastern listings included Umm Al Qura for Development and Construction Company, Derayah Financial Company, and SMC Healthcare, all debuting on the Saudi Exchange (Tadawul). In the UAE, Dubai Residential REIT raised $600 million, highlighting the region’s growing real estate investment appetite.

Despite broader European weakness, Sweden’s Asker Healthcare stood out as the largest European IPO, raising $888 million on Nasdaq Stockholm.

Top 10 IPOs of H1 2025

PwC’s analysis shows that the top 10 IPOs together contributed $13.5 billion or 23% of total global proceeds, spanning six different countries and diverse sectors:

The technology sector regained momentum, representing 13% of all IPO issuance globally. Financials, however, dominated in proceeds, raising $18.3 billion, a 161% increase from H1 2024, and accounting for 31% of total global IPO volume.

Sector Highlights

• Financials led with $18.3 billion, largely driven by SPACs and fintech IPOs such as Chime and eToro.
• Information Technology followed with $7.5 billion in proceeds, up 50% year-on-year, powered by strong U.S. and Indian listings.
• Consumer Discretionary and Industrials rounded out the top four sectors, with proceeds of $6.7 billion and $6.5 billion, respectively.

The Middle East: A Key Force in EMEA’s Recovery

The MENA region’s IPO ecosystem continues to attract international attention, thanks to government-backed reforms and deepening capital markets. Saudi Arabia remains the region’s dominant force, while the UAE’s diversified offerings, particularly in real estate and financial services, underscore a growing investor appetite for regional exposure.

Beyond Flynas, several Saudi IPOs such as Derayah Financial and SMC Healthcare demonstrate that investors are confident in the region’s long-term fundamentals. With several high-profile listings expected in H2 2025, including potential offerings in the energy and logistics sectors, the Middle East is poised to remain a vital driver of EMEA’s capital market activity.

Outlook for H2 2025

Looking ahead, PwC expects the global IPO market to keep improving through the second half of 2025 and into 2026. Market volatility has eased, stock indices are rising again, and many strong companies, especially in the U.S., India, and the Middle East, are preparing to go public. Still, political tensions and trade uncertainties could affect this recovery.

As global trade patterns change, cities like Riyadh, Dubai, and Mumbai are becoming key places for new listings. The steady growth of IPOs in the region, particularly in areas that support economic diversification and sustainability, indicates that the MENA region is poised to become a major player in the global IPO market.

Shariah Compliance: The Ethical Edge in Global IPO Investing

For Muslim investors, Shariah compliance isn’t just a filter; it’s the foundation of ethical investing. By choosing Shariah-compliant companies, investors ensure their portfolios avoid sectors involving interest (riba), gambling, alcohol, and other non-permissible activities. This approach aligns financial growth with Islamic values while supporting transparency and long-term stability.

Among the top 10 global IPOs of 2025, only SailPoint, Flynas, and Asker Healthcare meet the Shariah-compliance standards defined by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). These standards include:

• Keeping interest-bearing debt below 30% of market capitalization.
• Ensuring haram income does not exceed 5% of total revenue.
• Maintaining interest-based investments at less than 30% of total assets.

This means Muslim investors seeking to participate in the year’s biggest listings can confidently consider these three companies, each offering opportunities for growth within the bounds of faith-based investing.

At Tabadulat, we make identifying and investing in certified Shariah-compliant opportunities simple and transparent. Our platform empowers you to build a portfolio that’s both profitable and principled, where every trade aligns with your values.

Kindly note that we were unable to confirm the compliance of the indian HDB Financial Services and Hexaware Technologies at this point in time.

Source: PwC Global IPO Watch H1 2025, published July 2025

Investing in IPOs carries significant risks, including market volatility, valuation uncertainty, and potential capital loss. The information provided herein is for general educational purposes only and should not be construed as financial advice.

FAQS

What is a global IPO?

A global IPO is when a company sells its shares to the public across multiple international stock exchanges to raise capital and attract global investors.

Is IPO halal?

Yes, IPOs are halal if the company’s core business and finances comply with Shariah principles, avoiding interest, gambling, and prohibited sectors.

What is the global IPO activity in 2025?

In the first half of 2025, global IPOs raised $58.2 billion, up 17% year-on-year, driven by strong activity in the U.S., Asia-Pacific, and the Middle East.

Is IPO good or bad for a company?

An IPO is generally good; it helps companies raise funds, gain visibility, and expand operations. However, it also increases public scrutiny and regulatory obligations.

Can Muslims do stock trading?

Yes, Muslims can trade stocks if they invest in Shariah-compliant companies that avoid interest-based and non-halal activities.

Is IPO safe for beginners?

IPOs carry risks. Prices can fluctuate after listing, so beginners should research the company’s fundamentals and risk level or seek guidance before investing.

Investing in IPOs carries significant risks, including market volatility, valuation uncertainty, and potential capital loss. The information provided herein is for general educational purposes only and should not be construed as financial advice.

For educational purposes only. Tabadulat is not yet licensed or regulated. Past performance is not indicative of future results.