Valuasi IPO 2025 Menguat: Dana Melejit Meski Jumlah Turun

Global IPO activity in 2025 demonstrated a paradoxical trend: a relatively static or even declining number of initial public offerings (IPOs) globally, yet a significant surge in the total capital raised. This recalibration signals a market prioritizing quality and size, driven by renewed investor confidence in larger, more established companies amid persistent economic complexities.

Globally, 1,293 IPOs raised approximately US$171.8 billion in 2025, marking a substantial 39% increase in proceeds compared to 2024, despite a largely static number of deals. This trend was particularly evident in key regions. Asia-Pacific, for instance, saw its deal count remain flat but experienced a remarkable 106% surge in proceeds over 2024, with seven of the top ten global deals originating from the region. Hong Kong notably re-emerged as a strong performer, benefiting from Chinese mainland companies opting for listings there. Similarly, Japan recorded 24% fewer deals than in 2024 but witnessed a 33% increase in proceeds, largely due to major listings, including its largest since 2018. Even in ASEAN, the number of IPOs declined by 15%, but proceeds soared by 61% compared to 2024. In the United States, despite a challenging start to the year marked by tariff policy uncertainties, the IPO market strengthened, with both deal count and proceeds increasing by 27% and 38% respectively compared to 2024. The U.S. saw 11 deals raising over US$1 billion, up from seven in 2024, collectively accounting for more than 40% of total proceeds.

This shift reflects a discerning investor base, favoring companies with robust fundamentals and clear paths to profitability in an environment characterized by moderate inflation and stabilizing interest rates. The "nonlinear, accelerated, volatile, and interconnected (NAVI)" environment of 2025, as described by EY, meant market dynamics became more complex, pushing companies and investors towards more resilient and high-quality offerings. Stuart Newman, Global IPO Centre Leader at PwC UK, affirmed, "2025 has been a strong year for IPOs, despite disruptions, up 21% from the prior year. The US, China/Hong Kong, and India have driven 2025 activity; there is confidence and active pipelines going into 2026 in all regions, if still selective."

The pronounced increase in total proceeds, even with fewer listings, underscores several underlying factors. Many private equity (PE) and venture capital (VC) firms, holding a backlog of aging portfolio companies, found 2025 an opportune moment for exits as public market valuations improved, signaling a robust pipeline of future offerings. Technology, media, and telecommunications (TMT) companies, particularly those focused on artificial intelligence (AI) infrastructure, played a dominant role, accounting for nearly 40% of U.S. proceeds and driving significant activity in Asia-Pacific. The enthusiasm for AI-related companies was a key market driver throughout the year. However, concerns about valuations, especially within the AI domain, became more prominent as the year progressed.

Despite this global trend towards larger deals, regional variations were notable. India continued its robust IPO activity, driven by strong economic growth and resilient market sentiment, recording 367 IPOs (up 8% from 2024) and raising US$22.9 billion (up 9% from 2024). In contrast, Europe experienced a slight decline in deal count and proceeds, with some analysts attributing this to heavier regulations and a differing investment culture compared to the U.S. Nikolay Stoykov, Managing Partner at Alaric Securities, observed that European investors often prefer bank deposits over stocks, limiting IPO activity.

Looking ahead, the market anticipates a continued focus on companies with strong fundamentals. West Riggs, head of equity capital markets at Truist Securities, noted that "demand and appetite for IPOs remain extremely high as investors are looking for more options to achieve outperformance." The "shadow backlog and pace of new IPOs are building," according to Riggs, setting the stage for increased activity. While the macroeconomic environment appears more supportive with interest rates stabilizing, policy uncertainties, particularly regarding tariffs, and geopolitical tensions remain potential headwinds. The shift towards higher-quality, larger offerings in 2025 suggests a more mature, yet cautious, capital market landscape globally.