IPO Statistics by Country 2026
By Axis Intelligence Research
Co-author: Mia Scarlett (Business) | Last updated: September 16, 2026 | License: CC BY 4.0
Nasdaq raised US$113.4 billion from IPOs in the first half of 2026, 59% of global proceeds, according to KPMG China. Remove SpaceX and Nasdaq still ranks first at US$27.1 billion, US$0.9 billion ahead of Hong Kong, by Axis Intelligence Research’s calculation. India listed the most companies and ranked fifth by dollars.
Quick Answer
- Top IPO exchange, 1H 2026: Nasdaq (US$113.4B), then Hong Kong Stock Exchange (US$26.2B), NYSE (US$16.5B), Shanghai Stock Exchange (US$8.5B) and Euronext Amsterdam (US$4.5B), per KPMG China’s 2026 Mid-Year Review.
- Top country by number of IPOs: India (102), ahead of Hong Kong (84) and the Chinese mainland (78), per EY Q2 2026 Global IPO Trends.
- Axis Capital Density Ratio (CDR): a U.S. IPO raised 4.66 times the global average deal in 1H 2026; an Indian IPO raised 0.10 times.
Key Findings
- Axis Intelligence Research calculates that Nasdaq raised US$27.1 billion from IPOs in 1H 2026 excluding SpaceX, still the world’s largest IPO venue, ahead of Hong Kong’s US$26.2 billion.
- According to KPMG China, U.S. exchanges captured 70% of global IPO proceeds in 1H 2026, up from 25% in full-year 2025.
- According to KPMG China, every exchange outside the U.S., Hong Kong and the A-share market combined took 10% of global IPO proceeds in 1H 2026, down from 40% in 2025.
- Axis Intelligence Research finds that the five largest IPO exchanges took 88.6% of global proceeds in 1H 2026, up from 64.2% in 1H 2025.
- The Axis Capital Density Ratio (CDR) for India read 0.10 in 1H 2026: India hosted 20% of the world’s IPOs and raised about 2% of the money.
Which Stock Exchange Raised the Most IPO Money in 2026?
Nasdaq led global IPO fundraising in the first half of 2026 with US$113.4 billion, according to KPMG China, which ranks exchanges using Bloomberg data as of June 26, 2026 (REITs included, SPACs excluded). Hong Kong Stock Exchange ranked second at US$26.2 billion.
The ranking changed three times in 18 months. Hong Kong led both 1H 2025 and full-year 2025. The National Stock Exchange of India ranked third for all of 2025, then dropped out of the top five in 2026.
Top 5 IPO exchanges by proceeds: 1H 2026, 1H 2025 and full-year 2025
| Rank | 1H 2026 | US$B | 1H 2025 | US$B | Full-year 2025 | US$B | Source |
|---|---|---|---|---|---|---|---|
| 1 | Nasdaq | 113.4 | Hong Kong Stock Exchange | 14.1 | Hong Kong Stock Exchange | 37.0 | KPMG China |
| 2 | Hong Kong Stock Exchange | 26.2 | Nasdaq | 9.4 | Nasdaq | 27.6 | KPMG China |
| 3 | New York Stock Exchange | 16.5 | New York Stock Exchange | 7.8 | National Stock Exchange of India | 20.9 | KPMG China |
| 4 | Shanghai Stock Exchange | 8.5 | Shanghai Stock Exchange | 4.5 | New York Stock Exchange | 20.5 | KPMG China |
| 5 | Euronext Amsterdam | 4.5 | National Stock Exchange of India | 3.9 | Shanghai Stock Exchange | 15.2 | KPMG China |
IPO exchange rankings excluding SpaceX
KPMG counts SpaceX’s June 2026 Nasdaq offering at US$86.3 billion. Axis Intelligence Research estimates Nasdaq’s 1H 2026 IPO proceeds excluding SpaceX at US$27.1 billion.
Formula: US$113.4B (KPMG Nasdaq 1H 2026) − US$86.3B (KPMG SpaceX figure) = US$27.1B.
| Exchange | 1H 2025 (US$B) | 1H 2026 (US$B) | Change | Source |
|---|---|---|---|---|
| Nasdaq, excluding SpaceX | 9.4 | 27.1 | +188% | Axis calculation on KPMG China |
| Hong Kong Stock Exchange | 14.1 | 26.2 | +86% | Axis calculation on KPMG China |
| New York Stock Exchange | 7.8 | 16.5 | +112% | Axis calculation on KPMG China |
| Shanghai Stock Exchange | 4.5 | 8.5 | +89% | Axis calculation on KPMG China |
Nasdaq’s lead over Hong Kong without SpaceX is US$0.9 billion. That margin sits inside the gap between data vendors’ cut-off dates, so the fair reading is a tie at the top, with Nasdaq nominally ahead.
Mia Scarlett: Strip the one-off and the operating ranking looks like this: Nasdaq and Hong Kong neck and neck, NYSE doubling, Shanghai recovering. That is a more useful table for an issuer choosing a venue than the headline one, because nobody else is bringing an US$86 billion book to market this year. The exchange that grew fastest on a like-for-like basis was still Nasdaq.
How concentrated is IPO capital across exchanges?
Axis Intelligence Research finds the top five IPO exchanges captured 88.6% of global proceeds in 1H 2026 (US$169.1B of KPMG’s US$190.9B), against 64.2% in 1H 2025 (US$39.7B of US$61.8B) and 67.3% in full-year 2025 (US$121.2B of US$180.2B).
KPMG also reports that the ten largest IPOs worldwide raised 59% of global proceeds in 1H 2026, versus 31% a year earlier.
What Share of Global IPO Proceeds Does Each Market Capture?
U.S. exchanges took 70% of global IPO proceeds in 1H 2026, up from 25% in full-year 2025, according to KPMG China. Hong Kong’s share slipped to 15% from 20%, and the A-share market’s fell to 5% from 15%.
| Listing market group | Share of global proceeds, FY2025 | Share, 1H 2026 | Source |
|---|---|---|---|
| U.S. stock exchanges | 25% | 70% | KPMG China |
| Hong Kong Stock Exchange | 20% | 15% | KPMG China |
| A-share stock exchanges | 15% | 5% | KPMG China |
| All other stock exchanges | 40% | 10% | KPMG China |
The last row is the one missing from most coverage. London, Frankfurt, Tokyo, Mumbai, Riyadh, Stockholm, Sydney and every other venue combined went from 40% of the world’s IPO dollars to 10%. Part of that is arithmetic (a larger denominator), but not all of it: EY records a MENA IPO count down nearly 80% and proceeds down more than 90% year over year in 1H 2026.
Which Countries Had the Most IPOs in 2026?
India hosted 102 IPOs in 1H 2026, the most of any country, according to EY. Hong Kong (84), the Chinese mainland (78), the United States (72) and Malaysia (28) completed EY’s top five by deal count.
By proceeds, EY ranks the United States first (US$128B), then Hong Kong (US$27B), the Chinese mainland (US$15B), the Netherlands (US$4B) and India (US$4B).
Axis Capital Density Ratio (CDR): how much capital does each country’s IPO attract?
The Axis Capital Density Ratio (CDR) measures how much a typical IPO in a given country raises compared with the global average IPO in the same period. A CDR of 1.00 equals the global average. Above 1.00, a market concentrates capital into fewer, larger deals. Below 1.00, it lists many companies with small raises.
Formula: CDR = (country proceeds ÷ country IPO count) ÷ (global proceeds ÷ global IPO count). All inputs come from EY’s Q2 2026 Global IPO Trends (Dealogic data), so numerator and denominator share one methodology.
Worked example, United States 1H 2026: US$128B ÷ 72 IPOs = US$1.778B per IPO. Global: US$194B ÷ 509 = US$0.381B. CDR = 1.778 ÷ 0.381 = 4.66.
| Country / market | IPOs, 1H 2026 | Proceeds, 1H 2026 (US$B) | Average IPO (US$M) | CDR | CDR excluding SpaceX | Source |
|---|---|---|---|---|---|---|
| United States | 72 | 128 | 1,778 | 4.66 | 2.78 | Axis calculation on EY data |
| Hong Kong | 84 | 27 | 321 | 0.84 | 1.51 | Axis calculation on EY data |
| Chinese mainland | 78 | 15 | 192 | 0.50 | 0.90 | Axis calculation on EY data |
| India | 102 | 4 | 39 | 0.10 | 0.18 | Axis calculation on EY data |
The ex-SpaceX column removes EY’s approximately US$86 billion single-IPO figure and one deal from both the U.S. inputs and the global inputs (global ex-SpaceX average: US$108B ÷ 508 = US$0.213B per IPO).
Axis Intelligence Research finds Hong Kong’s CDR rises from 0.84 to 1.51 once SpaceX leaves the global average: excluding the outlier, the typical Hong Kong IPO in 1H 2026 raised about 1.5 times the typical IPO worldwide. EY’s proceeds for India, the Netherlands and Malaysia are rounded to the nearest US$1 billion, so small-market CDR readings carry more rounding sensitivity than the U.S. or Hong Kong readings; Netherlands and Malaysia are not scored because EY publishes only one of the two inputs for each.
Mia Scarlett: The CDR separates two businesses that share the word “IPO.” India runs a high-volume listings business with a deep retail base and a separate SME segment; the average cheque is small by design. The U.S. runs a mega-deal business, even before SpaceX. Hong Kong is the interesting case: its headline density looks below average only because one U.S. deal pulled the global mean up. Adjusted, Hong Kong is where mid-to-large Chinese hardware and A+H issuers raised above-average amounts.
How Big Was the Hong Kong IPO Market in 2026?
Hong Kong Exchanges and Clearing reported 87 new listings raising HK$212.4 billion in 1H 2026, up 94% from HK$109.4 billion, in its 2026 Interim Results. HKEX states Hong Kong ranked second globally among IPO venues. Of those listings, 86 were on the Main Board and one on GEM.
KPMG’s count, cut off at confirmed listings to June 30 and excluding GEM transfers, is 85 IPOs raising HK$209.9 billion, the strongest first half in five years.
Hong Kong IPOs by listing route, 1H 2026
| Listing route | IPOs, 1H 2026 | Funds raised, 1H 2026 (HK$B) | Share of HK proceeds | 1H 2025 comparison | Source |
|---|---|---|---|---|---|
| A+H listings | 24 | 121.7 | 58% | 7 IPOs | KPMG China |
| Chapter 18C (specialist technology) | 13 | 29.8 | 14% | Nil | KPMG China |
| Chapter 18A (pre-revenue biotech) | 11 | 12.5 | — | 6 IPOs, HK$4.8B | KPMG China |
| New economy listings (all) | 65 | 160.1 | — | 20 IPOs, HK$75.0B | KPMG China |
| Total Hong Kong IPOs | 85 | 209.9 | 100% | — | KPMG China |
A+H and Chapter 18C listings together raised 72% of Hong Kong’s IPO proceeds, per KPMG. The largest deal was Victory Giant Technology at HK$23.1 billion, which HKEX describes as the largest TMT IPO in Hong Kong since March 2021. The ten largest Hong Kong IPOs accounted for 44% of proceeds, a much flatter distribution than the 59% global figure.
HKEX also reports HK$296.0 billion of follow-on equity raised by listed companies in 1H 2026, including Contemporary Amperex Technology’s HK$39.2 billion primary placement.
Hong Kong IPO pipeline
KPMG counts more than 500 active Hong Kong IPO applications including confidential filings, with 443 publicly filed as of June 26, 2026, up 52% since the start of the year. Of the public filings, 116 are A+H applications and 145 are technology companies.
Chinese Mainland A-Share IPOs by Exchange and Board
A-share IPOs raised RMB100.5 billion from 79 deals in 1H 2026, up 87% in funds and 30% in deal count, according to KPMG China using Wind data (REITs included). The Shanghai Stock Exchange main board raised the most; the Beijing Stock Exchange listed the most companies.
| A-share venue | IPOs 1H 2025 | IPOs 1H 2026 | Funds 1H 2025 (RMB B) | Funds 1H 2026 (RMB B) | Average IPO 1H 2026 (RMB B) | Source |
|---|---|---|---|---|---|---|
| Shanghai Stock Exchange (main board) | 19 | 15 | 24.5 | 40.0 | 2.67 | KPMG China; Axis average |
| STAR Market | 7 | 11 | 5.6 | 19.6 | 1.78 | KPMG China; Axis average |
| Shenzhen Stock Exchange (main board) | 9 | 8 | 9.5 | 18.8 | 2.35 | KPMG China; Axis average |
| ChiNext | 20 | 9 | 11.8 | 10.7 | 1.19 | KPMG China; Axis average |
| Beijing Stock Exchange | 6 | 36 | 2.2 | 11.4 | 0.32 | KPMG China; Axis average |
| A-share total | 61 | 79 | 53.6 | 100.5 | 1.27 | KPMG China; Axis average |
Board-level figures sum exactly to KPMG’s reported totals (79 deals, RMB100.5B), which is how Axis Intelligence Research matched KPMG’s chart labels to boards. The 1H 2025 totals (61 deals, RMB53.6B) are Axis sums of those labels and reproduce KPMG’s stated +30% and +87% changes.
Two readings matter. ChiNext listed fewer than half as many companies as a year earlier. And REITs account for six of the ten largest A-share listings of 1H 2026 in KPMG’s table, so “A-share IPO proceeds” in 2026 includes a large infrastructure and real-estate trust component that a U.S. or European count would exclude. KPMG counts 445 active A-share IPO applicants at the end of Q2 2026.
Mia Scarlett: Read the board table the way you would read segment revenue. Beijing’s deal count went from 6 to 36, but its average raise is RMB320 million, a small-cap pipeline. The dollars moved in Shanghai, where six of the top ten deals were REITs. Headline A-share growth of 87% is real; the operating-company share of it is smaller than the headline implies.
Where Did European and EMEA IPOs List in 2026?
European IPO proceeds rose 76% year over year to €7.2 billion in 1H 2026, according to PwC’s IPO Watch EMEA H1 2026, using S&P Global Market Intelligence data. Across the wider EMEA region, PwC reports US$10.9 billion, up from US$9.5 billion in 1H 2025 and below US$17.3 billion in 1H 2024.
European IPO activity by quarter
| Quarter | European IPOs | Proceeds (€B) | Source |
|---|---|---|---|
| Q1 2025 | 16 | 3.1 | PwC IPO Watch EMEA (S&P Global) |
| Q2 2025 | 12 | 1.0 | PwC IPO Watch EMEA (S&P Global) |
| Q1 2026 | 13 | 4.7 | PwC IPO Watch EMEA (S&P Global) |
| Q2 2026 | 26 | 2.5 | PwC IPO Watch EMEA (S&P Global) |
Q2 2026 doubled the deal count and roughly halved the proceeds of Q1. One listing explains the difference.
Largest European IPOs, 1H 2026
| Company | Exchange | Proceeds | Sector | Source |
|---|---|---|---|---|
| CSG | Euronext Amsterdam | €3,304M | Industrials | PwC IPO Watch EMEA |
| UzNIF | London Stock Exchange | €517M | Financials | PwC IPO Watch EMEA |
| Vincorion | Deutsche Börse | €405M | Industrials | PwC IPO Watch EMEA |
| Capital Tankers | Oslo Børs | €370M | Energy | PwC IPO Watch EMEA |
| BioMar | Nasdaq Nordic Copenhagen | €364M | Consumer Staples | PwC IPO Watch EMEA |
Axis Intelligence Research calculates that CSG alone supplied 46% of Europe’s 1H 2026 IPO proceeds (€3.304B ÷ €7.2B). That is why the Netherlands appears in EY’s top five countries by proceeds and Euronext Amsterdam in KPMG’s top five exchanges: both rankings rest largely on one defence listing. PwC describes CSG as the largest European IPO since 2022.
The National Investment Fund of the Republic of Uzbekistan (UzNIF) raised US$605 million through a dual listing in London and Tashkent, the country’s first international IPO, per PwC.
Nordic and African IPO markets
PwC Norway counts 24 IPOs and direct listings across the Nordic countries in 1H 2026: 10 in Sweden, 7 in Norway and 4 in Finland, with Norway leading on proceeds at €620 million (PwC Nordic IPO Watch).
In Africa, Kenya Pipeline Company raised US$823 million on the Nairobi Securities Exchange, and five further listings came on exchanges including the Ethiopian Securities Exchange, Ghana Stock Exchange, Egyptian Exchange and the JSE. PwC calls it the highest number of African listings in over 10 years.
Middle East IPOs
PwC describes the Middle East IPO market as largely closed since February 2026. EY puts the MENA declines at nearly 80% by deal count and more than 90% by proceeds.
Mia Scarlett: Europe’s 76% growth is a correct number describing one company. Take CSG out and Europe raised about €3.9 billion in the half, against €4.1 billion a year earlier. The healthier signal is Q2: 26 deals, the highest quarterly count in PwC’s series back to Q1 2023, spread across London, Frankfurt, Oslo and Copenhagen. Breadth arrived in Europe the quarter the big cheque did not.
India IPO Market 2026: Most Listings, Smallest Deals
India led the world by IPO count in 1H 2026 with 102 deals, according to EY, yet raised about US$4 billion. The National Stock Exchange of India raised US$20.9 billion in full-year 2025 and ranked third globally, per KPMG, then fell out of the global top five in 1H 2026.
The second half has a large Indian test case. NSE itself opens its IPO on September 17, 2026, as a pure offer for sale of up to 126,436,650 existing shares at a price band of ₹1,700 to ₹1,785, per the company’s price-band announcement. Axis Intelligence Research calculates the offer size at the top of the band at ₹22,568.9 crore (126,436,650 × ₹1,785). Because it is entirely secondary, none of that money goes to NSE.
Why Do IPO Rankings by Country and Exchange Differ Between Sources?
Three firms publish global 1H 2026 totals that disagree by up to 21 deals and US$16 billion. The gap comes from definitions, not errors.
| Publisher | Global IPOs, 1H 2026 | Proceeds (US$B) | SpaceX counted at | Key inclusion rules | Source |
|---|---|---|---|---|---|
| EY (Dealogic) | 509 | 194 | ~US$86B | Operating companies; excludes SPACs, trusts, funds | EY Q2 2026 |
| KPMG China (Bloomberg) | 530 | 190.9 | US$86.3B | Includes REITs; excludes SPACs; data to June 26 | KPMG China |
| PwC (S&P Global) | 524 | 178 | US$75B | Excludes greenshoe; minimum US$5M raise | PwC IPO Watch |
The SpaceX line explains most of PwC’s lower total: PwC excludes the over-allotment option, and KPMG’s and PwC’s SpaceX figures differ by US$11.3 billion. For country and exchange rankings, the practical rule is to compare venues within one publisher’s table, never across tables. That is the rule applied on this page.
What Is in the IPO Pipeline by Country?
PwC reports that Anthropic and OpenAI have both confidentially filed with the SEC, and that many European issuers are evaluating the second half of 2026 or early 2027 partly around those potential U.S. mega-deals. EY states that several trillion-dollar candidates could access U.S. markets by year-end.
| Market | Pipeline measure | Value | As of | Source |
|---|---|---|---|---|
| Hong Kong | Active applications incl. confidential | 500+ | 2026-06-26 | KPMG China |
| Hong Kong | Publicly filed applications | 443 | 2026-06-26 | KPMG China |
| Hong Kong | A+H applications in public pipeline | 116 | 2026-06-26 | KPMG China |
| Chinese mainland | Active A-share IPO applicants | 445 | 2026-06-26 | KPMG China |
| India | NSE IPO offer size at upper band (₹ crore) | 22,568.9 | 2026-09-16 | Axis calculation on NSE announcement |
Mia Scarlett: The pipeline table says the second-half ranking will be decided by two things: whether U.S. mega-candidates price, and how many Hong Kong A+H applicants clear regulatory approval. A pipeline count is not a revenue forecast. Hong Kong’s 443 filings and Shanghai’s 445 applicants convert on regulators’ calendars, not bankers’.
For the global totals, sector split and first-day return data behind these rankings, see the IPO Statistics 2026 hub. For AI-company listings specifically, see the AI IPO Tracker.
Methodology
Collection. Axis Intelligence Research assembled this dataset on September 16, 2026, from primary publications fetched and read on that date: EY Q2 2026 Global IPO Trends (Dealogic), KPMG China’s Chinese Mainland and Hong Kong IPO Markets 2026 Mid-Year Review and press release (Bloomberg, Wind and HKEX data), HKEX 2026 Interim Results, PwC IPO Watch EMEA H1 2026 (S&P Global Market Intelligence), PwC Global IPO Watch H1 2026, PwC Norway Nordic IPO Watch, and National Stock Exchange of India’s IPO price-band announcement. Every figure on this page is a row in the CSV.
One-publisher rule. Country rankings use EY data only. Exchange rankings and market-share figures use KPMG data only. European and EMEA figures use PwC data only. Axis Intelligence Research does not mix publishers inside a single ranking or ratio because their inclusion screens differ (see the definitions table above).
Reading chart labels. Several figures are published as chart labels. Axis Intelligence Research assigned labels to categories only when the assigned values reproduced a total or percentage change stated in the same document: A-share board figures reproduce KPMG’s 79 deals, RMB100.5B, +30% and +87%; European quarterly figures reproduce PwC’s €7.2B and +76%; KPMG’s full-year 2025 global total (US$180.2B) is the sum of its 1H 2025 (US$61.8B) and 2H 2025 (US$118.4B) labels and is consistent with KPMG’s statement that 1H 2026 already exceeded full-year 2025. EY’s full-year 2025 country labels were excluded because their order could not be verified.
Axis calculations. Nasdaq ex-SpaceX = KPMG Nasdaq − KPMG SpaceX. Top-five concentration = sum of top-five exchange proceeds ÷ KPMG global proceeds for the same period. CDR = (country proceeds ÷ country IPOs) ÷ (global proceeds ÷ global IPOs), all EY; the ex-SpaceX CDR subtracts US$86B and one deal from U.S. and global inputs. CSG share = €3.304B ÷ €7.2B. NSE offer size = shares offered × upper price band.
Currency and timing. Hong Kong figures are in HK dollars as published; KPMG converts at USD/HKD 7.75 for its exchange ranking, which uses data as of June 26, 2026, while its HK$209.9B total is adjusted to confirmed listings to June 30. That timing difference is why KPMG’s US$26.2B exchange figure sits below HK$209.9B ÷ 7.75. A-share figures are in RMB. No figures were converted by Axis Intelligence Research.
Coverage gaps. Japan, South Korea, Saudi Arabia and Australia do not publish comparable half-year IPO statistics in the sources used here; they appear only inside KPMG’s “all other exchanges” share. They will be added when primary exchange data aligned to the same period is available.
About This Dataset
File: ipo-statistics-by-country.csv, one row per observation, with metric, value, unit, period, geography or exchange, source organization, document, URL, retrieval date, primary-source flag, Axis-calculation flag and method note.
Coverage: IPO proceeds and deal counts by exchange (KPMG top five, 1H 2025, FY2025, 1H 2026), listing-market shares, country rankings and Axis Capital Density Ratio readings (1H 2026), Hong Kong listings by route, A-share listings by board, European quarterly activity and largest deals, Nordic and African highlights, publisher definitions and pipeline measures.
License: CC BY 4.0. Reuse freely with attribution to “Axis Intelligence Research, IPO Statistics by Country and Exchange 2026.”
Also published on: Hugging Face · Kaggle · GitHub (Axis Intelligence Research).
How to Cite This Page
APA: Axis Intelligence Research, & Scarlett, M. (2026, September 16). IPO statistics by country and exchange 2026: Rankings, proceeds and where listings actually happen. Axis Intelligence. https://axis-intelligence.com/ipo-statistics-by-country/
MLA: Axis Intelligence Research, and Mia Scarlett. “IPO Statistics by Country and Exchange 2026: Rankings, Proceeds and Where Listings Actually Happen.” Axis Intelligence, 16 Sept. 2026, axis-intelligence.com/ipo-statistics-by-country/.
Chicago: Axis Intelligence Research, and Mia Scarlett. “IPO Statistics by Country and Exchange 2026: Rankings, Proceeds and Where Listings Actually Happen.” Axis Intelligence, September 16, 2026. https://axis-intelligence.com/ipo-statistics-by-country/.
Questions Issuers, Bankers and Investors Ask About IPO Venues
Is Nasdaq or NYSE bigger for IPOs in 2026?
Nasdaq, by a wide margin. KPMG China ranks Nasdaq first with US$113.4 billion of IPO proceeds in 1H 2026 and NYSE third with US$16.5 billion. Excluding SpaceX, Nasdaq’s US$27.1 billion is still about 1.6 times NYSE, per Axis Intelligence Research.
Did Hong Kong lose its crown as the top IPO market?
On total proceeds, yes: Hong Kong led full-year 2025 with US$37.0 billion but ranked second in 1H 2026, per KPMG China. On a like-for-like basis excluding SpaceX, Hong Kong trails Nasdaq by only US$0.9 billion, within the margin of data cut-off timing.
Why does India have so many IPOs but raise so little money?
India’s market lists many smaller companies. EY counts 102 Indian IPOs raising about US$4 billion in 1H 2026, an average near US$39 million. The Axis Capital Density Ratio for India reads 0.10, meaning its typical IPO raised one-tenth of the global average.
Which European stock exchange is best for IPO proceeds right now?
Euronext Amsterdam led Europe in 1H 2026 because of CSG’s €3.3 billion listing, the only European exchange in KPMG’s global top five. By deal breadth, London, Deutsche Börse, Oslo Børs and Nasdaq Nordic Copenhagen each hosted a top-five European IPO, per PwC.
What is an A+H listing and why does it dominate Hong Kong IPOs?
An A+H listing is a Shanghai- or Shenzhen-listed company adding a Hong Kong listing. KPMG counts 24 A+H IPOs raising HK$121.7 billion in 1H 2026, 58% of Hong Kong IPO proceeds, already above the 19 A+H listings of full-year 2025.
Are Middle East IPO markets open in 2026?
Largely not in the first half. PwC describes the Middle East IPO market as mostly closed since February 2026, and EY reports MENA IPO proceeds down more than 90% year over year, amid the conflict in the region.
Which country will lead IPO rankings for full-year 2026?
The United States is positioned to lead by proceeds, with US$128 billion in 1H 2026 per EY, more than any single exchange raised in full-year 2025 in KPMG’s data. India or Hong Kong is likely to lead by deal count; the second-half pipeline decides which.
How is the Axis Capital Density Ratio calculated?
CDR divides a country’s average IPO size by the global average IPO size for the same period, using EY data for both. A reading of 1.00 equals the global average. In 1H 2026, the U.S. read 4.66, Hong Kong 0.84, the Chinese mainland 0.50 and India 0.10.