In 2024, Lineage Inc, a U.S. based warehouse real estate investment trust (REIT), had the largest IPO worldwide, worth over five billion U.S. dollars. Hyundai Motor India Ltd had the second-largest IPO of 2024, at 3.3 billion U.S dollars.

The initial public offering (IPO) of Saudi Aramco, the Saudi Arabian multinational petroleum and natural gas company, on the Tadawul in December 2019, was the largest public offering globally ever as of December 2024. The IPO of Saudi Aramco raised approximately **** billion U.S. dollars. Why do companies opt for IPOs? An initial public offering (IPO), also known as ‘going public’, is the company’s first stock sale to the public. IPO happens when an initially private company decides to open up to the stock market, taking the first step to become a publicly traded enterprise. Shares are traded in the open market after the initial sales, and any public investor can take part on the trade. In the United States alone, *** companies made their public-market debut in 2023. IPOs are made by different companies for a number of reasons. Smaller sized companies may seek an IPO for access to capital and cheaper credit for further expansion. Other companies that may already be of considerable size, however, may use an initial public offering to other ends. Opening up to the stock market can also facilitate merger and acquisitions, considering stocks can be part of a future deal. Chinese companies feature twice Two Chinese companies featured in the list as of 2024. Alibaba had the second largest after Saudi Aramco, with the Industrial and Commercial Bank of China (ICBC) in tenth place. Alibaba is listed on the New York Stock Exchange (as well as the Hong Kong Exchange), making the company’s IPO also the largest one in the U.S. to date. ICBC is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.

The initial public offering (IPO) of ***********, listed on the *********************, was the largest public offering in Europe in 2024. The IPO of the company was worth over *** billion euros. An initial public offering (IPO), also known as ‘going public’, is the company’s first stock sale to the public. The largest all-time IPO worldwide was worth more than ** billion euros.

At nearly ** billion U.S. dollars, the 2014 initial public offering (IPO) of Alibaba Group Holding Limited remains the largest IPO in the United States ever. Trailing by almost **** billion U.S. dollars, Visa takes second place, followed by ENEL SpA, an energy company based in Italy. What is an IPO? An IPO is when a private company offers shares to the public for the first time through a stock exchange. Companies do this to raise money, as seen with Alibaba. However, public companies are subject to more scrutiny, such as publishing quarterly reports for investors. Also, not all IPOs are profitable. A bad IPO can result in significant losses. Companies that could go public Unicorns are private companies valued over a billion U.S. dollars. Any of these could go public, raising significant funds. However, most IPOs are valued in the ********, not ********. The median deal size of these offerings in the United States tends to be a little more than *** million U.S. dollars. Investors keep a watch for the next IPO, since a strong offering means high returns for those who buy the stock early.

In 2024, the largest initial public offering (IPO) on the German Stock Exchange (Deutsche Börse) was that of Douglas AG, which was valued at nearly one billion euros. The IPOs displayed refer to the EU regulated market (Prime Standard), which is an organized market as well as a legally regulated stock segment where conditions for approval and follow-up obligations are also regulated by the law.

Between 2023 and the first half of 2024, the intial public offering (IPO) of Rusta on the Stockholm Stock Exchange was the largest on the Nasdaq Nordic marekts. The IPO of one of Sweden's largest retailers in October 2023 raised nearly 200 million euros. The second-largest was Prisma Properties' IPOs in June 2024, also on the Sweden Stock Exchange, which raised 140 million euros.

The statistics presents the all-time largest initial public offerings (IPOs) in the United Kingdom (UK) as of December 2024, by money raised. As of April 2024, the largest IPO in the UK took place in 2011 by Glencore International, a natural resource company headquartered in Switzerland, with approximately 6.2 billion British pounds raised.

**** was the underwriter of the initial public offering (IPO) of ************ in April 2019. At almost ** billion U.S. dollars, this was the largest all-time IPO globally as of October 2021. This was followed by *******'s 2014 IPO worth just over ** billion U.S. dollars, underwritten by *************. Who were the leading underwriters in the U.S.? Underwriting is the process through which an investment bank (the underwriter) acts as a broker between the issuing company and the investing public to help the issuing company sell its initial set of shares. As of October 2021, the underwriters of the largest IPOs in the United States were ******************************************* – the combined value of their underwritten IPOs reaching almost ** billion U.S. dollars. When taking a company public, investment banks charge underwriting fees, which are the largest single direct cost associated with an IPO. In 2020, the underwriting fees for deals in the U.S. which were valued between *** million and * billion U.S. dollars, amounted to more than * percent of the gross proceeds from the offering. What does the global IPO market look like? Going public is typically a way for private companies to raise capital for expansion, although venture capitalists can also use IPOs as exit strategies. In 2020, ************** had the largest number of traditional IPOs than any other region worldwide. This was followed by the *************, which saw a significant increase in the number of IPOs that year.

More initial public offerings (IPOs) occurred in India in 2024 than any other region or country worldwide, with ***. The United States followed, with *** IPOs in that year. The ASEAN countries rounded up the top three, with a combined number of IPOs amounting to ***. Why make an IPO? Private companies have a lot of control over their companies, but their funding sources are limited. While some of these companies have achieved valuations over one billion U.S. dollars, called unicorns, most have trouble finding the cash to grow their business. To open themselves to public investors, they make an initial offering of shares of stock. The largest IPOs are worth billions of U.S. dollars. Timing is everything The timing of an IPO can have a huge impact on its performance, which is as important for investors as it is for the companies themselves. As such, many investors watch to see who is next in line to make an IPO. The right play at the wrong time is the wrong play and might result in a negative return. While underwriters and consultants can mitigate some risk factors, markets are inherently unpredictable. As such, an IPO always carries risk, with hopes of the reward of an infusion of capital.

Between 2022 and 2024, the initial public offering (IPO) of Galderman Group was the largest on the SIX Swiss Exchange. The IPO which took place in March 2024 was valued at 2.5 billion U.S. dollars. The second-largest IPO during the three-year period was that of Jiangsu Eastern Shenghong Co., worth 718 million U.S. dollars.

Among the largest IPOs on the Frankfurt Stock Exchange in 2024, Pentixapharm Holding AG had the worst performance, with its shares falling ***** percent since its listing. On the other hand, Springer Nature AG & Co. KGaA saw its shares value increase by approximately nine percent. The graph shows the share price development of the largest IPOs in Germany in 2024.

In 2024, the largest number of initial public offering in the Gulf Cooperation Council countries was registered in the last quarter, with 26 IPOs. Over the examined period, the number of IPOs recorded in the region has shown a tendency to be larger in the last quarter of the year.

Corporate law firms have enjoyed revenue growth as strong corporate profit stimulated demand for almost all of the industry's services. The largest boon to corporate lawyers came in 2021 as the number of IPOs reached an all-time high. As drafting IPOs is one of the industry's largest revenue streams, this jump brought a surge in revenue. This revenue was especially helpful to make up for a dip the year before as COVID-19-related government assistance allowed struggling businesses to delay filing for bankruptcy, lessening demand for corporate lawyers. Despite some atypical volatility, industry-wide revenue is forecast to grow at a CAGR of 1.0% over the past five years and to total $165.4 billion in 2024, when revenue will rise an estimated 1.4%.Strong corporate profit is the most important factor to the industry's success. Corporate profit skyrocketed following initial pandemic trough as prices, spending and production capacities all rose to meet pent-up demand. This new capital enabled major companies to acquire smaller competitors, leading to a surge in revenue for lawyers specializing in incorporation. With more flexibility in their margins, corporations were also able to invest more in research and development projects. This, in turn, boosted demand for corporate law firms to help protect intellectual property. While wages have been on the rise, revenue growth has helped law firms absorb these costs and keep profit high, especially for the nation's top firms.Looking forward, corporate lawyers are expected to enjoy steady growth over the next five years. Corporate profit is expected to rise toward the end of the period as interest rates decline. The rollout of the 15.0% minimum corporate tax will encourage major companies to seek consulting services from corporate lawyers in order to comply while remaining efficient. Much of this demand will be met by in-house legal departments, though, which experts anticipate to become more prevalent. The range of corporate law firms' cyclical and countercyclical services will continue to make the industry especially resilient, and revenue is forecast to climb at a CAGR of 1.4% over the five years through 2029 to total $177.3 billion.

In 2024, biotech company Bicara Therapeutics from Massachusetts had an IPO valued at *** million U.S. dollars. This statistic shows the leading U.S. biotech companies by value of their initial public offerings (IPOs).

At almost ** billion U.S. dollars in deal size, Alibaba’s IPO in 2014, underwritten by Credit Suisse, was the largest initial public offering (IPO) in the United States, followed by Visa's 2008 IPO, underwritten by JP Morgan. How big is Alibaba? The Alibaba Group Holding, a hugely profitable Chinese company operating in the e-commerce sector, debuted on the New York Stock Exchange. This was a critical IPO because it gave private investors a chance to reach into the Chinese market. The company sells trillions of yuan in merchandise each year. For a company that was already handling volume on that magnitude at the time of its IPO, a skilled underwriter like Credit Suisse was crucial for and IPO. Why does an IPO need an underwriter? An IPO is a complicated process. Even a larger firm like Alibaba does not have specialists in the kind of regulations placed on the process, so they are willing to pay significant underwriter fees to ensure a successful IPO. This risk can pay off with high returns if conditions are correct, but a significant number of IPOs also have negative first day returns.

Companies in the Investment Banking industry provide financial advisory services, offering their insight on IPOs, M&As and equity and debt security underwriting activity. Competition has been fierce in recent years, with a flood of boutique firms entering the industry as bankers look for healthier rewards than those offered by the more regulated larger investment banks. Growing M&A and IPO activity before 2022-23 ramped up demand for investment banking services, although this momentum lost speed in 2022-23 as access to cheap capital ended. Revenue is expected to contract at a compound annual rate of 8.1% over the five years through 2025-26 to £8 billion, including an expected drop of 0.5% in 2025-26. Profit is also expected to edge downwards in 2025, though it remains high. Capital market activity surged at the height of the COVID-19 pandemic, lifting demand for investment banking services as governments and large international businesses across the world raised capital to fund fiscal stimuli and maintain cash flow levels. The boom in debt and equity markets showed no sign of slowing the next year, with IPO and M&A activity reaching record levels in 2021-22, driving demand for investment bankers’ services. However, in the two years through 2023-24, M&A activity plummeted thanks to rising interest rates, mounting geopolitical tensions and a gloomy economic outlook, which put companies off from seeking takeovers. In 2024-25, M&A activity fared better than IPOs, welcoming improvements in consumer confidence amid interest rate cuts, aiding revenue growth. However, IPOs continued on their downward trajectory as geopolitical uncertainty and high interest rates resulted in many companies delaying listings. Over 2025-26, M&A activity is forecast to continue to climb, but IPO activity may stall as Trump's tariff announcements erode investor sentiment, weighing on revenue growth. Revenue is anticipated to grow at a compound annual rate of 4.5% over the five years through 2030-31 to £10 billion. Deal activity is set to build as lower interest rates make leveraged transactions more attractive. Competition will remain fierce, driving technological innovation as investment banks try to improve decision-making processes and scale operations through the use of AI. Still, strong competition from overseas exchanges, like the S&P 500 in the US, will dent UK IPO activity in the coming years as companies move away from UK listings and the lacklustre valuations they offer, weighing on revenue growth.

The industry has grown moderately through the end of 2024. Merchant banks provide equity, debt and trade financing to middle-market private companies. Merchant banks often invest in the debt of private companies in the form of mezzanine financing and senior loans. Regarding trade financing, merchant banks provide foreign corporate investment and international transaction facilitation services; they also offer lines of credit and issue letters of credit between importers and exporters. While large financial holding companies, like The Goldman Sachs Group Inc. (Goldman Sachs), have merchant banking segments or subsidiaries, most merchant banks are relatively small and specialized, with the average enterprise employing about 21 individuals. Overall, industry revenue has grown at a CAGR of 4.7% to $13.1 billion over the past five years, including an increase of 1.9% in 2024 alone. However, profit is expected to lag to 34.4% of revenue in the current year. A large portion of merchant banking activity provides equity financing to private middle-market companies and short-term bridge financing to companies before an initial public offering (IPO). While drops in IPOs do not directly damage industry revenue, they reduce demand for bridge financing. In addition, amid depressed equity markets, the equity investments of merchant banks yield lower returns in the event of an IPO. However, rebounding equity markets and increases in IPO volume will contribute to higher yields on merchant banks' equity investments and greater demand for bridge financing provided by merchant banks. During the outlook period, as an alternative to expensive equity financing and rigid senior loans, flexible, affordable mezzanine financing will continue to grow in popularity. Mezzanine financing also produces higher yields on average than other forms of funding, which will limit industry revenue declines during the outlook period. The declines in initial public offerings will reduce demand for bridge financing. Industry revenue is forecast to decline at a CAGR of 0.3% to $13.0 over the five years to 2029.

The Audit Services industry is defined by a culturally significant group of leading auditors, a wide range of clients and strong countercyclical demand. The ‘Big Four' audit companies (PWC, EY, Deloitte and KPMG) generate revenue from industries in almost every economic sector. Auditors in this industry typically audit similarly sized clients, so much of this industry is made up of non-employing and tiny companies. Also, unique to this industry, many audit services, including bankruptcy audits and financial statement reviews, are independent of or in opposition to the business cycle. This countercyclical demand helps the industry maintain exceptional profit and revenue growth, even during major economic disruptions. There’s been some revenue volatility for auditing companies in the United States during the current period. Providers faced challenges resulting from the pandemic and recessionary fears, but countercyclical demand ensured revenue growth was positive during these years. Revenue expanded in 2021 and 2022 as a result of rising corporate profit and business formation immediately following the pandemic, but declining government spending hindered auditors’ performance somewhat during these years. Long-term revenue growth has led to an expansion of mergers and acquisitions, while regulatory changes have encouraged auditors to update their practices. Overall, revenue for audit service providers is anticipated to climb at a CAGR of 1.7% during the current period, reaching $55.3 billion in 2024. This includes a 3.1% jump in revenue in that year. As the US economy overcomes current economic challenges, auditors will benefit from strong private investment, a growing number of businesses and higher activity in financial markets, including more merger activity and employee hiring. The increased prevalence of artificial intelligence, automation and cybersecurity will have a notable effect on the industry’s operations. Overall, revenue for auditors in the United States is forecast to expand at a CAGR of 1.7% during the outlook period, reaching $60.2 billion in 2029.

US law firms remain indispensable in providing the legal infrastructure for individuals and businesses despite facing a rapidly evolving industry landscape. How law practices deliver legal services is shifting rapidly, shaped by labor competition, consolidation, new market entrants and rising technology demands. Lateral hiring has increased significantly, reflecting a more competitive environment for experienced legal talent, particularly at larger firms. Consolidation continues across the industry as firms seek scale, broader capabilities and operating efficiencies. Meanwhile, alternative legal service providers and tech-driven platforms are gaining ground, offering specialized, cost-effective services that challenge traditional models. This has forced firms to rethink their approach to delivering value. Larger firms have leveraged their resources to invest in technology, client data and global reach, while midsize and boutique firms focus on specialization and personalized services. Despite the industry’s rapid pace of change since 2020, revenue has been rising, increasing at a CAGR of 2.2% over the past five years, reaching an expected $426.7 billion in 2025, when revenue will jump an estimated 2.7%. Artificial intelligence fundamentally reshapes law firms by streamlining routine and time-intensive tasks like legal research and letting lawyers focus on more complex, strategic work. This technology enhances efficiency, reduces turnaround times and improves accuracy, especially in high-volume practice areas. Law practices are transforming their service models and pricing strategies by integrating AI tools into their workflows. Despite requiring investment and oversight, AI adoption enables a shift from traditional legal delivery to more tech-enabled practices. Advances in AI also introduce new cases for firms, enhancing the industry’s role as AI companies navigate regulatory challenges that current laws don’t fully address. In 2025, law practices are operating in a more segmented industry. Strategic mergers, like the Troutman Pepper and Locke Lord merger in 2024, highlight trends toward expanding scale and geographical reach to stay competitive. Firms are moving into secondary markets to access talent and reduce costs while strengthening their expertise in high-growth areas, including AI, cybersecurity and intellectual property. Political and regulatory scrutiny poses new, novel challenges, exemplified by federal actions directed at some of the country’s largest and most influential firms. While law practices will navigate an evolving environment over the next five years, industry revenue will continue expanding, rising at a CAGR of 1.7% to reach an estimated $463.1 billion in 2030.