After nearly two years of quiet, the IPO market is coming back to life. Stabilizing macroeconomic indicators, easing inflation, and expectations of monetary policy softening have renewed interest from both investors and companies looking to go public. In 2025, several high-profile IPOs have already taken place, including in the tech and fintech sectors. According to analysts, the volume of capital raised through public offerings in the first half of the year rose by nearly 60% compared to the same period last year. This creates a strong foundation for a new IPO wave in the second half of 2025 and into 2026.

Which sectors are leading the way

The return of IPO activity isn’t evenly distributed. Investors are most interested in sectors where business models are stable, technologies are breakthrough-level, and institutional capital sees long-term potential. In today’s competitive environment, where companies are contending for funding, those that demonstrate profitability, scalability, and a clear investment story are best positioned for success. Sectors expected to lead the next wave of IPOs:

• Technology and AI. Companies building infrastructure for artificial intelligence, as well as providers of cloud-based solutions, remain a top priority for investors. Those already listed have shown resilient share performance.

• Financial technologies. Payment platforms, digital banks, and API providers are preparing for public offerings. Their products are widely adopted, and their business models remain robust in a changing macro environment.

• Healthcare and biotech. Startups focused on personalized medicine, diagnostic tools, and therapies for rare diseases are maturing and ready for the public market.

• Industrial companies. Manufacturers and infrastructure players — especially those benefiting from supply chain localization and the shift to green energy — have strong opportunities to capitalize on current IPO windows.

• Digital retail and consumer brands. Direct-to-consumer models that can operate independently from intermediaries and handle large-scale data are attracting growing attention, particularly in apparel, food, and electronics.

These sectors show the highest momentum in IPO filings and pre-IPO fund activity. Most of these companies already have stable revenue streams, flexible cost structures, and clear performance metrics.

What could influence the pace of IPO activity

Despite clear signs of recovery, companies are still proceeding with caution. IPO strategies increasingly include hybrid approaches and pre-IPO funding from private capital. Macro factors remain highly relevant: central bank signals, political stability, and stock index performance can either accelerate or delay new market entrants.

Some firms — especially in high tech — may postpone their listings in anticipation of higher valuations if the market rally continues. Meanwhile, in sectors like healthcare and infrastructure, institutional demand is already solid, speeding up the preparation process. If current trends hold, we may see increased competition for investor attention over the next 12–18 months — and the emergence of new stock market flagships