Initial public offerings (IPOs) are back in style amid rising liquidity and a surge in global mergers and acquisitions (M&A) volume.
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There have been 257 U.S. IPOs year-to-date, according to Stock Analysis. 2025’s IPO count has already surpassed 2024’s total of 225 and is on pace for the strongest year since 2021, when 1,035 companies went public.
Global M&A Hits $3.1 Trillion as Mega-Deals Surge
Global M&A activity is also on the rise, totaling $3.1 trillion year-to-date and setting up 2025 to be the busiest year since 2021, according to the Financial Times.
“We are seeing huge transformational deals getting done in a way we haven’t seen in years,” said Jacob Kling, co-chair of Wachtell Lipton’s M&A practice.
The first three quarters of 2025 have seen 47 deals worth over $10 billion, the most since LSEG began collecting data on the statistic. Big banks have scored big on these deals, with Bank of America (BAC) on track to earn a record-breaking $130 million fee if Union Pacific’s (UNP) acquisition of Norfolk Southern (NSC) clears an antitrust review.
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