Global IPO markets are progressing on different trajectories. Prepared companies that maintain timing flexibility are positioned to win.

In brief

• IPO markets are gaining momentum, with strong 1H activity setting the stage for what could be a historic 2H 2026.
• Markets are strong, but execution windows may be episodic and could be shaped by mega-IPOs and geopolitics.
• Companies pursuing public listings are using more flexible approaches — IPOs, direct listings and SPACs — to capitalize on improving market conditions.