Global equity IPOs slumps in 2025 as tariffs, volatility weigh
Agencies
New York
Global equity IPOs have plunged this year, weighed down by heightened business uncertainty from US tariffs, elevated market volatility and higher interest rates that have raised funding costs and made listings less appealing forissuers.
According to LSEG data, as of June 17, global IPO volume has declined about 9.3 percent year-on-year to $44.3 billion, the lowest level in nine years.
President Donald Trump's tariffs, which included a 10 percent blanket levy plus targeted duties on U.S. trading partners, re-ignited tensions in April. Despite his subsequent pause and negotiations on trade and tariffs, businesses globally are uncertain about demand and investment.
'It's not prudent for companies to go public right now. The volatility in the market is unprecedented,' said Isabelle Freidheim, founder and managing partner at AthenaCapital.
'There's real risk for tech companies that are still figuring out profitability. If the stock drops after the IPO, it's very hard to recover, especially for companies with less steady cash flow or that aren't as mature.'
Despite the broader slowdown, China and Japan have seen a sharp pickup in listings, driven by regulatory easing and improved sentiment. A standout was Chinese battery giant CATL, which raised $4.6 billion in the world's largest IPO so far this year, boosted by renewed market momentum following the US tariff truce.
At the same time, some analysts are cautiously optimistic about a second-half recovery. US IPO interest is showing signs of a rebound, led by fintech firm Chime, which surged on its debut. High-profile names such as Klarna, Gemini and Cerebras are slated to list later this year.
'With US, European defence contractors and Indian consumer names also filing, late-2025 could deliver a textbook 'trickle-then-torrent' if volatility behaves,' said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Qatar Tribune
6 hours ago
- Qatar Tribune
QA, Barzan Holdings, Satys Aerospace partner to establish aircraft painting facility in Qatar
Tribune News Network Doha Qatar Airways (QA) has announced the signing of a strategic agreement with Barzan Holdings, and Satys Aerospace, a global specialist in aircraft painting and surface treatment solutions, to establish a pioneering widebody aircraft painting facility at Dukhan Air Base. In a statement, Qatar Airways said that this milestone collaboration forms part of a long-term partnership between Qatar Airways, Barzan Holdings, and Satys, aimed at enhancing Qatar's aviation ecosystem throughcapability building, technology transfer, and innovation. The new Qatar facility will be the first widebody Satys paint facility in the region to feature next-generation digital technology aircraft painting. Designed to accommodate commercial, VIP, and military aircraft, the project will include two widebody paint facilities, including a multipurpose hangar for light maintenance activities. The new facility will serve as a regional hub for airline operators across the Middle East and the Indian subcontinent, offering access to specialised painting services that reduce aircraft ground time by eliminating the need to ferry aircraft overseas for livery changes or repainting. The cutting-edge digital technology with future plans for automatic robotic painting leverages environmentally friendly paint systems, including energy-efficient booths and waste management controls. The facility will also enable dual-use operations, supporting both civil and defence aviation needs by meeting respective technical and safety specifications, in full alignment with Qatar's strategy to localize high-value services, championing local aerospace expertise. This initiative reflects the shared commitment of Qatar Airways and Barzan Holdings to support Qatar National Vision 2030 by building high-value industrial capabilities, creating skilled jobs and promoting Qatar as a global leader in aviation technology and services. Qatar Airways Group Chief Executive Officer, Eng. Badr Mohammed Al Meer, said: 'This partnership delivers strategic aviation infrastructure that serves both our national and regional ambitions. Together with Barzan Holdings and Satys, we are introducing breakthrough technologies by building local capabilities that will define the future of Qatar's aerospace sector. This facility reflects our commitment to excellence, innovation, and empowering Qatari talent.' In turn, Barzan Holdings Group Chief Executive Officer, Eng. Mohammed Bader Al Sadah, saidآ 'This strategic agreement reflects our commitment to advancing Qatar's defence and aerospace capabilities through meaningful, future-focused partnerships. The development of a one-of-its-kind aircraft painting facility in collaboration with Qatar Airways and Satys will position Qatar as a regional centre of excellence while serving both military and civil aviation needs. It also reinforces our dedication to enabling local industry, building specialised skills, and supporting the broader goals of Qatar National Vision 2030.' For his part, Satys Aerospace Chief Executive Officer, Christophe Cador, said: 'We are proud of our partnership initiated in 2021 and remain dedicated to delivering our best to the Barzan Holdings and Qatar Airways. Together, we will continue to strive for excellence in quality, innovation and turnaround time.'
Qatar Tribune
6 hours ago
- Qatar Tribune
EU increasingly resigned to 10% baseline reciprocal tariff in trade talks with US
Agencies Brussels European officials are increasingly resigned to a 10 percent rate on 'reciprocal' tariffs being the baseline in any trade deal between the United States and the European Union, five sources familiar with the negotiations said. President Donald Trump has announced wide-ranging tariffs on trade partners and wants to reduce the US goods trade deficit with the EU. US Commerce Secretary Howard Lutnick has ruled out going below a 10 percent baseline rate for the so-called reciprocal tariffs that cover most goods the EU exports to the US. EU neg are still pressing for the rate to be lower than 10 percent, said the European sources, who spoke on condition of anonymity because of the sensitivity of the talks. But one of the sources, an EU official, said negotiating the level down had become harder since the US started drawing revenues from its global tariffs. 'The 10 percent is a sticky issue. We are pressing them but now they are getting revenues,' said the official. A second European source said there had been no acceptance by the EU of 10 percent as the baseline rate at talks, but acknowledged that it would be difficult to change or abolish that baseline. A spokesperson for the European Commission, the EU's executive body which negotiates trade deals for the 27-nation bloc, did not respond to a Reuters request for comment. The US government also did not immediately comment. US officials have long worked on the assumption that America will end up with higher tariffs with its trading partners and do not expect to move away from the 10% tariff rate in talks with the EU. US Treasury Secretary Scott Bessent told the 'Pod Force One' podcast in an interview broadcast Wednesday that Trump's decision to double tariffs had spurred greater willingness on the part of European leaders to negotiate. The EU has said publicly it will not settle for a double-digit baseline rate - as did Britain, which agreed a limited trade deal in May that retains 10 percent tariffs on British exports while cutting higher rates for steel and cars. Notable orders included one for up to 150 planes for Vietnamese budget airline VietJet. Trump has hit Europe with a 50 percent tariff on steel and aluminium and a 25 percent levy on cars, and the EU is trying to secure a deal before July 9, when reciprocal tariffs on most other goods could rise from 10 percent to up to 50 percent. With an annual trade surplus of $236 billion with the US in 2024, the EU has more to lose from tariffs than non-EU member Britain, which runs a trade deficit with the US. Trump, who has said he wants to use tariff revenues to help finance his sweeping tax-cut and spending bill, said on Tuesday the EU was not offering a fair deal. Washington has sought to fold non-tariff barriers, such as digital services taxes and corporate sustainability reporting rules, as well as LNG sales and food standards into the talks. The US posted a $258-billion budget surplus for April, up 23 percent from a year earlier, and the Treasury Department said net customs duties in April more than doubled versus the same period last year. The sweeping tariffs imposed by Trump since early April and the subsequent pauses on some of them have generated upheaval for companies worldwide, causing some to withdraw or refrain from giving financial guidance. European automakers have been hit hard. Mercedes pulled its earnings guidance, Stellantis suspended its guidance and Volvo Cars withdrew its earnings forecasts for the next two years. One European car executive said premium carmakers could stomach a 10 percent tariff but that it would be much tougher for a mass-market producer. The tariffs targeting steel and aluminium, and cars and car parts, were applied on grounds of national security, with investigations into pharmaceuticals, semiconductors, timber and trucks possibly leading to further increased duties. EU officials say they are not willing to accept these. Trump said on Tuesday that pharma tariffs were 'coming very soon'. A pharma industry source said the European Commission was resisting sector-specific tariffs. The Commission has told the pharma industry that while it does not want the 10% baseline reciprocal tariffs, accepting a 10% base tariff may provide leverage in those negotiations, the source said. A European beverage industry source said the wine and spirits sector would rather have a deal at 10 percent than protracted negotiations. Not securing a deal would have a 'huge negative impact... on our market,' said Rob van Gils, CEO of Austrian company Hammerer Aluminium Industries. 'It can be 0 it can be 10 percent. If it's both ways that's all manageable. It will not kill business.'
Qatar Tribune
6 hours ago
- Qatar Tribune
Vietnam cracks down on fake goods as United States tariffs loom
Agencies Since the United States accused Vietnam of being a hub for counterfeit goods, Tran Le Chi has found it increasingly hard to track down her favorite fake Chanel T-shirts, Gucci sunglasses and Louis Vuitton handbags. As Vietnam's government tries to head off President Donald Trump's threatened 46 percent tariff, it has launched a crackdown on fake products - in part to show responsiveness to US concerns. Now there are streets filled with shuttered shops in Hanoi and rows of closed stalls at Saigon Square shopping mall, a major clothing market in Ho Chi Minh City - the kind of places Chi used to go to buy her latest gear. 'The clothes help me look trendy,' Chi told AFP. 'Why would I care if they are fake or not?' Chi - a betting agent for an illegal game known as lo-de, where punters predict the last two lotto numbers of the standard daily draw - said she had never paid more than $40 per 'designer' item. 'Only the super-rich people can afford the real ones,' she added. 'They're not for people like us.' Communist-run Vietnam is a manufacturing powerhouse that produces clothing and footwear for international brands, with the United States its number-one export market in the first five months of 2025. But it also has a thriving market for counterfeit goods. In a report published by the US Trade Representative in January, Saigon Square shopping mall was flagged as a major market for the sale of fake luxury items including handbags, wallets, jewelry and watches. The report noted government efforts to stamp out the trade, but said 'low penalties have had little deterrent effect' and 'counterfeit products remain rampant'. Shop owner Hoa, a pseudonym to protect her identity, said almost all of the fake Nike, Lacoste and North Face products she sells in her shop in Hanoi's old quarter are from China - but tagged with a 'Made in Vietnam' label to make them seem authentic. She insists that all her customers know what they're getting. 'My clients are those who cannot afford authentic products,' Hoa said. 'I've never cheated anyone.' Hanoi and Washington are in the thick of trade talks, with Vietnam doing everything it can to avoid the crushing 46 percent tariff that could come into force in early July. Vietnam's trade ministry ordered authorities in April to tighten control over the origin of goods after the Trump administration accused the country of facilitating Chinese exports to the United States and allowing Beijing to get around tariffs. The public security ministry also said there would be a three-month-long crackdown - until mid-August - on counterfeit goods. Nguyen Thanh Nam, deputy head of the agency for domestic market surveillance and development, said last week that in the first five months of the year, more than 7,000 cases of counterfeit products worth more than $8 million had been discovered. He added that 1,000 fake Rolex watches had been seized from Saigon Square shopping mall. Mounds of vitamins, cosmetics and sweets - seemingly also counterfeits - have appeared at waste grounds outside cities including Hanoi, Ho Chi Minh City and Danang, while fake electronics including Marshall speakers and smartwatches have been confiscated.
