How is Global IPO Market constructed?

Procedure and scope

All figures are EY Global IPO Trends, SPACs excluded, on an AS-FIRST-REPORTED basis — each year uses the number EY published in that year’s own year-end report, not a later restatement. This matters more than it sounds. EY publishes annual totals in mid-December, BEFORE the year ends: its stated methodology counts completed IPOs to roughly 9 December plus a forecast for the rest of the month. Those totals are then restated. 2023 was first published at US$123.2bn / 1,298 deals, but the 2024 report compares against a restated ~US$126.1bn / ~1,350 baseline — which is where the widely circulated but misattributed "$126.1bn for 2024" figure originates. The restatement chart shows both values for 2023 side by side. The 2023 restated value is DERIVED, not published as a standalone figure: it back-solves EY’s own stated −4% YoY proceeds change on 2024’s US$121.2bn. The arithmetic is stated in that point’s value_basis so the derivation is visible rather than hidden. OMITTED: 2021 and 2022 figures could not be confirmed against an EY primary source in this pass and are not seeded. Proceeds and deal count are deliberately separate charts, not a dual axis — they move independently and a shared axis would invite the wrong inference. Re-verified 2026-08-10.