Detailed Findings
Dealmaking in 2025
0%
20% expect equity raising and the number of IPOs to be higher next year
IPOs make a comeback in dealmaking activity
Is the IPO market coming back? 20% expect equity raising and IPOs to dominate transactional activity next year, versus just 6% who said the same last year – and up from the lows of 1% who had confidence in this area of the market in 2022. In fact, this makes 2024 the most bullish outlook for IPOs since we began this survey in 2018, which bodes well for companies looking to come to market. There was a notable uptick across Private Equity, Institutional Investors and Corporates in particular.
Expectations for Corporate-led M&A have waned versus last year, but are still expected to dominate (49% this year versus 60% last year). Private Equity, Institutional Investors, and the Corporates themselves, are aligned in this dropping down the to-do list.
Expectations for Private Equity-led M&A remain consistent with the last few years (17% this year versus 16% and 15% in 2023 and 2022 respectively) – and down from the higher 24% in 2021. Debt refinancing was very low down the agenda (3%), alongside restructurings (3%).
Jefferies Financial Group Inc. is the largest independent, global, full-service investment banking and capital markets firm headquartered in the United States. Focused on serving clients for nearly 60 years, Jefferies is a leader in providing insight, expertise and execution to investors, companies and governments. Our firm provides a full range of investment banking, advisory, sales and trading, research and wealth management services across all products in the Americas, Europe and Asia. www.jefferies.com
IMPORTANT: You must read the following before reading, accessing or making any other use of this publication. In accessing this publication, you agree to be bound by the following terms and conditions. This document is being furnished for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any security or other financial instrument or product. It is not intended to form the basis of any investment decision. Jefferies International Limited and its affiliates (together “Jefferies”) makes no representation as to the accuracy or completeness of the information contained herein or any other information, whether written or oral, made available. Jefferies disclaims all and any liability whatsoever, whether arising in tort, contract or otherwise, for the contents of this publication. You acknowledge that Jefferies does not owe you or any other person or entity, any fiduciary or similar duty as a result of the publication of this report, and Jefferies is not providing any advice, including with respect to legal, tax, accounting, investment or regulatory matters, in any jurisdiction.
