AFME is pleased to circulate its Equity Primary Markets and Trading quarterly data report for the first quarter of 2025. The report provides detailed data and analysis on the issuance and performance for the equity markets.

Among the main findings of this report:

• Equity underwriting on European exchanges declined by 13% YoY in H1 2025. 

• Initial Public Offerings (IPOs) on European exchanges saw a decrease of 60% YoY, accumulating €4.6bn in deal value, and still below the European H1 average of €16bn observed since 2015. In contrast, US IPO activity raised €27.7bn in H1 2025, a 47% YoY increase driven by SPACs, which accounted for over 40% of new issuances. Similarly, Chinese exchanges generated €6.1bn in IPOs, a 61% growth compared to H1 2024, though still below historic averages.

• Mergers and Acquisitions (M&A) activity declined 2% YoY when measured as announced value, while the completed deal value rose by 10% YoY.

• Average daily equity trading on European main markets and MTFs increased by 30% YoY. Market liquidity, as measured by turnover ratio (turnover value/market cap) increased from 110% in H1 2024 to 131% in H1 2025.

• DVC Update: The Double Volume Cap (DVC) mechanism seeks to limit equity trading under the reference price waiver and the negotiated transaction waiver on EU venues. According to ESMA, the number of instruments suspended under the DVC has roughly stabilised since March 2023, with 227 suspended instruments (183 at EU Level and 44 at TV level) as of July 2025.