Other recent IPOs in the crypto space signal growing momentum in the market. Crypto-focused firms such as Galaxy Digital alongside eToro, which operates a crypto-trading platform, have also gone public.

In June, the US Senate passed the GENIUS Act, a landmark federal bill that establishes a regulatory framework for dollar-backed stablecoins.

According to S&P Global Market Intelligence, crypto‑currency IPO volume peaked in 2021 with 11 offerings valued at $596 million. So far this year, five crypto IPOs have raised just over $2.1 billion.

“There’s a growing appetite among investors. IPOs provide a more regulated and traditional avenue for investment compared to direct crypto investments,” says Francois Chadwick, KPMG’s Private Enterprise Global and National Lead Partner of the Emerging Giants practice.

There have also been major crypto IPOs from non‑US firms. Singapore’s crypto solutions provider Antalpha Platform Holding launched a US‑based offering in April.

“The interest in crypto IPOs is not limited to the US, across the globe similar developments are taking place,” Chadwick says. “Countries like Switzerland and the United Kingdom are home to crypto-friendly regulations and have seen companies pursuing public listings. Japan and South Korea, both of which have robust crypto markets and supportive regulatory environments, see interest in blockchain and crypto IPOs.”

Chadwick noted that while it may seem counterintuitive for crypto companies to raise fiat capital via IPOs, there are several compelling reasons: “IPOs provide significant capital that crypto companies can use to expand operations, develop new technologies, and enter new markets.”

Going public also involves extensive regulatory scrutiny, allowing crypto companies to demonstrate their adherence to financial regulations, which can be reassuring to investors.

The main objectives for the IPO are to expand the fleet and network, including the lucrative Hajj and Umrah religious travel market, and to become fully digitalized while escalating its cargo operations.

In 2024, Flynas posted mounting revenues with proceeds increasing by 19% to $2.01 billion (about SAR7.6 billion). The airline appeared to be on a sound financial trajectory.

The IPO follows $96 billion worth of orders from Qatar Airways to Boeing for up to 210 jets, including 130 long-range 787 Dreamliners, brokered by President Donald Trump on his recent visit to Doha.

Flynas is the first airline to be listed on the Tadāwul Saudi stock exchange, and the first Gulf airline public offering since Air Arabia’s IPO in 2007.

“Enhanced financial capabilities from the IPO could allow SAUDI ARABIA From Riyadh To The Runway: Flynas IPO Is Taking Off Flynas to enter new markets more aggressively and improve its service offerings, potentially increasing its market share and establishing new hubs in the MENA, Europe, and Asia regions,” says Francois Chadwick, KPMG’s Private Enterprise Global and National Lead Partner of the Emerging Giants practice.

“This could drive down prices benefiting consumers, but may put pressure on other low-cost carriers to innovate and find efficiencies.”

StubHub, the ticket marketplace firm, said it has paused its IPO plans but filed an S-1 registration with the SEC and maintains that it is well-positioned for a future listing. The company aims to proceed with the public offering as soon as market conditions allow.

StubHub views the current market environment as highly volatile, with significant uncertainty surrounding future policy decisions by President Trump and how markets may respond. The company maintains that meaningful IPO activity is unlikely until conditions stabilize, though the timing of such a shift remains unclear.

M&A activity in the US has also slowed in the first quarter, pressured by a baseline 10% tariff rate, the potential for further import duties, and a persistently high 4.5% interest rate held since December.

“At this very instance there is a pause-and-wait attitude in the US, that is reflected by the IPOs that were paused at the last moment,” Francois Chadwick, KPMG’s Private Enterprise Global and National Lead Partner of the Emerging Giants practice, told Global Finance.

“In a similar vein, we are seeing a little slowdown in the M&A world, again due to uncertainty. However, some large M&A deals have still progressed,” he said. “There is an increased degree of emotional uncertainty playing out that is slowing things down a little.”

Chadwick noted that, while he couldn’t speak to the specifics of individual companies, most are seeking greater clarity on how global markets will ultimately stabilize. He added, “Once we have more clarity, we will start to see more activity—once the tariff and the tax framework across the US and the globe is more clearly understood.”

The current impasse is what many analysts feared: that Trump’s impulsive policymaking could become a significant headwind for the IPO and M&A markets in the US.

When the buy-now-pay-later vendor restarts the process, it could potentially transform the dynamics of the global payments market.

The Stockholm-based firm has applied to list its shares on the NYSE. The price range of the IPO has yet to be finalized.

In 2024, Klarna’s revenues surged by 24%, to $2.81 billion, compared to $2.28 billion two years ago. Its valuation has also fluctuated, peaking at $46 billion in 2021 before rapidly declining to $6.7 billion the following year.

Risk-averse investors are typically more reluctant to capitalize during market uncertainty or anticipated price instability.

“This IPO has the potential to significantly impact the payments market.” Says Conor Moore, the global head of KPMG Private Enterprise. “It could be good but could be bad depending on the performance of the offering. It is also in the buy now, pay later space, which is a subset of the broader payments ecosystem, so not necessarily a bellwether for the entire space but definitely very important for those competitors in a similar space.”

Ibotta was the last real IPO test for the payments market in April 2024. It raised $577 million in an offering priced above the marketed range.

It’s ambiguous whether the Klarna IPO will be a catalyst for further high profile fintech IPOs. According to S&P Global Market Intelligence, in the US there has not been a completed fintech IPO since 2021, and only nine of them finalized in the past five years.

“It is likely one of the companies that has been ‘ready’ to go for some time, and may feel now is the right time,” Moore reflects. “It is a positive that one of the higher profile companies is dipping its toe into the pond.” Several large fintech firms have similar operating histories in recent periods, with revenue growth coupled with cost cutting to achieve profitability.   

The brewer established the lab in collaboration with research group AI Singapore. As part of Heineken’s digital transformation drive, the lab aims to develop scalable GenAI offerings across vital business areas.

“GenAI will play an increasingly important role in understanding consumer needs, enhancing customer engagement, and improving productivity throughout the company,” said Ronald Den Elzen, chief digital and technology officer at Heineken, at the announcement.

These advancements include sophisticated agentic systems that can autonomously solve complex problems. The brewer plans to create automated marketing content, intelligent financial reporting, and next-generation customer support and knowledge management systems.

According to Deloitte’s 2025 report, Global Powers of Retailing, GenAI’s impact on the retail sector is accelerating and has become an integral feature of retail maneuvers as AI-enabled products and services, which will be crucial for capturing consumer attention.

Also, GenAI pricing offerings and dynamic ranging will optimize real-time pricing and promotional strategies, maximizing profitability. The technology also can create innovative new product recommendations for forecasting consumer preferences and behaviors.

This capability has a dual function in expanding the range of available purchase options and encouraging consumers to explore products they might not have encountered.

“As retailers continue to invest in Generative AI to enhance online shopping experiences, some of the largest players in the industry are beginning to implement similar features in their physical stores to gain a competitive advantage,” the report said.

GenAI can also forecast industry changes, enabling proactive decisions by retail buyers. Initiatives are in place where what is forecasted at the store level is projected to suppliers, especially exclusive providers. It’s an area with significant investment in the retail sector. A January 2024 survey conducted by GPU-manufacturer NVIDIA found that nearly 98% of retailers were about to invest in GenAI over the following 18 months. It was also found that over 72% of retailers had reduced their operating costs using AI.

Major global banks and financial institutions are increasing their participation in the social bond market, strengthening the role of debt capital in addressing social challenges across the world.

Standard Chartered recently announced the issuance of its first $1.1 billion social bond. The proceeds are primarily earmarked to facilitate lending to small and medium-sized enterprises (SMEs), including support for women-owned businesses. Funds will also be allocated to healthcare, education, infrastructure development, and food security initiatives.

The transaction aligns with the bank’s Sustainability Bond Framework, which applies environmental and social standards across sensitive sectors. For instance, financial services are extended only to clients committed to reducing thermal coal dependence to below 5% of revenue by 2030.

In 2024, Deutsche Bank issued its first social bond, raising €500 million to expand its sustainable asset pool. The proceeds will finance affordable housing and essential services for elderly populations.

In January, the International Finance Corporation, part of the World Bank Group, raised $2 billion through its largest-ever social bond. The funds are aimed at supporting low-income communities across emerging markets.

Social bonds are structured similarly to conventional fixed-income instruments in terms of risk and return. The key distinction lies in the requirement for legal documentation specifying how proceeds will be allocated, ensuring transparency and accountability.

“The increase in the issuance of social bonds is aligned with the societal goals of both public and private entities,” says Conor Moore, Global Head of KPMG Private Enterprise. “While there are ebbs and flows in the political environment around sustainability initiatives, it will remain a priority for many institutions. This should result in further issuances across various regions and sectors.”

Mike Hayes, KPMG’s Global Climate Change and Decarbonization Leader, adds: “It should be noted that while the bulk of global investment will be directed toward sustainable energy and infrastructure, many of these projects involve a critical social dimension—referred to as the Just Transition.”

“In other words, unless social issues such as community and employee buy-in are addressed, projects are unlikely to move forward. This is one important role that social bonds can play in supporting infrastructure investment.”

According to the UN’s Financing for Sustainable Development Report 2024, the global financing gap for sustainable development remains vast—estimated at $4 trillion annually. While social bonds can help bridge part of this shortfall, they are unlikely to close it entirely.

The European banking sector is experiencing a wave of consolidation as institutions seek to bolster their market position, expand their asset base, and improve returns. With interest rates stabilizing and capital reserves at healthy levels, banks are taking advantage of strategic acquisitions to fuel growth and enhance profitability.

UBS completed its landmark acquisition of Credit Suisse in July, marking one of the most significant deals in the sector. In the UK, Nationwide finalized its purchase of Virgin Money, while in December, Italy’s UniCredit increased its stake to 28% of Commerzbank, Germany’s second-largest lender. Dutch lender ING has also signaled its intent to acquire rival banks in major European markets.

Higher interest rates and improved capital buffers have strengthened European banks’ ability to pursue acquisitions. As rates begin to ease, M&A activity could gain further momentum, with banks looking to scale up and boost profitability in an increasingly competitive environment.

“There are a number of possible explanations for the run of European banking deals,” says Russ Mould, investment director at AJ Bell. “They include a drive for further consolidation to boost margins and returns on equity—especially within the EU, where the banking system remains highly fragmented. Strong balance sheets that easily meet regulatory requirements allow room for M&As, even after the distribution of increasingly generous dividends and buyback programs.”

Ultimately the key issue is valuation. The price, or valuation, paid for an asset is the definitive arbiter of investment return and the buyers clearly feel they were able to pay prices that gave them downside protection, and yet leave them with upside potential.

Despite the surge in M&A activity in the European banking sector, challenging the largest banks in the US and China may take some time, as they outpace European competitors in domestic activity, cross-border lending and digitalization. 

According to S&P Global Market Intelligence, in 2024, the bank with the most assets in the world was the Industrial and Commercial Bank of China, totaling $6.3 trillion. It was followed by the Agricultural Bank of China, which has amassed $5.6 trillion, and the China Construction Bank Corp. with $5.4 trillion. JPMorgan Chase was the biggest US-based bank with $3.9 trillion in assets. In comparison, the largest European bank was the UK-based HSBC Holdings with $3 trillion.

Saudi Arabia is experiencing a boom in IPO activity, signaling the liberalization of its economy and a shift away from government-led privatizations that once dominated its investment market.

The Arabian Company for Agricultural and Industrial Investment, known as Entaj, is the latest to announce its IPO plans, intending to offer 30% of its share capital to the public. The final offer price is set to be announced on February 19, 2025, with listing expected soon after.

This follows a wave of major flotations. The Almoosa Health Company IPO was hugely oversubscribed, with its order book for 30% of its share capital reaching $372.8 million. Meanwhile, cosmetics firm Nice One aims to raise $322 million through a similar offering.

According to S&P Global Market Intelligence, 41 IPOs were launched in Saudi Arabia last year, raising a total of $4.06 billion. By contrast, only five IPOs took place in 2019, yet they generated a much higher $30.46 billion—largely driven by Saudi Aramco’s record-breaking IPO, which raised $25.6 billion for a 1.5% stake in the state-owned oil giant.

Since the launch of Vision 2030 nine years ago, Saudi Arabia has made significant strides in economic diversification, fostering a more attractive environment for global investors. Confidence has been further boosted by major infrastructure upgrades, including a $133 billion investment in logistics and freight handling capacity to expand non-oil GDP.

“The Saudi stock exchange has become a preferred listing destination due to strong liquidity, robust demand from institutional investors, and alignment with global investment standards,” says Farah el Nahlawi, research lead at MAGNiTT, a leading venture capital data platform for emerging markets. “Moreover, the IPO landscape is no longer oil-centric, with fintech, healthcare, and retail companies successfully listing—indicating broader investor appetite.”

Foreign investor participation has also been driven by MSCI and FTSE index inclusions, reinforcing confidence in Saudi Arabia’s market stability and growth potential.

Beyond domestic benefits, the IPO boom could fuel global expansion for Saudi-based companies. Increased capital provides firms with the financial firepower for cross-border acquisitions, market entries, and strategic partnerships, strengthening international trade ties.

The agreement, announced Dec. 9, would see Interpublic shareholders receive 0.344 Omnicom shares for each share of Interpublic common stock they own.

Omnicom shareholders will hold 60.6% of the potentially combined entity, and the transaction is forecast to generate substantial cost savings of $750 million.

John Wren, who will remain the chairman and CEO of Omnicom, expects the deal to pool complementary data and technology platforms.

The merger is also looking to be more competitive with new technologies such as artificial intelligence, as both parties believe that the agreement would allow them to offer an exceptional range of services for clients.

However, continued talks are scheduled on how the companies will function post any regulatory endorsement.

Omnicom entered the deal in good shape, having delivered strong results for the third quarter of this year with 6.5% of organic revenue growth, with a net income of $385.9 million.

Whereas an analyst’s note from Morgan Stanley revealed that New York-based Interpublic is expected to see a revenue decline in 2025.

It’s a deal that may change the landscape of the industry, as the combined company would eclipse Publicis and WPP as the world’s largest holding companies.

Also, the completion of the merger could also bring about a changing of the guard, in terms of the regional balance of power from Europe to the United States.

Of course, the sheer size of the deal may create barriers to receive the necessary regulatory approval.

In 2013, Omnicom, also based in New York, planned to purchase Publicis. The idea was scrapped a year later due to the slow pace of the completion of the deal, as the scrutiny became too great to overcome.

Initially, this second merger attempt caused many to doubt its merits, with analysts flagging up competition concerns and how the agreement would result in conflicts of interests between the companies’ clients. Whether regulators under President-elect Donald Trump’s administration will overlook those challenges remains to be seen.  

Under the Biden administration, the Federal Trade Commission (FTC) has sued to block the proposed merger of supermarket giants Kroger and Albertsons, for example, arguing that it could reduce competition and adversely affect smaller grocery outlets.

It’s worth noting that some Republican lawmakers have sided with FTC chair Lina Khan’s approach. Also, Trump’s previous GOP administration wasn’t particularly M&A friendly. Some of the deals his Department of Justice (DOJ) blocked include AT&T and Time Warner; Sinclair and Tribune Media; Broadcom and Qualcomm; and DraftKings and FanDuel. His DOJ also required companies (e.g., Bristol-Myers Squibb and Harris Corp.) to make major divestitures to complete blockbuster transactions.

Still, stock markets initially saw robust advances following the 2024 election in anticipation of Trump’s economic policies, which are expected to mirror the hefty corporate tax cuts of his first term.

The 2017 Tax Cuts and Jobs Act, which cut taxes for wealthy individuals and businesses, is set to expire at the end of next year. But with the Republicans gaining control of both houses of Congress and the White House, further tax cuts may be on the docket. Not everyone is certain that Trump’s second term will have a positive effect on the IPO market, however.

“Trump’s tenure was marked by market volatility, trade wars, and abrupt policy changes, all of which could create an uncertain economic environment,” says Mike Bellin, US IPO leader at consultant PwC. “Companies might be hesitant to go public if they fear that sudden policy shifts could negatively impact market conditions or their business operations.” That said, many sectors could stand to benefit from the new administration’s policies, pointing to increased IPO activity. Fossil fuel companies may capitalize on expanded drilling rights while the cryptocurrency sector could benefit from a friendlier legal framework. Trump’s agenda includes establishing a Bitcoin Reserve and a crypto advisory council. In November, he nominated pro-crypto billionaires Howard Lutnick and Scott Bessent for Commerce Secretary and Treasury Secretary, respectively.