After a prolonged period of stagnation, the initial public offering (IPO) market is showing signs of revival. Rising stock indexes, moderate inflation, and renewed investor confidence have created favorable conditions for a new wave of activity. Companies that previously postponed going public are now reconsidering, while venture investors and early shareholders are looking for exit opportunities. The market environment has shifted: mature companies with proven profitability and sectors with stable growth are now being prioritized.

Shifting focus in new listings

Whereas in past years the market was overheated with listings of unprofitable startups chasing aggressive growth, the focus has now changed. Investors are paying closer attention to resilience, flexibility, and the ability to quickly adapt to external challenges. Leading the way are industries positioned at the intersection of technology and the real economy — particularly those that have already proven the viability of their business models in turbulent times.

Companies from these sectors are not only more likely to attract capital, but also meet the expectations of institutional investors seeking long-term returns. Their listings may set the pace for an entire new wave of IPOs.

Which sectors could drive the next IPO wave

Interest in IPOs is returning unevenly. Success depends on a combination of market conditions, technological readiness, and the maturity of individual companies. Yet one trend remains consistent — investors are more willing to support sectors with visible consumer demand and scalable technology. Sectors likely to lead the next IPO wave include:

• Artificial intelligence and applied technologies. Not only developers of AI models, but also companies building automation tools, personalized services, and big data platforms.
• Financial platforms and embedded fintech. Infrastructure players integrating payments, lending, and analytics into digital ecosystems.
• Digital healthcare and biotech. Companies focused on diagnostics, gene therapy, and telemedicine are showing strong fundamentals and steady growth.
• Clean energy and infrastructure. Next-generation energy solutions, sustainable building materials, and smart grid systems are attracting ESG-driven investors.
• Modern retail and logistics. E-commerce platforms, advanced logistics operators, and direct-to-consumer brands capable of efficient operations without intermediaries.

These areas are currently the most active in IPO pipelines. Companies in these fields are already undergoing preliminary valuation by investment banks and preparing for public listings in 2025–2026.

What could slow down the next IPO wave

Despite the positive momentum, some risks remain. Currency market volatility, changing interest rates, and potential political uncertainty could all influence the timing of new issuers entering the market. Additionally, investor demands for transparency, corporate governance, and profitability have become stricter, limiting the number of companies ready to go public quickly.

Some issuers may opt for alternative routes — from private placements to SPAC mergers — especially if they view current market conditions as too unpredictable. While investors are showing renewed interest in the IPO space, business maturity remains the key success factor. That means the next wave of IPOs is likely to be less about volume and more about quality