Capital Markets in 2025

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Foreward (exerpt)

Over the past 10 years there has been a significant increase in cross border capital market transactions, in particular IPOs. Indeed, the growth of the emerging economies has and will continue to have an impact on the global landscape of capital market transactions. Also high profile listings by Prada and L’Occitane have drawn a lot of attention, acting as testimonies to the perceived rise of the East.

As this report explores, companies from all over the world looking to go public will have more choice than ever before. In the emerging countries, it is apparent that while development of deep domestic capital pools and appropriate local regulatory infrastructure will take time, in the short to medium term, firms will continue accessing capital abroad, predominantly in the three global financial centres of New York, London and Hong Kong. Asia is however expected to become an increasingly attractive source of
capital for them, effectively challenging developed marketplaces.

Clifford Tompsett
Head of IPO Centre, PwC