Houlihan Lokey – Equity Capital Markets Update, Q1 2025

The main theme is an overview of U.

S. equity capital market activity for the first quarter of 2025. Key findings include: Equity capital market activity started the year positively but then slowed due to market uncertainty caused by events in Washington, D.C. The total amount of funds raised was $61 billion, which is lower than the 2024 level but higher than the previous two years. IPOs performed well at the beginning of the year but faced challenges due to a declining stock market. The follow-on market started the year actively but slowed by March. Convertible securities remain a popular tool for raising capital.