Initial public offerings (IPOs) have returned to the centre of regulatory and political agendas in many major markets. Governments increasingly view strong IPO markets as a means of promoting economic growth, supporting innovation, creating jobs and reinforcing the competitiveness of domestic capital markets on an international stage.

At the same time, regulators across major financial centres are pursuing reforms designed to make public markets more attractive to issuers by reducing costs, streamlining requirements and increasing flexibility. The renewed focus on IPOs comes amid a recovery in global issuance activity and growing expectations of a new wave of large technology and AI-related listings.

However, many of the reforms being introduced raise important questions about transparency, shareholder rights and investor protection. As jurisdictions compete to attract listings, concerns are amplifying that the pursuit of IPO growth could trigger a broader regulatory race to the bottom, risking detrimentally impacting shareholders.