Bermuda Public Companies Update – Winter 2026

This edition of the Bermuda Public Companies Update summarises significant transactions involving Bermuda companies listed on the New York Stock Exchange (NYSE) and Nasdaq in the second half of 2025.

Global Market Update

The global IPO market continued to show signs of recovery in 2025. By mid-year, activity had rebounded from the instability of the previous two years, positioning the market for a robust second half.

In Q3, IPO deal volume increased by 19% year-on-year, while proceeds rose by approximately 89%. By the end of 2025, global IPO activity saw 1,293 listings raise US$171.8 billion, which is a 39% increase in proceeds despite flat deal volumes. This reflects renewed investor interest. Private equity-backed IPOs more than doubled compared to 2024, as sponsors took advantage of improving public market conditions to pursue exits. As always, sustaining the current momentum will depend heavily on stable macroeconomic conditions and continued investor