Despite geopolitical volatility stemming from the Iran conflict, global ECM proceeds rose 15.8% year-over-year in Q1 2026. With 672 offerings raising $156.4B (excluding rights offerings) and IPOs up +55% YoY, the market demonstrated resilience across sectors and geographies.

Explore the key data points and trends that defined this quarter in CMG’s Q1 2026 Global ECM Recap.

Key Highlights

• Including Unregistered Block activity tracked by CMG, Q1 transaction volume rose to $143.1B, an 8.8% increase YoY (excluding SPACs)
  
• IPOs raised $36.6BB (+55% YoY) via 185 offerings; follow-ons raised $106.5B (-1.4% YoY) across 421 offerings
  
• Healthcare was the most active sector with $28.1B raised (19.6% market share), followed by Industrials ($27.9B, 19.5%) and Technology ($20.7B, 14.5%)
  
• March marked the most active month of issuance, with 203 offerings raising $59.6B
  
• Galderma Group AG’s $6.3B ABB on the SIX Swiss Exchange was the largest offering YTD

Download the full report for charts, pricing trends, discount data, sector-level ECM insights and more from Q1 2026.

Download the Recap