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      "text": "For this document, unless otherwise noted, Q1 2025 refers to the first quarter of 2025 and covers completed IPOs from 1 January to 31 March 2025. Q1 2024 refers to the first quarter of 2024 and covers completed IPOs from 1 January to 31 March 2024. Q1 2023 refers to the first quarter of 2023 and covers completed IPOs from 1 January to 31 March 2023.",
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      "text": "Executive summary 03\nGlobal IPO activity 05\nIPO market highlights\n1 Global IPO market 06\n2 Major IPO markets 07\n3 IPO sector dynamics 08\n4 IPOs in the Aerospace and Defense sector 09\n5 AI transforms IPO landscape 10\nAmericas 12\nAsia-Pacific 15\nEurope, Middle East, India and Africa (EMEIA) 19\nAdvice to IPO candidates 23\nRegional facts and figures 25\nStock exchanges 28",
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