On-chain data reveals that 21 new billionaires emerged from the 2025 IPO market, yet their wealth has decreased by an average of 23% following their public listings. These individuals initially held shares valued at over $10 billion on their respective listing days. The Asian IPO landscape is experiencing shifts, with India maintaining robust activity and Vietnam's GSM firm planning a significant $200 billion overseas listing. In contrast, Thailand faces challenges, and Japan's IPO count has reached a 12-year low.