Initial public offerings (IPOs) are showing renewed activity in both the United States and India as tariff-related volatility eases. The US market has seen recent IPOs such as eToro, which debuted via a SPAC merger and saw its shares open 34% above the IPO price, valuing the company at nearly $5.2 billion. The IPO Index rose 7.7% last week, outpacing the S&P 500's 5.3% return. Other companies, including Chime—filing for an IPO estimated at over $1 billion—and Hinge Health, with a potential valuation of up to $2.6 billion, have resumed or initiated IPO plans after previous delays. The VIX Volatility Index has dropped to 17, indicating calmer markets, and bankers are advising companies to proceed while conditions remain favorable. Upcoming listings include Hinge Health and MNTN, which are set to raise nearly $600 million combined. In India, Shiprocket, backed by Zomato and Temasek, is preparing to file a confidential draft prospectus with the Securities and Exchange Board of India (SEBI) for an IPO targeting Rs 2,000-2,500 crore, including a fresh issue of Rs 1,000-1,200 crore. Shiprocket reported FY24 revenue of Rs 1,316 crore and a net loss of Rs 595 crore, attributed to acquisitions, but turned cash-flow positive in FY25. The company, valued at $1.2 billion, raised $26 million in December and is expanding into payments, cross-border shipping, and quick commerce. Shiprocket's advisors include Axis Capital, Kotak Mahindra, JM Financial, and Bank of America. The improved IPO environment follows a period when companies delayed listings due to tariff-induced market instability. While volatility has decreased and market performance has improved, some deals remain on hold amid lingering tariff uncertainty. Bankers note a backlog of private companies waiting for the right window, and caution that market conditions could shift quickly.