Foreign microcap IPOs dry up in US

TINY foreign companies are finding it much harder to list in the United States this year, as tougher regulatory scrutiny and tighter exchange rules dramatically reduce the flow of small overseas initial public offerings (IPOs).

The sharp slowdown marks a significant shift for a corner of the market that had exploded in popularity in 2025, only to become the focus of growing concerns over alleged pump-and-dump schemes that left retail investors nursing heavy losses, according to a Bloomberg report.