From paper wealth to real money: How startup IPOs shaped Esop exits in 2025

Tanmay Shah, Qapita’s head of liquidity programs, said 2025 data showed Esops in private companies had moved from “paper wealth” to a proven, large-scale monetization channel. “Despite the winter funding environment, 10,000 employees (at private companies) saw liquidity through buybacks and many more through IPO exits.”