London and Amsterdam exchanges main beneficiaries of ‘unprecedented momentum’ in European IPO market in Q1 2021


  • Europe’s IPO market records unprecedented momentum in terms of growth, with Q1 2021 marking the best first quarter since 2000

  • Top five IPOs in 2021 - InPost, Vantage Towers,  AUTO1 Group, Deliveroo & Dr Martens - were all over €1bn 

  • London continues to be the top exchange in Europe for IPOs and further offerings (FOs) 

  • Amsterdam gaining momentum with IPOs and SPACs in Q1 2021

European IPO market conditions continued to rebound in the first quarter of 2021, with four successive quarters of growth displaying  unprecedented momentum which is expected to continue through 2021.

Q1 2021 delivered 86 IPOs raising €22.6bn. This is in stark contrast to Q1 2020, where only 16 IPOs raised €1.2bn as the COVID-19 pandemic significantly impacted activity. 

The London Stock Exchange (LSE) remains the leading European exchange for IPOs, with 21 transactions raising over £7.3bn in total. The two most notable IPOs were Deliveroo and Dr. Martens both of which raised £1.5bn and were among the Top 5 transactions in Europe. 

Amsterdam’s Euronext exchange also gained significant momentum as the second most active exchange for IPOs, with €4.7bn raised from four IPOs, primarily driven by the offering of InPost SA (raising €3.2bn alone). 

The LSE also led the rankings for FOs, with €10.3bn raised from 107 transactions, ahead of Deutsche Borse (€6.7bn from 27 FOs) and Nasdaq Nordic - Copenhagen (over €6.4bn from five FOs).

There was also a marked increase in IPO activity from private equity (PE) houses looking to exit, supported by strong market conditions and attractive valuations.

Mark Hughes, Capital Markets leader at PwC UK, said:

“This has been a strong start to the year for IPOs in Europe, with Q1 2021 delivering the strongest first quarter since 2000. Improved market confidence driven in part by the ongoing vaccination programmes across Europe, continued government support programmes and supportive macroeconomic data provided a positive backdrop. 

“There are positive signs that momentum in the IPO market will continue throughout 2021. Given that backdrop, concerns around the pace of economic recovery and a hot IPO market in Q1, we anticipate that investors will focus on differentiated equity stories and challenge the overall quality of issuers.”

Richard Spilsbury, Capital Markets partner at PwC UK, added,

“We have seen a significant deal flow in Europe across a broad range of sectors from technology and telecoms to consumer products and industrials. However, what stands out in particular is the flurry of European tech, online and e-commerce new listings. This has largely been driven by increased investor appetite for digital companies that have benefited from the lockdowns and broader shift towards online by consumers and companies, as well as increasing focus on sustainable businesses strategies.

“Another area to watch is increasing European activity around SPACs in Amsterdam, Frankfurt and other jurisdictions, seeking to capitalise on the M&A recovery.”


Notes to editors

Top 5 London IPOs


Pricing Date


Total value incl. GS (£m)

ICB Industry Name


Deliveroo plc




Dr Martens plc


Consumer Discretionary


Fix Price Group Ltd


Consumer Discretionary


Moonpig plc


Consumer Discretionary


Trustpilot plc




  1. All market data is sourced from Dealogic and has not been independently verified by
    PricewaterhouseCoopers LLP.

  2. Industry classification is based on the new enhanced FTSE Russell Industry Classification Benchmark (ICB).

  3. To request an interview with Mark Hughes or Richard Spilsbury please contact  

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