Q3 European IPO activity grows year-on-year with potential large cap listings lining up for 2026

• A busy quarter of preparation for London saw one IPO price and two more announcing their intention to float at the start of Q4

• EMEA Q3 IPO proceeds nearly doubled compared to Q3 2024

• Global proceeds in Q3 more than doubled compared to last year, driven by stronger issuance in the US and Asia.

The total proceeds raised by IPOs in Europe in the third quarter increased by €2bn year on year as the market started what is hoped to be a steady recovery after a volatile 2025 so far, according to PwC’s latest IPO Watch EMEA report.

Q3 saw 15 IPOs in Europe raising €2.3bn, up from €1bn the previous quarter. Notable IPOs in Q3 include the €967m IPO of Swiss Market Group (SMG) and the €691m IPO of Noba Bank in Stockholm.  

The London IPO market 
The London market was full of anticipation this quarter, with preparations underway that resulted in one IPO pricing and two more launching just days into Q4.  In Q3, the London Stock Exchange saw Metlen Energy & Metals complete its listing with a market capitalisation on debut of £6.7bn, reinforcing London’s appeal for international investors. Recently, Princes Group and the Shawbrook Group both announced intentions to float on the LSE, and The Beauty Tech Group priced its IPO at the start of October. 

The EMEA IPO market 
Total EMEA IPO proceeds in Q3 were $4.1bn from 32 IPOs compared to $2.1bn from 27 listings across the same period last year. Activity in the Middle East was driven by economic transformation, structural reforms, and investor appetite for mature assets in the Gulf Cooperation Council (GCC). In the quarter, Dar Al Majed Real Estate Company achieved the largest listing in the Middle East at $335.8m on the Saudi Arabian stock exchange.

The Global IPO market 
Proceeds from global IPO activity in Q3 more than doubled year on year, with 309 listings raising $48.5bn compared to $22.6bn raised from 237 in Q3 2024. Activity was led by the US, which saw proceeds up 35% in the quarter. However, the largest IPO seen globally so far this year was Zijin Gold International, a global gold mine operator taking place on the Hong Kong Stock Exchange raising $3.2bn. 

Secondary listings and follow-ons have fuelled the surge in equity issuance in Hong Kong, supplementing the $11bn IPO proceeds raised in the year-to-date. Two of the top five IPOs globally in Q3 were hosted on the New York Stock Exchange, led by buy-now, pay-later lender Klarna that raised $1.4bn.

Vhernie Manickavasagar, Capital Markets Partner at PwC UK, said,

“The reopening of the European IPO market, illustrated by several IPOs across Swiss, German, and Nordic markets, including the recent launch of the Verisure IPO, provides an encouraging outlook for the remainder of the year and into 2026. The London IPO market witnessed positive momentum in Q3 2025, as highlighted by the successful listing of Metlen Energy & Metals and The Beauty Tech Group IPO. With Princes Group and Shawbrook also recently announcing their Intentions to Float, London's IPO recovery is gathering pace.

“Looking ahead, we foresee a strong pipeline across Europe with potential large cap listings lining up for 2026.  London’s IPO recovery is expected to continue, absent any macroeconomic or geopolitical shocks, bolstered by a number of financial services and fast-growing companies across sectors gearing up for their public debut, as well as a promising international pipeline.”

Kat Kravtsov, Capital Markets Director at PwC UK, added:

“Amidst a more dynamic IPO market landscape, private equity firms are actively exploring exit opportunities for their maturing portfolio companies, with many sponsors opting for dual-track processes whilst weighing a private sale versus an IPO. As the London IPO market gains traction, the financial services sector is poised for significant activity next year, supported by a sizable pipeline of issuers. Demergers and cross-border listing activity are also expected to provide additional positive momentum.

“Globally, the 2025 IPO market is expected to be stronger than last year, driven by increased IPO activity in the US and Asia, and supported by a stabilising macroeconomic environment and strong performance of global equity indices.”

Ends

Notes to editors

IPO Watch EMEA reports on all new primary market equity IPOs on EMEA principal stock markets and  
market segments using the capital IQ list of exchanges mapping, on a quarterly basis. Movements between markets on the same exchange are excluded. The data in this report is based on data extracted from Capital IQ on 1 October 2025 and based on their offering date between 1 January 2025 and 30 September 2025 and excludes greenshoe.