IPO Watch EMEA: European defence sector IPOs shape Q1 activity, with the broader IPO pipeline increasingly weighted towards H2 2026 and 2027

• Q1 EMEA IPO proceeds rose 30% year‑on‑year to $7.4bn despite ongoing market volatility
• The defence sector led activity, with a $3.9bn listing on Euronext Amsterdam, the largest global IPO so far this year
• The $823m Kenya Pipeline IPO marked a standout moment for African capital markets
• London saw a pause in planned IPOs, but strong further‑offer activity including Rosebank’s £1.9bn capital raise

IPO activity on European exchanges was subdued in Q1 2026 as geopolitical and macroeconomic conditions prompted several issuers to delay planned listings, according to PwC’s latest IPO Watch EMEA report. While a number of IPO candidates shifted timetables into Q2 and later in the year, overall readiness remains high with advisors continuing with preparations for planned IPOs. 

Momentum from late 2025 carried into the start of 2026, with many European issuers entering the year operationally ready and progressing their IPO plans in line with expectations. However, as geopolitical volatility increased through the quarter, the IPO market gravitated towards thematic winners, most notably defence‑related companies. This meant even well-prepared companies have taken the decision to wait for more stable conditions to secure investor demand. 

The pipeline remains strong across financial services, industrials, energy and technology, with private equity continuing to bring a sizeable cohort of IPO ready businesses. Many of these companies are already well‑advanced in their preparations and are expected to target launches later in 2026 as market windows open. 

London: Secondary activity maintained in Q1 with cross-border and demerger activity anticipated to drive the pipeline later in 2026 

Following its strongest quarter of IPO activity, London entered 2026 with encouraging momentum. While Q1 saw limited new UK listings, the market remained active through significant further‑offer activity, including Rosebank’s £1.9bn capital raise, one of Europe’s largest follow-on transactions this quarter.  

London also continues to attract interest from cross‑border issuers as the pipeline builds into H2 2026 and beyond, reinforcing its appeal as a globally connected market with deep institutional investor demand. 

EMEA sees higher proceeds despite fewer deals 

EMEA raised $7.4bn across 34 IPOs, representing a 30% increase in proceeds compared with Q1 2025. Activity was led by Industrials, specifically defence-related and energy IPO, including the $3.9bn IPO of CSG N.V. on Euronext Amsterdam. The $823m IPO of Kenya Pipeline Company on the Nairobi Stock Exchange was a landmark transaction for the African market, the largest ever hosted by the Nairobi stock exchange, and one of the largest IPOs in the region in recent years, underscoring the growing depth of its capital. 

Global markets: Region‑specific strengths support overall activity

The Americas led global issuance with 94 IPOs raising $21.6bn, maintaining the momentum established through 2025. Asia Pacific region saw a broad mix of IPO activity, including Malaysia’s largest IPO in nearly a decade, contributing to a balanced global backdrop for issuers preparing for later‑year launches. 

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

“EMEA IPO markets demonstrated resilience in the first quarter, with IPO proceeds rising 30% year-on-year to $7.4bn despite market volatility. Defence emerged as a standout sector, driven by strong investor demand, and saw the largest global IPO so far this year raising $3.9bn in Amsterdam. In London, while geopolitical and macroeconomic uncertainty prompted companies to delay their planned IPOs, transactions such as Rosebank’s £1.9bn capital raise underlined the depth of equity market activity. Looking ahead, the IPO outlook for the rest of 2026 will remain closely tied to geopolitical developments in the Middle East.” 

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

“While near‑term volatility has paused IPO windows in the first half of the year, broader EMEA equity issuance has remained resilient, underpinned by a steady mix of secondary and primary issuance activity. IPO markets are selective rather than closed. Capital is increasingly gravitating towards clear thematic winners, most notably defence‑related companies, where strong sector tailwinds and resilient investor demand continue to support deal execution, pricing and aftermarket performance despite a choppy and headline‑driven market backdrop. With that in mind, the broader IPO pipeline is increasingly weighted towards the second half of 2026 and 2027, reflecting ongoing geopolitical uncertainty, as issuers and shareholders await a more optimal window that can support both valuation ambitions and successful long‑term aftermarket performance."

Ends.

Notes to editor:

The EMEA IPO Watch report can be found here 

The data in the report is cut-off at 31st March 2026.

IPO Watch EMEA and Global reports on all new primary market equity IPOs on EMEA and Global principle 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 is based on data extracted from Capital IQ on 31 March 2026 and based on their offering date between 1st January and 31st March 2026 and excluded greenshoe. Only transactions with a minimum of $5m money raised have been included, the data excludes Closed-End Funds  and Business Development companies and transactions on Over-The-Counter exchanges.