- EMEA IPO proceeds reached $10.9bn in H1 2026 with weaker Middle East issuance masking improving market breadth and stronger European IPO growth
Global IPO proceeds tripled in the period, driven in part by the SpaceX IPO
Issuance broadened across regions and sectors as equity markets stabilised despite ongoing geopolitical uncertainty
European IPO activity increased by 76% in the first half of 2026 to €7.2bn, according to PwC’s latest IPO Watch analysis. Overall EMEA proceeds increased to $10.9bn from $9.5bn in H1 2025, though growth was tempered by a slowdown in Middle East issuance. After a volatile start to the year, improving equity market conditions supported a gradual recovery in activity towards the end of the period.
PwC’s latest IPO Watch EMEA report highlights a strengthening pipeline and improving market conditions in the second quarter, with the outlook remaining supportive, subject to further stabilisation in geopolitical and macroeconomic conditions.
Global IPO activity sees sharp uplift driven by landmark deal
Global IPO proceeds increased significantly in the first half of 2026, driven in part by the $75bn SpaceX IPO in June, with total proceeds three times H1 2025 levels. The report says the deal highlights the depth of investor demand for large-scale, high-quality offerings and underscores the ability of individual transactions to reshape overall market dynamics.
London remains active amid regulatory reform
London continued to play a key role as an international listing venue, particularly for dual listings, with ongoing regulatory reforms aimed at simplifying listing requirements expected to support future activity, the report says.
The dual listing of Uzbekistan’s National Investment Fund reinforced the capital’s appeal for international issuers, with several similar transactions understood to be in the pipeline. While IPO volumes on UK markets remained modest, the broader pipeline of prospective issuers remains active as companies continue to assess market conditions.
EMEA Equity market rebound supports momentum, but uncertainty persists
Equity markets rebounded strongly in Q2 following a volatile start to the year, with major indices recovering earlier losses and reaching new highs, supported by resilient corporate earnings and continued optimism around AI-driven growth.
However, ongoing geopolitical tensions, rising energy prices and uncertainty around interest rate trajectories continue to influence issuer behaviour, with many companies carefully assessing timing and execution strategies.
Outlook: pivotal second half ahead
The outlook for IPO markets in the second half of 2026 will depend on the trajectory of geopolitical developments, inflation and interest rates, alongside continued equity market stability.
At the same time, a pipeline of high-profile technology and growth companies is building, reflecting sustained investor interest in scalable, high-growth sectors.
Recent large-scale transactions also demonstrate the depth of investor demand for high-quality assets and may support a gradual reopening of IPO markets as confidence continues to build.
Vhernie Manickavasagar, Partner, UK IPO Leader at PwC, said:
“The European IPO market has continued to build momentum in the first half of 2026, with proceeds rising 76% year-on-year to €7.2 billion. While global attention has understandably focused on Nasdaq hosting the largest IPO in history, Europe has demonstrated encouraging resilience, supported by a growing pipeline of companies seeking access to public capital. London continued to remain an attractive venue for international companies, evidenced by an inaugural listing from Uzbekistan, which became Europe's second largest IPO this year.
“Looking ahead, many issuers are carefully assessing market conditions and the potential impact of further mega-cap US offerings as they evaluate IPO windows in the second half of 2026 and early 2027.”
Kat Kravtsov, Capital Markets Director at PwC UK, adds:
“Equity markets remain firmly headline-driven, with geopolitical and macroeconomic uncertainty shaping the near-term narrative. Beneath this volatility, however, the underlying picture is increasingly constructive. Global IPO issuance has tripled year-on-year in the first half, major indices have reached new all-time highs, and investor demand remains robust across both mega-cap listings and smaller transactions.
“We are also seeing a broadening sector mix, with activity spanning defence and aerospace, AI infrastructure, fintech, healthcare and energy.”
Notes to editor:
The data in the report is cut-off at 30 June 2026.
IPO Watch EMEA and Global reports on all new primary market equity IPOs on EMEA and global 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 is based on information extracted from Capital IQ on 30 June 2026 and reflects offering dates between 1 January and 30 June 2026, excluding greenshoe. Only transactions with a minimum of $5m raised have been included. The data excludes closed-end funds, business development companies and transactions on over-the-counter exchanges.
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