Global IPO market hits five-year high as Europe grows 26% year to date

• Global IPO market delivered its strongest performance since 2021, while European IPO proceeds increased by more than 25% year-on-year despite ongoing market volatility. London continued to attract international issuers and maintain an active secondary market.

• Broadly positive aftermarket performance among European IPOs priced year to date in 2026 has strengthened investor confidence and provided a supportive backdrop for future issuance activity. 

• 2026 continues to show encouraging signs of momentum building in African equity markets with the announcement of largest IPO ever in Africa.

European IPO proceeds increased by more than 25% in the first nine months of 2026, while overall EMEA IPO proceeds rose 8% year-on-year to $15.4bn, according to PwC's latest IPO Watch EMEA report. 

Investor demand for high-quality businesses remained resilient despite ongoing geopolitical and macroeconomic uncertainty, while stronger activity in Europe and Africa helped offset a slowdown in Middle East issuance. Broadly positive aftermarket performance across the 2026 European IPOs has strengthened investor confidence and supported the outlook for future issuance activity. 

European activity remains resilient 

European IPO proceeds increased by more than 25% year-on-year despite ongoing market volatility. While equity issuance during the third quarter was driven primarily by secondary transactions and follow-on fundraisings, several notable IPOs successfully reached the market. 

The largest European IPO during the quarter was Volare Shipping's €437m listing on Euronext Growth Oslo. Other transactions included Outlet Group (€105m), DIGI Spain Telecom (€287m) and Infracore (€246m). 

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

"The standout story so far this year has been the strength of the global IPO market, with proceeds already reaching their highest level since 2021, driven by issuance in the US and Asia. Despite a more complex geopolitical and macroeconomic backdrop, investors have continued to support businesses with scale, strong fundamentals and compelling growth characteristics. 

"In Europe, IPO activity remained measured, with broader equity issuance driven largely by secondary transactions and additional capital raises. Broadly positive aftermarket performance and a healthy pipeline of issuers suggest companies continue to view public markets as an attractive source of growth capital heading into 2027." 

London continues to attract international issuers 

London remained an attractive destination for international companies seeking access to global capital. During the quarter, Airtel Money, the African mobile payments business, announced its intention to list on the London Stock Exchange targeting a valuation of up to £5bn. 

The shift from AIM to the Main Market continued, with Volex completing its transfer in July and Serica Energy planning to follow by the end of October. Seven such transfers have taken place in 2026, up from four at the same point last year. 

London's secondary market remained active throughout the third quarter as listed companies raised capital to fund growth and acquisitions. Significant fundraisings included Softcat (£350m), Tritax Big Box REIT (£339m) and Hammerson (£185m). 

Vhernie Manickavasagar, Partner and UK IPO Leader at PwC, said: 

"During the third quarter of 2026, several multi-billion-pound companies and mid-cap companies have progressed their London IPO plans, both in the UK and internationally. One announced example is Airtel Money's intention to float targeting proceeds of £0.5bn at a £5bn valuation. This is a further signal that international businesses still see London as an attractive venue for accessing global capital.   

"Additionally, the steady flow of AIM-to-Main Market move ups, some new AIM IPOs and strong secondary market activity suggest recent market reforms are helping support confidence in London's public markets. Together, these trends give London's issuance pipeline a solid footing as we head into the last quarter of 2026 and into a promising 2027, absent any unexpected geopolitical shocks." 

African markets build momentum 

African equity markets built momentum during 2026, following the successful $823m Kenya Pipeline Company IPO earlier in the year and supported by a growing pipeline of large-scale transactions. 

The proposed IPO of Dangote Petroleum Refinery is expected to become the largest listing in African history and could represent around 30% of the Nigerian Stock Exchange's market capitalisation. 

The transaction is expected to attract significant participation from institutional and retail investors, reflecting the strength of the Dangote brand and growing interest in African capital markets. 

IPO activity across the Middle East remained subdued during the third quarter, with a recovery likely to depend on improved geopolitical stability and a return of investor appetite across GCC markets. 

Global IPO markets post strongest year since 2021 

Globally, IPO markets raised $227.3bn across 836 IPOs in the first nine months of 2026, representing the strongest performance since 2021. 

Investor appetite for larger transactions remained robust, with several offerings exceeding $1bn in value. Notable IPOs completed during the third quarter included CXMT's $8.5bn Shanghai Stock Exchange listing, the National Stock Exchange of India's $2.4bn IPO on the Mumbai Stock Exchange, SHEIN's $1.7bn Hong Kong listing and Csquare's $1bn debut on the New York Stock Exchange. 

South Korean semiconductor manufacturer SK Hynix also completed a landmark $26.5bn ADR listing on Nasdaq, marking the largest-ever US offering by a foreign company. 

Market backdrop 

Equity markets remained resilient during the third quarter despite increased volatility. 

The Nasdaq rose 16% year-to-date, while the S&P 500 gained 12%. The FTSE 100 and STOXX Europe 600 both increased by 7%. 

Rising energy prices linked to tensions in the Middle East fuelled inflation concerns, while AI safety concerns contributed to a reassessment of some technology valuations. The European Central Bank raised interest rates for a second time in 2026, while the US Federal Reserve increased rates for the first time in three years. 

Outlook 

The IPO pipeline across Europe and the UK remains active, although many companies continue to assess launch timing against a backdrop of fiscal policy developments, monetary policy expectations and wider macroeconomic uncertainty. 

While a limited number of listings are expected before the end of 2026, much of the visible pipeline is focused on early 2027. Investors continue to balance long-term optimism with ongoing fiscal, monetary and geopolitical risks. 

Broadly positive aftermarket performance among 2026 IPOs and sustained demand for high-quality businesses provide supportive conditions for future issuance activity heading into 2027. 

Notes to editor: 

The data in the report is cut-off at 30 September 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 September 2026 and reflects offering dates between 1 January and 30 September 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.