IPO Watch EMEA Q3 2026

“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 the African fintech business 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.”

“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. Q3 IPO issuance continued to demonstrate resilience despite a more complex geopolitical and macroeconomic backdrop, underpinned by sustained investor demand for high-quality businesses. While investors remain selective, companies with scale and compelling growth characteristics continue to access capital successfully, particularly across the technology, financial services and industrial sectors.

In Europe, IPO activity remained measured, with equity issuance driven by accelerated secondary block transactions and companies raising additional capital. Looking at the IPO class of 2026 so far, aftermarket performance is generally positive, and a healthy pipeline of prospective issuers suggests that companies continue to view the public markets as an attractive source of growth capital. London's ability to attract international issuers remains an important differentiator, and a recently launched fintech IPO highlights the strength of London's capital markets ecosystem and its ability to connect global businesses with deep pools of institutional capital.”