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IPO Watch EMEA H1 2026
UK, London, blurred motion of incidental business people walking to work with view of the financial district behind

Quarterly report tracking the volume and value of IPOs on EMEA main stock exchanges.

“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.”

Vhernie Manickavasagar
Partner, UK Capital Markets

$10.9bn

EMEA IPO proceeds raised in H1 2026

€7.2bn

European IPO proceeds raised in H1 2026

$178.0bn

Global IPO proceeds raised in H1 2026

Key themes

  • Equity markets rebounded strongly in Q2, more than offsetting the sell-off seen in Q1, with major indices across Europe and the US reaching new all-time highs in June. The S&P 500 is up 10% YTD, underpinned by a robust US earnings season and investor optimism around AI.
  • At the same time, rising energy prices, driven by the conflict in the Middle East, contributed to inflationary pressure. This has introduced renewed uncertainty around the path of global interest rates. The European Central Bank has resumed its tightening cycle, raising rates for the first time in three years, while the Bank of England and the US Federal Reserve have held rates steady, with the latter recently signalling a more hawkish stance.
  • European IPO proceeds grew 76% year-on-year and globally IPO proceeds tripled, driven in part by this year's landmark listing in the US, the largest IPO in history, which raised $75bn on the Nasdaq.
  • EMEA issuance broadened across regions and sectors in H1 2026, led by the largest EMEA IPO in Amsterdam, an inaugural listing from Uzbekistan in London, a landmark African IPO, and a steady flow of mid-sized Nordic IPOs.
  • Cornerstone support continues to be strong across the region, underpinning pricing certainty and de-risking the bookbuilding process.
  • Secondary equity offerings have underscored the depth of investor appetite for large, well-supported capital raises.
  • London continued to simplify its listing regime, with a recent FCA consultation aimed at easing the path for companies listing on the Main Market closing in May, and a policy statement expected in due course. The FCA also launched a separate consultation in June on proposed amendments to the AIM Rules, with initial responses due in July.
  • London also remains an attractive venue for cross-border IPOs. The landmark dual listing from Uzbekistan in May represented the second largest European IPO this year, raising US$605m, with a number of further cross-border listings in the pipeline. London’s AIM market has also hosted three IPOs priced in H1.
  • We expect equity markets to remain headline-driven, with the outlook for IPO activity in the second half of the year hinging on further stabilisation of geopolitical tensions and a continued easing of inflationary pressures.
  • While the pipeline remains strong, many issuers are evaluating H2 2026 or early 2027 as they navigate current market conditions and consider the impact of potential mega-cap US IPOs, which have recently confidentially filed with the SEC.
  • In the UK, markets have responded to the Prime Minister’s resignation with composure, with an orderly transition to a new leader expected in the near term.

“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 – European IPO proceeds grew 76% year-on-year and globally IPO proceeds tripled, major indices have reached new all-time highs, and investor demand remains robust across both mega-cap listings and smaller transactions, spanning an increasingly broad range of sectors from defence and aerospace to AI infrastructure, fintech, healthcare and energy.”

Kat Kravtsov
Director, UK Capital Markets

H1 2026 EMEA IPO activity

The EMEA IPO market’s momentum slowed in Q2, growing only about 15%, driven by escalating geopolitical tensions in the Middle East. Despite this, the first half of the year saw a broadening of IPO activity across sectors and exchanges, led by the largest EMEA IPO in Amsterdam, an inaugural listing from Uzbekistan in London, a landmark African IPO, and a steady flow of mid-sized Nordic offerings, as issuance in the Middle East moderated.

EMEA IPO activity (Q1 2023 to Q2 2026)

H1 2026 European IPO activity

European IPO proceeds grew by 76% in H1 2026 and saw a broadening across sectors and regions in Q2. While the first quarter was dominated by the record-breaking defence IPO raising €3.3bn on the Euronext Amsterdam, the largest IPO in Europe since 2022, the second quarter brought a more diversified mix of IPO issuance, spanning technology, consumer, real estate and financials.

Europe IPO activity (Q1 2023 to Q2 2026)

IPO Watch EMEA H1 2026

(PDF of 357.55KB)

Contact us

Vhernie Manickavasagar

Vhernie Manickavasagar

Partner, UK IPO Leader, PwC United Kingdom

Tel: +44 (0)7595 849896

Email
Kat Kravtsov

Kat Kravtsov

Director, UK Capital Markets, PwC United Kingdom

Tel: +44 (0)7710 036613

Email
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