IPO Watch EMEA Q3 2025

• Q3 2025 has seen monetary policies ease across the globe, with the Bank of England, European Central Bank and Federal Reserve in the US all cutting rates. The Fed cut the interest rate for the first time in almost a year as inflation continues to stabilise.
• The VSTOXX index, a measure of volatility, has continued to trade at normalised level in Q3 as global indices recovered after the April sell-off.
• Gold prices hit a new all-time high at the end of the quarter reflecting investor concerns about slowing global growth.
  

The London equity market is seeing increasing activity, most notably:

• An industrial and energy company transferred its primary listing to London in August in a share for share exchange.
• The recent IPO of a beauty tech company.
• The announced intention to float of a large food and beverage company, currently owned by a listed Italian group, and the recent announcement to float of a digital banking platform.
  

Momentum is building in EMEA’s IPO markets, including Europe, with a Swiss ecommerce company pricing at the top of its range, a Swedish digital banking company swiftly covering its fixed price IPO and a recently launched Sweden-based security services company IPO targeting to raise what would be Europe’s largest IPO this year.

Secondary equity issuances also remained strong in EMEA. Notably, a Danish renewable energy company launched a bumper rights offering.

The IPO pipeline in the Middle East remains strong, driven by economic transformation agendas, structural reforms, and investor appetite for mature assets.

IPO markets entered 2025 with a positive outlook, however, macro and geopolitical headwinds combined with increased volatility in the second quarter have tempered IPO activity both in the EMEA region and globally.

The post-summer window has seen the start of what is hoped to be a steady recovery, with a number of notable IPOs pricing and launching in Q3.

With a backlog of private equity-backed IPO candidates waiting for exit, 2026 is poised to host the long-anticipated return of large-cap IPOs. With investor sentiment remaining fragile, continued macro and geopolitical stability will be key to unlocking the IPO market through the remainder of the year and into 2026.