Quarterly report tracking the volume and value of IPOs on Europe's main stock exchanges.

IPO Watch Europe Q3 2023


For the third consecutive quarter of 2023, the European IPO market has seen subdued IPO activity. However, there has been an uplift in Q3 volume and proceeds compared to Q1 and Q2. Q3 2023 delivered 33 IPOs across Europe raising €4.6bn. The European follow-on market has performed well, with volume and proceeds for 2023 YTD exceeding the same point in 2022, signalling investor support for quality companies, being a good precursor to the recovery of the IPO market.

Equity market performance and volatility

After European and US blue-chip indices enjoyed a strong H1 2023, equity markets softened towards the end of Q3, with the exception of the FTSE 100. The decline towards the end of the quarter was driven by concerns about the health of the Chinese economy and central banks signalling borrowing costs were to remain elevated for longer. The FTSE 100 rose towards the end of the quarter supported by an increase in oil prices, following production cuts by the world’s largest exporters. Higher oil prices reignited concerns over global inflation. Volatility continued to trade around normalised levels in Q3, supporting strong liquidity in the secondary markets as follow-on issuance continued to gain momentum with several significant €1bn+ offerings pricing in Europe.

European IPO and follow-on trends

Whilst overall IPO issuance in Europe this quarter remained subdued, there has been an uplift in IPO activity with some notable transactions pricing. The market will closely observe their post-IPO performance in the hope that positive after-market performance will enhance appetite for IPOs. As we go into 2024, issuers will continue to spend more time preparing for their potential listings, focusing on areas such as embedding ESG strategy, enhancing the risk and controls environment, and improving corporate governance, before deciding when and where to list. The macroeconomic environment will continue to shape the performance of global equity markets and further stabilisation will support IPO activity through 2024.

Contact us

Richard Spilsbury

Richard Spilsbury

Partner, UK Capital Markets, PwC United Kingdom

Tel: +44 (0)7703 503562

Kat Kravtsov

Kat Kravtsov

Director, UK Capital Markets, PwC United Kingdom

Tel: +44 (0)7710 036613

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