“EMEA IPO markets demonstrated resilience in the first quarter, with IPO proceeds rising 30% year-on-year to $7.4bn despite market volatility. Defence emerged as a standout sector, driven by strong investor demand, and saw the largest global IPO so far this year raising $3.9bn in Amsterdam. In London, while geopolitical and macroeconomic uncertainty prompted companies to delay their planned IPOs, transactions such as capital raises underlined the depth of equity market activity. Looking ahead, the IPO outlook for the rest of 2026 will remain closely tied to geopolitical developments in the Middle East. A swift resolution could help reopen IPO markets in the second half of 2026, while a prolonged conflict risks adding inflationary pressure and weighing on global growth. That said, a strong pipeline of IPO-ready companies and maturing private equity assets positions markets well once IPO windows reopen.”
Vhernie Manickavasagar
Partner, UK Capital Markets
Key themes
“While near-term volatility has paused H1 IPO windows, broader EMEA equity issuance has remained resilient, underpinned by a steady mix of secondary and primary issuance activity. IPO markets are selective rather than closed, with capital increasingly gravitating towards clear thematic winners, most notably defence-related companies, where strong sector tailwinds and resilient investor demand continue to support deal execution, pricing and aftermarket performance despite a choppy and headline-driven market backdrop. Looking ahead, the broader IPO pipeline is increasingly weighted towards H2 2026 and 2027, reflecting ongoing geopolitical uncertainty, as issuers and shareholders await a more optimal IPO window that can support both valuation ambitions and successful long-term aftermarket performance.”
Kat Kravtsov
Director, UK Capital Markets
Historical performance of major indices in YTD 2026
EMEA IPO trends
EMEA IPO activity (Q1 2023 to Q1 2026)
The EMEA IPO market entered 2026 with renewed momentum, building on the recovery signals evident in the second half of 2025. Q1 2026 saw total EMEA IPO proceeds reach $7.4bn across 34 IPOs, representing a 30% increase compared with Q1 2025. However, the positive trajectory observed in January and February has since been tempered by an escalation of geopolitical tensions in the Middle East, injecting renewed uncertainty into global markets and prompting a reassessment of the IPO windows. As a result, several processes that had been building momentum have shifted their target windows towards H2 2026 or early 2027, as issuers and advisers adopt a more cautious stance.
European IPO trends
Europe IPO activity (Q1 2023 to Q1 2026)
European IPO markets raised €4.7bn across 12 IPOs in Q1 2026, representing a 47% increase in proceeds compared with Q1 2025 (€3.1bn across 16 IPOs). While overall proceeds increased year-on-year, issuance was highly concentrated and largely driven by the €3.3bn IPO of a defence company, which was the largest IPO globally during the quarter, which listed on the Euronext Amsterdam and marks the largest IPO in Europe since 2022 and the largest defence sector IPO on record globally, underscoring investor appetite for the sector and large-cap European listings. Defence-related companies accounted for three of the five largest IPOs in Europe in Q1. Notably, transactions in Q1 employed a range of techniques to de‑risk execution, including extensive pre‑marketing, shortened bookbuilding periods, fixed‑price structures and cornerstone support.
IPO Watch EMEA Q1 2026
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