“The reopening of the European IPO market, illustrated by several IPOs across Swiss, German, and Nordic markets, provides an encouraging outlook for the remainder of the year and 2026. The London IPO market witnessed positive momentum in Q3 2025, with recent successful listings. With two companies also announcing their intention to float on the LSE, London’s IPO recovery has gathered pace.
Looking ahead, we foresee a strong pipeline across Europe with potential large cap listings lining up for 2026. London’s IPO recovery is expected to continue, absent any macroeconomic or geopolitical shocks, bolstered by a number of financial services and fast-growing companies across sectors gearing up for their public debut, as well as a promising international pipeline.”
Vhernie Manickavasagar
Partner, UK Capital Markets
“Amidst a more dynamic IPO market landscape, private equity firms are actively exploring exit opportunities for their maturing portfolio companies, with many sponsors opting for dual-track processes whilst weighing a private sale versus an IPO. As the London IPO market gains traction, the financial services sector is poised for significant activity next year, supported by a sizable pipeline of issuers. Demergers and cross-border listing activity are also expected to provide additional positive momentum.
From a global perspective, the 2025 IPO market is expected to be stronger than last year, driven by increased IPO activity in the US and Asia, supported by a stabilising macroeconomic environment and strong performance of global equity indices.”
Kat Kravtsov
Director, UK Capital Markets
In Europe, the IPO of a Swiss ecommerce company on the SIX Swiss Exchange was the largest IPO in Europe this quarter. Stockholm also saw a standout debut from a digital banking group, which saw its price surge 30% above the offer price on the first day of trading. A Spanish gaming and leisure operator listed on the BME Exchange, reinforcing investor appetite for consumer facing businesses despite macroeconomic headwinds.
The general trend for recent European IPOs has been a strong oversubscription early in the bookbuilding process and significant cornerstone support, which has allowed them to build deal momentum quickly.
An industrial and energy company completed its voluntary share exchange offer to list on the LSE with a market capitalisation of €6.6bn on debut, reinforcing London’s continued appeal for international issuers. In an exciting start to Q4, two intentions to float were recently published on the LSE, and a beauty technology company priced its IPO at the start of October. These transactions reinforce London’s continued appeal for international issuers.
From a sector perspective, the recovery in the European equity issuance has been led by the consumer and the financials sectors. However, the healthcare and IT sectors are closely behind, reflecting investor support for the breadth of sectors.
Global equities started strong in Q1 2025 but experienced a significant sell-off in April after US tariff announcements, with indices dropping around 10% and volatility rising sharply. This downturn led to a loss of optimism in the IPO market, particularly in the US, stalling global IPO activity as companies paused their processes.
Quarterly survey tracking the volume and value of IPOs on EMEA's main stock exchanges. Compiled by our London Capital markets Group, it surveys all new primary market listings on EMEA's principal stock markets.
Supporting you through the IPO process for your initial public offering. Starting with IPO readiness, through to execution and post-IPO support.
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