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IPO Watch EMEA 2025
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.

“London has delivered its strongest year for IPO and listing activity since 2021. In 2025, a total of £1.9 billion proceeds was raised through 11 IPOs, with £1.3 billion proceeds raised in the final quarter of 2025 demonstrating growing momentum. In addition, global multi-billion-pound companies selected the London Stock Exchange for their international listings in 2025, the largest of which had a market capitalisation of £16bn in December 2025. These developments underscore the resurgence of London’s capital markets and its returning appeal as a leading listing destination.

Looking ahead, momentum is set to continue into 2026, with a robust pipeline of large-cap IPOs expected across the Consumer, Financial Services and TMT sectors.”

Vhernie Manickavasagar
Partner, UK Capital Markets

$22.6bn

EMEA IPO proceeds raised in 2025

€12.5bn

European IPO proceeds raised in 2025

$143.3bn

Global IPO proceeds raised in 2025

Key themes

  • Global equity markets powered ahead in 2025, with most developed market indices closing the year 15–20% higher compared to last year, despite volatility in April, geopolitical instability, and the US government shutdown in Q4.
  • Strong performance of equities was supported by easing monetary policies from major central banks, resilient corporate earnings, and investor enthusiasm behind AI and tech-enabled stocks.
  • Precious metals also continued to perform strongly in 2025 with gold prices up over 50% for the year and reaching a record high of $4.3k on 20 October. This has contributed to the JSE index returning a 32% gain, outperforming all other major indices globally.
  • IPO activity in London has accelerated in 2025, with Q4 driving London’s year-on-year growth in IPO proceeds raised.
  • Other equity market transactions such as demergers, new listings, AIM to Main Market move-ups, rights issues, and a recently completed SPAC have also contributed to the rebound in London’s equity market activity.
  • The recently announced 3-year stamp duty holiday on shares in new UK IPOs is widely seen as a positive step aimed at boosting the London IPO market.
  • EMEA IPO issuance in 2025 was led by the Nordics and the Middle East regions as well as a rebound in the London market – the second largest exchange in Europe this year.
  • The largest IPO in EMEA priced in October on the Stockholm Stock Exchange. The stock also enjoyed a positive post-IPO performance.
  • In Europe, private equity sponsors have returned to the IPO market with more than half of the 10 largest IPOs in the region being PE-backed.
  • Whilst the overall EMEA IPO proceeds in 2025 were $22.6bn, lagging behind IPO activity seen last year, this is driven by the lack of large-cap IPOs that were deferred to 2026 due to heightened volatility seen earlier in the year.
  • Despite various market disruptions experienced throughout the year, 2025 demonstrated that equity investors have a healthy appetite for quality IPOs across a broad range of sectors.
  • Looking ahead, the EMEA IPO market is poised for a strong year, supported by a large-cap IPO pipeline and maturing private equity assets, with sponsors returning to the IPO market as a viable exit route.
  • We continue to anticipate further demerger activity leading to new listings, as well as cross-border IPOs with multiple listings.
  • Continued macroeconomic and geopolitical stability, along with further anticipated interest rate cuts by central banks, will be critical for converting the pipeline into IPO issuance.

“Global IPO issuance increased in 2025 compared to last year, supported by the recovery of the US and Asian markets, with IPO volumes trending towards more normalised levels. It’s encouraging to see IPO activity by private equity sponsors gaining momentum in 2025.

London is also benefiting from a growing cohort of IPO-ready businesses, particularly in financial services and tech-enabled sectors. Combined with rising private equity activity, this creates a favourable backdrop for new issuance. Provided the economic environment stays on track, London could be entering a more active listing cycle in 2026.

2026 is shaping up to be another strong year for IPOs globally and in EMEA, driven by strong investor appetite for quality IPO stories, a backlog of issuers, including large unicorns, and overall constructive equity market sentiment, subject to continued stability. We also saw IPO activity by private equity sponsors strengthen in 2025 and we expect a stronger PE-backed issuance next year..”

Kat Kravtsov
Director, UK Capital Markets

Historical performance of major indices in 2025

Equity market and macroeconomic update

Global equity markets powered ahead in 2025, with most developed market indices hitting all-time highs in Q4 2025 and closing the year 15–20% higher compared to last year, recovering strongly after the market turbulence seen in April surrounding the announcement of tariffs. The TASI’s 12% year-on-year decline reflects sustained volatility and recent downward pressure on oil prices from rising US production and global oversupply concerns, dampening investor sentiment in Saudi Arabia’s oil-dependent market.

European IPO trends

Europe IPO activity (Q1 2022 to Q4 2025)

London IPO and listing activity rebounded in 2025 to its highest level since 2021, with total proceeds of £1.9bn, positioning the LSE among the top three EMEA venues and the second largest European exchange by funds raised. Momentum strengthened in H2 2025 as global markets stabilised following the April shock, supporting a more constructive issuance window and improved investor engagement.

The largest IPO in EMEA in 2025 was a home security company listing on the on the Nasdaq in Stockholm for €3.2bn ($3.7bn) and has been showing strong aftermarket performance. Four of the top 10 IPOs in Europe were listed on the Nasdaq Stockholm with notable strong aftermarket performance.

Private equity backed IPOs continue to dominated the large-cap IPOs seen in the region, with 7 of the top 10 European IPOs in 2025 being PE backed, highlighting the ambition of investors to realise value.

EMEA IPO trends

EMEA IPO activity (Q1 2022 to Q4 2025)

2025 EMEA IPO proceeds were $22.6bn across 130 IPOs, below 2024 but consistent with a selective reopening after the April shock. Overall EMEA IPO activity in 2025 tracked the narrative from earlier quarters: selective reopening after Q2 volatility, breadth across sectors, and continued Middle East momentum supporting regional volumes into the autumn window.

Across EMEA, the Industrials, Health Care and Financials sectors dominated 2025 issuance by value, with Consumer Discretionary and selective Tech names returning as conditions improved. Europe mirrored the breadth of sector activity seen within the EMEA.

Download IPO Watch EMEA 2025

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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