European IPO Statistics 2026
By Axis Intelligence Research
Co-author: Mia Scarlett (Business) | Last updated: September 17, 2026 | License: CC BY 4.0
European IPOs raised €7.2 billion across 39 deals in the first half of 2026, up 76% year over year, according to PwC’s IPO Watch EMEA. One defence listing, CSG, supplied 46% of that. The Axis Europe IPO Momentum Index (EIMI) reached 184.1 in Q2 2026, the highest reading since its 2023 baseline.
Quick Answer
- European IPO activity, 1H 2026: 39 IPOs raised €7.2 billion, against 28 IPOs and €4.1 billion in 1H 2025, per PwC IPO Watch EMEA H1 2026 (S&P Global Market Intelligence data).
- Largest European IPO: CSG raised €3,304 million on Euronext Amsterdam, the largest European IPO since 2022.
- Axis Intelligence Research finds European IPO proceeds excluding CSG were €3.9 billion in 1H 2026, about 5% below 1H 2025.
- Axis Europe IPO Momentum Index (EIMI): 184.1 in Q2 2026 (2023 = 100).
Key Findings
- Axis Intelligence Research calculates that CSG’s €3,304 million IPO accounted for 46% of all European IPO proceeds in 1H 2026.
- The Axis Europe IPO Momentum Index (EIMI) read 184.1 in Q2 2026, up from 102.6 in Q2 2025, driven by the highest trailing four-quarter deal count in PwC’s series since 2023.
- Axis Intelligence Research finds the average European IPO raised €96 million in Q2 2026, down from €362 million in Q1 2026, as deal count doubled to 26.
- According to Euronext, companies already listed on its markets raised €9,062 million through follow-ons in Q2 2026, which Axis Intelligence Research calculates is 51 times the €178 million raised by its 23 new equity listings.
- Axis Intelligence Research calculates that EMEA captured 6.1% of global IPO proceeds in 1H 2026, down from 16.3% in 1H 2025, using PwC data for both periods.
How Much Did European IPOs Raise in 2026?
European IPOs raised €7.2 billion in the first half of 2026, a 76% increase on the €4.1 billion of 1H 2025, according to PwC’s IPO Watch EMEA. Deal count rose to 39 from 28. PwC counts primary-market IPOs on Europe’s principal exchanges, excludes greenshoe options and sets a $5 million minimum raise.
The half split into two very different quarters. Q1 2026 brought 13 IPOs and €4.7 billion, almost all of it one company. Q2 2026 brought 26 IPOs and €2.5 billion, the busiest quarter by deal count in PwC’s series back to Q1 2023.
European IPO proceeds and deal count by quarter, 2023 to 2026
| Quarter | European IPOs | Proceeds (€B) | Average IPO size (€M, Axis) | Source |
|---|---|---|---|---|
| Q1 2023 | 10 | 1.2 | 120 | PwC IPO Watch EMEA |
| Q2 2023 | 15 | 1.3 | 87 | PwC IPO Watch EMEA |
| Q3 2023 | 16 | 3.6 | 225 | PwC IPO Watch EMEA |
| Q4 2023 | 16 | 1.1 | 69 | PwC IPO Watch EMEA |
| Q1 2024 | 13 | 4.8 | 369 | PwC IPO Watch EMEA |
| Q2 2024 | 23 | 6.6 | 287 | PwC IPO Watch EMEA |
| Q3 2024 | 8 | 0.3 | 38 | PwC IPO Watch EMEA |
| Q4 2024 | 20 | 3.3 | 165 | PwC IPO Watch EMEA |
| Q1 2025 | 16 | 3.1 | 194 | PwC IPO Watch EMEA |
| Q2 2025 | 12 | 1.0 | 83 | PwC IPO Watch EMEA |
| Q3 2025 | 17 | 2.9 | 171 | PwC IPO Watch EMEA |
| Q4 2025 | 24 | 6.3 | 262 | PwC IPO Watch EMEA |
| Q1 2026 | 13 | 4.7 | 362 | PwC IPO Watch EMEA |
| Q2 2026 | 26 | 2.5 | 96 | PwC IPO Watch EMEA |
PwC’s April 2026 edition counted 12 European IPOs in Q1 2026; the July edition revised the quarter to 13. This page uses the later figure.
European IPO activity by year
Summing PwC’s quarterly figures, Axis Intelligence Research calculates European IPO proceeds of €7.2 billion from 57 deals in 2023, €15.0 billion from 64 deals in 2024 and €13.3 billion from 69 deals in 2025. The first half of 2026 matched all of 2023 on proceeds.
Mia Scarlett: The quarterly table reads like a company with one enormous contract and a healthy order book underneath it. Q1 was the contract. Q2 was the order book: 26 deals averaging €96 million, which is what a functioning mid-cap equity market looks like. Investors who only see the €7.2 billion headline miss that the more durable signal arrived in the quarter with the smaller number.
Axis Europe IPO Momentum Index (EIMI): Is Europe’s IPO Market Actually Recovering?
The Axis Europe IPO Momentum Index (EIMI) measures the strength of European IPO activity on a rolling twelve-month basis, combining how much money IPOs raised with how many companies listed. Calendar 2023 equals 100. A reading above 100 means the trailing four quarters beat 2023 on a blended basis.
Single quarters in Europe swing violently: Q3 2024 raised €0.3 billion, Q2 2024 raised €6.6 billion. A trailing four-quarter window removes the seasonal and single-deal noise so the trend is visible.
How the EIMI is calculated
- Proceeds component = 100 × (trailing four-quarter European IPO proceeds ÷ €7.2 billion, the 2023 total).
- Deal component = 100 × (trailing four-quarter European IPO count ÷ 57, the 2023 total).
- EIMI = 0.5 × proceeds component + 0.5 × deal component.
Equal weights stop one mega-IPO from dominating the reading, while still rewarding capital raised. All inputs come from PwC’s IPO Watch EMEA quarterly series, so the numerator and denominator share one methodology.
Worked example, Q2 2026: trailing four quarters (Q3 2025 to Q2 2026) raised €16.4 billion (2.9 + 6.3 + 4.7 + 2.5) from 80 IPOs (17 + 24 + 13 + 26). Proceeds component = 100 × 16.4 ÷ 7.2 = 227.8. Deal component = 100 × 80 ÷ 57 = 140.4. EIMI = 0.5 × 227.8 + 0.5 × 140.4 = 184.1.
EIMI readings, Q4 2023 to Q2 2026
| Quarter end | Trailing 4Q proceeds (€B) | Trailing 4Q IPOs | Proceeds component | Deal component | EIMI | Source |
|---|---|---|---|---|---|---|
| Q4 2023 | 7.2 | 57 | 100.0 | 100.0 | 100.0 | Axis calculation on PwC data |
| Q1 2024 | 10.8 | 60 | 150.0 | 105.3 | 127.6 | Axis calculation on PwC data |
| Q2 2024 | 16.1 | 68 | 223.6 | 119.3 | 171.5 | Axis calculation on PwC data |
| Q3 2024 | 12.8 | 60 | 177.8 | 105.3 | 141.5 | Axis calculation on PwC data |
| Q4 2024 | 15.0 | 64 | 208.3 | 112.3 | 160.3 | Axis calculation on PwC data |
| Q1 2025 | 13.3 | 67 | 184.7 | 117.5 | 151.1 | Axis calculation on PwC data |
| Q2 2025 | 7.7 | 56 | 106.9 | 98.2 | 102.6 | Axis calculation on PwC data |
| Q3 2025 | 10.3 | 65 | 143.1 | 114.0 | 128.5 | Axis calculation on PwC data |
| Q4 2025 | 13.3 | 69 | 184.7 | 121.1 | 152.9 | Axis calculation on PwC data |
| Q1 2026 | 14.9 | 66 | 206.9 | 115.8 | 161.4 | Axis calculation on PwC data |
| Q2 2026 | 16.4 | 80 | 227.8 | 140.4 | 184.1 | Axis calculation on PwC data |
Axis Intelligence Research finds the Q2 2026 EIMI of 184.1 is the highest of the eleven readings computed since the 2023 baseline. The deal component (140.4) is also a series high, which matters more than the proceeds component: Q2 2024’s proceeds component was nearly as strong (223.6) on 12 fewer trailing deals.
The index fell to 102.6 in Q2 2025 and took four quarters to climb back above its Q2 2024 reading of 171.5.
Mia Scarlett: A reading of 184 does not mean Europe is back to 2021. It means twelve months of European IPO activity now look materially better than 2023 on both money and mandates. The part worth underlining is the deal component. Proceeds recover the day one large issuer prices; deal counts recover only when dozens of boards decide the window is open.
Which Were the Largest European IPOs of 2026?
CSG raised €3,304 million on Euronext Amsterdam in Q1 2026, the largest European IPO of the half and, per PwC, the largest in Europe since 2022.
Top 5 European IPOs, 1H 2026
| Rank | Company | Exchange | Proceeds (€M) | Sector | Source |
|---|---|---|---|---|---|
| 1 | CSG | Euronext Amsterdam | 3,304 | Industrials | PwC IPO Watch EMEA |
| 2 | UzNIF | London Stock Exchange | 517 | Financials | PwC IPO Watch EMEA |
| 3 | Vincorion | Deutsche Börse | 405 | Industrials | PwC IPO Watch EMEA |
| 4 | Capital Tankers | Oslo Børs | 370 | Energy | PwC IPO Watch EMEA |
| 5 | BioMar | Nasdaq Nordic Copenhagen | 364 | Consumer Staples | PwC IPO Watch EMEA |
Axis Intelligence Research calculates the five largest European IPOs raised €4,960 million, or 69% of the half’s €7.2 billion. Excluding CSG, the other four raised €1,656 million combined, half of CSG alone.
European IPOs excluding CSG
Axis Intelligence Research estimates European IPO proceeds excluding CSG at €3.9 billion in 1H 2026.
Formula: €7.2B (PwC Europe 1H 2026) − €3.304B (CSG) = €3.896B. Change: €3.896B ÷ €4.1B (PwC Europe 1H 2025) − 1 = −5%.
On this basis, the European IPO market raised slightly less money than a year earlier on 11 more deals (38 excluding CSG, against 28).
The UzNIF listing and London’s cross-border role
The National Investment Fund of the Republic of Uzbekistan (UzNIF) raised US$605 million through a dual listing on the London Stock Exchange’s Main Market and in Tashkent, the country’s first international IPO, according to PwC. It was Europe’s second-largest IPO of the half.
Mia Scarlett: Strip out one issuer and Europe’s 76% growth becomes a 5% decline on higher volume. Both numbers are correct. The one an issuer should plan around is the second, because a €3 billion defence carve-out is not a repeatable market condition. The top five deals landed on five different exchanges, which is the healthier half of the story.
Defence IPOs in Europe: How Big Is the Sector’s Share?
Defence-related companies accounted for a significant share of European IPO proceeds in 1H 2026, according to PwC, which names CSG (€3.3 billion, Euronext Amsterdam), Vincorion (€405 million, Deutsche Börse) and Gabler Group (€116 million, Deutsche Börse) among the largest deals. Axis Intelligence Research calculates those three named defence IPOs alone raised €3,825 million, or 53% of European IPO proceeds in the half.
Germany shows the pattern at country level. EY counts four German IPOs in 1H 2026 (Asta Energy, Gabler, Vincorion and Electrovac), three of them from defence and security, double the prior-year count, per EY’s IPO Barometer Q2 2026. Including two further new admissions, EY puts the volume of six German listings at about €744 million and expects up to ten German IPOs in 2026.
EMEA IPO proceeds by sector, 1H 2026
| Sector | Proceeds (US$B) | Share of EMEA proceeds (Axis) | Source |
|---|---|---|---|
| Industrials | 5.5 | 50% | PwC IPO Watch EMEA |
| Energy | 1.3 | 12% | PwC IPO Watch EMEA |
| Financials | 0.9 | 8% | PwC IPO Watch EMEA |
| Consumer Staples | 0.8 | 7% | PwC IPO Watch EMEA |
| Information Technology | 0.7 | 6% | PwC IPO Watch EMEA |
| Consumer Discretionary | 0.7 | 6% | PwC IPO Watch EMEA |
| Real Estate | 0.7 | 6% | PwC IPO Watch EMEA |
| Other | 0.3 | 3% | PwC IPO Watch EMEA |
PwC’s sector figures cover all of EMEA in US dollars and sum to its US$10.9 billion regional total. Industrials, the sector that includes aerospace and defence, raised half of EMEA’s IPO money.
Which European Stock Exchange Hosts the Most IPOs?
No single primary source ranks every European exchange on one methodology for 1H 2026. Axis Intelligence Research therefore places each operator’s or adviser’s own figures side by side, with their definitions, rather than merging incompatible counts into one league table.
European IPO venue scorecard, 1H 2026
| Venue / market | Listings, 1H 2026 | Money raised, 1H 2026 | What is counted | Overlap warning | Source |
|---|---|---|---|---|---|
| Euronext (Amsterdam, Athens, Brussels, Dublin, Lisbon, Milan, Oslo, Paris) | 39 new equity listings | €4,595M | New equity listings incl. over-allotment | Includes Oslo | Euronext Q1 and Q2 2026 results |
| London Stock Exchange (Main Market + AIM) | 7 IPOs | £577M | IPOs on Main Market (3) and AIM (4) | None | EY-Parthenon UK IPO Eye |
| Nordic markets (Sweden, Norway, Finland, Denmark) | 24 IPOs and direct listings | €1,762M | IPOs and direct listings, regulated and growth markets | Norway overlaps Euronext Oslo | PwC Nordic IPO Watch |
| Germany | 4 IPOs (6 new listings) | ~€744M (6 listings) | EY German IPO count | One listing on Nasdaq First North Sweden | EY IPO Barometer Q2 2026 |
Euronext’s 39-listing and €4,595 million half-year figures are Axis sums of the 16 and 23 listings and €4,417 million and €178 million reported in Euronext’s Q1 2026 results and Q2 2026 results.
By the largest single deal, the ranking is clearer: Euronext Amsterdam (CSG), London Stock Exchange (UzNIF), Deutsche Börse (Vincorion), Oslo Børs (Capital Tankers) and Nasdaq Nordic Copenhagen (BioMar) each hosted one of Europe’s top five IPOs, per PwC. PwC also notes that Nasdaq Stockholm was the busiest European venue by IPO proceeds in 2025.
Euronext IPOs 2026: new listings versus follow-ons
| Quarter | New equity listings | New listing money raised (€M) | Follow-on money raised (€M) | Follow-on ÷ new listing (Axis) | Source |
|---|---|---|---|---|---|
| Q1 2025 | 15 | 348 | 3,059 | 8.8x | Euronext Q1 2026 results |
| Q2 2025 | 15 | 264 | 4,271 | 16.2x | Euronext Q2 2026 results |
| Q1 2026 | 16 | 4,417 | 7,569 | 1.7x | Euronext Q1 2026 results |
| Q2 2026 | 23 | 178 | 9,062 | 50.9x | Euronext Q2 2026 results |
Axis Intelligence Research calculates that Euronext-listed companies raised €16,631 million through follow-ons in 1H 2026, 3.6 times the €4,595 million raised by new listings. In Q2 2026 alone the multiple was 50.9 times: 23 companies listed and raised €178 million between them, an average of €7.7 million, while existing issuers raised €9,062 million. Euronext says nearly half of its Q2 new listings came from companies headquartered outside Euronext countries.
London IPO market 2026
The London Stock Exchange recorded seven IPOs raising £577 million in 1H 2026, a 215% increase on £183 million in 1H 2025, according to EY-Parthenon’s UK IPO analysis. Five of those listings came in Q2 and raised £564 million.
| Period | London IPOs | Proceeds | Source |
|---|---|---|---|
| 1H 2025 | — | £183M | EY-Parthenon UK IPO analysis |
| Q1 2026 | 2 (Axis: 7 − 5) | £13M (Axis: £577M − £564M) | Axis calculation on EY-Parthenon |
| Q2 2026 | 5 | £564M | EY-Parthenon UK IPO analysis |
| 1H 2026 | 7 (3 Main Market, 4 AIM) | £577M | EY-Parthenon UK IPO analysis |
Axis Intelligence Research calculates the average London IPO raised £82 million in 1H 2026 (£577M ÷ 7), and £113 million in Q2 2026 (£564M ÷ 5).
Nordic IPO market 2026
PwC counts 24 IPOs and direct listings across the Nordic countries in 1H 2026, raising €1,762 million, in its Nordic IPO Watch. Sweden was the most active market with 10 transactions; Norway raised the most, €620 million, from 7; Finland added 4 transactions and €176 million; Denmark recorded 3.
Norway’s largest listing by first-day market capitalisation was the Kongsberg Maritime spin-off at €5,207 million. Capital Tankers topped Norwegian proceeds at €376 million in PwC Norway’s count; PwC UK’s EMEA report records the same deal at €370 million because it excludes greenshoe options.
Mia Scarlett: Euronext’s Q2 is the most useful single number on this page for anyone arguing about Europe’s “IPO problem.” Twenty-three companies came to market and raised €178 million. Existing issuers raised €9.1 billion in the same quarter. European equity investors are not short of appetite; they are allocating it to companies whose numbers they already know. The listing gap is a pricing and size problem before it is a demand problem.
How Does Europe’s IPO Market Compare With the US and Asia in 2026?
EMEA IPOs raised US$10.9 billion from 72 deals in 1H 2026, while global IPO proceeds reached US$178 billion from 524 deals, both according to PwC. Axis Intelligence Research calculates EMEA’s share of global IPO proceeds at 6.1%, down from 16.3% in 1H 2025 (US$9.5B of US$58.2B, the sum of PwC’s three regional figures for that half).
The fall is mostly denominator. EMEA proceeds rose 15% (US$9.5B to US$10.9B, Axis calculation) while a single US listing, SpaceX, added US$75 billion in PwC’s count. Excluding it, EMEA’s share of global proceeds would be 10.6% (US$10.9B ÷ US$103B), by Axis Intelligence Research’s calculation.
Regional IPO proceeds, 1H 2024 to 1H 2026
| Region | 1H 2024 (US$B) | 1H 2025 (US$B) | 1H 2026 (US$B) | IPOs 1H 2026 | Source |
|---|---|---|---|---|---|
| Americas | 17.6 | 27.3 | 137.5 | 203 | PwC IPO Watch EMEA |
| EMEA | 17.3 | 9.5 | 10.9 | 72 | PwC IPO Watch EMEA |
| Asia-Pacific | 14.8 | 21.4 | 29.6 | 249 | PwC IPO Watch EMEA |
EMEA IPO activity by year
Summing PwC’s quarterly EMEA figures, Axis Intelligence Research calculates EMEA IPO proceeds of US$22.2 billion from 164 deals in 2023, US$31.7 billion from 152 deals in 2024 and US$24.9 billion from 149 deals in 2025.
Middle East and Africa
PwC describes the Middle East IPO market as largely closed since February 2026 amid regional conflict. Africa moved the other way: Kenya Pipeline Company raised US$823 million on the Nairobi Securities Exchange, and five further African listings brought the region its highest listing count in over ten years, per PwC.
For global totals, first-day returns and the SpaceX effect, see our IPO statistics 2026 hub. For venue-by-venue comparisons with Nasdaq, Hong Kong and India, see IPO statistics by country and exchange. How new listings trade after the offer is covered in IPO performance statistics.
Why Do PwC and EY Report Different European IPO Numbers?
PwC and EY publish different European IPO totals for the same half because they use different data providers, currencies and inclusion rules.
| Metric, 1H 2026 | PwC IPO Watch EMEA | EY IPO Barometer | Source |
|---|---|---|---|
| European IPO proceeds | €7.2B | US$9.0B | PwC; EY Germany |
| European proceeds, 1H 2025 | €4.1B | US$6.0B | PwC; EY Germany |
| Year-over-year change in proceeds | +76% | +50% (Axis) | PwC; Axis calculation on EY |
| Q2 2026 European IPOs | 26 | 24 | PwC; EY Germany |
| Q2 2026 European proceeds | €2.5B | US$2.6B | PwC; EY Germany |
| Data provider | S&P Global Market Intelligence | EY analysis | PwC; EY Germany |
PwC excludes greenshoe options, closed-end funds, over-the-counter deals and raises under US$5 million, and attributes dual-listed deals to each exchange in full. Comparisons on this page stay within one publisher’s series.
What Is in Europe’s IPO Pipeline for 2H 2026 and 2027?
PwC reports that many European issuers are evaluating the second half of 2026 or early 2027, partly because of potential US mega-IPOs from Anthropic and OpenAI, both of which PwC says have confidentially filed with the SEC. PwC also reports that the European Central Bank raised rates for the first time in three years during the half.
EY expects up to ten German IPOs in 2026, after four in the first half, and names the planned KNDS IPO and dual listing as a major candidate. EY-Parthenon says pent-up UK demand could drive a rebound in listings in late 2026 or early 2027. Listing status for the AI candidates is logged in our AI IPO tracker, and valuation benchmarks for technology issuers are in our tech IPO statistics.
Mia Scarlett: The European pipeline has one external dependency that did not exist a year ago: whether US mega-deals absorb the global allocation budget. A European mid-cap that prices the same fortnight as a US mega-cap book will pay for it in discount. The issuers PwC describes as waiting are making a calendar decision, not a quality one.
Methodology
Collection. Axis Intelligence Research assembled this dataset on September 16, 2026, from primary documents fetched and read on that date: PwC IPO Watch EMEA H1 2026 and Q1 2026 (S&P Global Market Intelligence data), Euronext Q1 2026 and Q2 2026 results, EY-Parthenon UK IPO analysis (July 2026), EY Germany IPO Barometer Q2 2026 and PwC Norway’s Nordic IPO Watch H1 2026. Every figure on this page is a row in the CSV.
Reading chart labels. PwC publishes its quarterly European and EMEA series as chart labels. Axis Intelligence Research accepted the label order only where it reproduced totals stated in the same report: European Q1 and Q2 2026 labels sum to €7.2 billion, Q1 and Q2 2025 labels sum to €4.1 billion (reproducing the stated +76%), and EMEA Q1 and Q2 labels sum to the US$10.9 billion and US$9.5 billion half-year totals.
Axis calculations. Annual totals = sum of four PwC quarters. Average IPO size = quarterly proceeds ÷ quarterly IPOs. Europe ex-CSG = PwC Europe proceeds − CSG proceeds. Top-five share = sum of top-five deal proceeds ÷ PwC Europe proceeds. Euronext half-year figures = Q1 + Q2 as reported. Follow-on multiple = follow-on money raised ÷ new-listing money raised. EMEA global share = PwC EMEA proceeds ÷ PwC global proceeds. EIMI formula and worked example are shown in the index section.
One-series rule. No ratio on this page mixes publishers or currencies. Euronext counts include over-allotment; PwC excludes it. Venue figures appear side by side with overlap warnings and are never summed.
Coverage. Switzerland, Spain, Italy’s non-Euronext venues and Poland are not reported separately in the 1H 2026 primary sources used; their deals are included in PwC’s European totals.
About This Dataset
File: european-ipo-statistics.csv — one row per observation: metric, value, unit, period, geography or venue, source organization, document, URL, retrieval date, primary-source flag, Axis-calculation flag and method note.
Coverage: European IPO proceeds and counts by quarter (Q1 2023 to Q2 2026) and year; EIMI readings; top five European IPOs of 1H 2026; EMEA sector and regional proceeds; Euronext new listings and follow-ons; London, Nordic and German IPO activity; PwC–EY reconciliation.
License: CC BY 4.0. Reuse with attribution: “Axis Intelligence Research, European IPO Statistics 2026.”
Also published on: Hugging Face · Kaggle · GitHub (Axis Intelligence Research).
How to Cite This Page
APA: Axis Intelligence Research, & Scarlett, M. (2026, September 16). European IPO statistics 2026: Proceeds, listings, exchange rankings and the Europe IPO Momentum Index. Axis Intelligence. https://axis-intelligence.com/european-ipo-statistics/
MLA: Axis Intelligence Research, and Mia Scarlett. “European IPO Statistics 2026: Proceeds, Listings, Exchange Rankings and the Europe IPO Momentum Index.” Axis Intelligence, 16 Sept. 2026, axis-intelligence.com/european-ipo-statistics/.
Chicago: Axis Intelligence Research, and Mia Scarlett. “European IPO Statistics 2026: Proceeds, Listings, Exchange Rankings and the Europe IPO Momentum Index.” Axis Intelligence, September 16, 2026. https://axis-intelligence.com/european-ipo-statistics/.
European IPO Questions Issuers, Bankers and Investors Are Asking
Is the European IPO window open in the second half of 2026?
Selectively. The Axis Europe IPO Momentum Index reached 184.1 in Q2 2026, its highest reading since 2023, and Q2 brought 26 European IPOs, per PwC. Deal sizes were small, averaging €96 million, and many issuers are targeting late 2026 or early 2027.
How much of Europe’s 2026 IPO growth came from CSG?
Most of it. CSG raised €3,304 million, 46% of European IPO proceeds in 1H 2026. Excluding CSG, Axis Intelligence Research estimates European proceeds at €3.9 billion, about 5% below 1H 2025, on 38 deals against 28.
Why are defence companies listing in Europe now?
Defence issuers raised capital while other sectors waited. CSG, Vincorion and Gabler raised €3,825 million combined, 53% of European IPO proceeds in 1H 2026, and three of Germany’s four IPOs came from defence and security, according to PwC and EY.
Is London losing IPOs to Amsterdam and New York?
In 1H 2026, Euronext Amsterdam hosted Europe’s largest IPO and London the second-largest. The London Stock Exchange recorded seven IPOs raising £577 million, up 215% year over year, per EY-Parthenon, with five of the seven arriving in Q2.
Why do European companies raise more through follow-ons than IPOs?
Investors are funding known issuers. Euronext-listed companies raised €9,062 million in follow-ons in Q2 2026 against €178 million from 23 new listings, a 50.9x multiple by Axis Intelligence Research’s calculation.
Which Nordic country leads IPOs in 2026?
Sweden leads by deal count with 10 IPOs and direct listings in 1H 2026; Norway leads by proceeds with €620 million, according to PwC’s Nordic IPO Watch. Nordic listings raised €1,762 million in total.
How does the Europe IPO Momentum Index work?
The EIMI averages two trailing four-quarter ratios against calendar 2023: European IPO proceeds versus €7.2 billion and IPO count versus 57 deals, each weighted 50%. It read 100.0 at Q4 2023 and 184.1 at Q2 2026.
Did the US mega-IPO boom shrink Europe’s share of global IPO capital?
Yes, in share terms. EMEA took 6.1% of global IPO proceeds in 1H 2026, down from 16.3% in 1H 2025, while its own proceeds rose 15% to US$10.9 billion. Excluding SpaceX, EMEA’s share would be 10.6%, per Axis Intelligence Research using PwC data.