IPO activity on European exchanges remained subdued in H1 of 2025

IPO activity on European exchanges remained subdued in the first half of 2025, as uncertainty caused by geopolitical and macroeconomic uncertainty delayed several listings, according to PwC’s latest IPO Watch report.

In the first six months of the year, total proceeds in Europe reached €4.0 billion driven by 16 IPOs in Q1 raising €3.1 billion, however, this was down considerably compared to the same period last year, which saw €11.5 billion raised.

“The market volatility at the beginning of the second quarter, fuelled by uncertainty over global trade tariffs, understandably prompted several companies to delay their IPO plans,” stated Kat Kravtsov, Director at PwC.

Global IPO activity meanwhile saw an 18% increase in H1 proceeds rising to $58.4 billion from 486 listings compared to $49.6 billion raised from 444 in H1 of 2024. IPO activity was led by the US, which saw proceeds up over 50% driven by the resurgence of Special Purpose Aquisition Company (SPAC) listings which represented over 40% of the IPO issuance in the US in the first half of the year.

Together, the top 10 IPOs contributed $13.5 billion, almost a quarter (23%) of overall IPO proceeds in H1 2025. Five of the top 10 were US companies, while the others came from India, Japan, Saudi Arabia and Sweden.

The London IPO market

In the London market, IPO activity was subdued in H1, with proceeds raised hitting £109 million.

However, London’s broader equity market activity remained strong, driven by demergers, primary capital raises and new listings activity. Some of the notable transactions that took place included a demerger and listing in London of Anglo American’s platinum business, a £1.14 billion capital raise by Rosebank Industries, and Metlen Energy & Metals announced its intention to move its primary listing to London.

“Despite slower IPO activity, the London market remained active with a notable demerger, capital raises and the recently announced intention to list of an international energy and metals group,” said Vhernie Manickavasagar, Partner at PwC.

Outlook

Looking ahead, Manickavasagar said that the expectation for the remainder for the year hinges on the development of the macroeconomic and geopolitical environment. “Should the market stabilise, we anticipate a revival of listing activity across Europe and the UK, including further demergers and sponsor-backed IPOs, in the second half of 2025 and into 2026.”