After several false dawns, equity capital markets across Europe, the Middle East and Africa showed signs of genuine revival in 2025. IPO issuance remained uneven and cautious, but the year ended with enough momentum to suggest that the long post-pandemic drought may finally be breaking, led by the Nordics, the Middle East and a resurgent London.
Across EMEA, IPO proceeds reached $22.6bn from 130 listings, down from $31.7bn a year earlier as several large-cap candidates opted to wait until 2026. Yet that headline decline obscures an important shift.
Activity accelerated sharply in the final quarter, driven by Stockholm, Saudi Arabia and London, and concentrated in healthcare and financial services. The region’s story in 2025 was less about volume than about confidence returning, tentatively but visibly.
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Europe ended the year strongly. In the fourth quarter alone, 15 IPOs raised €5.5bn, bringing full-year proceeds to €12.5bn from 60 listings. That total was modestly below 2024, but the late surge — and a swelling pipeline — points to improving conditions.
The Nordic exchanges again punched above their weight. Stockholm hosted four of Europe’s ten largest IPOs, including the €3.2bn flotation of Verisure, the year’s biggest deal not only in Europe but across EMEA. The Swiss Marketplace Group and Asker Healthcare followed close behind. Seven of the continent’s top ten IPOs were backed by private equity, underscoring sponsors’ renewed willingness to test public markets after years of waiting on the sidelines.
London’s stronger IPO showing
London, long presumed to be in secular decline, enjoyed its strongest year since 2021. The London Stock Exchange raised £1.9bn from 11 IPOs, with more than two-thirds of proceeds coming in the final quarter.
Fintech lender Shawbrook and Princes Group, a consumer business, both priced sizeable offerings in October, helping to more than double year-on-year IPO proceeds. The rebound was reinforced by a broader pick-up in equity activity, including demergers, secondary listings, market transfers and SPAC-related transactions. A three-year stamp-duty holiday on shares in new UK IPOs, announced in the Chancellor’s latest Budget, has added a modest but welcome incentive.
“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,” notes Vhernie Manickavasagar, UK IPO Leader at PwC UK.
Middle East IPO’s remained consistent
The Middle East continued to provide steadier issuance, albeit with smaller average deal sizes. In the Gulf, activity remained consistent throughout the year, avoiding Europe’s quiet summer. Dubai-based contractor ALEC led fourth-quarter listings, while Saudi Arabia hosted numerous sub-$50m deals alongside the year’s largest regional IPO: airline Flynas, which raised $1bn in June. In Africa, South Africa’s JSE benefited from improving political sentiment and soaring precious-metal prices, which buoyed investor appetite.
Globally, the picture was brighter still. IPO proceeds rose 21% to $143.3bn from just over 1,000 listings, driven by a powerful rebound in the Americas and Asia-Pacific. The United States alone raised nearly $60bn, while Asia-Pacific matched it, propelled by activity in China, Hong Kong and India.
The year’s largest IPO was Medline’s $6.3bn debut in December. Financials dominated issuance worldwide, accounting for nearly a third of proceeds, followed by technology and consumer businesses. Sponsor-backed listings also returned in force, featuring prominently among the year’s biggest deals.
The lesson of 2025 is not that the IPO market has fully healed, but that it is moving again. Investors remain selective, valuations disciplined and windows brief. Yet with inflation tamed, rate cuts in sight and a backlog of large, IPO-ready companies (particularly in consumer, financial services and technology) 2026 is shaping up to be more than just another false start. For markets that have waited patiently, that alone feels like progress.
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