Signs of recovery of the IPO market in Europe. There will be debuts in Poland

The third quarter brought signs of recovery of the IPO market in Europe, but no new debuts were recorded on the WSE at that time. Despite the lack of offers, the transaction window in Poland is not closed and, apart from Smyk, further debuts can be expected soon – according to the PwC report “IPO Watch EMEA”.

According to PwC, the lack of offers in the third quarter is in clear contrast to the first half of the year, when the Polish primary market was revived by the IPOs of Diagnostyka and Arlen, which raised a total of almost PLN 2 billion.

“However, the current break in offers on the primary market in Poland does not mean a lack of interest from investors or issuers, but rather indicates a cautious approach to planning debuts in a demanding environment. It is also worth remembering that the third quarter is traditionally characterized by less activity on the primary market, which is related to the seasonal holiday break. Despite the lack of offers, the transaction window in Poland is not closed – (…) published intention to conduct a public offering (so-called intention to float) of the Smyk Group on the main market of the Warsaw Stock Exchange,” the statement read.

It was reported that further debuts can be expected in the following quarters.

“Diagnostics and Arlen already on the market, Smyk Group has a high chance of debuting in November this year.and maybe another IPO of recognizable brands over the horizon in the first and second quarter of 2026. It seems that the Polish market is back in the game with recognizable issuers and capital ready to finance well-prepared businesses with solid foundations, regardless of the industry. This is a clear signal that Poland is back on the map of large transactions,” said Kamil Wardzyński, director of PwC Polska in the capital markets team, quoted in the release.

It was reported that in the third quarter of 2025, a total of 15 debuts were made on European stock exchanges with a total value of EUR 2.3 billion, while in the second quarter of 2025 the number of IPOs was 12, with a total value of EUR 1.0 billion. In the same period last year, there were 8 debuts worth EUR 0.3 billion.

“The significant increase in the value of offers in the third quarter of this year proves the partial return of optimism on the market and the growing interest of investors,” it was written in the discussion of the report.

The largest IPO in Europe in the third quarter was the offering of Swiss Marketplace Group AG (IT sector) on the SIX stock exchange in Zurich worth EUR 967 million. Stockholm recorded a successful debut of Noba Bank Group (financial sector), which raised EUR 691 million and the share price increased by 30% on the first day of trading. On the Spanish BME, Cirsa Enterprises (entertainment and gaming industry) raised EUR 453 million, confirming investor interest in companies from the consumer sector. In London, the debuts of Metlen Energy & Metals and The Beauty Tech Group attracted attention.

“The past quarter showed signs of recovery of the IPO market in Europe – the sectoral diversification of debuts indicates the interest and activity of investors who are analyzing the possibilities of involvement in segments such as consumer goods and finance, but also in the defense, IT and health care industries. Stabilizing macroeconomic conditions and strong demand – visible, among others, in the oversubscription of offers and the presence of cornerstone investors – they will certainly support further transactions,” said Bartosz Margol, partner of PwC Polska, leader of the capital markets team, quoted in the release.

“In 2026, we expect a return to the market of large IPOs, especially companies supported by private equity funds. To maintain positive but fragile investor sentiment, stabilization and the absence of significant macroeconomic and geopolitical shocks will be crucial,” he added. (PAP Business)

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