The European IPO market is coming alive. London is falling out of the top world stock exchanges

In the third quarter of 2025, the number of stock exchange debuts in Europe increased to 15, and their value reached EUR 2.3 billion – it was reported in the “PIE Economic Weekly”. The largest debut was recorded in Zurich, while London fell outside the top twenty global IPO markets.

As reported, the largest transaction was the offer of Swiss Marketplace Group AG on the Zurich stock exchange worth EUR 967 million. High activity was also recorded in Sweden, Spain and Germany. According to PIE, the increase in the value of offers is a positive signal of rebuilding investor confidence in European capital markets.

The largest number of debuts occurred in the real estate, hotel and construction sectors, with the financial sector gaining momentum and the technological sector still dominating in terms of the value of funds raised. Despite signs of improvement, the IPO market in Europe still faces significant barriers, such as geopolitical tensions and economic uncertainty.

In the UK and Ireland, the IPO market is still in a wait-and-see phase. Although there has been moderate growth and improved sentiment since the beginning of the year, some companies are still postponing their debuts due to weak demand and investor caution. The London Stock Exchange fell to 23rd place among global IPO markets in the third quarter of 2025. The value of public offerings on the LSE in 2025 fell by 69%. to approximately USD 248 million – the lowest in over 35 years.

The Polish stock exchange ranked higher than London, with the total IPO value reaching approximately USD 490 million, ahead of, among others, Italy and Germany.

PIE points out that although European capital markets are recovering, the pace still does not allow them to catch up with the United States. Experts emphasize that to increase Europe's economic competitiveness, it is crucial to strengthen the capital market – especially by facilitating listings, reducing entry costs for SMEs and greater involvement of individual investors.

As recalled by PIE, the European Central Bank points out that after their stock exchange debut, companies record a clear increase in productivity and a greater tendency to invest in innovations, which makes the development of the IPO market one of the pillars of the future economic growth of the EU. (PAP)

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