European IPO sprint at the end of the year: it is still 5 billion US dollars short to catch up with last fall's window and many challenges

The Zhitong Finance App learned that the European Exchange will need to refinance 5 billion US dollars through an IPO before the end of the year to surpass the amount raised last year. In the current market environment where transactions have been repeatedly delayed, this is certainly a challenge. According to the data, European IPOs raised a total of 16.7 billion US dollars in 2025, but they are still below the historical level, and the downturn in European IPOs has not abated significantly. Since this year, European IPOs have raised a total of 11.6 billion US dollars. The deal to be carried out in the fall is expected to fill the gap, but only a few billion-dollar IPOs are currently being prepared.

The IPOs of mobile payment company Airtel Money, tank manufacturer KNDS NV, and real estate investment company Hotel Investment Partners SA may push the amount raised by European IPOs this year to surpass last year's. According to reports, all three companies are considering a listing window that usually lasts from September to November.

Not all of these companies will decide to go for an IPO, though. Affected by the war in the Middle East and Ukraine, AI trading concerns, and soaring energy prices and bond yields, the European stock market has retreated from a high level, and volatility has increased again.

When entering 2026, deal makers hoped that higher stock prices would bring a wave of listings. However, market fluctuations caused by the conflict and concerns about AI transactions prompted some candidate companies to postpone their IPO plans, while others needed more time to prepare.

“The fall window may not be as busy as we had hoped earlier this year,” said Egor Marisin, partner in the corporate and equity capital markets team at Fuerder Law Firm. “But I wouldn't be surprised if a few European IPO candidates test the market reaction.”

Europe's relatively small number of IPOs is in stark contrast to the US and Asia. IPOs in the US and Asia are very active, mainly due to the boom in AI infrastructure. The data shows that even without including SpaceX's major IPO, the total amount of US IPO financing this year has already exceeded last year's total.

The November midterm elections in the US further increased the risk of the IPO window this fall. Investors are generally more cautious before the election, meaning the chance for a large-scale IPO this fall may end earlier than last year.

“It would be great if we could see a restart of deals before the end of the year,” Marisin said, adding that considering events such as the midterm elections or the UK budget, the total amount raised should “not have much impact on people's mood” compared to last year.

IPO candidate companies

According to people familiar with the matter, Airtel Money, a subsidiary of telecom group Airtel Africa Plc, and Wealth Group Plc, a wealth management company supported by Oak Capital, are planning to enter the London market as early as the next few months. According to reports, Airtel Money's valuation may reach $10 billion and is expected to be London's largest IPO since 2021.

According to reports, KNDS NV is considering launching a new IPO plan later this month, provided there is good feedback from investors. The Franco-German joint venture previously cancelled its listing plan due to turbulence in defense stocks, but as European defense stocks recovered in the summer, the company has resumed preparations for listing.

In Spain, Blackstone Group is preparing for the potential listing of Hotel Investment Partners, which may raise about 800 million euros (US$922 million); Ignis, supported by Vortex Energy, is also planning an IPO, raising up to 600 million euros.

In Northern Europe, Nordic Capital-backed dermatology specialist Leo Pharma AS is preparing for an IPO in Copenhagen, while Swedish infrastructure group Eleda plans to go public in Stockholm.

People familiar with the matter said that no final decision has been made on these IPOs, and details, including timing, may still change.