Uptick in Listings After Years of Weak Activity
Europe’s initial public offering (IPO) market is showing renewed momentum after a prolonged slowdown. In 2024, funds raised through IPOs more than doubled compared with the previous year, with high-profile debuts such as Spain’s Puig Brands and Switzerland’s Galderma each generating proceeds in the billions. Analysts say the rebound reflects a growing appetite for European equities.
Private Equity Firms Fuel Major Offerings
Private equity-backed companies are driving a significant share of the resurgence. Security provider Verisure, supported by Hellman & Friedman, is targeting a €3.1 billion raise through a planned listing in Stockholm, which could become Sweden’s largest IPO in years. These offerings highlight how private equity firms are leaning on public markets for debt refinancing and growth strategies.
Outlook Remains Cautious
Despite the improvement, companies have been pricing shares conservatively to attract investor interest, often accepting steep discounts compared with peers. Market experts warn that volatility tied to global economic uncertainty could limit the scale of the recovery. Even so, a healthy pipeline of upcoming IPOs suggests the European market may be entering a more stable phase heading into 2025.
