Strong IPO activity in Europe sees two of the top five IPOs globally this year priced on European exchanges
EMEA IPO issuance surpasses 2023 total, driven by a recovering Europe and a maturing Middle East market
The UK sees IPO proceeds almost at the same level as 2023 total, but with a significant number of listings underway, 2025 is expected to see growth
European IPO market
Proceeds raised from European IPOs doubled in 2024 compared to the previous year. Improving macroeconomic and equity market conditions and decisive election results across the region all contributed to momentum for IPOs, according to PwC’s latest IPO Watch EMEA 2024.
In total there were 57 IPOs across Europe raising €14.6bn, a rise of €7.4bn compared to 2023 which saw €7.2bn raised from 57 IPOs. The final quarter saw €2.8bn raised from 13 IPOs across Europe. Overall, the largest listings in Europe include the €2.6bn IPO of fashion and beauty company Puig Brands, the €2bn IPO of pharmaceutical company Galderma and the €2bn IPO of private equity firm CVC Capital. Galderma and CVC Capital both performed well in the aftermarket, up 66% and 70% respectively.
Looking ahead, its anticipated 2025 will see a further revival of the IPO market in Europe with the success of significant IPOs executed this year that have tested the waters and paved the way for prospective candidates waiting in the wings.
Spotlight on London
The London Stock Exchange saw £0.7bn raised from 8 IPOs compared to £0.8bn raised from 11 IPOs last year. Despite this, the equity market in London has shown progress with companies moving up from AIM to the Main exchange, a few IPOs and new listings, including Canal+’s recent spin-off. With a decisive election result and listing reforms now in effect, there is a sense of greater stability and investor confidence as demonstrated by the recent reversal of persistent outflows from UK equities and with robust secondary markets.
The Middle East and Africa
IPO activity in the Middle East remained active with over 75 IPOs generating more than $13bn, which is down 6% compared to 2023 which saw $14bn raised from 102 listings. The region saw significant momentum in Q4, including the three largest IPOs of the year.
Africa recorded two IPOs during the year, collectively raising over $500m, up 60% compared to 2023. A noteworthy IPO was South African convenience store Boxer Retail Limited, the largest IPO in South Africa since 2017 and the company showed strong aftermarket performance, up 24% since listing, showcasing investor confidence.
Vhernie Manickavasagar, Capital Markets Partner at PwC UK, said:
“2024 has set the stage for what we anticipate will be a further revival of the IPO market in EMEA and beyond in 2025. Private equity backed IPOs in Europe have seen success in 2024 and an interesting trend has started to emerge whereby the sponsor has retained a stake in the company at the point of IPO - which has reassured other IPO investors - and exited post-IPO at a higher price point.
“We have also seen the UK’s equity markets begin to return to normality signalled by the return of net inflows into UK equities in November for the first time in 42 months and the announcement of larger listings in London towards the end of the year. Preparations for a number of significant IPOs are already underway, providing momentum for what is hoped to be a big year for the UK markets in 2025.”
Kat Kravstov, Capital Markets Director at PwC UK, said:
“2024 saw a gradual recovery of the US and EMEA IPO markets, with both reporting higher IPO proceeds raised compared to last year. IPO proceeds in Europe have more than doubled year-on-year. In the UK, we are also seeing an uptick in the secondary markets, signalled by strong secondary equity issuance activity and the return of net inflows into UK equities in November.
“Looking ahead, we anticipate a further revival of the IPO market by mid 2025. Whilst IPO activity will depend heavily on continued improvement in the macroeconomic environment, the IPO market is open for companies that can demonstrate a strong equity story with a solid track record and readiness to operate as a public company.”
Global IPO market
Global IPO proceeds totalled $105.6bn from 876 IPOs for 2024, down 9.6% on full year activity for 2023 which saw $116.2bn from 1,044 IPOs. The fall is largely attributed to a slowdown in activity in China where IPO proceeds fell by 78% ($39bn) in 2024, although the negative impact on global volumes was mitigated by a continued increase in issuance for India, which saw a year-on-year increase of 152% and a strong pipeline in the Middle East. The US also delivered strong IPO performance compared to last year with proceeds up 56% ($12.6bn) notwithstanding the uncertainties around the presidential election.
The top ten IPOs in 2024 consisted of four from Europe, three in the Middle East, and one in each of the US, Japan and India. A more diverse spread geographically this year, compared to previous years which saw the US and Mainland China dominate, suggests domestic exchanges are fighting their corner to attract companies within their locale.
The largest market for IPOs overall in 2024 was the US, raising $36bn, followed by Europe ($15.8bn) and China/Hong Kong SAR ($12.5bn). The largest sector for IPO activity in terms of proceeds raised was Consumer Discretionary raising $18.3bn. The sector had five IPOs with proceeds more than $1bn. The Industrials sector followed with proceeds of $17.8bn with Financials making up the third largest sector with $15bn proceeds raised. Information Technology, the largest sector in 2023 saw proceeds reduced significantly to $10.6bn this year from $25.9bn last year.
Stuart Newman, Global IPO Centre Leader at PwC UK, added,
“The top 10 IPOs of 2024 highlight a true global distribution, moving away from the usual concentrations in the US and, more recently, China and Hong Kong SAR. Although technology has been a major driver in equity markets in the year, it is consumer stocks that lead in IPO rankings.”
Ends.
Notes to editors
Reports can be found here:
EMEA IPO Watch
https://www.pwc.co.uk/services/audit/insights/ipo-watch-europe.html
Global IPO Watch:
https://www.pwc.co.uk/services/audit/insights/global-ipo-watch.html
The data in the report is cut-off at 30th November 2024
IPO Watch EMEA and Global reports on all new primary market equity IPOs on EMEA and Global principle stock markets and market segments using the Capital IQ list of exchanges mapping, on a quarterly basis. Movements between markets on the same exchange are excluded.
The data is based on data extracted from Capital IQ on 2nd December 2024 and based on their offering date between 1st January and 30th November 2024 and excluded greenshow. Only transactions with a minimum of $5m money raised have been included, the data excludes Closed-End Funds and Business Development companies and transactions on Over-The-Counter exchanges.
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