IPO Watch EMEA Q1 2025

“The first quarter of 2025 witnessed a more challenging macroeconomic backdrop than anticipated as market volatility increased driven by uncertainty around global trade tariffs. Despite this, European equities outperformed the US and Europe hosted sizeable IPOs.

In the UK, the secondary market continued to be strong in the first quarter of 2025 as demonstrated by a large equity sell-down and a significant rights issue.

However, the recent global market volatility has understandably resulted in companies delaying their IPO processes until the markets are more stable. The outlook for the rest of the year is now highly dependent on the stabilisation of equity markets and a return of confidence. If this is achieved, we expect to see a resumption of London listing activity driven by demergers, move ups to the main market, international listings and traditional IPOs.”

“A variety of equity transactions have been completed in Europe and the UK in the first quarter of 2025, ranging from large secondary issuances to primary capital raises and IPOs, demonstrating that investors have a deep pool of capital available for deployment. The recent spike in volatility may curb investor appetite for IPOs until the market sees a degree of stability in the wider macroeconomic environment and clarity on policy direction.

As corporates and their shareholders continue to evaluate potential IPO windows, the focus is shifting towards preparation and spending more time on IPO and exit readiness with the objective of preserving and maximising value, whilst maintaining strategic flexibility with regard to the timing and monetisation options.”