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The proceeds raised from European IPOs in the first half of 2024 have more than quadrupled compared with the same period last year, according to data from PwC.
This figure represents over 25% of the total proceeds raised globally, continuing the positive trajectory of the IPO market this year.
Q2 2024 saw 23 IPOs in Europe raising €6.6bn (£5.54bn), an increase of €5.3bn (£4.45bn) compared to the same period last year.
This was also an increase of €1.8bn (£1.51bn) compared with the Q1 2024 total of €4.8bn (£4.03bn) and bringing the total H1 IPO proceeds in Europe to €11.4bn (£9.58), higher than H1 2023 and H1 2022 combined.
IPO activity in London for H1 2024 saw £0.5bn proceeds raised which included the computer maker Raspberry PI raising £166m in a boost to the London market. A strong pipeline of potential IPOs also remains.
The UK saw the largest secondary market transactions globally with the National Grid and Haleon further offers of £7bn and £2.4bn respectively.
Kat Kravtsov, capital markets director at PwC UK, said: “The EMEA IPO market delivered an impressive level of H1 issuance, as the IPO market in Europe bounced back with a number of sizable IPOs testing the strength of the recovery.
“Largely positive aftermarket performance of the European IPOs provides further momentum for deal flow in the second half of the year and beyond, whilst investors continue to navigate short-term market volatility amidst a complex economic and geopolitical landscape.”
Vhernie Manickavasagar, capital markets partner at PwC UK, added: “After a two-year pause, the European IPO market has seen a resurgence in the first half of the year. Private equity-backed IPOs have played a prominent role in this recovery, with over half of the top 10 IPOs being PE backed.
“In terms of sectors, the consumer and luxury industries have stood out in H1, however the pipeline remains diversified. The IPO pipeline appears healthy well into 2025, indicating sustained recovery is underway. Companies are preparing early so they are ‘IPO ready’ and able to take advantage of favourable listing conditions once the uncertainties presented by the elections taking place across the globe this year are settled.”
