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Proceeds raised from European IPOs doubled in 2024 compared with the previous year, according to data from PwC.
PwC put this down to improving macroeconomic and equity market conditions and decisive election results across the region.
In total there were 57 IPOs across Europe raising €14.6bn (£12.1bn), a rise of €7.4bn (£6.1bn) compared with 2023 which saw €7.2bn (£6bn) raised from 57 IPOs while Q4 saw €2.8bn (£2.23bn) raised from 13 IPOs across Europe.
Overall, the largest listings in Europe include the €2.6bn (£2.2bn) IPO of fashion and beauty company Puig Brands, the €2bn (£1.7bn) IPO of pharmaceutical company Galderma and the €2bn (£1.7bn) IPO of private equity firm CVC Capital.
Galderma and CVC Capital both performed well in the aftermarket, up 66% and 70% respectively.
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.
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, added: “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.”
