TSX runs higher on rate cut expectations
Investing.com -- European IPO activity remained muted in the first half of 2025 as geopolitical and macroeconomic uncertainties delayed several listings, according to PwC’s latest IPO Watch EMEA report.
Total (EPA:TTEF) H1 2025 proceeds in Europe reached €4.0 billion from 16 IPOs in Q1 raising €3.1 billion, representing a significant decline compared to H1 2024 which saw €11.5 billion raised.
Despite the subdued IPO environment, London’s broader equity market activity remained strong, driven by demergers, primary capital raises and new listings. Notable transactions included Anglo American (JO:AGLJ)’s platinum business demerger and listing in London, a £1.14 billion capital raise by Rosebank Industries, and Metlen Energy & Metals announcing plans to move its primary listing to London.
Across the entire EMEA region, IPO proceeds in H1 2025 totaled $9.4 billion from 67 IPOs, down from $17.3 billion from 78 listings in the same period last year. The Middle East maintained robust activity, with Saudi Arabia being the most active country in the Gulf Cooperation Council, hosting 23 IPOs including low-cost airline Flynas raising over $1 billion on Tadawul, making it the largest IPO in EMEA so far this year.
In contrast to EMEA’s 46% drop in proceeds, global IPO activity in H1 2025 saw an 18% increase in proceeds, rising to $58.4 billion from 486 listings compared to $49.6 billion from 444 listings in H1 2024. This growth was primarily driven by the United States, where proceeds increased over 50%, boosted by a resurgence of Special Purpose Acquisition Company (SPAC) IPOs, which represented over 40% of US IPO issuance for H1.
The largest global IPO to date in 2025 was JX Advanced Metals, a semiconductor materials supplier that raised $2.5 billion on the Tokyo Stock Exchange.
Despite market turbulence, all major indices closed H1 up from where they started the year, with Germany’s DAX reaching an all-time high in June 2025.
Kat Kravtsov, Capital Markets Director at PwC UK, noted: "As IPO markets gradually reopen, we are spending more time with issuers exploring various listing options. While the listing location of peers is important in decision making, the overarching equity story of the business, a broader understanding of the sector, and company-specific considerations around its nexus into the listing country of choice will also be driving factors."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.