{"id":5291,"date":"2026-05-05T10:11:11","date_gmt":"2026-05-05T10:11:11","guid":{"rendered":"https:\/\/ceo.com.pl\/en\/?p=5291"},"modified":"2026-05-05T10:11:11","modified_gmt":"2026-05-05T10:11:11","slug":"european-ipo-market-raises-eur-4-7bn-in-q1-2026-as-warsaw-sees-minimal-listing-activity-36581","status":"publish","type":"post","link":"https:\/\/ceo.com.pl\/en\/european-ipo-market-raises-eur-4-7bn-in-q1-2026-as-warsaw-sees-minimal-listing-activity-36581\/","title":{"rendered":"European IPO Market Raises EUR 4.7bn in Q1 2026 as Warsaw Sees Minimal Listing Activity"},"content":{"rendered":"<p>The value of initial public offerings (IPOs) carried out on European stock exchanges in the first quarter of 2026 amounted to EUR 4.7 billion, across a total of 12 listings. Activity in both primary and secondary equity offerings shows that investors still have significant capital available, but the market environment remains challenging. The rise in volatility observed at the end of March, combined with persistent geopolitical uncertainty, may limit investor appetite for new public offerings in the short term until the macroeconomic and political environment stabilises, according to the latest \u201cIPO Watch EMEA\u201d report prepared by experts from PwC Poland.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ceo.com.pl\/en\/european-ipo-market-raises-eur-4-7bn-in-q1-2026-as-warsaw-sees-minimal-listing-activity-36581\/#Summary_of_Q1_2026_on_the_Warsaw_Stock_Exchange\" >Summary of Q1 2026 on the Warsaw Stock Exchange<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ceo.com.pl\/en\/european-ipo-market-raises-eur-4-7bn-in-q1-2026-as-warsaw-sees-minimal-listing-activity-36581\/#Summary_of_the_European_IPO_market\" >Summary of the European IPO market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ceo.com.pl\/en\/european-ipo-market-raises-eur-4-7bn-in-q1-2026-as-warsaw-sees-minimal-listing-activity-36581\/#IPO_activity_on_the_European_market_in_Q1_since_2022\" >IPO activity on the European market in Q1 since 2022*<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ceo.com.pl\/en\/european-ipo-market-raises-eur-4-7bn-in-q1-2026-as-warsaw-sees-minimal-listing-activity-36581\/#IPO_activity_on_the_European_market_by_quarter_since_2022\" >IPO activity on the European market by quarter since 2022*<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ceo.com.pl\/en\/european-ipo-market-raises-eur-4-7bn-in-q1-2026-as-warsaw-sees-minimal-listing-activity-36581\/#About_the_IPO_Watch_EMEA_report\" >About the IPO Watch EMEA report<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Summary_of_Q1_2026_on_the_Warsaw_Stock_Exchange\"><\/span>Summary of Q1 2026 on the Warsaw Stock Exchange<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the start of 2026, the Warsaw Stock Exchange recorded minimal activity in public offerings. There was only one debut on the alternative NewConnect market, where Farm Innovations, a company operating in the area of innovative technologies for companion and farm animals, made its debut. The value of the offering amounted to PLN 4.7 million, or approximately EUR 1.1 million. This represented a 99.7% decline in activity on the Warsaw exchange compared with the same period in 2025, when two offerings were carried out, including the debut of Diagnostyka S.A., with a total value of PLN 1.7 billion, or approximately EUR 403 million.<\/p>\n<p>Despite the absence of new listings on the WSE Main Market in the first quarter, the market closely followed information about planned offerings by Polish companies. Of particular importance is the IPO of Rex Concepts, the franchisee of the Burger King and Popeyes brands, which will be the first debut on the WSE Main Market in more than 10 months, following Arlen\u2019s listing. The company placed the full pool of shares at PLN 14 per share, 20% below the maximum price, which will translate into gross proceeds of approximately PLN 448 million from the new share issue.<\/p>\n<p>\u201cIt should be noted that the offering was also addressed to institutional investors outside Poland, including qualified investors from the United States, while individual investors received only 3.4% of the shares offered. On the one hand, this shows that the Polish capital market remains attractive to global institutional investors and is capable of attracting relatively large offerings even in an environment of elevated uncertainty. On the other hand, the significant discount to the maximum price and the low participation of retail investors point to cautious appetite. The Rex Concepts IPO will therefore be an important test for the entire market: both as a signal of the return of larger listings to the WSE and as a barometer of investors\u2019 real readiness \u2014 both Polish and foreign \u2014 to finance the growth of domestic companies through the stock exchange,\u201d said Kamil Wardzy\u0144ski, Director in the Capital Markets team at PwC Poland.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Summary_of_the_European_IPO_market\"><\/span>Summary of the European IPO market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The beginning of 2026 brought a moderate recovery in the European IPO market, continuing the improvement seen in the second half of 2025. In the first quarter, investors remained cautiously optimistic, while European markets proved more resilient than their US counterparts. While the S&amp;P 500 fell by around 5%, European indices remained relatively stable, although the increase in volatility at the end of March, linked to the escalation of geopolitical tensions in the Middle East, once again heightened market uncertainty.<\/p>\n<p>In the first quarter of 2026, 12 companies debuted on European stock exchanges, raising a total of EUR 4.7 billion. This represented an increase in IPO value of around 50% compared with the same period last year. Activity, however, was strongly concentrated around several large transactions. The largest debut was the EUR 3.3 billion IPO of CSG on Euronext Amsterdam. It was the largest IPO in Europe since 2022 and the largest ever offering in the global defence sector.<\/p>\n<p>The market structure clearly shows a shift in investor interest towards sectors considered more resilient to macroeconomic volatility. Industrial companies, particularly those in the defence sector, accounted for around 83% of the value of European IPOs in the first quarter, while three of the five largest IPOs in Europe were defence companies. In addition to CSG, the largest transactions included the debuts of Vincorion, valued at EUR 405 million, and Gabler Group, valued at EUR 116 million, on Deutsche B\u00f6rse, as well as General Oceans, valued at EUR 93 million, on Oslo B\u00f8rs. This reflected strong demand trends, increased security spending and relatively favourable valuations. At the same time, many issuers decided to postpone their listing plans until the second half of 2026 or into 2027, waiting for more stable market conditions.<\/p>\n<p>At present, for the global IPO market, as for the global economy, the key and fundamental question mark remains the development of the geopolitical situation in the Middle East.<\/p>\n<p>\u201cA rapid de-escalation of the conflict could support the reopening of transaction windows in the second half of 2026, while a prolonged conflict carries the risk of additional inflationary pressure and a negative impact on global economic growth. Such a scenario would be highly damaging for capital markets and would halt the positive growth trend that has been built over more than a year. It is worth emphasising that a strong pipeline of companies ready for IPOs and maturing private equity assets create favourable conditions for capital markets once the geopolitical situation improves. Listing plans being shifted to the second half of the year and into the following year reflect issuers\u2019 and shareholders\u2019 expectations of a more favourable market window, one that would allow them both to meet their valuation ambitions and ensure a sustainable, positive long-term performance after debut,\u201d said Bartosz Margol, Partner and Capital Markets Leader at PwC Poland.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"IPO_activity_on_the_European_market_in_Q1_since_2022\"><\/span>IPO activity on the European market in Q1 since 2022*<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5293\" src=\"http:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2026\/05\/Aktywnosc-na-europejskim-rynku-IPO-w-I-kw.webp\" alt=\"IPO activity on the European market in Q1 since 2022*\" width=\"642\" height=\"309\" title=\"\" srcset=\"https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2026\/05\/Aktywnosc-na-europejskim-rynku-IPO-w-I-kw.webp 642w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2026\/05\/Aktywnosc-na-europejskim-rynku-IPO-w-I-kw-300x144.webp 300w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2026\/05\/Aktywnosc-na-europejskim-rynku-IPO-w-I-kw-150x72.webp 150w\" sizes=\"auto, (max-width: 642px) 100vw, 642px\" \/><\/p>\n<p>* The data include only IPOs with a value above USD 5 million. More details on the methodology are available in the \u201cAbout IPO Watch EMEA\u201d section and in the report.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"IPO_activity_on_the_European_market_by_quarter_since_2022\"><\/span>IPO activity on the European market by quarter since 2022*<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5292\" src=\"http:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2026\/05\/Aktywnosc-na-europejskim-rynku-IPO-2.webp\" alt=\"IPO activity on the European market by quarter since 2022*\" width=\"662\" height=\"249\" title=\"\" srcset=\"https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2026\/05\/Aktywnosc-na-europejskim-rynku-IPO-2.webp 662w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2026\/05\/Aktywnosc-na-europejskim-rynku-IPO-2-300x113.webp 300w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2026\/05\/Aktywnosc-na-europejskim-rynku-IPO-2-150x56.webp 150w\" sizes=\"auto, (max-width: 662px) 100vw, 662px\" \/><\/p>\n<p>* The data include only IPOs with a value above USD 5 million. More details on the methodology are available in the \u201cAbout IPO Watch EMEA\u201d section and in the report.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"About_the_IPO_Watch_EMEA_report\"><\/span>About the IPO Watch EMEA report<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Starting from the first quarter of 2024, the IPO Watch Europe report was replaced by IPO Watch EMEA, which, as part of its analysis of the IPO market, covers not only Europe but also the Middle East and Africa. Previous editions of IPO Watch Europe are available at www.pwc.pl\/ipowatch.<\/p>\n<p>The IPO Watch EMEA report covers listings on the main stock exchanges in the EMEA region, including exchanges in the European Union, the United Kingdom, Iceland, Norway, Turkey, Serbia, Switzerland, the Middle East and Africa, and is published quarterly. Transfers between markets within the same exchange are not included in the statistics. The report covers the period from January 1 to March 31, 2026, and was prepared based on the dates of listings of shares or rights to shares.<\/p>\n<p>The IPO Watch EMEA report includes only offerings with a value above USD 5 million. The data do not include listed closed-end funds, business development companies or transactions on unregulated markets. To ensure comparability, data for previous periods presented in the IPO Watch EMEA report have been restated accordingly. The commentary on the Polish market discusses all debuts on the WSE Main Market and the unregulated NewConnect market, regardless of their value.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The value of initial public offerings (IPOs) carried out on European stock exchanges in the first quarter of 2026 amounted to EUR 4.7 billion, across a total of 12 listings. Activity in both primary and secondary equity offerings shows that investors still have significant capital available, but the market environment remains challenging. The rise in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5178,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[14],"tags":[2801,4553,4554,2721,47,4555,2703,281,64,2973,243,3231,3232,2907,358,333,2701,82,48,2938],"class_list":["post-5291","post","type-post","status-publish","format-standard","has-post-thumbnail","category-investing","tag-amsterdam","tag-bartosz-margol","tag-burger-king","tag-emea","tag-european-union","tag-kamil-wardzynski","tag-newconnect","tag-norway","tag-poland","tag-private-equity","tag-pwc","tag-sp","tag-sp-500","tag-serbia","tag-switzerland","tag-united-kingdom","tag-usd","tag-warsaw","tag-warsaw-stock-exchange","tag-windows"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=5291"}],"version-history":[{"count":0,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media\/5178"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=5291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=5291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=5291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}