European IPOs showed encouraging gains in 2024, with interest rate cuts and moderating inflation supporting a steady uptick in IPO proceeds throughout the year.

Last year, European IPO proceeds more than doubled from US$7.79 billion in 2023 to US$16.63 billion, with a series of big-ticket listings boosting overall numbers and demonstrating that, despite political uncertainty in the key French and German markets, European stock markets remain deep, liquid and open for business.

View full image: Europe IPO deal value and market value, 2018 – 2024 (PDF)

View full image: Europe IPO count, 2018 – 2024 (PDF)

Europe accounted for three of the ten-largest IPOs in the world in 2024, with Spanish beauty and fragrance group Puig Brands raising close to US$3 billion in its stock market debut; pharmaceuticals business Galderma landing more than US$2.5 billion from its IPO in Switzerland; and private markets asset manager CVC securing almost US$2.5 billion in IPO proceeds from its listing in Amsterdam. There were also a number of significant spinoffs in Europe, including by Vivendi and Sodexo.

Listings have continued to proceed in the early months of 2025, with luxury logistics company Ferrari Group performing well in early trading after listing in Amsterdam at a market capitalization of US$818 million, and consumer credit business Younited valued at €622 million following its IPO in Paris.

Looking to the long term

Despite the encouraging increase in IPO proceeds on the European exchanges, the region has also faced challenges.

Overall, IPO proceeds still lag pre-pandemic levels. Although some exchanges in the region had a solid year, IPO activity in key stock market hubs, including Paris (with the significant exceptions of the Exosens and the long-awaited Planisware IPOs), Milan and London, was muted. The London Stock Exchange also saw large companies, such as construction equipment business Ashtead, building supplier CRH and betting company Flutter, switch their London listings to New York.

Several companies exited the public markets following take-private deals too, including UK cybersecurity business Darktrace, German energy company Encavis and French computer company Exclusive Networks, among others.

European government and private sector stakeholders are competing with overseas stock exchanges and the availability of private capital, and have undertaken a variety of measures to improve the competitiveness and appeal of European markets.

For example, in France, French law now permits multiple-vote and preferred share structures, and companies are no longer obligated to include a minimum 10 percent retail tranche when raising capital. A new system enabling the trading of fractional shares has also been introduced.

UK policymakers have undertaken similar measures, with revised listing rules that allow dual-class share structures, ease reporting requirements and streamline shareholder voting processes on M&A and related party deals now firmly in place post-IPO.

The new UK government also is considering pension reform to consolidate the country's fragmented public sector pension ecosystem into groups of megafunds that would have the resources and expertise to invest larger sums of capital in equities.

Another UK government initiative is the formation of a private company trading platform. A public industry consultation on The Private Intermittent Securities and Capital Exchange System (PISCES) platform, which will facilitate the trading of shares in private companies, has been launched and will help to nurture new sources of capital formation.

Meanwhile, a recent landmark report on the future of European competitiveness, commissioned by the European Commission, cites the formation of a European capital markets union (CMU) as the key step for opening up European stock markets to more investment from European savings pools. Unlocking this capital has been previously hampered by inefficient investment structures–a bottleneck that a CMU would help to resolve.

Making a CMU a reality is a complex task that could take a decade or more to implement. Nonetheless, highlighting its importance, the European Commission has made the formation of a CMU an agenda priority to strengthen European capital markets in the future.

As new listing activity recovers, European regulators and stakeholders continue to think about what can be done to ensure the long-term viability and attractiveness of the European exchanges for IPOs.

A positive near-term outlook

2025 is expected to be broadly positive for European IPOs, although ongoing political uncertainty in key markets will remain on the radar.

Listings by private equity and venture capital sponsors, who will be eager to secure exits for companies and return capital to their investors, are expected to support a strong pipeline of IPO candidates. Large, listed groups are also expected to fine-tune their strategies and focus on core businesses, opening up opportunities for investors to back spinoff listings. For example, board game company Asmodee recently listed in Stockholm following its spinoff from the Embracer Group.

The successful IPOs of fast-growing founder-led companies in the UK, including Raspberry Pi and Applied Nutrition in 2024, underscores the robust investor support that is in place for quality companies. Meanwhile, in France, an exciting group of fast-growing technology companies are positioned to follow in the footsteps of LightOn, the French AI business that proceeded with an IPO in Paris to become Europe's first listed Generative AI startup. Nordic markets also are expecting a steady flow of IPOs, with a promising pipeline of high-growth IPO candidates.

Given the challenges that Europe must navigate, stock markets in the region continue to offer IPO candidates access to sophisticated investor bases, solid liquidity and a compelling opportunity to raise capital.

_{White & Case means the international legal practice comprising White & Case LLP, a New York State registered limited liability partnership, White & Case LLP, a limited liability partnership incorporated under English law and all other affiliated partnerships, companies and entities.}

_{This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.}

_{© 2025 White & Case LLP}