The European IPO market in 2023 witnessed modest recovery, but activity remained subdued compared to its 2021 and pre-pandemic highs.
- Euronext, the London Stock Exchange (LSE), Frankfurt Stock Exchange, Nasdaq Nordic, and SIX Swiss Exchange - approximately 19 billion euros was raised in 2023, a stark contrast to 65 billion euros in 2021. Global economic headwinds, inflationary pressures, and rising interest rates dampened investor sentiment,
. Globally, Europe’s IPO volumes lagged significantly behind the U.S. and Asian markets. The U.S. markets, for instance, saw a resurgence of activity, fueled by tech IPOs
Leading exchanges and largest IPOs
Euronext emerged as a critical player,
hosting several high-profile listings, the most prominent being Lottomatica Group, which raised 600 million euros in Italy’s largest IPO of 2023. The London Stock Exchange adapted to global competition by introducing listing reforms in a bid to become more attractive for companies like
CAB Payments, which raised 335 million British pounds. The Frankfurt Stock Exchange continued its focus on industrial and clean energy IPOs, reflecting Germany's push for green transition technologies. Nasdaq Nordic, maintained its appeal to tech and renewable energy companies, with
more than 20 IPOs. Meanwhile, SIX Swiss Exchange underscored its strength in biotech and financial services, with notable IPOs like ICRC raising 350 million Swiss francs.
Why are more IPOs filed in China and the U.S.?
IPO activity in Europe
declined over the past decade and shows no sign of recovery. Meanwhile, the number of IPOs in China and the U.S. have remained high. One reason for this is
the high concentration of unicorns, private companies valued at least one billion U.S. dollars, in those two regions, which are more likely IPO-candidates than the typically smaller, less internationally active European startups. Asian and North American unicorns have
significantly higher market values than European unicorns, which impacts how many of them file for an IPO, because market valuation plays a large role in setting the IPO price.
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