European exchanges need to raise an additional $5 billion through initial public offerings before the end of the year to surpass last year's fundraising total, a formidable target given the current environment where transactions are frequently being postponed. Data reveals that European IPOs in 2025 have collectively raised $167 billion, though this figure remains below historical averages, with no significant easing in the region's listing downturn.
Year-to-date, European IPO fundraising stands at $116 billion. While transactions slated for the autumn could help bridge this gap, only a handful of billion-dollar-scale IPO projects are currently in the pipeline. The potential listings of mobile payments firm Airtel Money, tank manufacturer KNDS NV, and real estate investment company Hotel Investment Partners SA could drive this year's European IPO proceeds beyond last year's levels. Reports indicate all three companies are considering the listing window that typically runs from September through November, though not all may ultimately proceed with their IPOs.
European equities have retreated from their peaks as volatility resurges, pressured by conflicts in the Middle East and Ukraine, concerns over AI deals, and surging energy prices alongside rising bond yields. Deal makers entered 2026 hoping that elevated share prices would trigger a wave of listings, but conflict-induced market turbulence and nervousness surrounding AI transactions have prompted some prospective companies to shelve their IPO plans, while others require additional preparation time.
The autumn window may not be as active as we had hoped earlier in the year, said Yegor Malyshyn, partner in the corporate and equity capital markets team at law firm Freshfields. However, he added that he would not be surprised if a handful of European IPO candidates test market appetite. Europe's relatively sparse IPO activity stands in stark contrast to the United States and Asia, where listing markets are thriving, largely fueled by the AI infrastructure boom. Data shows that even excluding the heavyweight SpaceX listing, US IPO fundraising this year has already exceeded its full-year total for the previous year.
The US midterm elections in November add further risk to this autumn's IPO window. Investors typically adopt a more cautious stance before elections, suggesting that the period for large-scale IPOs this autumn could conclude earlier than it did last year. It would be encouraging to see deal activity resume before year-end, Malyshyn noted, adding that given events like the midterms or the UK budget, a fundraising total below last year's figure should not significantly dampen sentiment.
Sources familiar with the IPO candidates say Airtel Money, a subsidiary of telecom group Airtel Africa Plc, and wealth management firm Utmost Group Plc, backed by Oaktree Capital, are both planning to target the London market within the next few months. Reports suggest Airtel Money could achieve a valuation of $10 billion, potentially making it London's largest IPO since 2021.
Separately, KNDS NV is reportedly considering launching a fresh IPO attempt later this month, provided investor feedback remains favorable. The Franco-German joint venture had previously cancelled its listing plans amid volatility in defence stocks, but has since resumed preparations following a summer recovery in European defence equities. In Spain, Blackstone is preparing for a potential listing of Hotel Investment Partners, which could raise approximately €800 million ($922 million), while Vortex Energy-backed Ignis also plans an IPO of up to €600 million. In the Nordics, dermatology specialist Leo Pharma AS, backed by Nordic Capital, is preparing for a Copenhagen listing, and Swedish infrastructure group Eleda is planning to debut in Stockholm. According to insiders, final decisions on these IPOs have not yet been made, and details including timing remain subject to change.