Europe’s IPO market has kicked off 2026 at its strongest pace in decades, as a rush of early listings and a blockbuster defence flotation fuel hopes that the region’s public markets are finally waking up after years of weak activity.
Bankers and market analysts say Europe has already seen five IPOs in January generate roughly a quarter of the total IPO proceeds raised in all of 2025 — making it the fastest start to the year for European fundraising since at least 1995. The sudden acceleration has revived confidence that a wider pipeline of delayed listings could return if market conditions remain supportive.
A major driver of the surge has been the listing of Czech defence and industrial group Czechoslovak Group (CSG), which raised about €3.8 billion in Amsterdam in one of Europe’s biggest flotations in recent years. The company’s debut has strengthened investor interest in defence-linked names, reflecting how geopolitical uncertainty and rising military spending are reshaping what investors are willing to back.
The rebound comes after a long period of stagnation in Europe’s IPO market, which was held down by high interest rates, volatile markets, and caution among both issuers and institutional investors. But with equity markets stabilising and several large companies preparing to go public, many bankers believe 2026 could mark a turning point — especially if listings continue to show solid pricing and post-IPO performance.
Several sectors are now being watched as likely candidates for more activity, including industrials, logistics and technology. Private equity-owned groups are also closely monitoring the window, as sponsors seek to unlock liquidity after holding assets for longer than expected.
Still, dealmakers warn that a strong January does not guarantee a full-year boom. Investors remain selective, and a few weak debuts could cool momentum quickly. But for now, Europe’s IPO market is showing its clearest signs of recovery in years.