European IPOs Sprint to Year-End: $5 Billion Short of Matching Last Year, Autumn Window Faces Mounting Challenges

European exchanges need to raise an additional $5 billion through IPOs before the end of the year to surpass last year's fundraising total. In a market environment where deals are repeatedly being postponed, this is undoubtedly a challenge. Data shows that European IPOs raised a total of $16.7 billion in 2025, but this is still below historical levels, and the slump in European IPOs has shown no clear signs of easing. So far this year, total European IPO fundraising stands at $11.6 billion. Deals planned for the autumn are expected to fill the gap, but only a handful of billion-dollar IPO projects are currently in preparation. The IPOs of mobile payments company Airtel Money, tank manufacturer KNDS NV, and real estate investment company Hotel Investment Partners SA could push Europe's IPO fundraising this year past last year's level. According to reports, all three companies are considering the listing window that typically runs from September to November. However, not all of these companies will decide to proceed with an IPO. Affected by the wars in the Middle East and Ukraine, concerns over AI trades, and surging energy prices and bond yields, European stocks have retreated from highs, and volatility has intensified once again. Dealmakers entered 2026 hoping that higher share prices would bring a wave of listings. But market volatility triggered by conflicts and concerns about AI trades have prompted some candidate companies to postpone IPO plans, while others need more time to prepare. "The autumn window may not be as busy as we had hoped earlier this year," said Yegor Marisin, a partner in the corporate and equity capital markets team at Freshfields. "But I would not be surprised if a small number of European IPO candidates test the market." Europe's relatively small number of IPO projects stands in stark contrast to the United States and Asia. IPO activity in the United States and Asia is very active, mainly driven by the AI infrastructure boom. Data shows that even excluding SpaceX's blockbuster IPO, total IPO fundraising in the United States this year has already surpassed last year's total. The U.S. midterm elections in November further increase the risks for this autumn's IPO window. Investors are typically more cautious before elections, meaning the opportunity for large-scale IPOs this autumn may end earlier than last year. "It would be great to see deals restart before the end of the year," Marisin said, adding that given events such as the midterm elections or the UK budget, a lower fundraising total than last year should "not have too much impact on sentiment." IPO candidates People familiar with the matter said that Airtel Money, under telecom group Airtel Africa Plc, and wealth management company Utmost Group Plc, backed by Oaktree Capital, both plan to list in London as early as the coming months. Airtel Money is reportedly valued at as much as $10 billion and could become London's largest IPO since 2021. KNDS NV is reportedly considering launching a new IPO plan later this month, provided investor feedback is positive. The Franco-German joint venture had previously canceled its listing plans due to turmoil in defense stocks, but as European defense stocks recovered in the summer, the company has restarted preparations for a listing. In Spain, Blackstone is preparing for a potential listing of Hotel Investment Partners, which could raise about 800 million euros ($922 million); Ignis, backed by Vortex Energy, also plans an IPO to raise up to 600 million euros. In the Nordic region, dermatology specialist Leo Pharma AS, backed by Nordic Capital, is preparing for a Copenhagen IPO, while Swedish infrastructure group Eleda plans to list in Stockholm. People familiar with the matter said no final decisions have been made on these IPOs, and details including timing may still change.