European initial public offering (IPO) activity jumped 76% in the first half of 2026, reaching €7.2 billion, according to an analysis released today by PwC. The firm’s figures show that when taken together, proceeds across Europe, the Middle East and Africa (EMEA) amounted to $10.9 billion in the first six months of the year, compared with $9.5 billion over the same span in 2025.
The PwC analysis highlights a mixed regional picture. While Europe recorded significant growth in IPO proceeds, expansion across the wider EMEA region was constrained by weaker issuance in the Middle East, which limited broader gains.
On the global stage, IPO proceeds increased markedly during the period, rising to roughly three times prior levels. PwC notes that the substantial uplift in worldwide proceeds was supported in part by the initial public offering of SpaceX, which contributed materially to the global totals.
Market dynamics shifted over the course of the first half. After a volatile opening to the year, equity market conditions strengthened and provided a backdrop for a gradual recovery in IPO activity toward the end of the period. As markets stabilized, issuance widened geographically and across sectors, even as geopolitical uncertainty persisted.
The PwC analysis therefore presents two contrasting elements: a clear acceleration in European IPO volumes alongside regional headwinds in parts of the EMEA footprint. The data point to a market that improved as the period progressed, supporting more issuance in multiple regions and across a variety of sectors, though the pace and distribution of that issuance were uneven.
Observers tracking new equity supply and market liquidity will likely focus on how these trends evolve in the second half of 2026, particularly given the uneven contribution from Middle East issuance and the outsized impact of major global listings on headline figures.
Key takeaways
- European IPO proceeds rose 76% to €7.2 billion in H1 2026, per PwC.
- Total EMEA proceeds reached $10.9 billion, up from $9.5 billion in H1 2025.
- Global IPO proceeds roughly tripled during the period, helped in part by the SpaceX IPO.