Europe’s IPO market all set to bounce back from tariff turmoil
At least a dozen big businesses are eyeing public debuts in the autumn, in a turnaround from a moribund first half of the year in Europe
A GROUP of multi-billion dollar businesses could contribute to the comeback of Europe’s market for initial public offerings this autumn, compensating for the region’s slowest first half in more than a decade.
Alarm company Verisure, specialist lender Shawbrook Group and financial data provider ISS Stoxx are among businesses gearing up for the next window for IPOs, which typically opens in mid-September and runs through to early November, said sources. There are at least a dozen companies eyeing public debuts.
Elevated stock prices and reduced volatility have carved an easier path to public markets, after tariff-related uncertainty dented confidence, leading to a moribund first half of the year in Europe. In contrast, exchanges in the US and Asia have been busy with new listings. Among firms looking to go public are some that delayed their listing in the first half.
The upcoming batch includes several major IPOs that could raise billions of dollars. Verisure’s majority owner Hellman & Friedman is considering launching an IPO in Stockholm as soon as this year, sources said, speaking on condition of anonymity because the plans are private. The company has not made a final decision and could well wait until 2026 to go ahead.
The offering could raise between 3 billion and 4 billion euros (between S$4.5 billion and S$6 billion), and will consist largely of new shares, Bloomberg reported previously. It could be Europe’s largest in years and cement Stockholm as the region’s busiest listing venue for 2025.
Buyout group Nordic Capital is also weighing an IPO of Swedish consumer lender NOBA Bank Group, which could value it at about 3 billion euros in the upcoming window, after having previously deferred the deal on the back of market turmoil, the sources said.
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Frankfurt, which has had more muted IPO volumes so far this year, could record a surge in activity in the coming weeks and months.
Deutsche Boerse is considering a potential listing of its governance data and analytics unit ISS Stoxx after the summer; that could raise about US$1 billion. Meanwhile, family-owned prosthetics company Ottobock is preparing to go public after a previous attempt in 2022, the sources said. The private equity owners of Stada Arzneimittel are also resuming plans for an IPO as soon as October, after talks to sell the German pharmaceutical company to another buyout firm stalled.
With a reported enterprise value of 27 billion euros, a potential IPO of the German operations of Dutch power-grid operator TenneT Holding could also be among this year’s largest. The Dutch government has given itself until September to decide whether to sell a stake in the unit privately or proceed with an IPO, which could take place as soon as the fourth quarter. If an IPO does go ahead, it would most likely take place in Frankfurt, the sources said.
Another centre of activity may be the City of London, where at least three companies are considering going public this autumn. British bank Shawbrook, backed by BC Partners and Pollen Street, is said to be gearing up for a potential IPO. The Beauty Tech Group, the maker of an LED face mask, is also reportedly working towards a possible IPO during the window. Italy’s NewPrinces is considering a potential listing of Princes Ltd, a unit housing its international food operations, on the London Stock Exchange after the summer, the sources added.
Meanwhile, General Atlantic-backed SMG Swiss Marketplace Group is considering launching an IPO in Zurich as soon as next month, that could raise about 1 billion Swiss francs (S$1.5 billion), Bloomberg News reported last week, in what could be Switzerland’s first major IPO since Galderma Group’s in March 2024.
To be sure, market conditions and competing M&A options may get in the way of the deals. Deutsche Boerse is still considering buying out ISS Stoxx’s minority shareholder General Atlantic as an alternative to a listing, a spokesperson for the exchange operator said.
Representatives for Ottobock and SMG confirmed that the companies are considering IPOs, but said they have not made a final decision on timing. A TenneT spokesperson said no decision has been made on the structure of the transaction, and both an IPO and private sale continue to be explored. The Dutch government declined to comment on a listing venue for TenneT’s German operations.
Representatives for Verisure, Nordic Capital, NOBA Bank, BC Partners, Pollen Street, Shawbrook, The Beauty Tech Group, Princes Ltd and the Dutch government declined to comment.
In addition to IPOs, several companies are preparing to spin off units to their existing shareholders in the second half of the year. While the deals would not boost Europe’s IPO volumes, they are a further sign that capital markets are regaining momentum.
Continental AG plans to list its automotive business Aumovio in Frankfurt next month, to be followed by a spin-off of Thyssenkrupp’s warship unit in October. Unilever expects to complete a triple-listing of its ice cream business in Amsterdam, London and New York around mid-November. BLOOMBERG
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