Rebuilding momentum in Europe’s IPO pipeline
Corporate finance
Fecha: enero 2026
Patricia Muñoz González-Úbeda and Irene Peña Cuenca
SEFO, Spanish and International Economic & Financial Outlook, V. 15 N.º1 (January 2026)
The European IPO market continues its multi-year slowdown, with Spain mirroring the regional decline despite strong equity returns, record private equity dry powder, and favourable liquidity conditions in 2025. Globally, around 1,300 IPOs raised USD 170 billion in 2025, the vast majority in the United States, while Europe recorded just 105 deals, alongside net delistings in Spain. This disconnect reflects structural impediments: narrow liquidity windows, heavy regulatory and reporting obligations, and fragmented capital markets that amplify execution risk for mid-caps. At the corporate level, European firms often avoid the scrutiny and governance constraints of public markets, instead raising capital privately. Spain’s new BME Easy Access mechanism seeks to reduce timing and execution frictions by decoupling admission to trading from fundraising, potentially easing free-float buildup under volatile conditions. Yet going public remains a strategic transformation rather than a financing event, requiring changes in governance, internal controls, culture, and long-term capital markets strategy. Building a more dynamic European IPO ecosystem will require EU capital markets integration, proportionate listing regimes, broader investor participation, and a shift in corporate perceptions toward public markets.