Busiest first half in recent history for European stock market listings

European stock market listings raised a bumper €44.6 billion (£38.1bn) from 223 initial public offerings in the first six months of 2021, achieving the busiest first half in recent history.

The report noted that London market sentiment remained positive, though there was a noticeable fall in IPO proceeds raised in the second quarter compared to 'exceptional' Q1 activity. Picture: Daniel Leal-Olivas/AFP/Getty Images

The second quarter saw 137 European IPOs raise €21.9bn, the latest figures from PwC have revealed. Germany’s Deutsche Borse was the leading exchange by value, followed by Euronext Amsterdam and the London Stock Exchange.

Mark Hughes, partner and UK capital markets leader at PwC, said: “European IPO activity in the second quarter of 2021 has continued at a strong pace, achieving the busiest first half in recent history.

“However, as we take stock of what the IPO market has delivered this quarter, it is evident that in the last couple of months investors have become more selective and price sensitive with a number of deals pricing towards the bottom of the range and some transactions being pulled or postponed.

“European IPO pipeline continues to be strong and new issuance momentum is likely to continue in the second half.”

The report noted that London market sentiment remained positive, though there was a noticeable fall in IPO proceeds raised in the second quarter compared to “exceptional” Q1 activity.

Ekaterina Chmatova, senior manager, UK capital markets at PwC, said: “The recent example of Wise opting for a direct listing in London highlights a focus on innovation in IPOs and growing appeal of London to global tech firms.

“Also a number of successful Aim IPOs and an increasing pipeline of high growth companies looking to follow, indicate there could be stronger Aim activity later in the year.”

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