Global IPO proceeds more than double as European markets gain momentum

Global IPO activity remained resilient in the third quarter of 2026 despite persistent geopolitical uncertainty and rising central bank interest rates, according to the latest EY Global IPO Trends report.

A total of 387 IPOs raised more than US$95bn globally during Q3, taking year-to-date proceeds to US$290bn, more than double the US$114bn raised during the same period in 2025. IPO activity broadened during the quarter, with technology, biotech and consumer companies all attracting investor interest. Strong demand for new listings and positive performance from recently listed companies also encouraged more businesses to explore going public.

The quarter also highlighted the continued attraction of US capital markets, with the two largest IPOs in the Americas coming from international companies choosing to raise money in the US.

Companies connected to AI and AI infrastructure remained a key driver of activity, as businesses looked to raise capital to support future growth.

Europe and EMEIA gain momentum

EMEIA (Europe, Middle East, India and Africa) led global IPO activity by deal count in Q3, recording 202 IPOs, with India accounting for 138 of those listings and continuing to be one of the most active IPO markets globally.

Year to date, European IPO deal numbers and proceeds increased by 35% and 28% respectively compared with the same period in 2025. Activity was supported by record levels in key European equity indices and sustained low market volatility, although execution windows remained narrow and higher interest rates added complexity to the market backdrop.

Defence, infrastructure, energy and AI-adjacent issuers attracted investor interest, reflecting Europe’s focus on greater strategic independence in energy supply and defence capabilities. Ongoing geopolitical conflicts continued to suppress issuance across Eastern Europe and the Middle East.

The EU Listing Act and reduced Corporate Sustainability Reporting Directive requirements are also supporting activity by simplifying compliance and removing some structural barriers to an IPO. Sponsor-led (private equity-backed) carve-outs and spin-offs (where a business is separated from a larger company) emerged as a source of IPO candidates, while some sponsors continued to prepare an IPO and potential sale in parallel to preserve flexibility and maximise value.

Marcus Purcell, Corporate Finance Partner at EY Ireland, said:

“The global IPO market has demonstrated real resilience, but remains highly selective. The latest results for Q3 show that investors are prepared to support strong businesses with scale, clear growth prospects and credible routes to profitability, while placing significant emphasis on valuation and execution.

For ambitious Irish companies, an IPO should be considered a credible strategic option alongside private funding, a strategic sale or other routes to growth, whether on the Irish market or an international exchange. However, the companies best positioned to capture the opportunity will be those that have done their preparation and are ready to take advantage of a suitable market window.

The opportunity for Irish companies is not simply to wait for the IPO market to reopen, because globally it is already open for the right businesses. Ireland has a strong pipeline of internationally focused companies across technology, life sciences, financial services and other growth sectors. The challenge is to convert that strength into IPO-ready businesses with the scale, governance, financial track record and compelling equity story that public-market investors now demand.”

America’s momentum continues and Asia-Pacific is supported by Greater China activity

While IPO numbers in the Americas fell from 69 in Q3 2025 to 34 in Q3 2026, proceeds more than doubled from US$17bn to US$36bn, highlighting the significant contribution of larger transactions to the region’s capital-raising activity.

The S&P 500 reported its seventh consecutive quarter of double-digit earnings growth, with more than 85% of constituents exceeding earnings expectations, strengthening the backdrop for the IPO market.

However, inflation remained above the US Federal Reserve’s target and the first US interest rate increase since 2023 added complexity to the market backdrop. Issuers were also cautious ahead of the November US midterm elections, with some accelerating their timing to avoid potential crosswinds. The largest IPOs in the region came from international companies choosing to raise money in the US, underlining the scale of investor demand available in American markets.

Greater China dominated Asia-Pacific IPO activity in Q3, with Chinese mainland and Hong Kong exchanges accounting for most of the region’s deals and proceeds. Strong domestic liquidity and cross-border capital flows supported issuance across technology-related sectors.

Robotics, AI, advanced manufacturing and energy-transition issuers attracted strong institutional support across mainland Chinese and Hong Kong exchanges. Performance remained uneven across markets and sectors, while selective issuance in Korea and Oceania’s busiest quarter of 2026 contributed to a broadly positive regional picture.

Outlook remains constructive despite growing headwinds

The global IPO market enters Q4 with broad-based sector activity, resilient investor demand and improving post-listing performance. What began as a reopening has developed into a more sustained period of market activity, supported by a growing pipeline of higher-quality candidates.

The outlook is nevertheless subject to geopolitical tensions, rising interest rates, concerns about AI safety and spending, and the US election cycle. For prospective issuers, readiness, valuation discipline and the ability to execute when a suitable market window opens will remain critical.

Marcus Purcell added: “There is a well-functioning IPO market at a global level, but it is not an easy one for companies to navigate. Capital is available for quality companies, yet investors are applying a high bar on valuation, profitability and public-company readiness.

Irish boards and shareholders should therefore preserve optionality, preparing for an IPO alongside other routes such as a strategic sale or private-capital transaction, rather than trying to predict a single perfect market window. The companies best placed to capture the opportunity will be those that have prepared in advance and are ready to act when conditions are favourable.”

For more insights, please refer to the EY Global IPO Trends Q3 2026 report here: https://www.ey.com/en_gl/insights/ipo/trends

ENDS

About the methodology

EY teams analysed IPO data provided by Dealogic unless otherwise noted. The Dealogic data is under licence from ION. ION retains and reserves all rights in such data.

In compiling the IPO statistics, EY professionals focus only on IPOs of operating companies and define an IPO as a company’s offering of equity to the public on a new stock exchange. The analysis includes only those IPOs for which Dealogic and EY teams provide data regarding the first trade date and proceeds, including any over-allotment sold.

Deals are attributed to a quarter based on the first trade date. Postponed IPOs and those that have not yet been priced are excluded. Over-the-counter listings are also excluded.

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