2025 brought a slight slowdown in the European IPO market after a strong 2024. The world’s largest IPO of the year, valued at PLN 3.2 billion, took place on the Stockholm Stock Exchange. Meanwhile, the Warsaw Stock Exchange (WSE) ended the year with two main-market debuts: Diagnostyka and Arlen.
The total value of initial public offerings (IPOs) on European exchanges in 2025 reached EUR 12.5 billion, a 17% decline compared with the previous year (EUR 15.0 billion), but nearly double the level recorded in 2024 (EUR 7.2 billion). IPO trends in Europe during 2025 were consistent with the patterns highlighted in quarterly IPO Watch reports: a cautious and selective start to the year, high volatility and uncertainty in the second quarter, active IPO windows in the third and fourth quarters, and a broad range of sectors among new issuers—from consumer and financial services to healthcare. After a lively start to 2025, the Warsaw market slowed in the second half of the year and is now counting on a rebound in the opening quarters of 2026.
Summary of 2025 on the Warsaw Stock Exchange
In 2025, 10 IPOs were completed on the Warsaw Stock Exchange, eight of which took place on the NewConnect market. The year’s main-market debutants were Diagnostyka S.A. and Arlen S.A. By comparison, 14 IPOs were completed in 2024, with Żabka being the only company to debut on the main market. The total value of offerings in 2025 amounted to PLN 2.0 billion (EUR 0.5 billion), representing a decline of around 70% year on year, as the PLN 6.5 billion (EUR 1.5 billion) raised in 2024 was largely driven by Żabka’s offering.
Notably, 2025 saw a clear revival in secondary public offerings (SPOs) on the WSE. The total value of SPOs increased by more than 33% to PLN 3.2 billion, despite a 21% drop in the number of issuances compared with 2024. This suggests that investors focused on larger transactions and more stable companies, pointing to growing confidence in the market and improving sentiment. If favorable macroeconomic conditions persist, this trend could signal further growth in activity in 2026.
All NewConnect offerings in 2025 raised a combined PLN 38.0 million (EUR 8.9 million), about 12% less than in the previous year (PLN 43.2 million; EUR 9.9 million). In the fourth quarter, three companies debuted on the alternative market, raising a total of PLN 7.4 million (EUR 1.7 million).
“The past year on the WSE delivered historic highs across all major indices, which rose in 2025 by 43% (WIG20), 33% (mWIG40) and 25% (sWIG80). The main market saw two debuts—Diagnostyka and Arlen. We also observed activity among other companies considering offerings, alongside a 33% year-on-year increase in the value of secondary offerings. In the fourth quarter, Smyk’s IPO process began but was ultimately withdrawn; nevertheless, overall market activity points to clear signs of revival and growing interest and appetite for new listings, which may provide a solid foundation for further market expansion in the coming year,”
says Kamil Wardzyński, Director in PwC Poland’s Capital Markets team.
The European IPO market in 2025
According to the latest PwC “IPO Watch EMEA” report, the total value of IPOs in Europe in 2025 reached EUR 12.5 billion, a 17% decrease (EUR 2.5 billion) compared with 2024 (data as of 30 November 2025). Sixty companies debuted on European exchanges—four fewer than a year earlier. Globally, the largest IPO of 2025 was Verisure (a home security systems company), which debuted on Nasdaq Stockholm with a EUR 3.2 billion offering. It was a very strong year for Sweden, with four of the ten largest European IPOs taking place on Nasdaq Nordic Stockholm. London also delivered a robust performance, posting its highest IPO value since 2021, with total offerings reaching GBP 1.9 billion. The second-largest European IPO was completed by Swiss Marketplace Group on the SIX Swiss Exchange, raising EUR 967 million. The third-largest debut was Asker Healthcare, also on Nasdaq Nordic Stockholm, with an offering of EUR 823 million.
“2026 is shaping up to be an active and positive period for IPO activity, both globally and across European exchanges. Investor appetite for high-quality listings and positive equity market sentiment are creating favorable conditions. On the issuer side, we see renewed interest from non-European companies considering debuts on major European markets. In addition, maturing private equity assets, a promising pipeline of mid-sized and large companies, and the perception of IPOs as an attractive exit route further strengthen the outlook for Europe’s IPO market in the year ahead,”
adds Bartosz Margol, Partner in PwC Poland’s Capital Markets team.
