IPO Watch: 2024 Sees More Than a Double Increase in IPO Value in Europe with Four Mega Offerings, Including Żabka’s Historic IPO on the Warsaw Stock Exchange. Revival in the European Market Supported by Economic Stabilization Sparks Additional Optimism for 2025.
The value of Initial Public Offerings (IPOs) conducted on European stock exchanges in 2024 reached €14.6 billion, marking a 103% increase compared to the previous year (€7.2 billion) and closely matching the levels of 2022 (€14.7 billion). This significant revival was supported by interest rate cuts, inflation stabilization, and a partial stabilization of the political situation following a series of elections in key economies.
The most active IPO sector in Europe was the retail sector, represented by Żabka’s IPO, which was not only a historic debut on the Warsaw Stock Exchange (the first offering of this size since 2021) but also one of the largest in Europe and globally. In Europe, IPOs supported by private equity funds played a significant role, successfully conducting several mega offerings on European exchanges (Galderma, CVC Capital, Żabka), laying a solid foundation for further transactions supported by funds in 2025. The IPO market in Europe is expected to continue its growth in the upcoming year, supported by increasing investor interest and planned new emissions.
2024 Summary at the Warsaw Stock Exchange
In 2024, the Warsaw Stock Exchange saw 14 public offerings (IPOs), with 13 occurring on the NewConnect market. The only debut on the main market was Żabka’s IPO. For comparison, in 2023, 15 IPOs were conducted, with only Murapol S.A. debuting on the main floor. The total value of offerings in 2024 amounted to PLN 6.5 billion (€1.5 billion), representing almost a fifteenfold increase compared to the previous year, when IPO value was PLN 418.0 million (€95.9 million). The key factor for this growth was Żabka’s mega offering, which accounted for over 99% of the total value of all offerings conducted in 2024 on the Warsaw Stock Exchange, raising PLN 6.5 billion (€1.5 billion). During this time, all offerings on NewConnect collectively raised PLN 43.2 million (€9.9 million). Żabka’s offering was the fourth largest debut in the history of the Warsaw floor, also ranking 10th among the largest debuts globally and 4th in Europe in 2024. In the fourth quarter of 2024, aside from Żabka’s IPO, four companies debuted on the alternative market of the Warsaw Stock Exchange, collectively raising PLN 2.7 million (€0.6 million).
“This year for IPOs in Poland is certainly below the expectations of market participants, advisors, and issuers themselves, yet the statistics look much better than in previous years. Although among the several discussed debuts and attempts to enter the market, only one company – Grupa Żabka – conducted a large transaction, the continued interest in the capital market is a positive signal. I hope that next year we will catch up with the number of IPOs, and it should also bring several interesting candidates with offerings. Time will tell if they find a good transaction window, convince investors, or if we will be in a better geopolitical situation. Diagnostyka has just announced its intention to go public, and its IPO would be a fantastic opening for the year and a positive signal for other issuers. I would not predict gloomy scenarios for the capital market in Poland yet. The interest from potential issuers is still very high,” says Bartosz Margol, partner in the capital markets team at PwC Poland.
European IPO Market in 2024
According to the latest PwC report “IPO Watch EMEA,” the total value of IPOs in Europe last year amounted to €14.6 billion and increased by 103% (by €7.4 billion) compared to 2023 (data as of November 30, 2024). Fifty-seven companies debuted on European exchanges (the same number as in 2023), and there were as many as four so-called mega offerings, i.e., IPOs whose value exceeded €1 billion. The largest European debut this year was by Puig Brands on the Spanish exchange BME with an offering valued at €2.6 billion. Galderma took second place with its debut on the SIX Swiss Exchange, and third place was CVC Capital on the Euronext in Amsterdam, each with offerings valued at €2.0 billion. Among the mega offerings, we also have a Polish accent this year with the aforementioned debut of Grupa Żabka.
“The year 2024 laid the foundation for further revival of the IPO market in Europe and beyond in 2025. This positive scenario is supported by improved macroeconomic prospects, completed political elections, sustained low volatility, good global stock market results, and positive ratings after debuts of some of the largest IPOs in 2024, especially Galderma (+70%) and CVC (+66%). Last year’s IPOs supported by private equity funds in Europe were successful; a trend also emerged where the ‘sponsor’ retains a significant share in the shareholding at the time of the IPO (which reassures other investors), and then gradually exits the investment post-IPO – often at a higher price,” adds Kamil Wardzyński, director in the capital markets team at PwC Poland.
About the IPO Watch EMEA Report
Starting from the first quarter of 2024, the IPO Watch Europe report was replaced by the IPO Watch EMEA, which covers the IPO market in Europe, the Middle East, and Africa. Previous editions of IPO Watch Europe are available at: www.pwc.pl/ipowatch.
The IPO Watch EMEA report covers debuts on major exchanges in the EMEA region (including exchanges in the European Union, United Kingdom, Iceland, Norway, Turkey, Serbia, Switzerland, the Middle East, and Africa) and is published quarterly. Transfers between markets within the same exchange are not included in the statistics. The data contained in this report are based on information extracted from Capital IQ on December 2, 2024, and pertain to offerings completed between January 1, 2024, and November 30, 2024, excluding over-subscription options.
The IPO Watch EMEA report covers only offerings valued over $5 million, data do not include debuting closed-end funds, business development companies, or transactions on unregulated markets. To ensure comparability, data for previous periods presented in the IPO Watch EMEA report have been appropriately transformed. The commentary on the Polish market discusses all debuts on the main GPW market in Warsaw and the unregulated NewConnect market, regardless of their value.
