Uncertainty from trade barriers, geopolitical instability, slowing economic growth, and stock market volatility has led to a challenging start for the European IPO market in 2025. After a few years of tempered enthusiasm for offerings, fundraising in 2024 generated almost twice as much capital compared to the previous year.
While larger European and Asian listings still prefer to tap the well-established U.S. IPO market, continental Europe has improved its IPO landscape with the EU Listing Act, creation of a public-private fund for small and medium-sized enterprises, and easier regulations for high-growth companies.
Economic resilience across parts of Southern Europe and Germany’s historic fiscal plan should support IPO momentum across the region. Meanwhile, the United Kingdom’s IPO market has been struggling from a weakening economic and fiscal outlook, but reforms by the FCA, including new rules simplifying the listing process, could make the United Kingdom more competitive.
Using the AlphaSense platform, which covers 1.4 million private companies, we examine the top themes and most anticipated listings shaping the European IPO market this year.
For a look at top IPOs to watch across regions, check out Top 10 IPOs to Watch in 2025.
European IPOs to Watch
Verisure
- Industry: Monitored Security Systems
- Expected Valuation: €20 billion – €30 billion
- Listing Market: Targeting a European Exchange (Amsterdam, London, Zurich, or Stockholm)
Private equity firm Hellman & Friedman, the majority shareholder of Verisure, a Switzerland-based provider of monitored alarm systems in Europe and Latin America, recently selected banks for a European IPO. With an estimated valuation between €20 billion and €30 billion, Verisure could be one of the largest European IPOs in years.
Advance preparations were supported by some recent successes in Nordic capital markets. Europe’s largest IPO so far this year, Asker Healthcare Group — a provider of medical products and solutions — had a remarkable debut after its owners raised just under 9 billion kronor. Roko AB, a Swedish serial acquirer, had the second-strongest debut of the year for Nasdaq Stockholm, making it the European leader in IPO volume this quarter.
Revolut
- Industry: Neobanking and Fintech
- Expected Valuation: $45 billion – $60 billion
- Listing Market: Nasdaq (U.S.) or London Stock Exchange
Revolut, a British fintech company, could accelerate its IPO plans if it passes the U.K. regulator’s examination this summer to become a fully operational bank. The neobank has consistently posted profits since 2023, drawing much attention as it expanded its offerings into loans, overdrafts, mortgages, and even creating a euro-backed stablecoin with the European Union’s strict new Markets in Crypto-Assets (MiCA) regulation.
With over 50 million customers globally, valuations rose to $45 billion last August and some backers are reportedly eyeing a valuation of $60 billion. Revolut’s long-term goal is to become a global financial player, which would require stronger penetration into the U.S. market. Its growth strategy and speed of execution will remain pivotal, according to an expert insight in the AlphaSense platform, especially considering the growing number of fintech competitors such as Klarna, Wise, Monzo, and N26. CEO Nik Storonsky has voiced a preference for listing in the United States, but that could change if the U.K. government can deliver regulatory reforms, which could possibly include the removal of the stamp duty on share trading.
Novobanco
- Industry: Domestic Banking
- Expected Valuation: €5.5 billion – €7.0 billion
- Listing Market: Euronext Lisbon
The 2014 collapse of Banco Espírito Santo, Portugal’s second largest bank at the time, was a watershed moment for European banking supervision that led to the creation of Novobanco. Lone Star, a U.S. private equity fund and largest shareholder of Novobanco, has directed its time to prepare for an IPO, potentially launching it as soon as the second quarter and valuing it up to 7 billion euros. Novobanco, Portugal’s fourth largest lender, reported a record profit in 2024 and saw multiple credit rating upgrades.
Northern Data
- Industry: High-Performance Computing and AI Solutions
- Expected Valuation: $10 billion – $16 billion
- Listing Market: Nasdaq (U.S.) / Frankfurt Stock Exchange
Northern Data AG, a German-based provider of artificial intelligence and high-performance cloud computing, announced intentions both to uplist to Prime Standard on the Frankfurt Stock Exchange and to explore a U.S. IPO for its AI unit. European institutional investor interest could improve with the promotion to the premium segment, which requires companies to comply with higher transparency standards and stricter regulatory requirements, paving the way for those companies to be eligible for inclusion with the DAX and other indexes.
In 2024, Northern Data targeted a $10 billion to $16 billion unit valuation for a U.S. IPO, around 10 times the market value it held at the Frankfurt Stock Exchange. European AI companies are expected to benefit from a total 200 billion euro investment, which includes 50 billion euros from the European Union and 150 billion euros from a previously announced commitment from the private sector.
Visma
- Industry: Enterprise Software-as-a-Service (SaaS)
- Expected Valuation: Up to $16 billion
- Listing Market: Considering London, Amsterdam, and Oslo exchanges
Visma, a Norwegian software services provider owned by private equity firm Hg Capital, could be poised for one of the biggest listings in 2026. Visma, which was previously listed on the Oslo Stock Exchange before Hg took it private in 2006, could IPO on the London Stock Exchange or the Euronext’s Oslo or Amsterdam exchange.
Ebury
- Industry: Fintech Payments
- Expected Valuation: £2 billion
- Listing Market: London Stock Exchange
U.K. fintech company Ebury is expected to list domestically on the London Stock Exchange. This follows the Financial Conduct Authority’s (FCA) overhaul of listing rules, aimed to simplify the process and give greater executive control to London-listed companies. The payments group, which is owned by Santander, is eyeing a £2 billion London listing, but turbulent market conditions could jeopardize their listing plans. If it moves forward, Ebury’s IPO could serve as a barometer for other payments and lending startups.
Cirsa
- Industry: Multinational Gaming and Entertainment
- Expected Valuation: up to €5.0 billion
- Listing Market: Madrid Stock Exchange
Broker research in the AlphaSense platform noted that private equity investor Blackstone will delay the listing of Spanish gaming company Cirsa until market conditions have stabilized. The IPO was expected to raise up to one billion euros by offering 20% to 25% of Cirsa shares on the Madrid Stock Exchange. Cirsa operates casinos across Spain, Italy, and Latin America.
Cross-Border IPOs
Although the London Stock Exchange has struggled to attract high-profile IPOs in recent years, some notable APAC-based companies are expected to list with the LSE. These include Shein, the China-founded e-commerce fast fashion titan, and Navoi Mining & Metallurgical, a state-owned company in Uzbekistan, which has one of the world’s largest open-pit gold mines.
Nevertheless, the U.S. is expected to remain the leader in attracting high-value listings. Klarna, a Swedish fintech company, is targeting a second-quarter public listing reportedly valued around $14.6 billion. The Israeli trading platform eToro filed for a U.S. IPO with a valuation of roughly $4.5 billion. The Nasdaq-bound listing could occur as early as the second quarter of 2025. Private equity firm Carlyle Group confidentially filed for an IPO of Nouryon, a global specialty chemicals leader with dual headquarters located in Amsterdam, Netherlands, and Radnor, Pennsylvania. The IPO could fetch a $13 billion valuation and will likely be a U.S. listing.
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Read all posts written by Ed Moya
