The IPO market in EMEA is poised for a resurgence following years of sluggish activity. Expectations for a robust year of IPO activity are driven by stabilizing interest rates, an uptick in capital distributions from private equity, and the re-entry of cornerstone investors who are critical for high-profile debuts.
Experts acknowledge a healthy pipeline of listings in 2026 across Europe, Africa, and the Middle East, with thematic drivers including digital banking, industrials, and tech. Still, geopolitical volatility across the globe adds a level of uncertainty that could delay some debuts into next year. Below we examine the most anticipated IPOs in 2026 across the EMEA region, based on analyst and expert findings in the AlphaSense platform.
Related Reading: Top IPOs to Watch in 2026
Fintech and Digital Banking
Airtel Money
Airtel Africa is looking to list its mobile money unit, Airtel Money, with a target valuation of up to $10 billion as early as the second half of 2026, according to broker research in AlphaSense. The mobile payment solution operates in Sub-Saharan Africa, which the company says is ripe for expansion due to its young population, low smartphone penetration, and high proportion of unbanked adults.
Airtel Money allows users to securely send, receive, and store money on their mobile phones. The company boasts over 54 million active users, according to company documents on AlphaSense. The London Stock Exchange (LSE) is seen as the most likely venue for the IPO.
Monzo
Monzo is a UK-based digital bank eyeing an IPO as early as this year, with leadership contemplating either an LSE or a US exchange debut. A secondary share sale for the firm in 2024 valued Monzo at $5.9 billion.
The digital bank offers checking, savings, lending, and subscriptions to more than 15 million customers and is known for featuring perks such as real-time spending alerts, automated budgeting, and no-fee foreign exchange.
If I speak about Monzo for that matter, specifically in the U.K., it has been able to capture a lot of salary customers primarily because of the analytics that it provides and ability to manage spends which the salary customers really look out for. Gradually, it's cross-selling its lending proposition to them and thereafter earning margins from there on.
Starling Bank
Starling Bank focuses on personal and business banking products. The bank’s management has been vocal about taking the UK-based digital bank public, but analysts expect the IPO to occur late 2026 at the earliest. The bank was valued at £3.3 billion British pounds (~$4.4 billion) as of last year, according to broker research on AlphaSense.
A recent analyst report on neobanking notes that Starling has prioritized balance sheet lending rather than relying on payment interchange fees like many of its neobank peers. The analyst notes that the bank built its SME franchise during the pandemic, extending its ambitions into secured lending with the 2021 acquisition of Fleet Mortgages, a buy-to-let specialist residential lender.
Ebury
Ebury is a UK-based fintech company specializing in cross-border payments, FX risk management, and international trade solutions for small and medium sized enterprises (SMEs). The fintech firm was originally planning to IPO last year on the LSE, but those plans were derailed by market volatility. Ebury’s previously announced stake sale implied a valuation of about £1.4 billion (~$1.9 billion), according to broker research on AlphaSense.
Defense and Industrials
Dangote Petroleum Refinery
The world’s largest single-train petroleum refinery is targeting a whopping $40 - $50 billion valuation as it prepares to IPO. The refinery, which processes approximately 565,000 barrels daily, converted Nigeria into a net petrol exporter for the first time in history earlier this year. Dangote submitted its prospectus to the Securities and Exchange Commission of Nigeria for review last month, and the investor roadshow is expected to start in June.
KNDS
KNDS is a European land defense company headquartered in the Netherlands. Analysts anticipate the defense firm, which designs and manufactures heavy military vehicles, could fetch an IPO valuation as high as €20 billion (~$23 billion). The listing is expected to debut in June or July, and industry experts suggest investor demand for defense stocks will remain high against the backdrop of rising military spending.
The market is expecting a dual Paris-Frankfurt listing as the company was formed by a merger between Germany’s Krauss-Maffei Wegmann and France’s Nexter Systems.
Nouryon
Based in the Netherlands, Nouryon manufactures chemicals for industries including personal care, cleaning goods, paints, agriculture, pharmaceuticals, and industrial processes. While the exact timing for Nouryon’s IPO is unknown, its private equity owner, Carlyle Group, confidentially filed for the US listing last year. Reports indicate Nouryon has a target valuation of ~$13 billion.
Oman India Fertilizer Company (OMIFCO)
OMIFCO produces nitrogen based fertilizers to support global agricultural development and food security. The fertilizer company’s most imminent pathway for existing shareholders is an IPO on the Muscat Stock Exchange, Oman’s only stock exchange. The IPO, which could launch as early as June, is targeting at least a $2.5 billion valuation. The company is a joint venture between the Omani state interest and Indian agricultural cooperatives, which have positioned it as a flagship bilateral trade asset.
Technology
Visma
Norwegian software company Visma provides software to streamline daily operations for small and medium businesses, as well as the public sector. The company has provisionally selected LSE for its debut, which has been postponed from earlier this year due to the selloff in software stocks. Experts anticipate Visma’s IPO, with a potential €20 billion (~$23 billion) valuation according to broker research on AlphaSense, to be a boon to the LSE, which has struggled to attract new listings in recent years.
Ahead of its planned public exit and in an effort to optimize its valuation narrative, Visma has divested from business units that dilute its high-margin cloud profile, according to company documents on AlphaSense.
Oura
The Finnish company that has made a name for itself producing smart rings that attract affluent, health-conscious customers, announced plans in May that it confidentially filed for an IPO. The company commands 80% of the smart ring market and has become a fashion and wellness staple for customers eager to monitor health metrics like sleep, stress, and activity.
The fact that they've focused on sleep and have been the leaders in sleep and continue to evolve in that regard is a big moat for them. Ultimately, the accuracy that you have, again as I was saying over the wearables, they're just not nearly as accurate. To be able to develop solutions around HRV and heart rate analysis and stress and those types of things, I think that they have a significant advantage.
The company’s latest funding round in October 2025 valued the company at $11 billion, according to AlphaSense.
Stay on Top of Upcoming IPOs
Discover the upcoming hottest IPOs in the market with AlphaSense's industry-leading Generative Search and over 500M premium, proprietary, public, and private documents. Conduct a deep dive on what analysts are saying about the valuations, the competitive landscape, and much more — in just minutes.
See how AlphaSense can level up your investment research workflow.
