Published by Global Banking and Finance Review
Posted on August 27, 2025
By Emma-Victoria Farr and Charlie Conchie
FRANKFURT/LONDON (Reuters) -Frankfurt and Zurich are poised to lead a European revival of stock market listings over the coming weeks, outpacing London, equity capital markets advisers say.
Despite listing reforms, London's performance so far this year for IPOs is its worst to date, according to London Stock Exchange data, following on from years of UK equity outflows linked to the country's decision in 2016 to leave the European Union.
Markus Meier, head of equity capital markets in Germany at Bank of America, said Germany and Switzerland by contrast had several high-quality assets in the pipeline that should create momentum.
"These listing locations have the potential to become trailblazers for Europe," he said.
This year, German pharmaceutical company Stada and prosthetic manufacturer Ottobock are considering Frankfurt listings, Reuters previously reported. Swiss Marketplace Group is also looking to list in Zurich this year, three people with knowledge of the plans said. SMG declined to comment.
Stada had planned to list at a valuation of more than 10 billion euros ($11.61 billion) early in the year, but delayed its plans after U.S. President Donald Trump's tariffs spooked investors.
Now equity markets have adjusted and volatility has eased, deal-makers say they expect an upturn in activity.
Martin Thorneycroft, global co-head of equity capital markets at Morgan Stanley, said he was looking forward to "a busy period".
"Broadly, it feels good and keeps alive a lot of the plans that issuers have for September," he said.
Other bankers were similarly upbeat.
"Across Northern Europe, we have four or five deals launching in the first three weeks of September," said Antoine Noblot, head of equity capital markets for northern Europe at BNP Paribas.
Frankfurt market candidates, such as Deutsche Boerse's research and technology unit ISS Stoxx, are poised for a potential post-summer holiday launch.
"The pipeline is very German-centric," said Philipp Suess, head of equity capital markets for Germany and Austria at Goldman Sachs.
EUROPE STILL TRAILS UNITED STATES
Some $7.2 billion has been raised in European listings year-to-date, still far behind the U.S. level of $41 billion, according to Dealogic data.
That compares with the post-pandemic surge in activity in 2021, when $63 billion was raised in Europe over the same time period, Dealogic said.
In London, which has lost its first-place ranking, so far this year only $208 million has been raised versus $16.7 billion year-to-date in 2021.
In response, city bankers have pivoted and reorganised teams, despite the policy changes designed to draw in more UK listing activity.
In continental Europe, the mood is more confident.
"There is enough capital to support more than one large IPO in Europe," said Eva-Maria Wiecko, head of equity market solutions for Germany and Austria at Rothschild & Co.
Bankers also expect planned spinoffs such as Continental's car parts division Aumovio and ThyssenKrupp's Marine Systems to boost European equity capital market deal values later this year.
A minority stake in the German arm of power grid operator TenneT could also come to market.
At the same time, some companies could consider re-launching with an accelerated deal as German tank gearbox maker Renk did in February 2024, by limiting the offering to professional investors to shorten the process, three dealmakers said.
For London, advisers are placing their hopes on a few smaller debuts.
Among them is Italian food producer NewPrinces, which has said it is considering listing a chunk of its business on the London Stock Exchange.
($1 = 0.8612 euros)
(Reporting by Emma-Victoria Farr and Charlie ConchieEditing by Anousha Sakoui and Barbara Lewis)
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