After a multi-year slowdown, the EMEA equity capital markets (ECM) are showing clear signs of revival. In recent weeks, the IPO window has reopened with increasing velocity, marking the busiest September–October period by deal count since 20211. Investor sentiment is turning decisively positive, buoyed by easing macro volatility, stabilizing interest rate expectations and a strong pipeline of issuers across sectors. J.P. Morgan has emerged as a leading force in this reawakening, delivering some of the region’s most high-profile and strategically significant equity transactions.
“We’ve witnessed a surge in ECM activity since US Labor Day, kicking off with block and quickly followed by a wave of IPOs. The EMEA IPO market, in particular, has delivered outstanding results for both companies and investors.”
Sunil Dhupelia
Head of Equity Capital Markets International
A reawakening market, led by flagship IPOs
Since early September, EMEA IPO volumes have seen a noticeable uptick. According to Dealogic, total IPO issuance in EMEA during Q3 2025 surged over 150% year over year, underpinned by stronger risk appetite and robust pre-marketing dynamics. In this improving environment J.P. Morgan acted on 4 of the 5 largest post-summer IPOs: SMG, Noba Bank, Alec Holdings and Verisure.
SMG’s IPO: The largest European tech IPO since May 2021, symbolizing renewed investor interest in growth and innovation.
Verisure: The largest IPO across all sectors year-to-date in EMEA, showcasing investor appetite for high-quality, cash-generative businesses with defensible market positions.
Rising investor conviction across the board
Investor engagement in the region has also reached new highs. Across recent IPOs and follow-ons, books have been covered multiple times over within hours, and cornerstone investor participation is playing a pivotal role in anchoring transactions and validating valuation.
This reflects not only growing market confidence but also a strategic shift in how investors are approaching new issuance — placing increasing importance on quality, clarity of strategy and ESG credentials.
Demand has broadened geographically and by investor type, with strong cross-border interest from U.S., U.K., Middle East and Asian institutions — particularly in high-growth, tech-enabled and sustainability-linked sectors.
“Investors are eager to put capital to work, fuelled by robust fund performance and strong inflows. With ECM generating impressive alpha year-to-date, sentiment toward new issuances is highly positive”
Ashish Jhajharia
Head of Equity Capital Markets EMEA Syndicate
Outlook: EMEA ECM poised for sustained activity
The strong start to the second half of 2025 suggests a deeper and more sustained recovery in EMEA ECM. There is a pipeline of over $30 billion in potential IPOs slated for Q4 and early 2026, with multiple billion-euro offerings in energy, healthcare, fintech and industrials preparing to launch.
Macroeconomic visibility is improving, and the European Central Bank’s recent signals of rate stabilization are providing a supportive backdrop for equity issuance. In this context, issuers with compelling equity stories and clear capital deployment plans are finding receptive markets — and J.P. Morgan remains committed to helping clients navigate this dynamic environment.
“We expect IPO activity to remain robust into 2026, there is a strong pipeline building up across sectors.”
Sunil Dhupelia
Head of Equity Capital Markets International
Note:1 By number of EMEA IPOs since 1 September 2025, compared to number of September-October IPOs in prior years
Sources: Dealogic, as of 10 October 2025
Related insights
Investment Banking
Investment Banking
Providing investment banking solutions, including M&A, capital raising and risk management, for a broad range of corporations, institutions and governments.
Global Research
US tariffs: What’s the impact on global trade and the economy?
September 25, 2025
J.P. Morgan Global Research brings you the latest updates and analysis of President Trump’s tariff proposals and their economic impact.
Banking
J.P. Morgan steps up for landmark Saudi Arabia green bond
April 15, 2025
The €1.5 billion sale of the world’s first euro-dominated green bond from a MENA sovereign underscores the firm’s expertise in sustainable finance.
This material (including market commentary, market data, observations or the like) has been prepared by personnel in the Investment Banking Group of JPMorgan Chase & Co. It has not been reviewed, endorsed or otherwise approved by, and is not a work product of, any research department of JPMorgan Chase & Co. and/or its affiliates (“J.P. Morgan”).
Any views or opinions expressed herein are solely those of the individual authors and may differ from the views and opinions expressed by other departments or divisions of J.P. Morgan. This material is for the general information of our clients only and is a “solicitation” only as that term is used within CFTC Rule 1.71 and 23.605 promulgated under the U.S. Commodity Exchange Act.
RESTRICTED DISTRIBUTION: This material is distributed by the relevant J.P. Morgan entities that possess the necessary licenses to distribute the material in the respective countries. This material is proprietary and confidential to J.P. Morgan and is for your personal use only. Any distribution, copy, reprints and/or forward to others is strictly prohibited.
This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute investment, legal or tax advice, nor does it constitute an offer or solicitation for the purchase or sale of any financial instrument or a recommendation for any investment product or strategy.
Information contained in this material has been obtained from sources believed to be reliable but no representation or warranty is made by J.P. Morgan as to the quality, completeness, accuracy, fitness for a particular purpose or noninfringement of such information. In no event shall J.P. Morgan be liable (whether in contract, tort, equity or otherwise) for any use by any party of, for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you in evaluating the merits of participating in any transaction. All information contained herein is as of the date referenced and is subject to change without notice. All market statistics are based on announced transactions. Numbers in various tables may not sum due to rounding.
J.P. Morgan may have positions (long or short), effect transactions, or make markets in securities or financial instruments mentioned herein (or options with respect thereto), or provide advice or loans to, or participate in the underwriting or restructuring of the obligations of, issuers mentioned herein. All transactions presented herein are for illustration purposes only. J.P. Morgan does not make representations or warranties as to the legal, tax, credit, or accounting
treatment of any such transactions, or any other effects similar transactions may have on you or your affiliates. You should consult with your own advisors as to such matters.
The use of any third-party trademarks or brand names is for informational purposes only and does not imply an endorsement by JPMorgan Chase & Co. or that such trademark owner has authorized JPMorgan Chase & Co. to promote its products or services.
J.P. Morgan is the marketing name for the investment banking activities of JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC (member, NYSE), J.P. Morgan Securities plc (authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority), J.P. Morgan SE (Authorised as a credit institution by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB)), J.P. Morgan Securities Australia Limited (ABN 61 003 245 234/AFS Licence No: 238066 and regulated by Australian Securities and Investments Commission) and their investment banking affiliates. J.P. Morgan Securities plc is exempt from the licensing provisions of the Financial and Intermediary Services Act, 2002 (South Africa).
For Brazil: Ombudsman J.P. Morgan: 0800-7700847 / ouvidoria.jp.morgan@jpmorgan.com
For Australia: This material is issued and distributed by J.P. Morgan Securities Australia Limited (ABN 61 003 245 234/ AFS Licence No: 238066) (regulated by ASIC) for the benefit of “wholesale clients” only. This material does not take into account the specific investment objectives, financial situation or particular needs of the recipient. The recipient of this
material must not distribute it to any third party or outside Australia without the prior written consent of J.P. Morgan Securities Australia Limited.
© 2025 JPMorgan Chase & Co. All rights reserved.