At Mulberry Wealth Securities, our Advisory Team has reviewed the latest analysis from Goldman Sachs, which points to a rebound in European IPO activity in 2025. The key message: after a period of subdued issuance, the public-markets pipeline in Europe appears ready to pick up — and this has meaningful implications for investors aiming for growth. (Source: Goldman Sachs, “IPO volumes in Europe are expected to rise in 2025”)
A rebound in IPO volumes — what the data show
According to Goldman Sachs and our internal modelling at MWS:
- IPO volumes in Europe rose notably in 2024, marking a rebound after two years of weak issuance.
- Despite the increase, 2024’s IPO proceeds still remained around one-third below the longer-term European average — signalling both progress and room for growth.
- Goldman Sachs observes a “busier calendar” of potential IPOs for 2025, with increased engagement from private-equity (PE) sponsors and more companies exploring a public listing.
Mr. Richard Carver, CFO of Mulberry Wealth Securities, comments:
“What we’re seeing is the public-markets engine in Europe beginning to turn again. The conditions are improving, but this isn’t a sprint yet — it’s the early opening of the runway.”
What’s driving the rebound from our vantage
Our Advisory Team at MWS identifies several inter-connected drivers behind the improved IPO outlook:
- Improved equity-market sentiment and valuations: As share-prices recover and discounts tighten, issuers feel more comfortable listing. Goldman Sachs noted that the discount issuers demanded narrowed in 2024 — a signal of more favourable conditions.
- Private-equity sponsors re-evaluating exits: The Goldman Sachs piece highlights that PE-sponsor-backed listings are increasing, noting a significant uptick in dialogues between sponsors and investors.
- Demonstrated capacity of markets to absorb large deals: Although volumes were still below normal, recent large equity placements in Europe show that the market can handle sizeable offerings — helping restore confidence.
Mr. Richard Carver adds:
“When private-equity sponsors begin moving core holdings toward the IPO runway, it signals that the list-window is waking up. For our clients, that means early positioning may matter.”
What this means for our clients at Mulberry Wealth Securities
For investors working with MWS—especially those based in Australia and with a long-term horizon—the rising European IPO activity points to several strategic opportunities and cautions:
- Opportunity for exposure to early-stage growth in Europe: The increased pipeline suggests that compelling listings may emerge, allowing true growth-compounder companies to join public markets.
- Selectivity is key: While the window is opening, conditions are not yet “normal”. We emphasise thorough due-diligence on business model, earnings clarity, governance and liquidity.
- Potential for global diversification: European listings may offer access to sectors and companies not available in Australia or the U.S., enhancing portfolio diversification.
- Valuation discipline remains essential: With the market recovering, valuations may rise quickly. Investing early is beneficial, but avoiding over-paying remains a priority.
- Understanding follow-through matters: Listing itself is just the start. For long-term wealth building, what happens post-IPO—the execution, growth, margin progress—matters more.
Mr. Richard Carver emphasises:
“We’re positioning not simply for the next IPO wave, but for the companies that soar after listing. Our clients benefit from that focus on long-term value, not just the float.”
Risks & caveats to keep in mind
Despite the positive tone, our Advisory Team highlights several risks to monitor:
- Macro and market headwinds: Global inflation, interest-rate policy, or geopolitical shock could delay or derail planned listings.
- Pipeline timing and execution risk: Many companies may announce IPO intent in 2025, but actual listings could slip into 2026 or beyond. Goldman Sachs stressed that “the plumbing is being put in place” for 2026.
- Liquidity and investor appetite: Even with improved sentiment, European markets may have less liquidity and depth compared with U.S., increasing risk for smaller listings.
- Valuation compression risk: As investor confidence returns, issuers may command less of an IPO discount—meaning downside risk if execution is disappointing.
Final thoughts
At Mulberry Wealth Securities, we view Europe’s IPO rebound as a meaningful inflection — not a guarantee of immediate explosion. For long-term wealth creation, the message is one of preparation, discipline and execution.
Mr. Richard Carver concludes:
“The listing window in Europe is opening. But our role is helping our clients differentiate between the flurry of entrant companies and the ones that genuinely deliver value over years. That distinction is what builds long-term wealth.”
If you’d like to explore how European IPO opportunities might fit into your portfolio, or how our Advisory Team can help identify and assess upcoming listings, we’re ready to assist you.
This blog post is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results.
