The EMEA IPO market in the first half of 2025 was a small to mid-cap affair with large-cap offerings all but absent, derailed by a volatile macroeconomic backdrop.

Small to mid-cap IPOs—deals with a market capitalisation at listing of below USD 5bn—accounted for the lion’s share of activity, with deal values reaching 9.9bn off 82 deals; by contrast, only one large-cap IPO—with a market cap of USD 5bn and above—made it to market in the same period, raising only USD 523m, according to Dealogic data.

Among the standout listings were flynas Co SJSC, a Saudi Arabian low-cost airline, which raised USD 1.09bn at a market capitalisation of USD 3.6bn, marking the largest airline IPO in the Gulf in two decades. Sweden’s Asker Healthcare Group AB, a specialist provider of dental and healthcare solutions, also impressed with a USD 1.02bn listing at a market cap of USD 2.5bn.

Meanwhile, the sole large-cap IPO in EMEA came from Saudi Arabia’s Umm Al Qura for Development & Construction Co, an infrastructure and urban development firm, for a deal size of USD 523m at a valuation of USD 5.8bn.

The drought in large IPOs stemmed largely from increased in market volatility in the wake of US President Donald Trump’s

April “Liberation Day” tariffs targeting imports from the EU, UK and China. The announcement rattled global equity markets and triggered a wave of uncertainty, with the S&P 500 falling by more than 10% and the Euro Stoxx 50 by 6% in a matter of weeks.

EMEA issuers quickly moved to shelve larger transactions amid unfavourable conditions.

The impact on large-cap IPO volumes was stark. Proceeds in 1H 2025 dropped 93.4% year-on-year—from USD 7.9bn across three deals in 1H 2024 to just USD 523m this year.

Though more resilient, the small to mid-cap market was not immune to the broader malaise. Proceeds dipped 6.6% year-on-year—from USD 10.6bn across 97 deals in 1H 2024 to USD 9.9bn across 82 in 1H 2025.

A significant number of IPOs are expected in 2H 2025 including German pharmaceutical group Stada, Dutch telecom operator Odido, and security systems provider Verisure, alongside Deutsche Borse owned ISS Stoxx and online classifieds platform Swiss Marketplace Group.

However, tariffs—as illustrated by President Trump’s unpredictable trade stance—could continue to cast a shadow over IPO plans throughout the remainder of the year.