Fewer IPOs in Q1 2026, but record proceeds reshape global markets

The first quarter of 2026 saw a sharp drop in the number of global IPOs, yet total proceeds climbed significantly. Just 230 companies went public, a 23 percent decline from the same period last year. Despite this, overall fundraising jumped by 36 percent to $40.6 billion, driven by a handful of high-value listings.

Czech ammunition manufacturer CSG made the biggest splash with its $4.5 billion debut on Amsterdam's Euronext exchange. This marked the world's largest IPO of the quarter, overshadowing other listings. Meanwhile, two German defence firms, Vincorion and Gabler, raised €345 million and €134 million respectively, reflecting strong investor interest in the sector.

Hamburg-based Arenit Industrie SE also completed a private placement on Sweden's Nasdaq First North Premier Growth Market. In Austria, copper specialist ASTA Energy Solutions listed on the Frankfurt Stock Exchange, securing €198 million. The Vienna Stock Exchange expanded its global market segment to include over 30 companies from the STOXX Europe 600 index, alongside recent listings like ASTA Energy. Market volatility pushed the Vienna Stock Exchange to its highest quarterly equity turnover in 15 years. Martina Geisler, Partner and Head of IPO at EY Austria, pointed to the Middle East conflict and rising energy prices as key factors squeezing global IPO activity. She also noted that increased defence spending by NATO members could drive further listings in Europe's defence and infrastructure sectors.

The first quarter of 2026 highlighted a mixed picture for IPO markets. Fewer companies went public, but those that did often secured substantial funding. Defence and energy-related firms led the way, while exchanges like Vienna and Amsterdam saw record-breaking activity.