{"id":131114,"date":"2025-11-13T15:31:58","date_gmt":"2025-11-13T20:31:58","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/european-ipo-drought-nears-20-year-low\/"},"modified":"2025-11-13T15:31:58","modified_gmt":"2025-11-13T20:31:58","slug":"european-ipo-drought-nears-20-year-low","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/european-ipo-drought-nears-20-year-low\/","title":{"rendered":"European IPO drought nears 20-year low"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a08ff30a5992'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">European IPO drought nears 20-year low<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regional-analysis\/\" rel=\"category tag\">\n                    Regional Analysis\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"4000\" height=\"2667\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/367944632.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Sunlight falls across European Union (EU) flags in Brussels.\" title=\"The European Union Flag\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/367944632.jpg 4000w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/367944632.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/367944632.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/367944632.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/367944632.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/367944632.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/367944632.jpg 162w\" sizes=\"auto, (max-width: 4000px) 100vw, 4000px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a08ff30b0d48'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">November 13, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Intelligence<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a08ff30b36a5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>This article was written by Bloomberg Intelligence Equity Strategist Kaidi Meng. It appeared first on the Bloomberg Terminal.<\/i><\/p>\n<h2 class=\"p2\">Europe\u2019s IPO comeback hindered by flatter ECB, BOE easing path<\/h2>\n<p class=\"p2\">This year is shaping up to be one of the weakest for European IPOs since the financial crisis, with our analysis showing the likelihood of more EU and UK companies listing in the US instead to pursue higher multiples and stronger post-IPO prospects. That&#8217;s based on anticipated flatter ECB and BOE rate-cut paths and historical data.<\/p>\n<h2 class=\"p2\">Flatter ECB rate-cut path may accelerate European IPO migration<\/h2>\n<p class=\"p2\">A faster rate-cut cycle by the US Federal Reserve vs. that of Europe&#8217;s central banks looks set to weigh on the relative post-IPO returns of European vs. US equities. From 2014-21, both traditional (non-SPAC) EU and UK IPOs broadly underperformed US listings on the first day of trading, with 2020 marking the weakest year (9% vs. 19%, respectively, on a median basis). This pattern briefly reversed after the Fed&#8217;s 10 straight hikes totaling 525 bps which drained stock-market liquidity and squeezed the valuations of growth-oriented IPOs in the US.<\/p>\n<p class=\"p2\">The flatter rate-cut trajectory now unfolding in Europe may again limit post-IPO relative performance and drive domestic companies to list overseas, particularly in the US, where a faster liquidity rebound and deeper capital markets offer a more favorable pricing backdrop.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a08ff30b4da5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5335305334651581113\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a08ff30b996e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2124\" height=\"1448\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Median-Relative-Return-One-Day-Post-IPO.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 1 - Median Relative Return One Day Post-IPO\" title=\"Figure-1-Median-Relative-Return-One-Day-Post-IPO\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Median-Relative-Return-One-Day-Post-IPO.png 2124w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Median-Relative-Return-One-Day-Post-IPO.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Median-Relative-Return-One-Day-Post-IPO.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Median-Relative-Return-One-Day-Post-IPO.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Median-Relative-Return-One-Day-Post-IPO.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Median-Relative-Return-One-Day-Post-IPO.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Median-Relative-Return-One-Day-Post-IPO.png 158w\" sizes=\"auto, (max-width: 2124px) 100vw, 2124px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 class=\"p2\">EU, UK 2025 IPOs near 20-year low<\/h2>\n<p class=\"p2\">European IPO activity in 2025 is at its lowest point since the 2009 financial crisis, marking the second-weakest year in 20. Just 47 deals were completed in the first nine months, marginally above last year&#8217;s 44, but 70% below the 20-year average of 160. Since 2005, the UK was home to just 43 IPOs in the $1-$10 billion range vs. 120 in Europe and 175 in the US.<\/p>\n<p class=\"p2\">UK deal sizes also sharply contracted, with the median at $44 million in 2025 vs. the $134 million pre-pandemic average (2005-19). In contrast, EU and US IPOs have increased in size, rising to$48 million and $176 million, respectively, on a median basis, well above their pre-pandemic respective averages of $28 million and $103 million (see chart for deal-size time series).<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2108\" height=\"1240\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-EU-UK-IPO-Total-Deal-Count-Value-2005-25.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 2 - EU UK IPO Total Deal Count Value -2005-25\" title=\"Figure-2-EU-UK-IPO-Total-Deal-Count-Value-2005-25\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-EU-UK-IPO-Total-Deal-Count-Value-2005-25.png 2108w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-EU-UK-IPO-Total-Deal-Count-Value-2005-25.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-EU-UK-IPO-Total-Deal-Count-Value-2005-25.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-EU-UK-IPO-Total-Deal-Count-Value-2005-25.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-EU-UK-IPO-Total-Deal-Count-Value-2005-25.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-EU-UK-IPO-Total-Deal-Count-Value-2005-25.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-EU-UK-IPO-Total-Deal-Count-Value-2005-25.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2-EU-UK-IPO-Total-Deal-Count-Value-2005-25.png 184w\" sizes=\"auto, (max-width: 2108px) 100vw, 2108px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 class=\"p2\">Liquidity stagnates for European equities, rises elsewhere<\/h2>\n<p class=\"p2\">European equity markets&#8217; liquidity constraints may increasingly hinder a revival in the region&#8217;s IPOs. The aggregate traded value of the MSCI Europe ex-UK Index (MXEUG) has stagnated since 2009, with the current $1.3 billion pace barely half that of the $3.8 billion early 2008 peak. It&#8217;s also well below the S&amp;P 500&#8217;s $7 billion turnover and the MSCI China Index&#8217;s $6.9 billion. Liquidity in FTSE 100 stocks remains subdued at under $300 million, limiting institutional appetite for new listings and raising execution risk for issuers. Amid rising regulation and costs headwinds, theLondon Stock Exchange (LSE) slipped out of the top-20 ranking of the world&#8217;s busiest IPO destinations in September.<\/p>\n<p class=\"p2\">Of note, Japan\u2019s Nikkei 225 ($1.5 billion turnover) has been trending up since 2022 and outpaced EU liquidity since 2023.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2108\" height=\"1638\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Aggregated-Turnover-by-Markets-Billion.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 3 - Aggregated Turnover by Markets Billion\" title=\"Figure-3-Aggregated-Turnover-by-Markets-Billion\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Aggregated-Turnover-by-Markets-Billion.png 2108w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Aggregated-Turnover-by-Markets-Billion.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Aggregated-Turnover-by-Markets-Billion.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Aggregated-Turnover-by-Markets-Billion.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Aggregated-Turnover-by-Markets-Billion.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Aggregated-Turnover-by-Markets-Billion.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Aggregated-Turnover-by-Markets-Billion.png 139w\" sizes=\"auto, (max-width: 2108px) 100vw, 2108px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 class=\"p2\">EU, UK large caps trade at discount to US, even adjusted<\/h2>\n<p class=\"p2\">The valuation gap remains wide between EU and UK large-cap stocks and their US peers, even after adjusting for sector composition and earnings-growth prospects, making US listings look more attractive. The P\/E gap can be partially explained by the heavier exposures of the MXEUG and UKX indexes to value-oriented sectors (financials, energy, materials) and the S&amp;P 500&#8217;s concentration in higher-multiple growth and technology names. Yet even after applying US-sector weightings, their adjusted P\/E ratios (18.3x and 18.2x, respectively) remain 21% below the S&amp;P 500&#8217;s 23.1x.<\/p>\n<p class=\"p2\">Both the EU and UK indices have lower PEG ratios (measured by the P\/E multiple relative to 2024-27 compounded annual EPS growth) than the US benchmark, suggesting European valuations remain suppressed even when accounting for slower profit expansion.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2106\" height=\"902\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-MXEUG-UKX-Index-PE-Discounts-vs-SPX-Persist1.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 4 - MXEUG UKX Index PE Discounts vs SPX Persist\" title=\"Figure-4-MXEUG-UKX-Index-PE-Discounts-vs-SPX-Persist1\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-MXEUG-UKX-Index-PE-Discounts-vs-SPX-Persist1.png 2106w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-MXEUG-UKX-Index-PE-Discounts-vs-SPX-Persist1.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-MXEUG-UKX-Index-PE-Discounts-vs-SPX-Persist1.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-MXEUG-UKX-Index-PE-Discounts-vs-SPX-Persist1.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-MXEUG-UKX-Index-PE-Discounts-vs-SPX-Persist1.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-MXEUG-UKX-Index-PE-Discounts-vs-SPX-Persist1.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-MXEUG-UKX-Index-PE-Discounts-vs-SPX-Persist1.png 192w\" sizes=\"auto, (max-width: 2106px) 100vw, 2106px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 class=\"p2\">IPO size shrinks in UK, rises in EU and US<\/h2>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2110\" height=\"1358\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Yearly-Median-Off-er-Size-Million.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 5 - Yearly Median Off er Size Million\" title=\"Figure-5-Yearly-Median-Off-er-Size-Million\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Yearly-Median-Off-er-Size-Million.png 2110w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Yearly-Median-Off-er-Size-Million.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Yearly-Median-Off-er-Size-Million.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Yearly-Median-Off-er-Size-Million.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Yearly-Median-Off-er-Size-Million.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Yearly-Median-Off-er-Size-Million.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-5-Yearly-Median-Off-er-Size-Million.png 168w\" sizes=\"auto, (max-width: 2110px) 100vw, 2110px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 class=\"p2\">Europe has fewer liquidity options<\/h2>\n<p class=\"p2\">EU companies have fewer private capital options than in the US. It&#8217;s not a cash issue &#8212; S&amp;P 350 firms in the bloc have a median $2.4 billion in cash vs. $1.5 billion for US S&amp;P 500 members. But EU private equity assets under management total just $1.5 trillion, according to McKinsey, about a third of the US level. US private capital fundraising was 2.2x higher than Europe&#8217;s in 2024, per Aranca, and PE firms tend to favor deals in their home markets.<\/p>\n<p class=\"p2\">As private markets expand in Europe, public listings could slow, but for now, EU firms are more likely to go public than similar US companies.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1768\" height=\"1612\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Private-Equity-Deals-by-Region.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 6 - Private Equity Deals by Region\" title=\"Figure-6-Private-Equity-Deals-by-Region\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Private-Equity-Deals-by-Region.png 1768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Private-Equity-Deals-by-Region.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Private-Equity-Deals-by-Region.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Private-Equity-Deals-by-Region.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Private-Equity-Deals-by-Region.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-6-Private-Equity-Deals-by-Region.png 118w\" sizes=\"auto, (max-width: 1768px) 100vw, 1768px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a08ff30c5f45'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6a08ff30c70b3\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6a08ff30c70b3\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p style=\"font-size: 16px !important; line-height: 24px;\">The data included in these materials are for illustrative purposes only. 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