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European IPO market starts 2026 at record pace, sparking hope of revival

Investment bankers embrace ‘intense’ pitching as groups in defence, tech and wider economy prepare to go public

Europe’s initial public offerings market has recorded its best ever start to a year, sparking hope among investment bankers and investors of a surge in new listings after a prolonged slowdown.

Ammunition maker Czechoslovak Group (CSG) raised €3.8bn on Friday, with its shares soaring 31 per cent for a near-€33bn valuation, passing a key test of market confidence as a series of other large groups prepare to float.

The Prague-based group’s flotation in Amsterdam was by far the largest in Europe this month and propelled the region to its fastest start to the year for IPO fundraising since at least 1995, according to Dealogic data.

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