Global IPO Market Suffers as Tariff and Geopolitical Risks Loom

Despite steady stock market inflows in Europe, IPO activity is flagging as companies postpone listings amid rising macroeconomic risks. Since the start of 2025, IPO volume in Europe, the Middle East, and Africa (EMEA) has dropped from 59 to 44, with proceeds plunging to $5.5 billion from $14.1 billion. High-profile delays include Brainlab, Stada, and Autodoc, as they await clearer post-listing conditions.

Market participants cite tariff anxieties—especially around U.S. moves—and Middle East tensions as key factors deterring IPOs. Companies fear undervaluation, volatile investor appetite, and volatile trading environments. Still, strategic listings like Hacksaw Games have found success, suggesting the IPO market could rebound in H2 if global trade conditions stabilize and tariff threats subside.