After a sluggish 2025, the global IPO market is entering a high-momentum phase. According to Coller Capital, 77% of LPs report that their fund managers are actively preparing portfolio companies for public markets, with nearly a third already sharing concrete 2026 plans.

The Asia-Pacific region is the clear frontrunner in this recovery. In 2025, APAC saw a 106% increase in proceeds, hosting seven of the ten largest global deals. India remains the world’s most active destination by deal count, while 87% of regional LPs are currently in IPO discussions with their managers.

The US “Mega-Wave” Risk: While optimism is high, a looming “mega-wave” of blockbuster US listings – including SpaceX, OpenAI, and Anthropic – threatens to dominate investor bandwidth. Experts warn these massive entries could crowd out mid-caps and regional plays by absorbing the lion’s share of market inflows.

Europe’s Defense-Led Recovery: Europe is betting on thematic sectors to close its equity market gap. The record €3.8bn IPO by Czech defense firm CSG in Amsterdam has injected fresh confidence into the region. With institutional backing from the €800bn “ReArm Europe” plan and the €1bn NATO Innovation Fund, defense and structural growth are set to lead the European pipeline.

The Verdict: The 2026 window is open, but standing out will require more than just ambition. Companies must navigate a landscape split between essential AI giants and strategic, thematic defense plays.

End Notes

Source: https://www.collercapital.com/43-barometer-winter-2025-26/