UK IPO Pipeline Remains Constructive But Market Volatility Impacts Q2 Windows
- This month, the Speedometer has decelerated to 32mph from 34mph in January. It remains in third gear, classifying the UK IPO market as “open”.
- Although the UK IPO pipeline for 2026 has been H2-weighted for some time, the recent market volatility on the back of the Iran conflict and the sell-off in AI-impacted sectors have compounded that further. Those previously targeting Q2 IPOs are re-evaluating their timing.
- Following a fast start to the year, European IPO activity has also been selective recently, with those coming to market principally focused in the defence sector. Following a positive H2 ’25 for UK IPO activity, the biggest half we saw for issuance since 2021, that momentum was expected to continue into 2026. The pipeline remains constructive for later in the year, but recent market
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