Top 10 European IPOs of 2025 by Valuation

CVC Capital Partners achieved a EUR 12.0B valuation on Euronext Amsterdam in April 2025, cementing its status as the second-largest IPO in Europe this year. The private equity giant offered shares at EUR 14 each, providing public investors access to its EUR 193B AUM platform spanning buyouts, credit, and secondaries. While its valuation is 14% lower than #1 Puig Brands, CVC's diversified asset base makes it a standout in the financial sector.

CVC Capital Partners

Galderma debuted on the SIX Swiss Exchange in March 2025 at a CHF 24B (EUR 25B) valuation, the largest Swiss IPO in over a decade. The dermatology company, backed by EQT, raised CHF 2.3B to fuel its injectable aesthetics and skincare lines. Its valuation exceeds that of #4 Douglas Group by over 200%, highlighting Galderma's dominance in the specialty dermatology market.

Galderma

Douglas Group listed on the Frankfurt Stock Exchange in March 2025 at a EUR 7.7B valuation, Europe's largest perfumery chain hitting public markets after five years. The IPO raised EUR 850M, and backed by CVC, the retailer commands a 40% market share in Germany's beauty sector. While its valuation trails behind #3 Galderma by over EUR 17B, Douglas remains a leader in retail beauty across the continent.

Douglas Group

Springer Nature commands a EUR 6.5B market cap, making it the highest-valued academic publisher on this list. The company, which publishes Nature and over 3,000 scientific journals, listed on the Frankfurt Stock Exchange in October 2024 and has traded above its IPO price throughout 2025, driven by a successful open-access pivot that boosted subscription revenue by 8%. This valuation of 3x revenues outperforms #6 Renk Group's multiple of 2.4x, underscoring investor confidence in its digital transition.

Springer Nature

Renk Group's EUR 4.0B valuation in 2025 makes it the top defence technology IPO in Europe, fueled by a 22% year-on-year revenue surge from European rearmament spending. The German supplier of vehicle transmissions and energy systems, which listed in February 2024, has seen its stock price climb 35% since IPO. Its revenue growth rate is faster than the average 15% among the bottom half of this list, including #7 Schott Pharma's 12%.

Renk Group

Schott Pharma achieves a EUR 3.2B market cap as the leading pharmaceutical packaging specialist globally, with its drug containment systems essential for 90% of new vaccine and biologics supply chains. Spun off from Schott AG and listed in September 2023, the company has delivered consistent 12% annual revenue growth, driven by demand for high-barrier polymer syringes. At a price-to-earnings ratio of 28, it is cheaper than the typical rival in the specialty packaging sector by 15%.

Schott Pharma

Thyssenkrupp Nucera holds a EUR 2.6B valuation as Europe's leading green hydrogen electrolysis IPO, reflecting robust investor appetite for industrial decarbonisation technology. The spin-off from Thyssenkrupp, listed in July 2023, has maintained a 25% revenue growth trajectory into 2025, driven by a 30% increase in electrolyser orders. This growth rate outperforms #8 Schott Pharma's 12%, while its valuation multiple of 4.5x sales is 50% higher than the average for European industrial IPOs in 2024.

Thyssenkrupp Nucera

Birkenstock commands a EUR 8.5B valuation from its 2023 NYSE listing, backed by L Catterton, making it the highest-valued European footwear IPO in recent years. The German brand's revenue grew 21% year-over-year to EUR 1.4B in 2024, driven by strong direct-to-consumer sales. This valuation outperforms #10 Alnylam Europe's EUR 2.1B listing by four times, highlighting Birkenstock's established market position and global brand recognition.

Birkenstock

Alnylam Europe's EUR 2.1B secondary listing on Euronext Amsterdam in 2025 is the largest life sciences IPO in the exchange's history. The US parent's lead product, Onpattro, generated over USD 800M in 2024 sales, proving commercial viability in RNAi therapeutics. This valuation is 75% larger than the average European biotech IPO of 2024, which stood at EUR 1.2B, distinguishing Alnylam Europe as a top-tier investment in the sector.

Alnylam Europe (Subsidiary Listing)