Top 10 European IPOs of 2025 by Valuation

Private equity giant CVC listed on Euronext Amsterdam in April 2025, achieving a EUR 12.0B market capitalisation at its IPO price of EUR 14 per share. The listing gave public investors exposure to CVC's EUR 193B AUM platform spanning buyouts, credit, and secondaries.

CVC Capital Partners

Swiss dermatology company 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. Backed by EQT, Galderma raised CHF 2.3B to fund its injectable aesthetics and dermatological skincare expansion.

Galderma

German beauty retailer Douglas, Europe's largest perfumery chain, listed on the Frankfurt Stock Exchange in March 2025 at a EUR 7.7B valuation. Backed by CVC, the IPO raised EUR 850M and marked a return to public markets after a five-year private equity ownership period.

Douglas Group

Academic publisher Springer Nature listed on the Frankfurt Stock Exchange in October 2024 and traded through 2025 at a EUR 6.5B market cap. The IPO valued the company, which publishes Nature and over 3,000 scientific journals, at 3x revenues, reflecting its open-access pivot.

Springer Nature

German defence technology company Renk Group, a supplier of vehicle transmissions and energy systems, listed on the Frankfurt Stock Exchange in February 2024 and traded at a EUR 4.0B valuation in 2025, buoyed by European rearmament spending. Revenue grew 22% year-on-year.

Renk Group

German pharmaceutical packaging specialist Schott Pharma, spun off from Schott AG, listed in Frankfurt in September 2023 and reached a EUR 3.2B market cap in 2025. Its drug containment systems are critical to global vaccine and biologics supply chains, driving consistent demand.

Schott Pharma

Green hydrogen electrolysis spin-off Thyssenkrupp Nucera listed on the Frankfurt Stock Exchange in July 2023 and remained a closely watched European clean-energy IPO into 2025, with a EUR 2.6B valuation reflecting investor appetite for industrial decarbonisation technology.

Thyssenkrupp Nucera

Iconic German footwear brand Birkenstock listed on the New York Stock Exchange in October 2023, backed by L Catterton, achieving a USD 9.2B (EUR 8.5B) valuation. Though US-listed, it is headquartered in Germany and remained a landmark European brand IPO tracked by EU investors.

Birkenstock

US-headquartered RNA interference leader Alnylam Pharmaceuticals expanded its European investor base in 2025 through a EUR 2.1B secondary listing on Euronext Amsterdam, part of the exchange's drive to attract life sciences issuers and deepen European biotech capital markets.

Alnylam Europe (Subsidiary Listing)

Private equity giant CVC listed on Euronext Amsterdam in April 2025, achieving a EUR 12.0B market capitalisation at its IPO price of EUR 14 per share. The listing gave public investors exposure to CVC's EUR 193B AUM platform spanning buyouts, credit, and secondaries.

CVC Capital Partners

Swiss dermatology company 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. Backed by EQT, Galderma raised CHF 2.3B to fund its injectable aesthetics and dermatological skincare expansion.

Galderma

German beauty retailer Douglas, Europe's largest perfumery chain, listed on the Frankfurt Stock Exchange in March 2025 at a EUR 7.7B valuation. Backed by CVC, the IPO raised EUR 850M and marked a return to public markets after a five-year private equity ownership period.

Douglas Group

Academic publisher Springer Nature listed on the Frankfurt Stock Exchange in October 2024 and traded through 2025 at a EUR 6.5B market cap. The IPO valued the company, which publishes Nature and over 3,000 scientific journals, at 3x revenues, reflecting its open-access pivot.

Springer Nature

German defence technology company Renk Group, a supplier of vehicle transmissions and energy systems, listed on the Frankfurt Stock Exchange in February 2024 and traded at a EUR 4.0B valuation in 2025, buoyed by European rearmament spending. Revenue grew 22% year-on-year.

Renk Group

German pharmaceutical packaging specialist Schott Pharma, spun off from Schott AG, listed in Frankfurt in September 2023 and reached a EUR 3.2B market cap in 2025. Its drug containment systems are critical to global vaccine and biologics supply chains, driving consistent demand.

Schott Pharma

Green hydrogen electrolysis spin-off Thyssenkrupp Nucera listed on the Frankfurt Stock Exchange in July 2023 and remained a closely watched European clean-energy IPO into 2025, with a EUR 2.6B valuation reflecting investor appetite for industrial decarbonisation technology.

Thyssenkrupp Nucera

Iconic German footwear brand Birkenstock listed on the New York Stock Exchange in October 2023, backed by L Catterton, achieving a USD 9.2B (EUR 8.5B) valuation. Though US-listed, it is headquartered in Germany and remained a landmark European brand IPO tracked by EU investors.

Birkenstock

US-headquartered RNA interference leader Alnylam Pharmaceuticals expanded its European investor base in 2025 through a EUR 2.1B secondary listing on Euronext Amsterdam, part of the exchange's drive to attract life sciences issuers and deepen European biotech capital markets.

Alnylam Europe (Subsidiary Listing)