European stock exchanges must raise a further $5 billion from initial public offerings before the year is out to surpass last year's haul, a challenge in a market where deals have been prone to delays. The transactions slated for the autumn have the potential to deliver the milestone, but there's little room for error and only a handful of billion-dollar offerings still in the pipeline. European IPOs in 2025 raised $16.7 billion combined, higher than the previous year but still below historical levels, according to data compiled by Bloomberg.

Together, IPOs of mobile payments firm Airtel Money, tankmaker KNDS NV and property investor Hotel Investment Partners SA could combine with the year-to-date total of $11.6 billion to help tip the region past 2025. All three firms are considering the listing window that normally runs from September into November, according to people familiar with the matter and previous Bloomberg News reporting.

To be sure, not all of these companies may decide to go ahead with an offering. European stocks are off their highs and volatility has crept back in, driven by the wars in the Middle-East and Ukraine, as well as concerns about the AI trade and the surge in energy prices and bond yields. Dealmakers went into 2026 with hopes that the year would bring about a flurry of listings supported by higher stock prices.

"The autumn window is probably not going to be as busy as we would've hoped earlier this year," Egor Marisin, a partner in the corporate and equity capital markets team at law firm Freshfields, said. "But I wouldn't be surprised if a select handful of European IPO candidates were to have a go at testing the markets."