Poland's IPO market heats up with surge in new listings

The global Initial Public Offering (IPO) market is experiencing a significant revival, with 509 debuts raising a total of $194 billion in the first half of 2026. This marks a substantial increase in value compared to the first half of 2025, which saw more listings but only generated $62 billion, according to data from EY.

Asia has emerged as the leader in IPO activity, accounting for nearly 49% of all global debuts with 247 listings in the first half of 2026, up from 232 listings in the previous year. The value of these Asian IPOs rose to $47 billion from $29 billion. The EMEIA region (Europe, Middle East, India, and Africa) also demonstrated resilience, with 177 transactions, though fewer than the 199 recorded a year prior, maintaining a stable value around $16 billion.

In contrast, the Americas region recorded fewer transactions (85, or under 17% of the global total) compared to the previous year (117). However, the value of these deals soared to an impressive $130 billion, a dramatic jump from just $17 billion in the same period of 2025. This surge is attributed to several mega-deals, with potential future listings from companies like OpenAI and Anthropic on the horizon.

Poland's Warsaw Stock Exchange (GPW) has also witnessed a surge in new listings. Seven companies debuted in the first half of 2026, including three transfers from the NewConnect market, two spin-offs, and two new entities. By July, Adatex, Robyg, and NWAI Dom Maklerski had joined, bringing the total to 10 debuts for 2026 so far. This figure already surpasses the total for the entirety of 2024 (9) and 2025 (3).

Anna Zaremba, a partner at EY, noted that IPOs were suspended in 2024-2025 due to geopolitical and macroeconomic uncertainty. However, high liquidity in the secondary market and record trading volumes in June have made the GPW an attractive venue. "If the global economic situation does not suddenly worsen, 2026 will go down in GPW history as one of the best periods for the primary market this decade," she stated. The current rise in stock indices provides an attractive valuation base for listed companies.

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In years 2024-2025, many planned IPOs were suspended due to geopolitical and macroeconomic uncertainty. High liquidity on the secondary market and record turnover in June at PLN 63.5 billion became the best magnet for companies. If the global economic situation does not suddenly worsen, 2026 will go down in GPW history as one of the best periods for the primary market this decade.