Swiss IPO activity rebounds in second quarter

IPO activity picks up again in the second quarter Keystone-SDA

After a first quarter of 2026 that was virtually at a standstill, the Swiss initial public offering (IPO) market rebounded in the second quarter with three new listings. However, according to consulting firm EY, many prospective issuers prefer to wait for more favourable conditions before going public.

Against a backdrop of uncertainty, no initial public offerings (IPOs) took place in the first quarter of 2026, according to the latest IPO barometer from the audit and consultancy firm EY, published on Wednesday. The second quarter saw the start of a recovery.

On April 17, Centiel, the Lugano-based manufacturer of emergency power distribution cabinets, carried out the first IPO of the year through a merger with HTS, with a total issue volume of nearly CHF31 million ($38 million).

In mid-June, the private equity firm Matador Secondary Private Equity made its debut on the Swiss stock exchange, on the Sparks segment dedicated to small and medium-sized enterprises, without issuing any new shares.

On May 21, DSM-Firmenich began trading its ordinary shares on the SIX Swiss Exchange, in addition to its existing listing on Euronext Amsterdam, without a capital increase, with a market capitalisation of around CHF16 billion.

At the end of June, medical property specialist Infracore announced its plans to list on the Swiss stock exchange, with the listing set for “on or around July 9”.

“The mega-IPOs seen globally have helped to boost risk appetite, market liquidity and valuations of growth companies,” says Tobias Meyer, who is responsible for IPO services at EY Switzerland.

According to the expert, many potential candidates are nevertheless waiting for a more favourable market window and are continuing to invest in their preparations so that they can act quickly when conditions improve.

US dominance

In the first six months of the year, 483 companies went public worldwide, compared with 546 a year earlier. The total volume of IPOs more than tripled to reach $186.8 billion.

The United States continues to dominate the market. In the second quarter, the US recorded 45 IPOs representing a total volume of $117.6 billion. Whilst the number of deals fell by 12% compared with the same period in 2025, the amounts raised soared, rising by 1,350%.

This performance is largely attributable to the largest initial public offering ever: that of SpaceX, worth $86.2 billion.

China remained particularly buoyant with 77 IPOs, 40% more than a year earlier. The capital raised reached $18.2 billion (+20%).

In Europe, 24 companies went public in the second quarter, raising a total of $2.6 billion. The number of IPOs was higher than last year’s figure (17) and the volume of funds raised increased by 65%.

Translated from German, sub-edited by jdp