IPO Watchlist: Europe’s Top Privately Held Candidates for the Public Markets

Confidence is returning to Europe’s IPO market as economic conditions improve and interest rates gradually decline.

In PitchBook’s 2026 EMEA Private Capital Outlook report, our IPO window framework indicates that valuations and volatility remain at levels consistent with an open window, as several companies have moved to list following the easing of turbulence after the “Liberation Day” announcement of US tariffs in April.

But the nature of listings has shifted. Profitable IPOs have steadily captured a larger market share since 2022, reaching almost 90% last year—well above the 2024 share of 66.4%. As capital becomes more limited, investor appetite has tilted toward companies with strong earnings, particularly in tech.

Below, we have listed Europe’s leading privately owned companies most likely to go public. The list was created using PitchBook’s Exit Predictor, which estimates exit probability using a machine learning model that incorporates historical and real-time data on private company exits.

Zopa

IPO probability: 97%

Although Zopa became profitable in 2024, bringing it closer to an IPO, uncertainty in public markets last year deterred the fintech from making any firm plans. In May, Zopa raised GBP 80 million through its first LSE bond listing.

Financing type: Later stage VCLast known valuation: EUR 1.1 billionSelect investors: Augmentum Fintech, SoftBank, NorthzoneHQ: UKOura

IPO probability: 96%

Tom Hale, CEO of the health-tracking smart ring maker, recently told CNBC that Oura would reach USD 2 billion in sales in 2026, but added that despite the ambitions, there was still no news on a potential IPO.

Financing type: Later stage VCLast known valuation: EUR 9.3 billionSelect investors: Fidelity, Temasek, ICONIQ CapitalHQ: FinlandButternut Box

IPO probability: 96%

The London-based fresh dog food subscription service has raised over EUR 500 million in funding rounds and recently secured EUR 75 million in debt financing to expand production. Butternut Box operates at scale but has not publicly indicated IPO plans; its focus remains on growth and infrastructure.

Financing type: Later stage VCLast known valuation: EUR 900 millionSelect investors: General Atlantic, HSBC UK, Kreos Capital, L CattertonHQ: UKBit.bio

IPO probability: 96%

The UK synthetic biology company has raised over EUR 180 million so far, but remains private with no IPO timeline disclosed as it continues developing its technology and partnerships.

Financing type: Early stage VCLast known valuation: EUR 480 millionSelect investors: Tencent, M&G, L1 GroupHQ: UKAavantgarde Bio

IPO probability: 96%

The Italian biotech group developing gene therapies for inherited retinal disorders has secured substantial funding and is advancing its clinical work. It has not yet announced plans for an IPO.

Financing type: Seed roundLast known valuation: EUR 10 millionSelect investors: British Columbia Investment Management, Schroders, Willett AdvisorsHQ: ItalyRevolut

IPO probability: 95%

The London-based fintech has long been rumored to be pursuing an IPO—including a dual listing in both London and New York—and is now expected to finally list in 2026.

Financing type: Later stage VCLast known valuation: EUR 65 billionSelect investors: Fidelity, Franklin Resources, Mubadala Investment CompanyHQ: UKQuanta Dialysis Technologies

IPO probability: 95%

The medical tech innovator for portable/home dialysis received FDA clearance for its system and has raised over USD 350 million in late-stage VC funding. Its clinical and regulatory progress strengthen its commercial potential, but no IPO news has been reported yet.

Financing type: Later stage VCLast known valuation: EUR 515 millionSelect investors: BlackRock, Millennium Management, Novo HoldingsHQ: UKNumab Therapeutics

IPO probability: 95%

The company is already in phase 2 of clinical trials for its antibody drugs and has raised just over EUR 200 million in two seed rounds so far.

Financing type: Early stage VCLast known valuation: EUR 91 millionSelect investors: BlackRock, Mitsubishi UFJ Capital, Novo HoldingsHQ: SwitzerlandGlycoEra

IPO probability: 95%

The Swiss biotech focuses on glycoengineering research and recently raised about EUR 110 million through a Series B to fund its phase 1 clinical trials.

Financing type: Early stage VCLast known valuation: EUR 64 millionSelect investors: Qatar Investment Authority, Roche, Novo HoldingsHQ: SwitzerlandVinted

IPO probability: 94%

In 2023, the company became the first second-hand marketplace to turn a profit. Vinted has also grown through secondary share sales. CEO Thomas Plantenga said it would definitely consider going public in the long run.

Financing type: Later stage VCLast known valuation: EUR 5 billionSelect investors: Baillie Gifford, TPG, EQTHQ: LithuaniaManoMano

IPO probability: 94%

The French DIY e-commerce marketplace operator became profitable in 2020 and has raised over EUR 700 million across six funding rounds; however, no IPO filing or official timeline has been disclosed.

Financing type: Later stage VCLast known valuation: EUR 1.8 billionSelect investors: Temasek, General Atlantic, BpifranceHQ: FranceTubulis

IPO probability: 94%

SummaryThe German company made headlines earlier this year by securing the largest Series C (EUR 308 million) ever raised by a European biotech and the biggest private financing for an antibody-drug conjugates developer worldwide. Clinical trials are ongoing, but no IPO announcements have emerged.

Financing type: Later stage VCLast known valuation: EUR 105 millionSelect investors: Blackstone, Fidelity, Wellington ManagementHQ: GermanyFlix

IPO probability: 93%

The European mobility platform operator was already planning a formal IPO in Frankfurt in June 2024 but decided to postpone the listing over disagreements on its valuation.

Financing type: PE Growth/ExpansionLast known valuation: EUR 2.5 billionSelect investors: European Investment Bank, BlackRock, Baillie GiffordHQ: Germany