The IPO balance for 2025: only three IPOs – yet strong performance

Kirchhoff Consult, one of the leading communications and strategy consultancies for financial communications and sustainability, published its IPO study for 2025 today. The study shows that the German market for initial public offerings remains subdued. With only three IPOs—one fewer than in the previous year—the weakness on the capital market continues. The issue volume fell to €1.19 billion, marking the second-lowest figure in the last decade. The largest IPO of the year was carried out by the medtech company Ottobock SE & Co. KGaA with a volume of €808 million. Kirchhoff is confident about the IPO year 2026 and expects around ten IPOs in Germany.
 

Jens Hecht, CFA, Managing Partner at Kirchhoff Consult: “After a year of high volatility, several last-minute cancellations, and only three successful IPOs, we are looking ahead to 2026 with confidence. Stock market valuations remain very attractive, successful placements by medium-sized companies such as Ottobock and Pfisterer are bolstering investor confidence, and the pipeline of potential issuers is growing significantly. If the market environment continues to stabilize, we expect a noticeable upturn in issuance activity. The potential for significantly more IPOs in Germany is there – now it's time to leverage that potential. We expect around ten IPOs in 2026.”

Positive share price performance in a challenging market environment

After a confident start to 2025, new geopolitical tensions and trade policy uncertainties – particularly the introduction of new US tariffs – caused significant market turmoil at times. Despite these negative factors, the DAX benefited from easing inflation, monetary policy easing, and a more stable global economy as the year progressed. The leading index reached new record highs in May and October and gained almost 20 percent by the end of November. The performance of the newcomers to the stock market, on the other hand, varied greatly. While Pfisterer Holding SE saw its share price rise by around 173 percent since its listing, one of the three new issues was trading at a loss on the reporting date. On average, however, the newcomers to the stock market still achieved a significant gain of just under 55 percent.

Stable market for SME bonds with significant increase in volume

The market for SME bonds presents a much more robust picture. With 23 new issues, the number of bonds remained stable, while the volume of €1.23 billion was significantly higher than the previous year's figure of €734.5 million. 65 percent of the bonds were fully placed – a significant increase compared to 2024. Most issues came from the financial services and real estate sectors, followed by renewable energies.

Cautiously positive outlook for the IPO market in 2026

After 2025, with several canceled IPOs and generally subdued issuance activity due to high market volatility and attractive alternative financing options, the IPO market could pick up again in 2026. A number of potential IPO candidates are already emerging for the coming year, which, according to official information and market rumors, are considering entering the capital market. These include the German software start-up Celonis and Germany's largest online marketplace for vehicles, mobile.de.

The environment for IPOs in Germany remains challenging, but is showing initial signs of recovery. Successful IPOs such as those of Pfisterer and Ottobock, the expected stabilization of monetary policy, and government investment programs are creating a cautiously positive mood. Overall, the conditions for IPOs are improving, even though careful timing remains crucial.

Kirchhoff Consult expects the German IPO market to pick up in 2026 with around ten new issues. A positive development is also forecast for the market for new SME bonds.

Already at the end of October, Jens Hecht explained in the Handelsblatt Today podcast why the high expectations for the IPO year 2025 were disappointed and which signals from the third quarter onwards gave cause for greater confidence. He also provided insights into potential upcoming IPOs and key trends shaping issuers and investors. The podcast is available here.
 

The complete IPO Study 2025 is available for download here.