The chief executive of SIX Group AG said the Swiss and Spanish exchanges remain positive about the prospects for initial public offerings this year, even as the war in Iran has prompted some companies to delay planned listings.
"We do not see any IPOs withdrawing from the market, but of course when you see uncertainties, sometimes you see delays," CEO Bjørn Sibbern said in an interview. He added that the firm is "a little bit more optimistic versus last year," and described Switzerland as having "a strong and healthy pipeline," while cautioning that market conditions over the coming months will determine the final outcome.
Activity on the Swiss and Spanish exchanges last year was muted. Four companies listed on those exchanges in 2025, raising a combined $2.63 billion, a figure below the 10-year average volume, according to Bloomberg data. On a size-weighted basis, those companies are trading 37% below their IPO prices. Neither exchange has conducted an IPO so far in 2026.
Recent shifts in market sentiment have pushed European benchmarks to near-correction levels, undermining what had appeared to be a firmer environment for new listings. That change in tone has coincided with firms, particularly in software and travel, rethinking their timelines: software company Visma and travel firm Loveholidays have both reconsidered or delayed plans to go public in Europe.
Meanwhile, companies tied to defense activity have completed listings in recent weeks - examples include Vincorion SE and Gabler Group AG - reflecting investor demand for certain sector exposures even as broader market participation wavers.
Looking at potential listings in Zurich, reports indicate that in-flight caterer Gategroup Holding AG and Syngenta Group are among firms exploring listings possibly as soon as this year. Syngenta may evaluate a dual listing if it proceeds with an offering in Hong Kong, according to those reports.
Sibbern's comments underscore a mixed outlook: an underlying pipeline and greater optimism relative to the prior year on one hand, and short-term postponements and market volatility on the other. How many of the pipeline candidates ultimately list will depend on the evolution of geopolitical uncertainty and market sentiment in the coming months.
Context noted in this report: The data on 2025 listings, the trading performance relative to IPO price, the absence of 2026 IPOs on the exchanges, the examples of firms delaying or holding listings, and the companies reportedly considering Zurich listings are drawn from the available information cited in the interview and related reporting.