European IPO Pipeline Holds Firm as Geopolitical Tensions Test Market Resilience
Goldman Sachs confirms sustained momentum in Europe’s initial public offering activity despite escalating conflict in Iran, signaling that institutional capital markets remain insulated from regional security risks. The assessment provides critical indicators for MENA financial centers positioning themselves as alternative listings destinations.
Overview
Andre Kelleners, co-head of EMEA investment banking at Goldman Sachs, discussed market conditions on March 18, 2026, emphasizing continuity in deal flow despite the Iran war. The EMEA designation encompasses Europe, Middle East, and Africa under Goldman’s organizational structure. Kelleners noted clients are planning increased M&A transactions compared to 2025 levels, though specific IPO volumes, company names, or geographic breakdowns were undisclosed.
Core Facts
Andre Kelleners, co-head of EMEA investment banking at Goldman Sachs, discussed market conditions on March 18, 2026, emphasizing continuity in deal flow despite the Iran war. The EMEA designation encompasses Europe, Middle East, and Africa under Goldman’s organizational structure. Kelleners noted clients are planning increased M&A transactions compared to 2025 levels, though specific IPO volumes, company names, or geographic breakdowns were undisclosed.
Expert Perspective
“The pipeline for IPOs in Europe remains strong and remains robust.”
— Andre Kelleners, Co-Head of EMEA Investment Banking at Goldman Sachs
Analysis: This statement carries strategic weight given Kelleners’ oversight of a region spanning 3 continents. The explicit use of both “strong” and “robust” suggests Goldman is countering market concerns about geopolitical spillover effects on capital formation.
Why This Matters
For MENA fintech hubs, Europe’s IPO stability creates 3 strategic opportunities. First, sustained European listing activity validates the global risk-on environment that Dubai and Riyadh exchanges need to attract high-growth technology companies. Second, if European venues face capacity constraints or regulatory delays, MENA bourses—particularly ADGM and Saudi Exchange—can position as overflow destinations for companies seeking faster execution. Third, cross-border investor confidence in EMEA as a unified capital markets region strengthens the case for dual-listings spanning Abu Dhabi and London or Frankfurt.
Goldman’s 2024 analysis previously indicated rising European IPO volumes, with technology and financial services sectors leading activity. The absence of pipeline disruption despite active military conflict in Iran suggests institutional investors are compartmentalizing Middle East geopolitical risk away from European corporate valuations.
What’s Next
What to watch next: Monitor whether Saudi Aramco’s Digital subsidiary or UAE fintech unicorns reference “European IPO strength” in their own listing prospectuses as validation for MENA tech valuations. Track whether Goldman begins marketing MENA venues to European issuers as geographically diversified listing alternatives.
Conclusion
The resilience confirms that 2026 capital markets are operating on fundamentals rather than headline risk, creating favorable conditions for the next wave of MENA fintech exits as Vision 2030 and D33 milestones approach.
Sources: Bloomberg, Goldman Sachs
