European healthtech, medtech, and AI companies are preparing for a wave of initial public offerings between 2026 and 2028, driven by improved market conditions and disciplined financial growth.

Key Points

• Ten major European scale-ups, including Oura Health, Doctolib, and CMR Surgical, are positioned for potential public listings.
• Public market investors now prioritize positive free cash flow, high gross margins, and defensible clinical validation over rapid, subsidized growth.
• Companies are navigating a "dual-track" strategy, weighing the deep capital pools of U.S. exchanges like NASDAQ against reformed listing regimes in London and Europe.
• Regulatory assets, such as FDA clearances and EU MDR certifications, serve as critical competitive moats for firms seeking public market entry.
• Oura Health has already submitted a confidential S-1 filing, targeting a late 2026 NASDAQ listing with a valuation potentially exceeding $16 billion.

Why it Matters

The transition of these companies to public markets signals a shift toward industrial maturity for the European healthcare technology sector. Successful listings will establish new valuation benchmarks and determine whether domestic regulatory reforms can effectively compete with the capital depth of United States exchanges.