Smart ring maker Oura Health Oy has confidentially filed for a US initial public offering, aiming to capitalize on the booming wearable device market. This move highlights a broader trend of European companies seeking listings outside their home markets. Similarly, Aggreko Plc, a major power generator rental firm, is also preparing for a potential $15 billion US IPO, with its private equity owners TDR Capital and I Squared Capital having already selected Goldman Sachs Group Inc., JPMorgan Chase & Co., and Bank of America Corp. to manage the offering. This listing could occur as early as the second half of this year.
The decisions by Oura and Aggreko to pursue US IPOs are the latest examples of European companies looking to overseas exchanges, particularly in the US. This pattern contributes to a significant outflow of value from Europe. A study conducted by Swedish private equity group EQT AB in collaboration with McKinsey & Co. revealed that European technology companies with a combined value of €1.2 trillion (equivalent to $1.4 trillion) have either debuted on overseas exchanges or been acquired by foreign entities over the past decade.
Between 2014 and 2025, the study recorded approximately €700 billion in buyouts by non-European firms and initial public offerings by European tech companies. The value of these firms was estimated to have surged to about €1.2 trillion as of January 2026. This trend, often referred to as Europe's "tech exodus," underscores the challenges Europe faces in retaining its burgeoning tech talent and company value within its own markets, despite some European IPO candidates reconsidering US listings for home markets.
While some European companies, such as UK fintech startup SumUp, have considered European listings due to a low proportion of US revenue, the overall sentiment still leans towards the US for larger valuations and access to deeper capital markets. The confidential filing by Oura and the advanced plans for Aggreko's US IPO serve as fresh evidence that despite some shifts, the allure of US markets for significant public offerings by European-founded companies remains strong, leading to continued value migration.
This ongoing movement suggests that Europe is struggling to compete effectively with the US in attracting and retaining its most promising technology and growth companies for public market debuts, resulting in a substantial drain on its economic value and potential for future growth within the continent.
