Europe's IT capital market activity rises to $3.73B in May

Capital market activity surged for the European IT sector in May, totaling $3.73 billion in aggregate capital.

By comparison, the sector raised $1.31 billion in the previous month and $374.7 million in May 2025, according to S&P Global Market Intelligence data.

Debt offerings accounted for the majority of the aggregate capital raised at $3.26 billion, while common equity offerings totaled $466.8 million.

The increase was driven by two billion-dollar capital offerings completed in May.

A $1.16 billion offering of senior unsecured notes due May 2032 by Austrian semiconductor manufacturer ams-OSRAM AG was the biggest of the month and the third-largest so far in 2026.

The company plans to use the proceeds, along with existing cash, to fully redeem its outstanding $750 million notes due 2029, partially redeem its roughly €1.03 billion notes due 2029 and cover related redemption costs.

Atos Group completed a $1.11 billion offering, the second-largest capital raise during the month and the fourth-largest thus far in 2026.

The French IT company intends to use the net proceeds to fully repay its debt, starting with its first-lien term loan, and finance a tender offer to repurchase its first-lien notes. The remaining proceeds will be used to cover related transaction fees.

– Read about the European infotech sector's top capital offerings in April. – Visit our Transactions Statistics page for a custom screen of capital offerings.

The third-largest offering of May and the fifth-largest through 2026 was France-headquartered Capgemini SE's issuance of $940.2 million in 3.875% bonds due May 13, 2033. Capgemini said it plans to use the proceeds for general corporate purposes, including refinancing €800 million of bonds that matured and were redeemed April 15.

Nebius Group NV's offerings of $2.59 billion and $1.75 billion in March remain the two largest offerings of the year so far.

Among the IT subsectors in Europe, systems software raised the most capital year to date at $6.34 billion. It was followed by the semiconductor subsector at $3.75 billion and IT consulting and other services at $2.63 billion.