Goldman Sachs anticipates that the pipeline for potential initial public offerings (IPOs) in Europe will reach double digits this year, even as Middle East geopolitical tensions weigh on market sentiment. Andre Kelleners, Co-Head of Investment Banking for Europe, the Middle East, and Africa (EMEA) at Goldman Sachs, stated that the bank is engaged in very intensive discussions with companies preparing to launch offerings. The IPO market has reopened following a period of very significant repricing. Last year, Goldman Sachs assisted in arranging the issuance for Verisure Plc. While the firm will monitor how the Middle East situation affects market volatility, Kelleners expressed confidence that European capital markets remain open for business. Energy transition continues to be a major investment theme in Europe. Kelleners highlighted the recent convertible bond issuance by US-listed Nebius Group, a Dutch company collaborating with Meta Platforms and NVIDIA on a $270 billion contract to develop data center infrastructure. He indicated that funding needs for AI infrastructure will drive increased investment in the region. Kelleners also suggested that recent sell-offs in software stocks reflect investors reassessing terminal values and uncertainties about AI's impact, rather than an actual deterioration in business performance. He noted that many software companies within private equity portfolios continue to show significant growth.