{"id":7319,"date":"2026-02-16T15:40:57","date_gmt":"2026-02-16T14:40:57","guid":{"rendered":"https:\/\/blogs.dlapiper.com\/advocatus\/?p=7319"},"modified":"2026-02-16T15:53:31","modified_gmt":"2026-02-16T14:53:31","slug":"hungary-from-ipos-to-mid-cap-growth-key-trends-in-the-countrys-equity-capital-markets","status":"publish","type":"post","link":"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/02\/hungary-from-ipos-to-mid-cap-growth-key-trends-in-the-countrys-equity-capital-markets\/","title":{"rendered":"Hungary: From IPOs to Mid-Cap Growth \u2013 Key Trends in the Country\u2019s Equity Capital Markets"},"content":{"rendered":"\t\t
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The Hungarian equity capital markets experienced a dynamic period in 2025, building on the renewed issuance momentum that began in 2024. Hungary distinguished itself by the depth of domestic investor participation and the successful execution of large-scale transactions on the Budapest Stock Exchange. Record-breaking equity offerings demonstrated that, even in a persistently high interest rate environment, issuers could access public equity capital when valuation discipline, transaction structuring, and investor communication were well aligned. Notably, retail investors remained highly relevant during this period. Their participation \u2013 supported by local distribution channels and familiarity with domestic issuers \u2013 was decisive in anchoring demand alongside institutional capital.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Originally published<\/a> in CEE Legal Matters.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Counsel, Head of Equity Capital Markets<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Key Transaction Trends<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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In recent years, equity capital markets activity on the Budapest Stock Exchange\u2019s regulated market has been dominated by public offerings from financial institutions. This trend underscores their strategic use of equity markets to strengthen capital positions and enhance visibility. A significant milestone occurred in December 2024 with the initial public offering of Granit Bank Nyrt., marking the reopening of the IPO market for regulated entities. The transaction featured a robust domestic retail tranche alongside institutional participation, highlighting the critical role of retail investors in successful offerings. This upward trend culminated in December 2025 with the secondary public offering of MBH Bank Nyrt. \u2013 the largest equity transaction on the Budapest Stock Exchange in the past 25 years. Nearly 12,000 retail and institutional investors participated, mobilizing an unprecedented investor base by local standards. These transactions demonstrate that Hungarian equity stories, when supported by scale, transparency, and strong fundamentals, can attract exceptional market interest. DLA Piper Hungary acted as issuer\u2019s counsel in both transactions, providing insight into the growing alignment of Hungarian market practice with broader European ECM standards.<\/p>

Beyond the banking sector, real estate issuers also accessed the regulated market. Notably, Shopper Park\u2019s secondary capital increase combined equity raising with strategic financing objectives.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Mid-Cap and Xtend Platform<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The Xtend platform \u2013 a multilateral trading facility created and operated by the Budapest Stock Exchange \u2013 is designed as a preparatory platform rather than a final destination. It has increasingly fulfilled this role, with listings and follow-on capital increases allowing mid-sized companies to familiarize themselves with public market requirements and build a track record of transparency and investor engagement. This has meaningful long-term implications for the market pipeline. A steady flow of Xtend issuers transitioning to the main market is critical for sustaining equity capital markets activity beyond the less frequent large-cap transactions. STRT Holding\u2019s progression from Xtend to the Standard Market via a modest public transaction at the end of 2025 exemplifies how this framework operates in practice. This move underscores the issuer\u2019s ambition and signals the increasing depth and maturation of Hungary\u2019s equity capital markets.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Upcoming Regulatory Changes<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Looking ahead, the implementation of the EU Listing Act in 2026 is expected to significantly affect the regulatory framework for equity issuance across the European Union, including Hungary. Key elements include simplified prospectus formats, increased thresholds for exemption from full prospectus requirements, and a broader reduction of administrative burdens for issuers seeking admission to trading or conducting follow-on offerings. For Hungarian issuers, the practical relevance of these reforms should not be underestimated. Lower compliance costs and faster execution timelines may help bridge the gap between private and public capital, making public markets a more realistic option for companies. However, regulatory simplification alone cannot substitute for fundamental issuer readiness or investor confidence \u2013 these can be improved primarily through positive examples from recent years.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The experience of 2024-2025 indicates that Hungary\u2019s equity capital markets are well-positioned for continued growth. Successful large-scale transactions, an engaged retail investor base, and a developing mid-cap pipeline provide a strong foundation for sustained activity. If upcoming EU regulatory reforms are implemented effectively at the local level, and issuers continue to approach the market with realistic valuations and compelling equity stories, Hungary is poised to maintain its role as one of the most dynamic equity markets in the CEE region.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Author: Andr\u00e1s Orb\u00e1n<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\tCounsel,

Head of Equity Capital Markets\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t

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\n\t\t\t\t\t\t\tHis main areas of practice are capital market transactions and complex private and public mergers and acquisitions. He works with domestic and international clients as well. Andr\u00e1s has advised several equity capital market transactions and has gained significant experience in public M&A matters. He has been involved in several listings, mandatory takeover offers and IPOs, as well as other special, capital markets law related transactions. \nHe has also advised many complex domestic and international private M&A deals on the seller and on the buyer side as well.\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tSend an e-mail\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\tDLA Piper Hungary\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\tRugalmass\u00e1g \u00e9s \u00fajrapozicion\u00e1l\u00e1s: merre tart a magyar ingatlanpiac 2026-ban?\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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Megjelent a DLA Piper Hungary Hazai Ingatlanpiaci K\u00f6rk\u00e9p 2026, amelyben szak\u00e9rt\u0151ink \u00f6sszefoglalt\u00e1k az elm\u00falt \u00e9v meghat\u00e1roz\u00f3 ingatlanpiaci trendjeit \u00e9s a piac j\u00f6v\u0151beni kil\u00e1t\u00e1sait. Az idei kiad\u00e1s fontos m\u00e9rf\u00f6ldk\u00f6vet jelent: els\u0151 alkalommal eg\u00e9sz\u00edtett\u00fck ki elemz\u00e9s\u00fcnket \u00fcgyfeleink \u00e9s a piac vezet\u0151 szerepl\u0151inek els\u0151 k\u00e9zb\u0151l sz\u00e1rmaz\u00f3 tapasztalataival \u00e9s v\u00e1rakoz\u00e1saival, amelyeket saj\u00e1t jogi elemz\u00e9s\u00fcnkkel \u00f6tv\u00f6zt\u00fcnk. Ennek k\u00f6sz\u00f6nhet\u0151en riportunk \u00e1tfog\u00f3bb \u00e9s teljesebb k\u00e9pet ny\u00fajt a magyarorsz\u00e1gi ingatlanpiac aktu\u00e1lis helyzet\u00e9r\u0151l.<\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\n\t\t\tDLA Piper\t\t<\/span>\n\t\t\t\t\n\t\t\t2026-04-15\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\tInterview with D\u00e1vid K\u0151hegyi published on B\u00f8rsen\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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Read the latest interview with D\u00e1vid K\u0151hegyi published on\u00a0B\u00f8rsen, one of Denmark\u2019s leading and most influential business and financial newspapers. Please note that the text<\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\u00c1trendez\u0151d\u0151 er\u0151viszonyok a z\u00f6ld energia \u00e1tmenetben: merre tart az M&A\u2011piac \u00e9s a r\u00e9gi\u00f3 befektet\u00e9si t\u00e9rk\u00e9pe?\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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A DLA Piper 2026-os energia \u00e1tmeneti M&A jelent\u00e9se (Energy Transition M&A Report 2026*) szerint a glob\u00e1lis tranzakci\u00f3s dinamika egyszerre mutatott visszaes\u00e9st \u00e9s er\u0151s\u00f6d\u00e9st.<\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\n\t\t\tDLA Piper\t\t<\/span>\n\t\t\t\t\n\t\t\t2026-03-13\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The Hungarian equity capital markets experienced a dynamic period in 2025, building on the renewed issuance momentum that began in 2024. Hungary distinguished itself by the depth of domestic investor participation and the successful execution of large-scale transactions on the Budapest Stock Exchange.<\/p>\n","protected":false},"author":1,"featured_media":7321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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