European IPO proceeds reached €22.1bn in 2019, down by 36% compared to 2018 where €34.5bn was raised from 195 IPOs. In total, there were 105 IPOs across European exchanges in 2019, approximately 46% down on the prior year.
The top five IPOs in Europe raised €8.6bn, approximately 39% of 2019’s proceeds. The largest of the year was Italian payment-service company Nexi SpA raising €2.1bn closely followed by TeamViewer AG, the German software company, raising €2.0bn.
Whilst activity was subdued across Europe, the London Stock Exchange retained its position as Europe’s most active market in 2019 and contributed approximately 30% of total European IPO proceeds.
More specifically, London IPO proceeds were £5.7bn in 2019 down by 26% compared to 2018 where £7.7bn was raised from 63 IPOs. In total, there were 26 IPOs on the London Exchange in 2019, approximately 59% down on the prior year.
London retained its position due to a strong second quarter, which saw 13 IPOs raising £3.9bn. However, activity was particularly subdued in the second half of the year due to the Brexit extension and market conditions.
Looking back over the year at the London market there were several successful high profile private equity IPOs, somewhat against the prevailing dual track trend. Namely the IPOs of Network International, Watches of Switzerland and Trainline which demonstrated significant investor demand with positive aftermarket performance.
Denis O’Connor, Transaction Services Partner, PwC Ireland, said: “IPO markets are sensitive to uncertainties and whilst there were windows of activity during the year the European IPO market has undoubtedly been impacted by US - China trade tensions and Brexit.
“Critically we are now seeing progress in both US - China trade relations and the UK election result, which has given a clear steer to the markets concerning Brexit. This provides a positive backdrop to the IPO markets as we go into 2020.
Notes to editors:
IPO Watch Europe surveys all new primary market equity IPOs on Europe’s principal stock markets and market segments (including exchanges in Austria, Belgium, Bulgaria, Croatia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Serbia, Spain, Sweden, Switzerland, Turkey and the UK) on a quarterly basis. Movements between markets on the same exchange are excluded.
This survey was conducted between 1 January and 15 December 2019 and captures IPOs based on their pricing date. All market data is sourced from Dealogic and has not been independently verified by PricewaterhouseCoopers LLP.
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