Ana­ly­sis of IPOs 2018 and 2019. Eva­lua­ti­on as of 07/08/2019

Over the past 30 years, Blätt­chen & Part­ner has suc­cess­ful­ly advi­sed around 100 com­pa­nies from all sec­tors in the pre­pa­ra­ti­on and sup­port of their IPO. We con­stant­ly and clo­se­ly moni­tor and ana­ly­se cur­rent trends on the stock exchan­ge. Every 14 days, we pro­vi­de an over­view of the deve­lo­p­ment of new issu­es for the cur­rent year, sup­ple­men­ted by equi­ty ana­ly­ses on selec­ted topics, sec­tors and trends.

New issu­es in 2018 have deve­lo­ped posi­tively this year des­pi­te a very weak stock mar­ket envi­ron­ment. Most of the issu­ers who still had a nega­ti­ve per­for­mance in rela­ti­on to the issue pri­ce as of 31 Decem­ber 2018 have now been able to pro­vi­de share­hol­ders with pri­ce gains.

  • of the new issu­es in 2018, the two online fur­ni­tu­re retailers home24 and Westwing, which are part of Rocket Internet’s port­fo­lio, now show the hig­hest pri­ce los­ses. Sin­ce the begin­ning of the year, home24’s share pri­ce has lost ano­t­her 34% and Westwing’s has lost around 47%. The pri­ce vola­ti­li­ty of both com­pa­nies is extre­me­ly high at 69% and 80% respec­tively.
  • the win­ner so far is Hai­er, which was still lis­ted at a minus of 21% as of 31.12.2018 and has now been able to incre­a­se the share pri­ce by 130%
  • of the only three new issu­es thus far in 2019 (pre­vious year 13), the Glo­bal Fashion Group (GFG) and the Volks­wa­gen spin-off Tra­ton show a nega­ti­ve pri­ce trend, with Tra­ton at least per­forming bet­ter than the over­all mar­ket (CDAX). The vola­ti­li­ty of GFG, which ori­gi­na­tes from the Rocket Inter­net port­fo­lio, is also excep­tio­nal­ly high, with about 50%

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