Executive Summary of New Issues 2018

  • Compared to the previous year, the global decline in new emissions, but higher emissions due to a number of new emissions from the technology sector with an emission volume well above the billion mark
  • Global decline in new issues compared with the previous year, but higher issue volume due to a series of new issues from the technology sector with an issue volume well above the billion euro mark
  • Decline in new issues and issue volume by a good 16 % in Europe
  • Strong year for new issues in Germany despite extremely difficult economic and political conditions – 17 new issues with an issue volume of around € 11.25 billion
  • Only two new issues, 50 % fewer than in the previous year, chose the Scale
  • Largest new issue to date in the Scale trading segment by STEMMER IMMAGING with an issue volume of € 101 million
  • Annual review of new issues 2018 2
  • Only five new issues in the second half of the year as a result of the increasingly deteriorating market environment
  • With Siemens Healthineers, Knorr-Bremse and DWS, three new issues with an issue volume above the billion mark and together accounting for a good 81% of the issue volume
  • Siemens Healthineers and Knorr-Bremse were the fourth and fifth largest new issuers in Germany to date and the fifth largest worldwide in 2018
  • Average bookbuilding margin of 22.8 % (previous year 23 %)
  • In the second half of the year, the bookbuilding spread tended to widen (average 32.3 %) with two fixed-price issues as a result of increasing placement uncertainty
  • First IPO of a Chinese blue chip company on the German-Chinese stock exchange platform Ceinex, founded three years ago, was unsatisfactory with a weak performance
  • After just over four weeks, Home24 had to lower its sales forecast, resulting in the second-largest price loss of all new issues compared to the issue price of 51.7%
  • Massive price slumps on the capital market in the fourth quarter meant that only four new issues showed a positive price performance and only five new issues outperformed the CDAX
  • With NFON, STS Group and DFV Deutsche Familienversicherung, three issuers had to adapt their issuing concept in order to successfully complete the IPO
  • Five issuers had to withdraw from the IPO, four of them in the fourth quarter
  • Hauck & Aufhäuser was the most active issuing bank with five lead mandates

Information and evaluations on the topics “New issue activity in a global comparison”, “Characteristics of issuers”, “Key data on issuing concepts by segment”, “Key figures on new issues”, “Performance of new issues”, “Key performance figures and issuing banks”, “Issuing costs and proceeds”, “Cancellations and defaulted issue volumes” and “Findings from the new issue year 2018” can be found in our annual review of equity issues 2018 as pdf.