Cri­ti­cal Review of New Stock Issu­es 2018

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.

Don't hesitate to contact us:

We use reCAPTCHA v3 from Google to reduce spam through our forms. Please click the "Load Form" button to allow reCAPTCHA v3. Please note Google's privacy policy.

Load form

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