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.