Cri­ti­cal Review of the Year — New Share Issues 2019

Cur­rent stu­dy at the end of the new issue year 2019 by Dr. Kon­rad Bösl, Kon­stan­tin Dudeck and Chris­ti­an Oßwald.

Stu­dy “Cri­ti­cal Review of the Year — New Share Issues 2019” as pdf.

Blätt­chen & Part­ner pres­ents its annu­al review of new issues in 2019

• Glo­bal decli­ne in new issue acti­vi­ty (- 56 com­pared to pre­vious year)
• New emis­si­ons in Ger­ma­ny down by more than 75
• Only a new mis­si­on with posi­ti­ve per­for­mance
• Nine can­cel­led or with­drawn new issues

After the medi­cal tech­no­lo­gy com­pa­ny Dia­Mon­Tech had to can­cel its IPO at the end of the sub­scrip­ti­on peri­od due to insuf­fi­ci­ent demand, the new issue year 2019 has come to an end in Ger­ma­ny. A dis­ap­poin­ting year for all mar­ket par­ti­ci­pan­ts, espe­ci­al­ly new share­hol­ders of new issues.

World­wi­de, the num­ber of new issues fell by 56 in the first nine months, and by more than 75 in Ger­ma­ny. 2019 is the wea­k­est new issue year in Ger­ma­ny sin­ce the finan­cial and eco­no­mic cri­sis in 2009. The pla­ce­ment volu­me of all new issues amounts to around €3.6 bil­li­on, 68 below the pre­vious year. The num­ber of nine ipos can­cel­led or post­po­ned is more than dou­ble the num­ber of new issues. The repor­ted issue volu­me is well over €2 bil­li­on.

In total, four stock exch­an­ge can­di­da­tes made it to the stock exch­an­ge, in some cases only with signi­fi­cant chan­ges to the ori­gi­nal­ly plan­ned issue con­cept and a lower pla­ce­ment volu­me than desi­red. And yet, inves­tors have suf­fe­r­ed pri­ce los­ses for the majo­ri­ty of new issues. In gene­ral, the per­for­mance of the few new issues was poor:

• no new issue could per­form bet­ter than the over­all mar­ket,
• no new issue could rea­li­ze a dra­wing pro­fit,
• no new issue was able to place the green­shoe enti­re­ly on the mar­ket.

About Leaf­lets & Part­ners

With inno­va­ti­ve finan­cial stra­te­gies, Blätt­chen & Part­ner GmbH has been one of the lea­ding cor­po­ra­te finan­ce experts in Ger­ma­ny for more than 30 years. The Munich-based com­pa­ny spe­cia­li­ses in advi­sing on manage­ment par­ti­ci­pa­ti­on pro­gram­mes,IPOs, bonds, pro­mis­so­ry note loans and the asso­cia­ted capi­tal mar­ket sup­port after the issue. Other are­as of focus in the ran­ge of ser­vices are com­pa­ny invest­ments and M&A tran­sac­tions. More than 500 tran­sac­tions are a tes­ta­ment to the com­pany’s pro­ven exper­ti­se. The gro­wing inter­di­sci­pli­na­ry com­pe­tence net­work, the high level of cus­to­mer satis­fac­tion and the lar­ge num­ber of publi­ca­ti­ons on important cor­po­ra­te finan­ce topics reflect the reco­g­nis­ed repu­ta­ti­on of Blätt­chen & Part­ner GmbH.