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.

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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