Current study at the end of the new issue year 2019 by Dr. Konrad Bösl, Konstantin Dudeck and Christian Oßwald.
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- Nine cancelled or withdrawn new issues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.