The 2017 stock mar­ket year: Ger­ma­ny remains behind in new IPOs

An ana­ly­sis of the new issu­es 2017 inclu­ding the new tra­ding seg­ment Sca­le by Dr. Kon­rad Bösl, Mana­ging Direc­tor of Blätt­chen & Part­ner GmbH in Munich.

In 2017 the­re were ele­ven new issu­es in Ger­ma­ny (pre­vious year six) with a public offe­ring, four of which were in the new Sca­le tra­ding seg­ment. Only the five IPOs in the fourth quar­ter saved the new issue balan­ce sheet for 2017. With Alz­Chem, only one issu­er had to can­cel the IPO short­ly befo­re the start of lis­ting (pre­vious year two). At a good € 2.64 bil­li­on, the issue volu­me was at its lowest level sin­ce 2011 and almost hal­ved com­pa­red to the pre­vious year. No IPO in Ger­ma­ny reached the bil­li­on euro mark in terms of issue volu­me (pre­vious year one). World­wi­de in 2017 the­re were as many
many new issu­es as they have not been in ten years. By com­pa­ri­son, new issu­an­ce acti­vi­ty in Ger­ma­ny remai­ned insi­gni­fi­cant, as it has been for years.

I. New issu­an­ce acti­vi­ty in Ger­ma­ny can­not com­pe­te inter­na­tio­nal­ly

The gene­ral con­di­ti­ons for IPOs in Ger­ma­ny in 2017 were very posi­ti­ve. The his­to­ri­cal­ly low inte­rest rate level con­ti­nued and con­tri­bu­t­ed to strong eco­no­mic deve­lo­p­ment. For the first time in its histo­ry, the DAX pas­sed the 13,000 point mark and rose by around 12.5% in the cour­se of the year. The num­ber of new issu­es almost dou­bled in Ger­ma­ny, which cor­re­sponds to a world­wi­de incre­a­se in IPOs of around 49%. We should not be decei­ved by this par­al­le­lism, as the star­ting level was very low in Ger­ma­ny with six IPOs in 2016. While the volu­me of IPOs incre­a­sed by 40% world­wi­de, the volu­me of IPOs in Ger­ma­ny decli­ned by around 53%. In terms of the num­ber of new issu­es world­wi­de, Germany’s share of glo­bal new issu­an­ce acti­vi­ty was only just under 0.7%, or 1.5% of the issue volu­me. The weak­ness of new issu­an­ce acti­vi­ty in Ger­ma­ny, which is reflec­ted in this figu­re, has been evi­dent for years. A Euro­pean com­pa­ri­son also shows that Ger­ma­ny, Europe’s lea­ding eco­no­mic nati­on, has been lag­ging behind in terms of new issu­an­ce acti­vi­ty for years. Com­pa­red to the pre­vious year, the num­ber of new issu­es in Euro­pe rose by approx. 44.8%, the issue volu­me even by approx. 45.4%.

II. Key fea­tures of new issu­es in 2017

The­re were a total of ele­ven new issu­es in Ger­ma­ny in 2017, in which shares were offe­red for public sub­scrip­ti­on. Ten of the ele­ven issu­ers have their regis­tered office in Ger­ma­ny. It is note­wor­thy that five of the issu­ers still had to report a loss in the year pri­or to the IPO.
This inclu­ded three of the seven issu­ers who had their shares lis­ted in the Prime Stan­dard and, again mea­su­red by sales, the two lar­gest new issu­es HelloFresh (EBIT mar­gin ‑15.2%) and Deli­very Hero (EBIT mar­gin ‑53.8%), as shown in Fig. 14.

Con­ti­nue rea­ding…

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