Critical review at the end of the year on the new issues of the past year.
Executive Summary on New Issues 2015
In 2015, a total of 14 new issues were issued in Germany with a public offer (previous year ten). The new mission of the German Startups Group Berlin GmbH & Co. KGaA was a purely private placement, as was the IPO of Schaeffler AG with the placement of preference shares without a public offer.
- The fourth quarter was the strongest with six new issues, with a new issue the weakest in the first quarter.
- The total placement volume amounts to around €6.1 billion, which is about 91 more than the previous year’s figure of €3.2 billion.
- Eleven IPOs did not go as planned (cancellation, postponement, reduction of price range and volume) resulting in a placement volume of around € 2.4 billion.
- Covestro AG launched its largest IPO in seven years with €1.5 billion, followed by Deutsche Pfandbriefbank AG with €1.16 billion and Scout24 AG with €1 billion.
- In a global comparison, new issue activity in Germany remains insignificant in terms of number and volume.
- In contrast to the previous year, there was no so-called China IPO.
- While the majority of companies with private equity holdings went public in the previous year, there were only three new issues in 2015.
- 54 of the shares placed come from the owners of the old owners.
- The price was determined for 13 IPOs via the bookbuilding process, and Steilmann SE opted for the fixed-price procedure.
- It could only place Covestro (in the second attempt) at the upper end of the price range.
- Only three new issues were fully exercised: Ferratum Oyj, Siltronic, Deutsche Pfandbriefbank.
- With 11 new issues, investors achieved a subscription profit1) of an average of 2.7 (previous year 2.7).
- With the exception of Ferratum Oyj and Chorus, all new issues were accompanied by two or more lead banks.
- All issuers chose the Prime Standard.
- As of 30 November, seven of the 13 new issues2) showed a fall in the share price. Shares in windeln.de and Siltronic were the weakest performers, down more than 28 cents.
- The median price development of all new issues is 1.3 2)
- Compared to the market-wide CDAX, the price development of new issues was 5.4 worse in the median