Dr. Kon­rad Bösl/Gebhard Mei­er: Review of IPOs 2015

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

Con­ti­nue rea­ding.…