Publication in Corporate Finance 01-02/2016

In 2015, there were 14 new issues in Germany with a public offering. The placement volume amounted to just over €6.1 billion. In terms of this, 2015 was the strongest new issue year since 2007. At the same time, the IPO of Covestro AG with a placement volume of € 1.5 billion was also the largest since 2007. Unlike in recent years, only three companies came from a financial investor’s portfolio and there was no so-called China IPO. However, a differentiated analysis shows that the new issue year 2015 was by no means so successful. At the end of the year, new issues in the price development in relation to the total issue price recorded only a balanced development in the median. They also performed weaker than in the previous year compared to the overall market. For a number of issuers, the initial trading process was (significantly) worse than planned.
11 companies had to cancel their IPO or could only implement it with a revised issuance concept. As a result, issuers and legacy owners lost a maximum of €2.4 billion in issue revenue.

I. Introduction
Excluding SO-called IPO-lights1, 14 IPOs with a public offer took place in 2015 (previous year ten).2 Shares worth approx. €6.1 billion among institutional and private investors (previous year: €3.2 billion). The placement volume was therefore approximately 91 above the 2014 figure. This was the highest placement volume since 2007 and also the largest new issue with the IPO of Covestro AG with a placement volume of € 1.5 billion. In addition, two further new issues exceeded the billion-dollar placement volume threshold: Deutsche Pfandbriefbank AG with a placement volume of €1.16 billion and Scout 24 AG with a placement volume of just over €1 billion. These key data for the new issue year 2015 could lead to the conclusion of a successful year for IPOs in Germany. However, the conclusion is not correct because there have not been as many cancellations since the end of the New Market and failed new issues in the first attempt as in 2015. In total, five companies were unable to implement their stock market plans. A further six companies
IPO only by extending the subscription period or by re-testing with a revised issuance concept. In addition, the price development of new issues as of December 31, 2015 was balanced in median and only slightly better than the overall market.

II. Overview and analysis of selected new issues 2015

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