Dr. Kon­rad Bösl/Gebhard Mei­er: The new issue year 2015 only con­vin­ces at first glance – a lot of light and a lot of shadow

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

Con­ti­nue rea­ding.…

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