One swal­low does­n’t make a sum­mer even for IPOs — Very good start into the IPO year 2018

Munich, July 9, 2018 — While IPO acti­vi­ty is wea­k­e­ning inter­na­tio­nal­ly, with a 19% decli­ne in the num­ber of new issues com­pared to the first half of 2017, Ger­ma­ny is doing its best IPO first half sin­ce 2000.

  • Very good start into the new issue year 2018 with 6 IPOs in the 1st quar­ter with a pla­ce­ment volu­me of around € 6.4 bil­li­on
  • Best half-year­ly balan­ce for new issues in Ger­ma­ny sin­ce 2000
  • Con­tra­ry to the decli­ning inter­na­tio­nal new issu­an­ce acti­vi­ty, Ger­ma­ny is incre­asing the num­ber of new issues signi­fi­cant­ly
  • IPOs per­form bet­ter than the over­all mar­ket in the dif­fi­cult mar­ket envi­ron­ment of recent weeks Sca­le tra­ding seg­ment con­ti­nues to fall short of expec­ta­ti­ons

While inter­na­tio­nal­ly new issue acti­vi­ty is wea­k­e­ning, with a 19% decli­ne in the num­ber of new issues com­pared with the first half of 2017, Ger­ma­ny is doing its best IPO first half sin­ce 2000. With 12 new issues, Ger­many’s share of all IPOs world­wi­de is 1.82 %, and with a pla­ce­ment volu­me of $7.9 bil­li­on, its share is even 8.38 %. With an issue volu­me of €4.2 bil­li­on ($5.3 bil­li­on), Sie­mens Healt­hi­neers, the lar­gest IPO, is from Ger­ma­ny. With a pla­ce­ment volu­me of around € 1.3 bil­li­on ($ 1.6 bil­li­on), DWS, a second new­co­mer to the stock exch­an­ge, is among the top 10 of the worl­d’s lar­gest IPOs in the first half of the year. Alt­hough stock mar­ket indi­ces world­wi­de fell signi­fi­cant­ly in the last few weeks befo­re the report­ing date of June 30 due to eco­no­mic and poli­ti­cal uncer­tain­ties, new issues in Ger­ma­ny out­per­for­med the mar­ket as a who­le by an avera­ge of 3.1 %. By far the best per­for­mance was achie­ved with a 21.5 % increase in the share pri­ce abo­ve the issue pri­ce of Sie­mens Healt­hi­neers. In con­trast, the Deut­sche Bank sub­si­dia­ry DWS dis­ap­poin­ted with a pri­ce loss of 20.8 %. Over­all, inves­tors suf­fe­r­ed pri­ce los­ses in 5 of the 12 new issues. The spe­ci­fic tra­ding seg­ment for small and medi­um-sized com­pa­nies, “Sca­le”, recor­ded 2 new issues, as in the two pre­vious six months. STEMMER IMAGING was the first IPO on the sca­le with a pla­ce­ment volu­me of more than €100 mil­li­on. The Bank
Hauck & Auf­häu­ser has obvious­ly deve­lo­ped into the top address for new issues on the sca­le. 4 of the 6 new issues were accom­pa­nied by Hauck & Auf­häu­ser. The first com­pa­nies have announ­ced their IPO for the 2nd half of 2018. The­r­e­fo­re, we assu­me that about 20 com­pa­nies will make their IPO debut this year. Nevert­hel­ess, we are put­ting a big ques­ti­on mark over the new issue year 2018. The­re are no signs that this trend will con­ti­nue in Ger­ma­ny in the future. This is main­ly becau­se the struc­tu­ral pro­blems — be they in the equi­ty cul­tu­re, cos­ts or regu­la­to­ry obs­ta­cles — have not chan­ged. A detail­ed eva­lua­ti­on and ana­ly­sis of all IPOs in the first half of 2018 in Ger­ma­ny can be found on our home­page https://www.blaettchen.de.

Press release as pdf

About Blätt­chen & Part­ner

With its inno­va­ti­ve finan­cial stra­te­gies, Blätt­chen & Part­ner GmbH has been one of the lea­ding cor­po­ra­te finan­ce experts in Ger­ma­ny for over 30 years. The Munich-based com­pa­ny spe­cia­li­zes in advi­sing on manage­ment par­ti­ci­pa­ti­on pro­grams, IPOs, bonds, pro­mis­so­ry note loans and the asso­cia­ted post-issu­an­ce capi­tal mar­ket sup­port. Other key are­as of the com­pany’s ran­ge of ser­vices include cor­po­ra­te par­ti­ci­pa­ti­ons and M&A tran­sac­tions. More than 500 tran­sac­tions are pro­of of the com­pany’s pro­ven exper­ti­se. The grown inter­di­sci­pli­na­ry com­pe­tence net­work, the high level of cus­to­mer satis­fac­tion and the lar­ge num­ber of publi­ca­ti­ons on important cor­po­ra­te finan­ce topics reflect the reco­gni­zed repu­ta­ti­on of Blätt­chen & Part­ner GmbH.

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