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.

Don't hesitate to contact us:

We use reCAPTCHA v3 from Google to reduce spam through our forms. Please click the "Load Form" button to allow reCAPTCHA v3. Please note Google's privacy policy.

Load form

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