Review — New share issu­es in Ger­ma­ny 2018

Going Public + hv-maga­zi­ne | Spe­cial Capi­tal Mar­ket Law 2019 | The Refe­rence Work for Issu­ers | An arti­cle by Dr. Kon­rad Bösl of Blätt­chen & Part­ner

The over­all con­di­ti­ons for new issu­es were poor in 2018. The DAX fell by almost 18% in the cour­se of the year, with the second half of the year alo­ne accoun­ting for a decli­ne of just under 14% in the face of high vola­ti­li­ty. Nevertheless, 2018 was a good year for new issu­es by Ger­man stan­dards. While Ger­ma­ny was still lag­ging behind inter­na­tio­nal deve­lo­p­ments in terms of new equi­ty issu­es in 2017, new issue acti­vi­ty in Ger­ma­ny was able to out­per­form both Euro­pe and the rest of the world in 2018. From Dr. Kon­rad Bösl.

While the num­ber of new issu­es fell by 21% world­wi­de and spe­ci­fi­cal­ly in Euro­pe by a good 16%, Ger­ma­ny was able to incre­a­se its new issu­es signi­fi­cant­ly over the pre­vious year (ele­ven) with 17 new issu­es.
In con­trast, the volu­me of new issu­es world­wi­de rose by 6%, due to a num­ber of bil­li­on-euro issu­es, main­ly from the tech­no­lo­gy sec­tor. In Euro­pe, on the other hand, the volu­me of new issu­es fell by 17%. Ger­ma­ny was able to more than qua­dru­p­le the issue volu­me to EUR 11.25 bil­li­on com­pa­red with the pre­vious year. Des­pi­te this posi­ti­ve deve­lo­p­ment in Ger­ma­ny, one must not lose sight of pro­por­tio­na­li­ty: In the USA the­re were more than 200 new issu­es in 2018, in Chi­na inclu­ding Hong Kong a good 300 des­pi­te a mas­si­ve slump — in Ger­ma­ny just men­tio­ned 17.

New equi­ty issu­es in Ger­ma­ny

In 2018 the­re were three new issu­es in Ger­ma­ny — Sie­mens Healt­hi­neers, DWS and Knorr-Brem­se — with an issue volu­me in excess of one bil­li­on euros (pre­vious year: 0), accoun­ting for a good 81% or EUR 9.35 bil­li­on of the total issue volu­me. Sie­mens Healt­hi­neers and Knorr-Brem­se, the offe­red shares were the fourth and fifth lar­gest new issu­es in Ger­ma­ny to date. Fif­teen issu­ers cho­se the Prime Stan­dard and two the Sca­le tra­ding seg­ment for lis­ting. 14 issu­ers offe­red their shares in a book­buil­ding pro­cess and three at a fixed pri­ce. Half of the issu­ers suc­cee­ded in pla­cing the shares offe­red in the upper third of the book­buil­ding ran­ge at the time of their IPO. For 14% of the issu­ers, the issue pri­ce was set in the midd­le third and for 36% of the issu­ers in the lower third of the book­buil­ding ran­ge. The­se rati­os rough­ly cor­re­spond to the figu­res for new issu­es in 2017. For the first time sin­ce June 2016, the world mar­ket lea­der in house­hold app­li­an­ces Qing­dao Hai­er Co, Ltd. Hai­er is alrea­dy lis­ted on the Shang­hai Stock Exchan­ge, so the IPO was car­ri­ed out as a secon­da­ry lis­ting com­bi­ned with a capi­tal incre­a­se with D‑shares on the lar­ge­ly unknown Ger­man-Chi­ne­se stock exchan­ge plat­form CEINEX (Chi­na Euro­pe Inter­na­tio­nal Exchan­ge AG), which was foun­ded three years ago. In view of the bad expe­ri­en­ces with IPOs of Chi­ne­se com­pa­nies in Ger­ma­ny, the per­for­mance of this blue-chip stock from Chi­na was also poor. In total, the 17 new issu­es pla­ced 623.4 mil­li­on shares with inves­tors. Of the­se, 398 mil­li­on shares or 64% (pre­vious year also 64%) came from a capi­tal incre­a­se (pri­ma­ry shares) and 225.4 mil­li­on shares or 36% from the re-pla­ce­ment of shares of the for­mer owners (secon­da­ry shares). Only the three issu­ers with an issue volu­me of more than one bil­li­on shares offe­red 201.5 mil­li­on shares exclu­si­ve­ly from the hol­dings of the for­mer owners and thus have a mas­si­ve influ­ence on the ratio of capi­tal incre­a­se to pla­ce­ment. With the excep­ti­on of the green­shoe, seven new issu­es did not invol­ve a pla­ce­ment of the exis­ting shares. All in all, the high pro­por­ti­on of pri­ma­ry shares, espe­cial­ly if the bil­li­on new issu­es are dis­re­gar­ded, shows that issu­ers use the IPO pri­ma­ri­ly to streng­t­hen their equi­ty base and cor­po­ra­te finan­cing.

Sub­scrip­ti­on gains accep­ta­ble

The sub­scrip­ti­on pro­fits and the deve­lo­p­ment of the share pri­ces until the end .

The com­ple­te arti­cle can be found here as pdf. Read.

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bSAgZWxlbWVudG9yLWFjY2VwdGFuY2UtZmllbGQiIHJlcXVpcmVkPSJyZXF1aXJlZCIgYXJpYS1yZXF1aXJlZD0idHJ1ZSI+CgkJCQk8bGFiZWwgZm9yPSJmb3JtLWZpZWxkLWRhdGVuc2NodXR6Ij48c3BhbiBzdHlsZT0iZm9udC1zaXplOiAxM3B4OyBsZXR0ZXItc3BhY2luZzogMDsiPkljaCBiaW4gZWludmVyc3RhbmRlbiBtaXQgZGVyIFZlcmFyYmVpdHVuZyBtZWluZXIgTmFjaHJpY2h0IGdlbcOkw58gZGVyIDxhIGhyZWY9Ii9kYXRlbnNjaHV0eiI+RGF0ZW5zY2h1dHplcmtsw6RydW5nLjwvYT48L3NwYW4+PC9sYWJlbD4JCQk8L3NwYW4+CgkJPC9kaXY+CgkJCQkJCTwvZGl2PgoJCQkJCQkJCTxkaXYgY2xhc3M9ImVsZW1lbnRvci1maWVsZC10eXBlLXJlY2FwdGNoYV92MyBlbGVtZW50b3ItZmllbGQtZ3JvdXAgZWxlbWVudG9yLWNvbHVtbiBlbGVtZW50b3ItZmllbGQtZ3JvdXAtZmllbGRfNWM2MWZmMiBlbGVtZW50b3ItY29sLTEwMCByZWNhcHRjaGFfdjMtYm90dG9tcmlnaHQiPgoJCQkJCTxkaXYgY2xhc3M9ImVsZW1lbnRvci1maWVsZCIgaWQ9ImZvcm0tZmllbGQtZmllbGRfNWM2MWZmMiI+PGRpdiBjbGFzcz0iZWxlbWVudG9yLWctcmVjYXB0Y2hhIiBkYXRhLXNpdGVrZXk9IjZMZmJYeElnQUFBQUFOTHJHZWlFeFZCbkRSQndfbXdfM0o0bnpvMGUiIGRhdGEtdHlwZT0idjMiIGRhdGEtYWN0aW9uPSJGb3JtIiBkYXRhLWJhZGdlPSJib3R0b21yaWdodCIgZGF0YS1zaXplPSJpbnZpc2libGUiPjwvZGl2PjwvZGl2PgkJCQk8L2Rpdj4KCQkJCQkJCQk8ZGl2IGNsYXNzPSJlbGVtZW50b3ItZmllbGQtZ3JvdXAgZWxlbWVudG9yLWNvbHVtbiBlbGVtZW50b3ItZmllbGQtdHlwZS1zdWJtaXQgZWxlbWVudG9yLWNvbC0xMDAgZS1mb3JtX19idXR0b25zIj4KCQkJCQk8YnV0dG9uIHR5cGU9InN1Ym1pdCIgY2xhc3M9ImVsZW1lbnRvci1idXR0b24gZWxlbWVudG9yLXNpemUtc20iIGlkPSJhYnNlbmRlbiI+CgkJCQkJCTxzcGFuID4KCQkJCQkJCQkJCQkJCQkJPHNwYW4gY2xhc3M9IiBlbGVtZW50b3ItYnV0dG9uLWljb24iPgoJCQkJCQkJCQkJCQkJCQkJCQkJCQkJCQkJCTwvc3Bhbj4KCQkJCQkJCQkJCQkJCQkJCQkJCQkJCTxzcGFuIGNsYXNzPSJlbGVtZW50b3ItYnV0dG9uLXRleHQiPkFic2VuZGVuPC9zcGFuPgoJCQkJCQkJCQkJCQkJPC9zcGFuPgoJCQkJCTwvYnV0dG9uPgoJCQkJPC9kaXY+CgkJCTwvZGl2PgoJCTwvZm9ybT4KCQkJCTwvZGl2PgoJCQkJPC9kaXY+CgkJCQkJCQk8L2Rpdj4KCQk=