IPOs in 2019 – A com­ple­te Dis­ap­point­ment

Blätt­chen & Part­ner pres­ents its annu­al review of new issues in 2019.

After the medi­cal tech­no­lo­gy com­pa­ny Dia­Mon­Tech had to can­cel its IPO at the end of the sub­scrip­ti­on peri­od due to insuf­fi­ci­ent demand, the new issue year 2019 has come to an end in Ger­ma­ny. A dis­ap­poin­ting year for all mar­ket par­ti­ci­pan­ts and espe­ci­al­ly for the new share­hol­ders of new issues.

  • World­wi­de slump in new issue acti­vi­ty (- 56 % com­pared to pre­vious year)
  • New issues in Ger­ma­ny down by more than 75 %
  • Only one new issue with posi­ti­ve per­for­mance
  • Nine can­cel­led or with­drawn IPOs

World­wi­de, the num­ber of new issues fell by 56 % in the first nine months, and in Ger­ma­ny by more than 75 %. 2019 is the wea­k­est year for new issues in Ger­ma­ny sin­ce the finan­cial and eco­no­mic cri­sis in 2009, with the pla­ce­ment volu­me of all new issues amoun­ting to appro­xi­m­ate­ly € 3.6 bil­li­on, down 68 % on the pre­vious year. The num­ber of nine can­cel­led or post­po­ned IPOs is more than twice as high as the num­ber of new issues. The can­cel­led issue volu­me is well over € 2 bil­li­on.

A total of four IPO can­di­da­tes made it to the stock exch­an­ge, in some cases only with sub­stan­ti­al chan­ges to the ori­gi­nal­ly plan­ned issuing con­cept and a lower pla­ce­ment volu­me than desi­red. Nevert­hel­ess, inves­tors suf­fe­r­ed pri­ce los­ses on the majo­ri­ty of the new issues. In gene­ral, the per­for­mance of the few new issues was poor:

  • No new issue per­for­med bet­ter than the mar­ket as a who­le,
  • No new issue was able to rea­li­se a sub­scrip­ti­on pro­fit,
  • No new issue was able to place the green­shoe com­ple­te­ly on the mar­ket

 

Stu­dy “Cri­ti­cal review of new stock issues 2019” as pdf.
Press release as pdf.

Press:
Dr. Kon­rad Bösl | office@blaettchen.de | T: +49 (0)89 210 294 60

 

About Blätt­chen & Part­ner

With inno­va­ti­ve finan­cial stra­te­gies, Blätt­chen & Part­ner GmbH has been one of the lea­ding cor­po­ra­te finan­ce experts in Ger­ma­ny for more than 30 years. The Munich-based com­pa­ny spe­cia­li­ses in advi­sing on manage­ment par­ti­ci­pa­ti­on pro­gram­mes, IPOs, bonds, pro­mis­so­ry note loans and the asso­cia­ted capi­tal mar­ket sup­port after the issue. Other are­as of focus in the ran­ge of ser­vices are com­pa­ny invest­ments and M&A tran­sac­tions. More than 500 tran­sac­tions are a tes­ta­ment to the company’s pro­ven exper­ti­se. The gro­wing inter­di­sci­pli­na­ry com­pe­tence net­work, the high level of cus­to­mer satis­fac­tion and the lar­ge num­ber of publi­ca­ti­ons on important cor­po­ra­te finan­ce topics reflect the reco­g­nis­ed repu­ta­ti­on of Blätt­chen & Part­ner GmbH.

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