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- Nine cancelled or withdrawn IPOs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
Dr. Konrad Bösl | email@example.com | 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.