Strong IPO performance could mean good news for 2013
IPO Watch Europe: Fourth Quarter 2012

Quarterly European IPO activity by value

Although, economic and political conditions remain challenging across Europe, the outlook for Initial Public Offerings (IPOs) is more optimistic than we’ve seen for a long time. The value of IPOs in Europe increased by more than seven-fold year on year in the fourth quarter of 2012, making it the strongest performance since the third quarter of 2011. Overall 70 IPOs raised €7.5bn in the fourth quarter of 2012 compared with 78 IPOs raising €0.9bn in the same period in 2011. In this video Mark Hughes looks at the findings of our latest IPO watch survey.

 

Transcript

Highlights of the quarter

  • 70 IPOs raised €7.5bn
  • Strongest performance since quarter three 2011
  • IPOs of Direct Line and Megafon in London and Talanx and Telefónica Deutschland in Germany accounted for 57% of the proceeds

Highlights of the year

  • Economic and political conditions challenging across Europe for majority of 2012
  • Proceeds down 59% to €10.9bn
  • No ‘jumbo’ IPOs

Outlook for 2013 is positive

  • + Equity markets strengthening
  • + Volatility indices remaining stable
  • + Encouraging after market performance of recent issues
Top five IPOs
Five largest IPOs  €m raised Sector Market Operations 
MegaFon  1,288 Telecoms  London Russia
Telefónica Deutschland  1260 Telecoms Deutsche Börse  Germany
Direct Line  976 Insurance London UK
Talanx  767 Insurance Deutsche Börse Germany
Alior Bank  511 Banks Warsaw Poland
Total 4,802  

Sources: PwC Q4 2012 IPO Watch Europe Survey

IPO volume by exchange
Stock exchange offering value (€m) Q4 2012  Q3 2012   FY12  FY11 
London Stock Exchange  3,929 263 5,137 14,104
Deutsche Börse  2,080 26 2,141 1,523
Warsaw  653 14 731 2,200
Luxembourg  462 54 564 451
Oslo Børs & Oslo Axess  230 291 815
SIX Swiss Exchange 120 801
NASDAQ OMX 46 48 292
NYSE Euronext  17 3 1,038 154
BME (Spanish Exchange) 1 9 6,083
Borsa Italiana  7 168 503
Wiener Börse  366
Total  7,538 367 10,928 26,491

Sources: PwC Q4 2012 IPO Watch Europe Survey