IPO Watch Q3 2014

IPO Watch Q3 2014 PDF downloadAdobe PDF Format
IPO Watch Europe
IPO Watch Europe
IPO Watch Europe
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Proceeds from European IPOs in the traditionally quieter third quarter settled back to €6.6 billion, from €22.3 billion in Q2 2014.  Nevertheless Q3 proceeds were more than double those of Q3 2013 (€3.0 billion) primarily as a result of a number of large IPOs.

In 2014, IPO activity has almost quadrupled compared to last year, €40.3 billion has been raised by 289 companies, in comparison to   €11.7 billion from 173 companies in the same period in 2013. This shows that the wave of IPO activity which started at the end of the last year gained further momentum in 2014.

Mark Hughes, capital markets partner, PwC said:

“The European IPO market performed strongly in the traditionally quiet third quarter against a backdrop of geo-political uncertainty in the Ukraine and the Middle East and, closer to home, the Scottish Referendum.

Whilst we have seen a promising start to the final quarter with a number of large IPOs completing there are a number of warning signs on the horizon. However, if the markets continue to be receptive to IPOs, I expect the fourth quarter to surpass the €15 billion raised in Q4 2013.”

Richard Weaver, partner and Head of the UK Capital Markets at PwC, said:

“The big story this quarter was one of demergers. NN Group, the Dutch insurance division spun out of ING Bank, was the largest European IPO, and we also saw listings of FinecoBank in Italy, Citizen Financials in the US and, in the previous quarter, TSB Bank here in the UK.

These large and usually complex transactions have been primarily driven by regulatory requirements, and we expect this trend to continue.”

Top five IPOs
5 largest IPOs of Q3 2014 Offering value €m Sector Market Country of origin PE backed
NN Group 1,771 Financials Euronext Netherlands No
FinecoBank 774 Financials Borsa Italiana Italy No
SSP Group 697 Consumer Services London United Kingdom Yes
Logista 518 Industrials BME Spain No
Electrica 444 Utilities Bucharest Romania No

Sources: IPO Watch Europe 2014