IPO Watch 2014 annual review

IPO Watch Q4 2014 PDF downloadAdobe PDF Format

2014 - the most successful year since 2007

With 375 companies raising almost €50bn in Europe, 2014 saw a bumper crop of companies coming to market.

2014 proceeds of €49.5bn raised were nearly double that raised in 2013 – and such levels of activity have not been seen since 2007, pre financial crisis.

IPO Watch Europe
IPO Watch Europe
IPO Watch Europe
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Key highlights:

  • It was a year of two halves - 68% of proceeds were raised before the summer break . The second half of the year saw a cooling of the market, especially in London, Europe’s most active market, where only 18% of total proceeds for the year were raised in the second half. This increased investor caution and increased volatility at the end of the summer led to the year finishing off more with a whimper than a bang.
  • Overall activity in 2014 was more geographically balanced with exchanges in continental Europe strongly improving versus prior year, with two of the top 5 IPOs listing on Euronext Amsterdam.
  • Private equity backed IPOs continued to contribute significantly to activity - with increased activity levels seen in 2013 maintained in 2014.

Mark Hughes, capital markets partner, PwC said:

“Typically the start of the first quarter is muted but we have seen over €10billion raised in Europe already. I expect that we will witness an increase in cross-border listings in Europe and into the US as well as continued PE backed IPOs. As more companies run with a dual track process, we may see some IPO processes thwarted and instead ending with a sale - although overall we continue to be cautiously optimistic about the 2015 pipeline.”

Top five IPOs
5 largest IPOs of Q3 2014 €m (excl. greenshoe) €m (incl. greenshoe) Sector Market Country of origin PE backed
Pershing Square 2,150 2,165 Financials Euronext Amsterdam United States No
AA 1,733 1,733 Consumer Services London United Kingdom Yes
NN Group 1,540 1,771 Financials Euronext Amsterdam Netherlands No
Rocket Internet 1,400 1,404 Financials Deutsche Börse Germany No
B&M European Value Retail 1,336 1,456 Consumer Services London United Kingdom Yes

Sources: IPO Watch Europe 2014