IPO Watch Q1 2015

IPO Watch Q1 2015 PDF downloadAdobe PDF Format

Strongest first IPO quarter since dotcom boom in 2000!

2015 started with a bang, with 81 IPOs raising a combined total of €16.4bn, a level not seen since the dot com era when more than €27bn was raised in Q1 2000.

European IPO activity (Q1 and full year) since 2000

IPO Watch Europe

Quarterly European IPO activity since 2012

IPO Watch Europe

Top five stock exchanges in Europe, Q1 2015

IPO Watch Europe
1 2 3

Key highlights:

  • Activity was driven by €1bn+ deals in Madrid, London, Switzerland and Amsterdam
  • London activity was more subdued, contributing 28% of European IPO proceeds, down from 52% in Q1 2014
  • PE-backed deals continued to grab headlines, with the London IPO of Auto Trader being the largest PE deal ever in the UK, raising €2.2bn including greenshoe
  • PwC anticipates IPO proceeds in the first half of 2015 to remain largely consistent with European H1 2014 levels, although continental European IPOs will feature prominently

Mark Hughes, capital markets partner, PwC said:

“This was a stand-out quarter in terms of proceeds, especially in continental Europe and we expect activity to continue into the second quarter of this year. We expect one of the headline stories for the rest of 2015 to be large corporate spin offs on the back of the strong equity markets and mandatory divestitures of assets during the crisis. However, what the past few months have shown is that investors are testing valuations hard and issuers may look to alternative ways to realise value.”

Top 10 IPOs
10 largest IPOs of Q1 2015 €m (excl. greenshoe) €m (incl. greenshoe) Sector Market Country of origin PE backed
Aena 3,875 4,263 Industrials BME Spain No
Auto Trader 1,937 2,228 Consumer Services London United Kingdom Yes
Sunrise Communications 1,882 2,148 Telecommunications SIX Swiss Switzerland Yes
GrandVision 1,020 1,116 Healthcare Euronext Amsterdam Netherlands Yes
Elis 750 854 Industrials Euronext Paris France Yes
Refresco Gerber 548 548 Consumer Goods Euronext Amsterdam Netherlands Yes
Tele Columbus 477 510 Technology Deutsche Börse Germany No
Saeta Yield 435 442 Utilities BME Spain No
Wizz Air Holdings 364 419 Consumer Services London Hungary Yes
OVS 364 419 Consumer Goods Borsa Italiana Italy Yes

Sources: IPO Watch Europe 2015