IPO Watch Q2 2015

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Strong European IPO activity in Q2 helped by spin-offs but competing with M&A activity

Across Europe IPOs raised €14.7bn in Q2 2015 and €31.1bn year-to-date, down 34% on Q2 2014 and 8% on H1 2014 following the surge in activity across Europe last year.

European IPO activity (H1 and full year) since 2007*

IPO Watch Europe

Top five stock exchanges in Europe, Q2 2015

IPO Watch Europe

Key highlights:

  • Spin-offs and carve-outs contributed to 27% of proceeds in Europe in Q2 2015 compared to 18% last year.
  • Private equity driven IPOs were not as significant as expected as a number of potential deals eventually ended in a sale rather than IPO. This was particularly felt in London where overall proceeds fell 41% compared to H1 2014.
  • As the dust settles on the Greek referendum we anticipate the summer period to be slower than activity seen in 2014.

Mark Hughes, Capital Markets partner said:

“We enter a period of uncertainty following the Greek referendum and wider concerns in the US and China may give rise to market turbulence and volatility. In this environment, a number of IPO plans may be derailed or postponed and in the short term we expect the summer holiday months to be relatively quiet. The pipeline for the second half of the year looks solid and we expect IPO activity to pick up towards the end of the third quarter.”