IPO Watch Europe: Review of the year 2004

May 2005

This annual review collates and builds on the findings of our quarterly surveys, which track the volume and value of IPOs on Europe's main stock exchanges.

Compiled by our London Capital Markets Group it surveys all new primary market listings on Europe's principal stock markets and market segments, including exchanges in Austria, Belgium, Denmark, France, Germany, Greece, Holland, Ireland, Italy, Luxembourg, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the UK.

Highlights in the 2004 annual review

As predicted, 2004 was a much better for IPOs than the previous year. The number of European IPOs increased by 182%, compared to 2003. New money raised in 2004 was €27.3bn, representing a huge increase compared to 2003, and reversing the declines seen in 2003 and 2002.

A strong finish to the year, and an improving pipeline of upcoming IPOs, are positive indicators for 2005, but we are still cautious about predicting similar levels of growth in 2005 to those we saw in 2004.