IPO watch – Q2 2008

July 2008

Energy and resources companies lead the way in an otherwise depressed European IPO market

Energy and resources companies proved to be the bright spot in an otherwise depressed European Initial Public Offering (IPO) market in the second quarter of 2008, representing the bulk of capital raised, according to PricewaterhouseCoopers LLP.  The firm’s latest quarterly IPO Watch Europe survey showed that in the April to June period there were 132 IPOs on European markets, just over half the 258 recorded in the same period of 2007. This was a significant increase on the 72 IPOs in the first quarter of this year, consistent with the traditional trend for higher IPO activity in this quarter prior to the summer break.

The total offering value of IPOs on the European markets in the second quarter of 2008 was €9,424m, a dramatic reduction in money raised compared to €28,000m raised in the same quarter of 2007. The largest IPO of the quarter, raising €1,566m, was by EDP Renováveis SA, a Portuguese renewable energy company listing on NYSE Euronext.