IPO Watch Europe – Review of the Year 2008

February 2009

PricewaterhouseCoopers IPO Watch Europe - Review of the year 2008 is compiled by the Capital Markets Group and collates and builds on the findings of our quarterly survey tracking the volume and value of IPOs on Europe’s main stock exchanges.

IPO activity across the European exchanges, and worldwide, has suffered a dismal year due to the loss of confidence in the capital markets and the global economic crisis. The European markets have seen a proportionately larger decline in the money raised compared with both the US and Greater China, resulting in Europe being outperformed by both these markets for the first time since 2003. London has continued to be the most successful European market in 2008 with an increased market share by offering value of 64%, despite a significant fall in the volume and value of IPO activity.

The current unstable market conditions make it extremely difficult to predict, with any confidence, when the IPO market is likely to start showing signs of recovery. The majority of capital raisings in 2009 are almost certainly going to be dominated by secondary offerings as companies look to rebuild their balance sheets and seek financing from their existing investors through rights issues.

If you would like to speak to one of our listings experts please get in touch with myself or one of the other Capital Markets contacts listed at the back of the publication.