IPOs of TeamViewer and EQT at the end of Q3 2019 boost a thin quarter of IPO activity

Oct 07, 2019

  • €3.8bn was raised from 16 IPOs in Q3 2019, which was very marginally ahead in value terms over Q3 2018 but down 52% in volume 

  • The total raised on European IPO markets was €15.9bn for the first nine months of the year, which was down 40% in value and 55% in number

  • Due to the IPO of TeamViewer in late September, the Deutsche Börse was the exchange with the highest value of IPOs in Q3 2019 - it raised €2.0bn accounting for 50% of total European proceeds in the quarter

European IPOs raised a total of €3.8bn in Q3 2019 - a marginal increase on the same period last year in which €3.7bn was raised. According to PwC’s latest IPO Watch Europe, this was largely due to two IPOs: the German software company TeamViewer AG on the Deutsche Börse, which raised €2.0bn, and Swedish private-equity group EQT Partners AB on the Nasdaq Stockholm, which raised €1.2bn. Together, these IPOs raised the vast majority of the total €3.8bn raised this quarter.

Peter Whelan, UK IPO Lead at PwC, commented:

"Q3 2019 has been a thin quarter for IPOs with issuance amounting to €3.8bn. This is marginally ahead of the same quarter last year, due primarily to the IPOs of TeamViewer at €2.0bn in Germany and EQT Partners €1.2bn in Stockholm. However, volumes have been low, even taking account of the fact that Q3 bridges the summer break in July and August, with 16 IPOs in the period compared to 33 in Q3 2018. It was revealing that the third largest IPO in Europe was JPMorgan Global Core Real Assets at €169m.”

“Whilst there are several international IPOs in process for the London market, there have been few UK domestic IPOs as companies are generally waiting for Brexit and global trade uncertainty to resolve."

A combination of the summer break and Brexit uncertainty led to a quiet quarter on the London Stock Exchange with three IPOs raising €0.4bn (£0.3bn), accounting for 10% of total IPOs by value in Europe. IPO volumes and values on London were down by 77% and 80% respectively compared to Q3 2018 when 13 IPOs raised €1.9bn (£1.7bn). However, going into Q4 it is of note that London appears to retain its position as an international listing venue of choice, with companies such as Helios Towers, the Africa-focused telecoms towers company, and Kazakh fintech group Kaspi.kz both recently announcing their intention to float in London in October.

Ends.


Notes to editors

  1. IPO Watch Europe surveys all new primary market equity IPOs on Europe’s principal stock markets and market segments (including exchanges in Austria, Belgium, Bulgaria, Croatia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Serbia, Spain, Sweden, Switzerland, Turkey and the UK) on a quarterly basis. Movements between markets on the same exchange are excluded.

For further information please contact rebecca.d.lloyd@pwc.com

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