IPO Watch Europe Q2 2019

A strong Q2 sees European IPO activity rebound following a quiet Q1

Europe’s IPO market recovered well in Q2 after a notably quiet first quarter, with total proceeds of €11.4bn raised from 41 IPOs amidst lower market volatility.

Despite supportive markets, IPOs were paused in early 2019. Q2 2019 has seen selective activity

Following a number of significant IPOs pricing at the end of June, total proceeds finished the quarter up by 24% on the same period last year in which 69 IPOs raised €9.2bn.

The increase in Q2 over Q1 2019 was largely driven by several mega-IPOs, including Nexi SpA, Network International Holdings, Trainline plc, Traton SE and Stadler Rail AG, which raised a combined €7.4bn.

Following a number of significant IPOs pricing at the end of June, total proceeds finished the quarter up by 24% on the same period last year in which 69 IPOs raised €9.2bn.

The increase in Q2 over Q1 2019 was largely driven by several mega-IPOs, including Nexi SpA, Network International Holdings, Trainline plc, Traton SE and Stadler Rail AG, which raised a combined €7.4bn.
Following a number of significant IPOs pricing at the end of June, total proceeds finished the quarter up by 24% on the same period last year in which 69 IPOs raised €9.2bn.

The increase in Q2 over Q1 2019 was largely driven by several mega-IPOs, including Nexi SpA, Network International Holdings, Trainline plc, Traton SE and Stadler Rail AG, which raised a combined €7.4bn.
UK IPO activity

London remains Europe’s listing venue of choice, raising its highest amount in a second quarter since 2014, despite seeing 38% fewer IPOs than the same period last year

London has retained its position as Europe’s top exchange for overall capital raising, accounting for 42% of IPO values in H1 2019. It remains the market of choice for international issuers, with Middle Eastern payments business Network International Holdings and Africa’s largest mobile operator, Airtel Africa, choosing to float in the UK. The Shanghai-London Stock Connect initiative that launched in June is likely to contribute further to this position.

Payments providers drove the growth in IPO values over the first quarter, ensuring Financials remained the largest sector raising a combined €4.7bn in Q2 2019

Two of the top three IPOs were payments providers helping to ensure that Financials remained the largest sector in Q2, accounting for 43% of H1 2019 value. In the UK, seven of the 13 listings were from the Financials sector, raising a total of £2.0bn.

Two of the top three IPOs were payments providers helping to ensure that Financials remained the largest sector in Q2, accounting for 43% of H1 2019 value. In the UK, seven of the 13 listings were from the Financials sector, raising a total of £2.0bn.
Two of the top three IPOs were payments providers helping to ensure that Financials remained the largest sector in Q2, accounting for 43% of H1 2019 value. In the UK, seven of the 13 listings were from the Financials sector, raising a total of £2.0bn.

"The European IPO market is showing signs of recovery following a particularly quiet first quarter...While there have been fewer small deals in this quarter, we have seen a number of major transactions. This has included a good number of private equity backed companies that delivered significant investor demand and positive aftermarket performance...providing some of the best debuts among large European companies in 2019."

Peter Whelan, UK IPO Lead at PwC

Contact us

Peter Whelan

Partner, UK IPO Lead, PwC United Kingdom

Tel: +44 (0)7770 977 937

Roslyn Gamsa

Director, PwC United Kingdom

Tel: +44 (0)7789 298 590

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