IPO Watch Europe Q1 2018

Our latest report reviews IPO activity during Q1 2018. The European IPO market has seen a strong start to 2018.

London remains the number one exchange in Europe by volume, although IPO proceeds are down from last year. Deutsche Börse was the top exchange by value.

Strong start to 2018, boosted by two mega IPOs

The value of European IPOs in Q1 2018 increased by 172% (€7.9bn) compared to Q1 2017, and the average deal size increased by 31% (€61m) over the same period.

This was largely due to the mega-IPOs of Siemens Healthineers and Deutsche Bank’s DWS Group, which raised €3.7bn and €1.3bn respectively, boosting IPO values towards the end of the quarter.

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The London Stock Exchange remains the number one exchange in Europe by volume although IPO proceeds are down €0.7bn 

With 16 IPOs raising £1.3bn compared to £1.8bn from 20 IPOs in Q1 2017. The financial sector continued to dominate UK IPOs and accounted for 71% of proceeds, including JTC plc, the Jersey based institutional and private client financial services business, which raised £244m, UK adviser platform IntegraFin Holdings,  which raised £178m and niche lender TruFin, which raised £70m.

Increasing confidence in European IPO markets

Despite the uncertainty around the ongoing Brexit negotiations, a potential trade war between the US and China and rumoured interest rate rises, Europe’s IPO market remains open for business. The outlook for 2018 is promising as issuers continue to be attracted to the UK market with a number of cross-border IPOs set to launch in London.

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“The first quarter of 2018 has seen increased volatility and significant corrections to global indices. Europe’s IPO markets have proved resilient with investors eager to find value and ready to engage in early conversations with companies with compelling equity stories and solid fundamentals”

Mark Hughes, Capital Markets Leader

Contact us

Mark Hughes
Partner, Capital Markets, PwC United Kingdom
Tel: +44 7736 599 759
Email

Lucy Tarleton
UK Capital Markets Director​, PwC United Kingdom
Tel: +44 (0)7701 295718
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