IPO Watch Europe Q3 2018

The European IPO markets raised €25.8bn in the nine months ended 30 September 2018, with proceeds down 11% compared to the same period to 30 September 2017

With muted activity in Q3 2018, European IPO values are at their lowest level for two years

The weak aftermarket performance of a number of recent IPOs and the wider uncertainty around the Brexit negotiations may deter prospective IPO candidates from completing a transaction on the public markets before the end of the year.

London was the most active exchange by volumes and values for the second quarter in a row raising €1.9bn, 49% of total European proceeds raised in Q3 2018

London was the most active exchange by volumes and values for the second quarter in a row raising €1.9bn, 49% of total European proceeds raised in Q3 2018. The London Stock Exchange remained the most active exchange in Europe in Q3 by volumes and values for the second quarter in a row, with 16 IPOs raising £1.7bn (YTD 2018 London IPOs raised £5.5bn compared to £6.1bn in YTD 2017). Four out of the top five IPOs in Europe in Q3 2018 listed on the London Stock Exchange, with the largest IPO this quarter being Amigo Holdings, the provider of guarantor loans in the UK, which raised £359m.

Geopolitical headwinds and the summer hiatus muted activity in Q3

Geopolitical headwinds and the summer hiatus muted activity in Q3, with European IPO values at their lowest levels for two years. However, the pipeline going into Q4 looks relatively healthy as volatility continues to be low and there a number of mega-IPOs expected.

“With Brexit around the corner and negotiations still ongoing, it is promising to see a number of international issuers in the IPO pipeline, continuing to see London as ‘open for business’ and a key financial centre in Europe.”

Lucy Tarleton, Capital Markets Director

Contact us

Mark Hughes
Partner, Capital Markets, PwC United Kingdom
Tel: +44 (0)7736 599 759
Email

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

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