IPO Watch Europe Q2 2018

European IPO markets raise €21.8bn in H1 2018, with proceeds up 5% compared to H1 2017

European IPO markets raise €9.3bn in Q2 2018

The European IPO market ended H1 2018 with total proceeds raised for the first half of the year of €21.8bn raised from 168 IPOs, an increase of 5% in money raised and 4% increase in the number of IPOs compared to H1 2017, when 161 IPOs raised €20.8bn. IPO activity in Q2 2018 was subdued across Europe with total proceeds for the quarter of €9.3bn raised from 99 IPOs, a decrease of 43% in money raised and 7% decrease in the number of IPOs compared to Q2 2017, when 106 IPOs raised €16.2bn.

The London Stock Exchange is the number one exchange in Europe by volume and value this quarter with 25 IPOs raising £2.8bn

Despite ongoing uncertainty around the Brexit negotiations, London has shown it is still able to attract cross-border IPOs with two of the top five European IPOs in Q2 taking place in London. Czech-based Avast plc and Africa-focused Vivo Energy raised £692m and £603m respectively. The Technology sector dominated UK IPOs, accounting for 40% of values, including the third largest IPO of the quarter from Avast plc which raised €788m.

There is continued confidence in the European IPO market

Pricing will likely remain a challenge and investors are increasingly selective. That said, we expect to see the volume of IPO activity picking up again in the second half of the year. The only mega-IPO of the quarter was Ceva Logistics which raised €1.1bn on the SIX Swiss Exchange, representing 12% of the Q2 IPO values.

“Despite a more subdued second quarter, and the current economic and political outlook, the market is open and deals are being done.”

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
Email

Follow us