IPO Watch Europe Q3 2017

Our latest report reviews IPO activity during Q3 2017 – the busiest third quarter for European IPOs since Q3 2014.

London was the most active European exchange this quarter, and IPO proceeds across Europe raised to date have already exceeded total values in 2016. If favourable conditions continue, Q4 should deliver a strong end to the year.

Q3 2017 started with a flurry of IPOs in July, including four of the five largest IPOs of the quarter. 

European IPO proceeds more than doubled from €3.8bn in Q3 2016 to €8.2bn in Q3 2017.

The IPO of the Swiss smart meter maker, Landis & Gyr Holding AG, was the largest Swiss IPO in 11 years raising €2.1bn on the SIX Swiss Exchange, and the second largest in Europe this year after the Allied Irish Banks plc IPO in June.

The second largest European IPO of Q3 2017 was also a record breaker – the Polish telecoms company Play Communications SA IPO raised €1.0bn on the Warsaw Stock Exchange and was the largest ever Polish IPO by a private company, and the largest European telecoms IPO since 2012.

Decrease in IPO proceeds across Europe
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UK activity most impacted
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In London, 27 IPOs raised €2.7bn this quarter compared to 9 IPOs in Q3 2016 which raised €312m.

Q3 2017 was London’s most active third quarter by volume since 2011 when 29 IPOs raised €1.1bn.

The financials sector continued to dominate in London, accounting for 60% of London values - the largest of which was the IPO of the activist investment fund, Sherborne Investors (Guernsey) C Ltd which raised £700m in July.

London demonstrated its attraction as an overseas listing destination, as Russian gold maker Polyus raised £551m on the London Main Market. This follows on from Q2 IPOs of ADES International from Dubai, as well as Global Ports and DP Eurasia from Turkey, underlining London's leading status for cross border IPOs in Europe.

European IPOs are gathering momentum with 2017 set to finish on a high note

The European pipeline looks healthy across all industries and markets, with a number of high profile large IPOs set to launch in the coming weeks.

However, with a number of companies undertaking dual-track processes, inevitably some of these companies may opt for a private sale process given the attractive valuations on offer.

Pipeline picking up with encouraging start to Q4
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"London bounced back from the disappointing performance in Q3 2016 which was affected by the uncertainty and volatility arising from the UK’s EU referendum outcome. Q3 2017 was London’s most active third quarter by volume since 2011 when 29 IPOs raised €1.1bn."

Lucy Tarleton, UK Capital Markets Director

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Mark Hughes
UK Capital Markets Leader
Tel: +44 (0)20 7804 3824
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Lucy Tarleton
UK Capital Markets Director​
Tel: +44 (0)20 7212 3856
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