IPO Watch Europe Q2 2020

IPO activity has been heavily impacted in H1 2020 in which there were 28 deals compared to 53 in H1 2019. This is due to high market volatility as well as the practical aspects of conducting an IPO during lockdown.

While European IPO markets only raised €5.4bn in H1 2020 compared to €12.2bn in H1 2019, Europe has seen further offer and placing activities in light of the coronavirus (COVID-19) pandemic.

  • The European IPO market is showing tentative signs of recovery following a quiet first quarter with legacy Brexit tensions and then a halted IPO market given the coronavirus (COVID-19) pandemic. For example this quarter saw the debut of JDE Peets on Euronext, showing that high quality and well communicated equity stories will still be well received by investors and giving hope to participants planning issuances later in the year.
  • While the uncertainty seen in Q1 2020 has continued and indeed been exacerbated by the coronavirus (COVID-19) pandemic, as we head into H2 we expect that further offer and Rights Issue deals are set to continue, with market appetite for IPOs in the coming 12 months beginning to develop.
  • The public equity markets have been highly active in H1 2020 as investors have stepped in to support listed businesses through the impact of COVID-19 with €65bn raised across 434 transactions in Europe.

Contact us

Ross Hunter

IPO Centre Leader, PwC United Kingdom

Tel: +44 (0)7802 918 885

John Reilly

Director, PwC United Kingdom

Tel: +44 (0)7738 311137

Simon Williams

Director, PwC United Kingdom

Tel: +44 (0)7808 107167

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