IPO Market Monitor – H2 2016
The “FCF IPO Market Monitor” is the most comprehensive analysis of European IPOs, providing relevant valuation metrics (e.g. ratios, multiples), general information and performance data of European IPOs that have been issued within the last six months.
In the second half of 2016, fewer European companies went public compared with H1 2016. Despite the lower number of IPOs, more capital was raised in H2 2016, totalling up to 11,646 EURm (+34.0% to H1), a sign that issuances have increased in size.
Of the 26 IPOs, Industrials (7 IPOs), Healthcare (5 IPOs) as well as Consumer Discretionary, Information Technology and Biotechnology with 4 IPOs, respectively, represent the majority of public issuances.
In terms of size, the Micro IPO segment recorded the most transactions with 11 IPOs, followed by Large (7), Small (5) and Medium (3). The IPOs in H2 2016 of Innogy SE, nets A/S and ConvaTec Group represent the largest transactions.
The United Kingdom remains the leading IPO country followed by Sweden, confirming their significance / market leadership. Interestingly, 15% of all IPOs were priced below the range in the second half of 2016, compared to 5% in the first.
Among the FCF IPO Indices, the “FCF Medium IPO Index” (trading performances of IPOs with issuing volumes between 100 and 250 EURm) continues to outperform all other segments during the last two years, however, suffered for a slight decrease compared to the end of the first half of 2016. The “FCF Micro IPO Index” and “FCF Small IPO Index” caught up with increasing share price performances. The “FCF Large IPO Index” recorded a loss of -3% on a two-year basis.
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