European IPO markets predicted to recover in first half of 2010
18 January 2010
New company listings on Europe’s stock markets saw a notable improvement in activity during the final quarter of 2009, with both value and volume up substantially over the previous nine months. The boost has triggered predictions by analysts that European IPO (initial public offering) markets will recover during the first half of this year, barring any major, unexpected financial shocks.
However, analysts from business advisory firm PricewaterhouseCoopers reckon that while China and the US will take a lead in the recovery, Europe as a whole is expected to lag behind in shaking off the recession. Economic and political uncertainty in the UK is also likely to act as a dampener in the near term on both domestic and international listings in London.
Richard Weaver, a partner in the Capital Markets Group at PwC, said: “After more than a year of being effectively closed, Europe’s IPO markets are showing clear signs of opening for business again, although pricing pressures remain in what is very much a buyer’s market as institutional investors strike a hard bargain. The fourth quarter was the best three months for the IPO market in terms of offering value for more than a year and with market indices generally ending 2009 on a high note, it should bode well for the coming year.”
There were 61 IPOs on European exchanges in the last quarter of 2009 with an offering value of €4,994m, compared with 44 listings that raised €1,375m in the previous quarter and the 64 IPOs with a value of €1,238m that were recorded in the final three months of 2008.
NYSE Euronext led on IPO value with 13 IPOs raising €1,907m (in the same quarter of 2008, it had an equal number of IPOs but they raised just €6m) followed by the Warsaw Stock Exchange (WSE) with 16 IPOs valued at €1,454m (compared to 23 lPOs a year ago, raising €555m).
London was in an unaccustomed third place with 14 listings raising €951m (two more than in the fourth quarter of 2008 with a value of €666m). Nine of the London IPOs were on its AIM market and raised €388m, the same number it saw in the fourth quarter of 2008 with a total value then of just €3m. The remaining listings were on the Main Market and raised €563m.
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