IPOs: Good start to the new issue year 2018
Munich — Excellent start to the new issue year 2018 with 6 IPOs in Q1 with a placement volume of around 6.4 billion euros. Best half-year record for new issues in Germany since 2000.
While new issue activity is weakening internationally, with a 19% decline in numbers compared to H1 2017, Germany is putting in its best H1 since 2000 in terms of IPOs in 2018. With 12 new issues, Germany accounts for 1.82% of all IPOs worldwide, and with a placement volume of $7.9 billion, even 8.38%.
With an issue volume of €4.2 billion ($5.3 billion), Siemens Healthineers (photo) is the largest IPO from Germany. With a placement volume of around €1.3 billion ($1.6 billion), DWS is a second newcomer to the stock market to enter the top 10 of the world’s largest IPOs in H1.
Although stock market indices around the world fell significantly in the final weeks before the June 30 deadline due to economic and political uncertainties, new issues in Germany outperformed the overall market by an average of 3.1%. Siemens Healthineers was by far the best performer, with its share price rising 21.5% above the issue price. By contrast, Deutsche Bank subsidiary DWS disappointed with a share price loss of 20.8%. Overall, investors suffered price losses on 5 of the 12 new issues.
As in the previous two half-years, the specific trading segment for small and medium-sized enterprises “Scale” recorded 2 new issues. STEMMER IMAGING was the first Scale IPO with a placement volume of more than € 100 million. Bankhaus Hauck & Aufhäuser has obviously become the top address for new issues in Scale. 4 of the 6 new issues were supported by Hauck & Aufhäuser.
For the The first companies have announced their IPOs in the second half of 2018. We therefore expect around 20 companies to make their stock market debut this year. Nevertheless, we put a big question mark behind the new issue year 2018. There are no indications that this trend will continue in Germany in the future. This is mainly because the structural problems — whether in terms of share culture, costs or regulatory obstacles — have not changed. A detailed evaluation and analysis of all IPOs in Germany in the 1st half of 2018 can be found on our homepage https://www.blaettchen.de.
About Blättchen & Partner Blättchen & Partner GmbH has been one of Germany’s leading corporate finance experts with innovative financial strategies for over 30 years. The Munich-based company specializes in advising on IPOs, bonds, promissory note loans as well as the related post-issuance capital market support. Further focal points in the range of services are corporate investments, M&A transactions as well as the structuring of executive compensation and management participation programs. More than 500 transactions are proof of the company’s proven expertise. The grown interdisciplinary competence network, the high customer satisfaction and the large number of publications on important corporate finance topics reflect the recognized reputation of Blättchen & Partner GmbH.