Wednesday 13 December 2017

Growing confidence boost for IPOs

Peter Flanagan

Peter Flanagan

THE European IPO market strengthened between April and June as confidence continued to grow in markets here.

According to latest figures from PricewaterhouseCoopers, initial public offerings worth €5.2bn went ahead in the second quarter. That is the highest level since the third quarter of 2011, and more than 50pc more than the first three months of this year.

London was the main centre for flotations, with nearly half of the deals that came to market taking place there, while private equity firms are the main backers of initial public offerings, with interest in nearly 60pc of all such deals.

PwC Ireland's partner for transaction services, Denis O'Connor, said it had been "another strong quarter" for the European market.

"London topped the quarter again with just under half of overall proceeds raised, followed by Euronext with 18pc and the Deutsche Borse with 14pc.

"Following the successful IPOs of Esure and Countrywide in Q1, PE-backed IPOs continued to dominate the landscape in the second quarter, accounting for almost 60pc of proceeds raised and seven out of the top 10 IPOs," he added.

More than 81pc of proceeds raised in Q2 was generated from the top 10 deals.

Irish Independent

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