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- Q3 2017 European IPO proceeds more than doubled from €3.8bn in 2016 to €8.2bn in Q3 2017.
- London was the most active European exchange hosting 36% of all European IPOs (compared to 17% in Q3 2016) and accounting for 33% of all proceeds raised (compared to 8% in Q3 2016).
- The largest European IPO was Landis & Gyr Holding AG, which raised €2.1bn on the SIX Swiss Exchange.
- The ISE benefited from Cairn Homes taking a primary listing and Greencoat Renewables raising €0.3m through an IPO.
Q3 2017 started with a flurry of IPOs in July, including four of the quarter’s five largest IPOs.
The IPO of the Swiss smart meter-maker, Landis & Gyr Holding AG, was the largest Swiss IPO in 11 years, and the second largest in Europe this year after the Allied Irish Banks plc IPO on the ISE in June.
The second largest European IPO of Q3 2017 was also a record breaker – the Polish telecoms company Play Communications SA IPO raised €1.0bn on the Warsaw Stock Exchange and was the largest ever Polish IPO by a private company, and the largest European telecoms IPO since 2012.
Keeping the spotlight on Eastern Europe, the Budapest Stock Exchange hosted its largest IPO for over a decade, with the IPO of haulage company Waberer’s International which raised €73m.
Denis O’Connor, transaction services partner at PwC Ireland, said: “We have seen European IPOs gathering momentum this year with money raised to date already above the €27.9bn raised in the whole of 2016.
The year is set to finish on a high note with a number of high profile large IPOs set to launch in the coming weeks.
"However, with a number of companies undertaking dual-track processes, inevitably, some of these companies may opt for a private sale process given the attractive valuations on offer.”
The PwC IPO Watch Europe surveys all new primary market equity IPOs on Europe’s principal stock markets and market segments (including exchanges in Austria, Belgium, Croatia, Denmark, France, Germany, Greece, the Netherlands, Ireland, Italy, Luxembourg, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Turkey and the UK) on a quarterly basis.
Movements between markets on the same exchange are excluded.
This survey was conducted between 1 April and 30 September 2017 and captures introductions as well as IPOs based on their first trading date. All market data is sourced from the stock markets themselves and has not been independently verified by PricewaterhouseCoopers LLP.