PE-backed IPOs hit nine-year low

Of the 617 European exits so far this year, only 17 have been IPOs, equivalent to 2.7% of exits – the smallest slice since 2009.

IPOs have declined in all of Europe's main markets compared with 2017, and none have yet been registered in Benelux. However, they remain a popular choice in CEE, where the secondary market is less developed. The largest IPOs this year have been Denmark-based Netcompany, backed by FSN Capital; and Turkven's listing of hospital group Medical Park on the Borsa Istanbul.

In stark contrast, trade sales have been booming, accounting for 40% of exits so far this year. And while the proportion of secondary buyouts is down slightly on last year, it remains at an elevated level and is nearly double its 2013 figure.

Trade sales as a percentage of total exits has risen in every region of Europe except DACH and CEE compared with 2017. They have accounted for 58% of sales in Benelux.

The trends are reflective of the rising significance of private markets compared with public markets, as well as the increased purchasing power of corporates.

Exits in general have been declining since 2013, which is due mostly to the fact 2012-2013 provided a good opportunity for many GPs to offload pre-crisis investments. They are now running at a new normal rate of 200-250 per quarter.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Benelux
• DACH
• CEE
• France
• Southern Europe
• UK / Ireland
• Nordics
• IPO
• Trade sale
• Secondary buyout