The Start For IPOs
The year 2010 was indeed a great year for the stock exchanges. But good on the Dax-form could attract only a few newly listed companies as Brenntag cable or Germany. The much heralded IPO wave never came – should now come the turn.
Next year could be 10-15 IPOs in the three-digit million euro range pending, estimated Carsten Staecker, MainFirst IPO expert at the financial institution. “The market looks positive than a year ago.” And John Borsche at the investment bank Morgan Stanley also agrees: “. There are several companies that are in the wings until Easter, the market could see three or four initial public offerings.”
Recovery can already be seen now
The German stock market is confident that manager Alex Höpner is it. that the situation in the capital markets calmed down, and IPOs are not affected by other uncertainties such as the debt crisis of some EU countries. The four times a year determined by the Exchange in cooperation with the TU Munich IPO indicators point to a “more friendly” scenario for new issues.
A revival show is already: “After the weaker second and third quarter and the recent cancellations, it could well be that it could still come this year to further public offering.” Even with the year to date Höpner is satisfied. The market is now stronger than in the years 2008 and 2009, when the market practically because of the financial crisis came to a standstill.
The volume of German IPOs so far amounted to around 2.4 billion euros. That’s not much, but when you consider that the largest financial market crisis was survived since the thirties, it is already considerable.
The newcomers in 2010
Six IPOs were there this year alone in the Prime Standard. Then ventured before Helikos, Cable Germany, Brenntag, Ströer, Tom Tailor and Joyou. Several companies were also backed down. So said the real estate developer from Chamartin merman real estate and the Berlin real estate company GSW its IPO. United Power Technology also its ambitions towards flooring has moved only once.
But in the new year, it should be with the hesitation over. There are already several candidates. Thus made before washing producer Schiesser its IPO. Even with it Hapag-Lloyd and Kabel BW are in the room.
Good environment for IPOs
Experts acknowledge the German market a good chance. Conducive to a rebound in the economy, reflected most recently in good company results. She lifted the mood on the exchange. The German DAX benchmark index rose sharply since the summer and ventured out again approached in Vorkrisenhöhen. Conducive to the other is the increasing inflow of funds into Germany. “It’s a lot of money into the system, and finds its way into attractive investments. Germany has among the developed markets, a good level,” says IPO expert Stäcker of MainFirst.
As bond yields would offer little potential, institutional investors looked back on more shares. There stood emerging economies, which include countries such as China and India, and Eastern European countries at a premium. Among the developed markets of Germany games, partly because of its stable economy an increasingly important role.
IPO wave is not sure
But a good market environment is not automatically a guarantee for a successful IPO. “Good IPOs raise while the current mood. But the success of one cannot simply be transferred to the next,” says Staecker. The market regarded the company must differentiate what is also being mirrored in the statistics: Never before had the world’s capital market through IPOs canceled such a high emission volume escaped in the first nine months of this year. At the same time in October a record month for new issues had been. “This shows how sensitive and fragile market,” says Staecker.
A forecast for 2011 is difficult in view of the external factors, however. The firms would be well-prepared to respond flexibly to strong market fluctuations. And in recent weeks, the fluctuations were again significantly.
“This is that an IPO will compete again in a better financial environment with alternatives such as a resale,” said Staecker. One example is the textile discounter Takko. According to media reports, financial investor Advent will sell the company before Christmas. An IPO was reportedly also tested. This would not bring on the fly so much money.11