SIX CEO: 1 large IPO would immediately trigger more trading
Published: Wednesday, Mar 13th 2024, 10:20
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The stock exchange operator SIX is expecting a recovery in the stock exchange business this year. In an interview with the news agency AWP, SIX CEO Jos Dijsselhof points to the well-filled IPO pipeline: "A large IPO would immediately trigger more trading."
He could not give any figures. But many companies are considering going public, both in Switzerland and Spain, Dijsselhof said. "It's one of the best pipelines I've ever seen in my career. And I've been in the stock market business since 2014."
If the IPO window opens, many companies will go public. However, whether the IPO window actually opens depends on several factors. "If the central banks suddenly decide not to lower interest rates, or if inflation remains more persistent than expected, this would have a negative impact," said the SIX CEO. In addition, valuations on the stock markets are now very high, reaching record highs in some countries. And should there be a dramatic fall in share prices, the IPO window would also close.
Already next week
For the Swiss stock exchange, 2023 was a year of very low trading volumes and a total lull in IPOs. The environment had already been less than ideal for three years. Before this time, there had been an average of five IPOs per year on the Swiss stock exchange for several years.
There is now a backlog of candidates willing to go public: The pipeline would hold 15 IPOs, Christian Reuss, Head of SIX Swiss Exchange, last said in an interview with AWP at the beginning of December. The skincare specialist Galderma is in the starting blocks and wants to go public as early as next week.
This is likely to be the "trigger" hoped for by the CEO of SIX. The billion-euro transaction would be the largest "real" IPO in Switzerland since Landis+Gyr in 2017. This refers to a classic IPO with the issue of new shares. Most recently, there have only been several major spin-offs of already listed companies (Sandoz and Alcon from Novartis, Accelleron from ABB).
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