Experts expect further IPOs in Germany after Douglas
Published: Saturday, Mar 23rd 2024, 07:10
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Following the IPO of perfumery chain Douglas, experts expect more companies to take the plunge this year. "The signs for a thawing of the market for IPOs in Germany are good," Martin Steinbach, Partner at the auditing and consulting firm EY, told the German Press Agency. "Provided the markets remain stable and continue to develop positively, we see potential for ten to twelve IPOs of German companies."
With tank supplier Renk, the stock exchange saw a successful IPO at the beginning of the year, said Steinbach. Four German companies were already among the ten largest IPOs in Europe in 2023 and "showed good momentum" for this year: the shoe manufacturer Birkenstock, the pharmaceutical packaging group Schott Pharma, the electrolysis specialist Thyssenkrupp Nucera and the internet service provider Ionos.
On Thursday, Douglas made it onto the floor of the Frankfurt Stock Exchange - albeit with difficulty: the share, which was already offered at the lower end of the predetermined range, lost a good eleven percent on the first day of trading. In contrast, the skin care group Galderma made a successful stock market debut in Switzerland on Friday.
High flight offers a good environment
Initial public offerings, or IPOs in capital market parlance, could encourage more candidates in Germany. "If the economic environment allows, a recovery of the IPO market at a low level can be expected from the second quarter onwards," wrote Julian Schulze De la Cruz, capital markets lawyer at the law firm Noerr.
Especially as the environment is favorable after a long period of uncertainty surrounding inflation - the stock markets have recently been rushing from record to record. One of the candidates for IPOs in Germany is Oldenburgische Landesbank, which believes it is well equipped to go public.
IPO an "option" for Flix
The Management Board of long-distance bus and rail operator Flix described an IPO as an "option" in February, while financial investors Bain and Cinven are examining an exit from the Hessian pharmaceutical group Stada. Talks about a billion-euro sale or IPO are considered to be at an advanced stage. The fuel card provider DKV Mobility was also considered a candidate.
IPOs traditionally do not play a major role in Germany. Many companies finance themselves via their house bank or bonds. Other companies, such as the Mainz-based vaccine manufacturer Biontech, have gone public in the USA. The capital market there is much stronger than in Germany - with many large, risk-taking investors. "The US stock exchanges are also acting like a magnet for more and more European companies," wrote capital market lawyer De la Cruz. The lack of liquidity in German shares in particular remains a stumbling block for future IPOs.
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