Swiss stock exchange hopes for up to 15 new entrants in 2024
Published: Thursday, Dec 7th 2023, 11:10
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For the Swiss stock exchange, a year with very low trading volumes and a total lull in IPOs is coming to an end. 2024 could be better.
The pipeline would allow for 15 IPOs, said Christian Reuss, Head SIX Swiss Exchange, in an interview with the news agency AWP. He justifies this with the backlog after the recent lull.
This is because the environment has not been ideal for three years now. And before this lull, there had been an average of five IPOs per year on the Swiss stock exchange for several years.
On the primary market, companies normally want a very stable environment with low volatility and high valuations, said Reuss. "In other words, exactly the conditions that we haven't had for three years." However, this does not mean that nobody wants to raise more capital. On the contrary: "At the moment, we probably have one of the strongest pipelines of potential IPO candidates in a long time."
Starting signal in H1?
Companies are simply waiting for the right environment. He hopes that this will already be the case in the first half of 2024. "Everyone is waiting for an IPO to get the machine going again."
Meanwhile, the above-average low trading volumes are also a burden. "We are at a twelve-year low in trading volumes on the secondary market this year," said Reuss. However, this not only affects Switzerland, but the whole of Europe.
"There is actually no shortage of topics that could cause volatility," says Reuss. Geopolitically and economically, the situation is difficult worldwide. The return of interest rates is also still an issue.
Low trade despite crises
However, the reaction on the stock markets to the developments in the Middle East was also relatively subdued. "We have seen very low volumes."
He is not happy about the low level of trading, but as an exchange you cannot influence this. "Investors decide whether they want to trade a lot or a little."
In turn, he is "very satisfied" with the market share: 65 to 70 percent of Swiss blue chips are traded on the Swiss stock exchange, the rest on competitors' exchanges. This is around 5 to 10 percentage points higher than the market share of other European stock exchanges.
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