European IPOs Show Signs of Recovery

(Reuters) – Initial public offerings (IPOs) are slowly coming back in Europe after a summer lull.

Swedish real estate group Sveafastfighter priced its IPO at 3.5 billion crowns ($330.59 million), as it plans to debut in Stockholm by the end of the year, while Spanish energy and water utility Cox Energy plans to raise 300 million euros ($328 million).

British sports nutrition firm Applied Nutrition rose 7% on its London debut in October following an IPO in which it raised 157.5 million pounds ($204.39 million).

However, Spanish frozen bakery producer Europastry and fashion retailer Tendam pulled their IPOs, citing market instability.

Proceeds from IPOs across Europe have more than quadrupled year-on-year to 11.4 billion euros in the first half of 2024, a survey by PricewaterhouseCoopers showed.

Here are some of the biggest IPOs carried out in Europe to date by value:

• PUIG: The luxury beauty and fashion group listed in Spain in May, raising 2.61 billion euros. With the over-allotment option, total proceeds reached 2.74 billion euros, making it the largest IPO in Europe since 2022.

• GALDERMA: The skincare firm's IPO in March raised 2.3 billion Swiss francs ($2.7 billion), marking the biggest offering in Switzerland since 2017.

• CVC CAPITAL PARTNERS: The private equity group's IPO raised 2.3 billion euros in April, valuing the Dutch firm at around 14 billion euros.

• ZABKA GROUP: The Polish convenience store group debuted in Warsaw in October, raising 6.45 billion zlotys ($5.34 billion), the largest IPO since Allegro's flotation in 2020.

• DOUGLAS: The German cosmetics retailer raised 890 million euros and returned to the Frankfurt Stock Exchange in March.

• ATHENS INTERNATIONAL AIRPORT: Greece's largest gateway marked the year’s first successful major offering, raising 785 million euros, the biggest IPO in Greece in 15 years.

• SPRINGER NATURE: The German academic publisher debuted in October after raising up to 602 million euros.

• RENK: The German tank gearbox manufacturer's IPO raised about 500 million euros in February.

• EXOSENS: The French optical component firm raised approximately 350 million euros in June.

• PLANISWARE: The French software firm's IPO raised 278 million euros in April, marking the largest initial offering on the French bourse in three years.

($1 = 0.9142 euros)
($1 = 0.8603 Swiss francs)
($1 = 4.0267 zlotys)
($1 = 10.5870 Swedish crowns)
($1 = 0.7706 pounds)