The European IPO market suffered a tough fourth quarter, ending a challenging year for IPOs across the region. In Q4 2011, 78 IPOs raised just 866 million euros ($1.15 billion), an 81% decrease from the third quarter and down 83% year on year, according to PricewaterhouseCoopers‘s IPO Watch Europe. Companies based in London dominated, raising 800 million euros, 92% of total Q4 European IPO value.
Despite a weak second half, European IPOs raised 26.5 billion euros for all of 2011, in line with the prior year. Volumes increased by 13% to 430 IPOs. London generated 14.6 billion euros, more than half of capital raised, despite only housing a quarter of the IPO deals across Europe, according to PwC.
PwC looked at all new primary market equity IPOs on Europe’s principal stock markets and market segments, including exchanges in Austria, Belgium, Denmark, France, Germany, Greece, Holland, Ireland, Italy, Luxembourg, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the U.K. Figures for private equity-backed IPOs were not revealed in the report.
According to Thomson Reuters (publisher of peHUB), eight European PE-backed IPOs raised $3.7 billion last year, with most of the action occurring in the first half. (Just one PE-backed company, Nordwind Capital’s German automotive supplier SHW, went public in the second half of the year, raising $98.2 million in July.) Of the eight IPOs, three went public on the Frankfurt Stock Exchange, two went out on the Warsaw Stock Exchange, one on the NYSE, one on the Nasdaq and one on the HKSE.
Here are the eight IPOs, ranked from smallest to largest. (All amounts are in U.S. dollars.)
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