The IPOinitial public offerings aimed at going public, have literally exploded this year. In the first half of the year the overall value of IPOs in Europe was equal to 13.6 billion eurosup 26% compared to the total value for the whole of 2023 and 246% compared to the first six months of last year. This is what emerges from the report “From resilience to reawakening – European Equity Capital Markets” by Deloitte.
The value of IPOs is growing
Albeit at the level of volumes there have been in Europe only six more operations in the first half of the year (71 IPOs) compared to the corresponding period of 2023, the collection this year was significantly higher with 3 operations which exceeded 2 billion of euros. More generally, in the first six months of 2024, the size of IPOs grew, with a average value of approximately 192 million euros compared to 61 million euros in 2023. A growth that also benefits from the recovery of IPOs companies owned by private equity funds.
Italy doesn’t shine
In Italy this year there were 19 IPO operations of which only 1 on the main market. The capital raised is significantly lower than that of last year, which was driven by 4 large operations on the main market, which had generated a collection of €1.3 billion, over 80% of the total capital raised in the year. “Compared to European data, the Italian market has experienced a waiting phase,” explains Davide Bertoia, Head of Capital Market Audit & Assurance Deloitte Italia.
After a sprint start, the Euronext Growth Milan market dedicated to high-potential SMEs also took a breather: the operations of the first half of 2024 were characterized by a lower average collection compared to last year.
Good prospects for 2025
Despite the phase experienced by the market so far, the prospects for 2025 show positive signs thanks to the large pipeline of operations, both on the Italian and European markets and the prospect of a less restrictive monetary policy. However, there remain risks linked to the geopolitical situation and the risk of growing protectionism which, according to Deloitte, could influence the performance and volatility of the markets in certain sectors.
“The recent ones public initiative measures in support of IPOs – underlines Bertoia – such as the Fund of Funds promoted by the Mef and CDP e Lombardy sharein addition to the confirmation of Tax Credit for the listing of SMEs also extended to 2025, make the launch of stock market listing projects particularly favorable”.
