European IPO Market Picks Up After Volatility Curbed 2022 Listings -- At a Glance
15 February 2023 - 12:12AM
Dow Jones News
By Christian Moess Laursen
Europe's initial-public-offering activity is picking up this
year after new listings slowed sharply in 2022 due to market
volatility. Proceeds raised by European IPOs plunged to 15.6
billion euros ($16.73 billion) in 2022 compared with EUR75 billion
in 2021, and more than half of last year's proceeds corresponded to
Porsche AG's listing, according to a PwC report published earlier
this year.
German web-hosting and cloud company Ionos Group SE and Italian
supplier of electric-motor components EuroGroup Laminations SpA
debuted on stock markets last week, and more companies have said an
IPO is in the cards. Here are some of the companies that are either
planning or considering an IPO in 2023:
--Thyssenkrupp AG said on Tuesday that it is closely watching
capital markets, as it readies to launch an IPO for Thyssenkrupp
Nucera, its water-electrolysis business, when market conditions are
right. The German industrial conglomerate owns a 66% stake, with
Italy's Industrie de Nora SpA holding the remaining 34%. The IPO
was originally planned for last June but was postponed due to a
difficult market environment.
--ABB Ltd. said this month that its E-Mobility unit had raised a
further 325 million Swiss francs ($353.5 million) in a private
placement ahead of its expected IPO. The Swiss technology group
last year postponed the IPO of the unit, which focuses on
engineering and making chargers and infrastructure for electric
vehicles, but ABB said it remains committed to listing once market
conditions are right. ABB E-Mobility has raised a total of around
CHF525 million.
--Renault SA in November last year said it planned to list its
EV and software business Ampere on the Euronext Paris stock market
in the second half of 2023 at the earliest. Renault will hold a
majority in Ampere, while its long-term ally Nissan Motor Co. will
take a stake of up to a 15%, the companies said earlier this
month.
--Spanish construction-materials company Grupo Cosentino is
considering an IPO but hasn't made a decision yet, a company
spokesman told Dow Jones Newswires. The company could be valued at
more than EUR3 billion in an IPO, Spanish business paper Expansion
reported last month.
--Lottomatica, an Italian gambling company backed by Apollo
Global Management Inc., said in late January that it is
contemplating a potential listing as it considers alternatives to
support future growth. A possible IPO could raise around EUR1
billion, Bloomberg reported last month.
--Other European IPOs were called off last year due to tough
market conditions, including those of Wintershall Dea AG, an
oil-and-gas company majority-owned by BASF SE, and Italian energy
company Eni SpA's retail and renewables business Plenitude. BASF
remains committed to selling its Wintershall shares through an IPO,
the company has told Dow Jones Newswires.
Saxo Bank said last month that an IPO could happen this year,
after the lender pulled out of a merger deal with a special purpose
acquisition company in December, Reuters reported. Saxo Bank
declined to comment on a potential IPO when contacted by Dow Jones
Newswires.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
February 14, 2023 07:57 ET (12:57 GMT)
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