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German IPOs & IBOs in the spotlight – 03/2018

Time and again experts had been speculating that 2018 would be the strongest year for IPOs in a long time. But for some time, the increasing volatility on the capital markets is creating difficult circumstances for IPO candidates and subdues the outlook on a strong final quarter for IPOs. Despite the recent turbulences, Knorr-Bremse AG successfully went public with a final offer price of 80 euros per share. The world market leader in producing braking systems targeted to place a total of roughly 48 million bearer shares to investors. The market capitalization amounts to around 13 billion euros. Given an issue volume of almost 4 billion euros the Knorr-Bremse IPO was the second largest IPO of the year after Siemens Healthineers.

According to a study by the auditing company Ernst & Young (EY) already during the third quarter the number of IPOs was decreasing. In total, 302 IPOs could be counted – compared to the same period last year a decline by 22 percent. At the same time, the volume increased to 47 billion US Dollar; particularly due to large-scale IPOs in China. In Germany creditshelf AG successfully went public during the period considered. At the end of the third quarter Deutsche Börse recorded 15 IPOs with an issue volume of 9 billion US Dollar according to EY.

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