Despite the recent turbulence on the Greece, several large companies have managed to make their entrance into European exchanges, these days, the image of Polish PZU. The insurer raised some $ 2.7 billion, making the biggest operation in Europe since late 2007 (1). For its part, Essar Energy lifted 1.95 billion to London and Amadeus, 1.75 billion to Madrid. The Occitan Party in Hong Kong, pocketed more than 700 million dollars. "C ' is the evidence that the market is well reopened." "Introductions with a large size and acceptable recovery go rather well", said Valery Barrier, primary market manager shares in Deutsche Bank.
However, all programmed entries failed to be. Russian UralChem and Grupo T-Solar Spanish (while several countries have seen their degraded note last week), were recently postponed their introduction, in the light of market conditions.
Nothing comparable with wave of large aborted transactions from the beginning of the year (especially TravelPort, New Look, Taminco etc.), but it still reminds that the primary activity is not yet fully to the beautiful fixed. Dealogic posts about $ 7 billion of cancellation and report on the first four months for issuers Europe compared with 15 billion of introductions.
A good beginning of the year
Especially, most recent operations were in the bottom of the initial range - with the notable exception of PZU. In some cases, the price has been revised downward, for example, the Indian Essar Energy, which suggested its actions to 420 pence, against a range of 450-550 pence at the start. In France, AB Science had also to review last month its stock market ambitions.
Specifically, since early 2010, 6 European societies have made entries below the initial range. They are 18 in the United States - or almost as much as those in the range (17) - according to data from Dealogic on quotes of more $ 50 million.
"Investors are selective for several months." And with new turbulence on the Greece, and the resurgence of volatility, they have become even more cautious about the size and price. They are looking for above all liquidity at attractive prices, supports primary market manager Thierry Olive shares in BNP Paribas. But, for the operations corresponding to these criteria, there is a certain investor appetite and performance.
Indeed, the first steps in the stock market of several large companies have been positive, as evidenced by Amadeus, who jumped more than 8 the first day of reintroduction. On average, companies listed in Europe since the beginning of the year (all nationalities combined) have advanced 3.8 the first day and 5.1 the first week. Increases are respectively 3.7 and 3.8 other.
In this context, the investment bankers do not brake in the vain of the candidates to markets. They are notably very soon Renovalia Energy (in Spain), GSW Immobilien (in Germany). For the next month, Tauron (in Poland), Banca Fideuram (in Italy) or the Belgian position are frequently cited, along with many companies of countries.
The 2010 vintage should therefore be very positive: since the beginning of the year, European issuers have lifted more than 15 billion dollars, more than in the US, according to Dealogic, and better than in 2009 but only in 2008. According to Bloomberg, it is the best four months since 2007.
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