After a sluggish start to the year, has started the second quarter in terms of IPOs with a Bang. The same three companies have taken the gear on the trading floor. The provisional and brilliant final point Zugbauer Stadler Rail continued on Friday in the Eastern Switzerland.
It was the largest IPO in Europe this year. Prior to that, had opened at the beginning of April, the Ticino-based medical technology company Medacta successfully to the audience. And since last Tuesday, the papers of Alcon are traded on the Swiss stock exchange – the largest access on the Swiss stock exchange for a decade.
but This was not a traditional IPO, in the language of an Initial Public Offering or "IPO". The eye care group was rather spun off from pharmaceutical giant Novartis. Of an initial placement or an IPO, the speech is, if the investors shares from the holdings of the selling shareholders, or from a capital to be offered increase.
In the first quarter of 2019, the IPOs were sown in the world still thin and in Switzerland complete radio prevailed even silence. "The first quarter of 2019 was exceptionally quiet due to various uncertainties such as the Brexit, the US trade war with China, and other geopolitical factors," said Tobias Meyer of consulting firm EY.
Lust rose with the rates
The appetite for IPOs came up with the since the beginning of the year increase in stock prices. After a miserable December, the shares started markets in the world. The Swiss benchmark index SMI, for example, has sets of 2019 so far, and a good 13 percent, a few days ago, a new all-time high marks.
This seems to have broken the ice and more companies are likely to step on the floor. Because according to a ZKB-study since 1981, there is a positive correlation between the stock market development and the number of IPOs. "Successful IPOs can spur further IPOs," said Andreas Neumann, head of Equity Capital Markets at ZKB.
IPO, not from today to tomorrow
Neumann said: "I'm going to assume that there's going to be a lot of IPOs as last year." In 2018, it came to twelve new additions on the Swiss stock exchange, seven of "real" Listings.
"I don't expect any big wave. After Medacta and Stadler, there could be up to the end of the year, but still three to four IPOs," said Manuel Ebner, head of Switzerland, the Bank of America.
The explanation for this comes from the EY experts, Tobias Meyer: "An IPO requires a preparation time of 1.5 to two years." The IPO window is now open again. Who has not made the necessary preparations, was too late.
The Pipeline to the stock exchange applicant company, however, is longer than. In the wings of the vending machines catering company Selecta, the visa service provider VSF, the real estate company Infracor, the packaging specialist Aluflex, the real estate platform, crowd house, and the device metal train belonging to the manufacturer of V-train, according to banking circles.
the stock exchange of thought be said to have, according to market participants, in addition to the software manufacturers, Avaloq and Software One, of the carton packaging manufacturer, Model, and the medical technology company Mathys and Thommen Medical. Among the aspirants of the implant manufacturer Implantica and the real estate company Infracor Real Estate.
Not always a candidate, but also really in the stock market. Because if a company is ready for an IPO, according to Manuel Ebner also a Signal to competitors that the company could stand to buy.
So caught up about a year ago a group of investors led by Martin Ebner in the middle of preparations for an IPO on grinding technology specialist United Grinding with its headquarters in Bern.
benefits and costs of a listing
Major reasons for a stock market presence higher awareness, the easier self – funding and, as a rule, the levels of ability of the owner to exit from a company, for example, when the succession needs to be regulated.
thanks to a stock exchange listing can be settled in addition to acquisitions via a stock swap. Furthermore, the credibility and the credit would be assessed in the case of a Listing higher, said ZKB expert Neumann.
An IPO provides so advantages. However, these are not free-of-charge. Stock market companies must open their books and shareholders three. "There is a certain amount of flexibility – but it also creates some costs," said Ebner.
Created: 12.04.2019, 14:13 PM