HomeBussinessIPO rebound lifts private and public valuations

IPO rebound lifts private and public valuations

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The EMEIA region, which includes Europe, the Middle East, Africa and India, saw initial public offerings (IPOs), a term for new share flotations, up 46pc and deal value up 89pc in first half of 2024 compared to 2023, according to a new analysis from professional services giant EY.

The EY Global IPO Trends Q2 2024 report says the European market was buoyed by large ­debuts such a perfume-maker Puig in Spain and Galderma, a Swiss maker of dermatological treatments and skincare products.

The sole IPO this year was a small new listing on London’s AIM market by Cathal Friel-backed Euro­pean Green Transition (EGT)

While most Irish corporate deals are of private companies with unlisted shares, the rebound on the capital markets has wider implications, EY Ireland Corporate Finance Partner Fergal McAleavey said.

“There is a very strong read across for the private market,” he said

The prices being achieved on public markets when shares list and in the follow-on trading provide transparent valuation data and provides confidence across sectors, he said.

Private equity investors remain very active in Ireland but the market here tends to lag the UK and other regions, which have seen stronger rebounds in deal flow in late 2023 into the first half of this year.

Where Irish operators are looking to sell, Mr McAleavey said there is now a focus on being prepared for deal processes after a number of cases where potential transactions failed after a bid process lost momentum for various reasons.

EY Global IPO Trends Q2 2024 report also recorded what is described as a significant jump in private equity and venture capital backed IPOs as those classes of investor seek exits.

Six of the top ten largest public offerings globally have been in the EMEIA region so far this year and five of them involved private equity.

From a sectoral perspective, ­Industrials took the lead in a number of IPOs, accounting for just over a fifth of all deals and primarily fuelled by strong activity in India.

Technology also outperformed in terms of capital raised, with the United States dominating that sector.

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