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EMEA Emerges

Sometimes, especially in the middle of a harsh winter like this one, it can be easy to forget about the world outside your door, let alone the world halfway across the world. At Ipreo, we do business with and monitor markets across the globe, so such isolation is not something we can indulge in. Nor do we have reason to, with such exciting things happening throughout the worldwide financial markets.

Like what’s going on in EMEA.

2014 wasn’t only a banner year for American IPOs, it was a big year for new issuance in Europe, the Middle East and Africa too, and things continue to boom in the EMEA region. With 130 IPOs totaling proceeds above $40 billion, EMEA had its busiest year for IPOs since at least 2008 (see right). And they are looking to keep the momentum going, with 2015’s 12 priced IPOs already raising $5.9B.

The largest premiere to date was the Spanish airport-operator Aena S.A., which raised $4.38 and stands as the EMEA region’s 7th largest IPO ever. The big debut actually stands as something of an anomaly; so-called $1B “mega-deals” are few and far between in the region. Despite an influx of ten-plus-figure-deals around the rest of the world since 2013, only five of the top 20 EMEA IPOs (by proceeds) have broken that billion barrier.

That may be primed to change as the year progresses. In fact, in today’s six-month backlog, which currently holds 13 issuers poised to raise a combined $7.1B, two of those issuers are on track to debut as mega-deals:

  • UAE-based construction conglomerate Al Habtoor Group is on pace to raise $2.5B after initially postponing its IPO plans in 2012
  • Russian-based online retailer Ulmart ZAO is slated to raise $1.5B in its impending London debut.

In the United States, healthcare has been leading the way over the past 14 months. In the EMEA market, Financials dominated 2014 (with 40 debuts totaling $23.6B in proceeds), but another sector wasn’t far behind (right). Thus far in the new year, Consumer Services – 2014’s EMEA runner-up – has taken pole position, with the help of its Retail sub-sector.

Six of 2015’s 12 EMEA IPOs have hailed from Consumer Services, raising $1.1B, with retail firms accounting for half of those, an indication that after a 2014 in which CS totaled 28 IPOs (of which Retail accounted for 11), the sector may be poised for a breakout.

Clearly, the EMEA IPO itself already is breaking out, picking up 2014’s baton and burning through the first otherwise frigid months of 2015. Of course, there is still a lot of year left. Can the EMEA region maintain its historic pace? Can it stay on fire into Spring?

Keep checking in at the Ipreo Blog and we’ll make sure to keep you up to date on everything that’s going on, no matter where you call home.

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