The big operations return to star in the IPO worldwide. In the first quarter of the year there have been fewer releases in the parks, but they have achieved more capital volume . Specifically and according to the data of the consulting firm EY , the number of PVOs decreased in this period by 27%, to 287 transactions, while the capital raised increased 28% to 42,800 million dollars.
In Spain, Metrovacesa carried out in February the only OPV until March, with a value of 804 million dollars (about 650 million euros), which places it as the fourth most important operation in Europe and the eleventh globally, according to with the Global IPO trends Q1 2018 study . In the Old Continent , only surpassed the OPV of Siemens Healthineers (5,200 million dollars), DWS Group (1,800 million) and Elkem (1,000 million).
The firm's forecasts are due to keep pace in 2018. Cecilia de la Hoz , Partner of the Transactions Area of EY, justifies the optimism for "the return of the megadeals(operations of more than 1,000 million dollars), the soundness of the business results and the quality of the pipeline . In Spain , where there are more than a dozen companies that are thinking of making the leap to the market in the short term, it is perceived as a stable, mature market with room to grow a lot in the coming years ".
Precisely, the return of large operations led EMEIA (Europe, the Middle East, India and Africa) to experience the best first quarter since 2015 and to rise as the most active region in the world, ahead of America and Asia-Pacific, by increasing 191% the volume of capital raised (up to 16,000 million dollars) in the 86 OPVs carried out.
Europe closed the quarter with an amount of IPOs 247% higher than the same quarter of 2017, to 14,700 million dollars, in a total of 39 operations (9% less). For its part, America was the only region in the world that recorded year-on-year increases in both the number of operations (44 OPVs, 29% more than in the same period of 2017) and the volume of capital (15,400 million dollars, 22% more). The United States registered 36 stock market releases (44% more) worth 12,800 million, an increase of 17%, of which five were among the 10 most important in the world.
In the rest of the year, geopolitical tensions are the main risk for equity markets. With the tension between the US and North Korea pending the next meeting of its leaders in a few weeks, the commercial confrontation between the US and China is now the biggest source of tension for investors.
Despite this, and in the case of Europe, EY expects Europe to maintain optimism in the coming months, expecting large operations by the end of the year. In the US, investor appetite will focus on the health sector and energy companies, based on the expected recovery of oil prices.
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