quarterly volume since 2012 - Deloitte US...Includes Stoxx 600 sector groups’ returns from Dec 31, 2018 to Mar 29, 2019. However, the European European IPOs at their lowest quarterly

European IPOs at their lowest quarterly volume since 2012 European Equity Capital Markets Review – Q1 2019

3

ContentsIntroduction 4

Market performance 6

ECM Review 12

ECM Hot Topic: IPO Readiness 17

Final thoughts 22

About us 23

European IPOs at their lowest quarterly volume since 2012 | European Equity Capital Markets Review – Q1 2019

4

IntroductionThe main equity indices had one of their best first quarters’ performance in recent years due to the progress in trade negotiations between the United States and China and the significant decrease in volatility. However, the growing uncertainty surrounding Brexit and the measures taken by central banks as a result of lower growth perspectives shaped a quarter in which the level of ECM issuance has fallen by 50% compared to Q1 2018, making it the weakest first quarter since Q1 2003.

Our European Equity Capital Markets Review publication analyses capital markets and key themes driving their performance. This report includes comments and practical insights into key areas that could impact the IPO market.

In this second issue, we look deeper into the process that companies and shareholders must go through to be “IPO ready” and meet all regulatory, investors and broader market requirements for listed companies.

This publication, which is issued on a quarterly basis, reviews the equity markets’ activity during the first quarter of 2019.

The first three months of 2019 saw a positive start to the year for global stock exchanges, with the main indices recovering most of their previous losses from the last quarter of 2018. Most of the gains were made during January and February. Gains were slightly lower in March, as investors became more conservative as a result of the Brexit outcome approaching.

Among the main factors that impacted stock markets during the quarter were the negotiations between the United States and China, the possible Brexit outcomes, central banks’ monetary policies and the decrease in volatility.

Although volatility has returned to September 2018 levels, European ECM transactions decreased significantly compared to the first quarter of 2018, with several companies that were ready to go public waiting to find a better window once the Brexit outcome is clear.

In what has been the weakest quarter of ECM issuance since Q2 2012, the UK has been the market with the most ECM transactions in Europe by both number and volume of deals. Germany did not have a single IPO during the first quarter of 2019, which is negative compared to its issuance levels in Q1 2018, when 2 mega IPOs were priced (Siemens Healthineers & DWS both of which had values greater than €1bn).

Introduction

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There has been no IPOs in Spain’s Main Market so far this year. With only 8 transactions, the first quarter of the year had the same number of deals and volume as Q1 2018 in Spain. Compared to other Q1 of recent years the start to 2019 has been relatively weak.

In addition, there was no significant activity in the Spanish Alternative Market (MAB), with only one growth company and four REITs listing during the period.

We hope you find this report interesting and useful. Both ourselves and the wider ECM / IPO team at Deloitte would be delighted to discuss any aspect of this report with you.

Despite a positive start to the year for the main stock exchanges and volatility levels, the number and volume of European IPOs fell in Q1 2019 by 73% and 94% respectively compared to Q1 2018.

Alejandro González de AguilarDebt, Capital & Treasury AdvisoryPartner

Javier Fernández-GalianoDebt, Capital & Treasury AdvisoryDirector


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Market performance

7

Market performance

€/$: 1.1218 €/£: 0.8606

8.2%IBEX 35

performance

-2.0% in Q1 2019 -4.2% in Q1 2019 +26.3% in Q1 2019

13.1%S&P 500

performance

Brent: $68.4

Stoxx Europe 600 performance

12.3%VIX

performance

-46.1%

Q1 2019


8

Following a disappointing last quarter of 2018, the start to 2019 has been positive for global stock markets with the US’s main indices trading significantly up (the S&P 500 was up by 13.1% and the Nasdaq 100 was up by 16.6%). European indices followed a similar upward trend (the Stoxx 600 was up by 12.3%, the FTSE 100 was up by 8.2% and the IBEX 35 was up by 8.2%). January was the strongest month for indices with solid upsides (the S&P 500 was up by 7.9%, the Nasdaq 100 was up by 9.1%, the Stoxx 600 was up by 6.2%, the FTSE 100 was up by 3.6% and the IBEX 35 was up by 6.1%). However, as the Brexit deadline approached, the indices’ growth diminished.

Brexit has been 2019’s key topic of conversation to date. The UK had been expected to leave the European Union on 29 March 2019. However, following a House of Commons vote on 14 March, the Government sought permission from the EU to extend Article 50 with Theresa May requesting an extension period until 30 June. This was followed by the EU offering a short extension until 22 May on the condition that a positive vote on the withdrawal agreement was achieved by the following week; if a deal could not be agreed the UK would have to propose a way forward by 12 April 2019. One day before such deadline the European leaders agreed to delay Brexit until 31 October, with a review at the end of June. This new extension allows the UK to leave the union on an earlier date if a withdrawal agreement is ratified prior to such deadline.

Another topic impacting markets during the first quarter of 2019 was the progress in trade negotiations between the US and China, with the aim of reaching a trade agreement. On 24 February, Donald Trump announced a delay in tariff increases on Chinese goods due to ‘substantial progress‘ in trade talks.

Stock markets benefitted from improvements in trade negotiations and the decrease in volatility…

Central banks have also played a crucial role this quarter in defining market trends. In January, the US Fed put the ongoing policy tightening cycle on hold and in March said “the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate”, therefore implying that no more rate hikes are expected in 2019.

In February, the Bank of England warned that the economy was on course for its weakest year since the global financial crisis. Therefore it left interest rates on hold while cutting its 2019 growth forecast from 1.7% to 1.2%, blaming Brexit uncertainty and slowing economic growth as the main drivers.

Similarly, the ECB has reacted to the threat of recession across the Eurozone with the promise to keep interest rates at historically low levels for at least the rest of the year. It has also announced the relaunch of liquidity injections starting in September 2019. The announcement followed the ECB’s decision to sharply cut its 2019 Eurozone growth forecasts from 1.7% to 1.1%.

Trade tensions

Central banks’ policies

Volatility Brexit

Market performance

9

VIX Index

0

5

10

15

20

25

30

35

40

Jan

18

Feb

18

Mar

18

Apr 1

8

May

18

Jun

18

Jul 1

8

Aug

18

Sep

18

Oct

18

Nov

18

Dec

18

Jan

19

Feb

19

Mar

19

Main Indices Performance (b. 100)

80

85

90

95

100

105

110

115

Jan

18

Feb

18

Mar

18

Apr

18

May

18

Jun

18

Jul 1

8

Aug

18

Sep

18

Oct

18

Nov

18

Dec

18

Jan

19

Feb

19

Mar

19

IBEX 35 S&P 500 STOXX 600 FTSE 100

After a negative year for equities in 2018 (the S&P 500 decreased by 6.2%, the IBEX 35 by 15.0% and the Stoxx 600 by 13.2%), major indices entered into a rally during Q1 2019 recording their best first quarter in recent years. US stocks slightly outperformed European stocks, with the S&P 500 rising by 13.1%, (its best January since 1987), compared to a 12.3% rise in the Stoxx 600.

In Spain, despite the political uncertainty during the first quarter of the year, the IBEX 35 rose by 8.2%. In February, the president, Pedro Sanchez, called for early elections for

Source: Bloomberg as of Mar 29, 2019. Source: Bloomberg as of Mar 29, 2019.

…with major global indices recovering from previous losses suffered during the last quarter of 2018

28 April. It has been a solid start to the year, particularly compared to Q1 2018, when the main Spanish index fell by 4.4%.

The first quarter of the year closed with a Brent oil price of $68.4, which is more than 26 percent higher compared to last year’s close. This spike in prices was mainly driven by the supply cuts approved by OPEC and other major producers, together with the U.S. sanctions imposed on Venezuela’s and Iran’s exports.

Over the course of the first three months of 2019, the EUR/USD exchange rate was

broadly stable with a mild drop of 2.0%. So far this year, the Pound Sterling is among the best-performing main currencies in the world. In Q1 2019 the Pound appreciated by 4.2% against the Euro, as the risk of a no-deal Brexit receded in March, when members of the British Parliament voted against allowing a no-deal Brexit.

After a truly volatile last quarter, the CBOE Volatility Index (“VIX”) has returned to levels prior to the October 2018 sharp spike, supported by the improvement in trade talks and the positive sentiment towards achieving a beneficial Brexit agreement.


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Ocado’s retail sales grew at a double-digit rate and it entered into a strategic alliance with Coles supermarket. Zalando reported a 24.6% increase in sales growth in the fourth quarter of 2018.

The second most successful sector was basic resources, which gained 19.2% as many of its constituents are companies which are strongly linked to commodity prices which grew significantly in the quarter.

In line with the recent main stock indices rally during the first quarter of the year, all sectors of the Stoxx 600 achieved gains. The retail sector took the lead, trading up by 20.3% during the first three months of the year (e.g. Ocado rose by 73.5%, Zalando by 54.9%, Next by 39.8%, B&M by 32.7% and Just Eat by 28.0%). Ocado and Zalando were not only the best performers in the sector but also the first and third best performers of the Stoxx 600, respectively.

Q1 2019 Stoxx Europe 600 Sector Performance

-10.0 -5.0 0.0 5.0 10.0 15.0 20.0

TelecommunicationsBanks

Travel & LeisureMedia

Auto&PartsUtilities

HealthcareInsuranceOil & Gas

STOXX 600 EUROPEChemicals

Financial ServicesReal Estate

Industry G&SConstruction

TechnologyPersonal&Household Goods

Food&BeverageBasic Resources

Retail

All sectors rebounded and in many cases achieved double-digit gains, with retail leading the Stoxx 600

Source: Bloomberg. Includes Stoxx 600 sector groups’ returns from Dec 31, 2018 to Mar 29, 2019.

However, the European telecommunications sector had the worst performance only growing by 1.4%. (e.g. 1&1 Drillisch decreased by 29.1% and Telefonica Deutschland by 18.1%). Other companies with substantial decreases in stock price in Q1 2019 were Sunrise Communications (-15.2%) and Vodafone (-8.6%).

Market performance

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central banks to combat the threats of a global economic slowdown. Eight of the IBEX 35’s companies suffered stock price decreases in the first quarter of 2019, four of which were banks.

Siemens Gamesa is among the companies that achieved the most significant gains in the stock market, leaving behind the red numbers experienced in the same period last year. One of the index’s largest members, Inditex, rose in line with the

Stoxx 600 retail sector after publishing record profits. Mediaset recovered part of the losses suffered during the last year when it had been the index’s worst performer after announcing a €200m share buyback programme.

Spain’s main index was no exception to the market rally, although the IBEX 35 had a slightly worse performance compared to other European indices due to the significant weight of banks within the index.

Only 23% of IBEX 35 stocks and 25% of Spain’s Main Market stocks traded down in the first three months of the year.

The financial sector has clearly been the most affected by the measures taken by

Q1 2019 IBEX 35 Performance

-15 -10 -5 0 5 10 15 20 25 30 35

IAGCaixabankSabadellBankiaEnce EnergíaBankinterRed EléctricaArcelormittalMelia HotelsTelefónicaInditexAmadeusTécnicas ReunidasFerrovialAenaIndraMediasetCellnexSiemenes GamesaAcciona

Most IBEX 35 stocks have achieved a positive start reaching maximum levels in recent months

Source: Bloomberg. Shows best and worst performers of the IBEX 35 from Dec 31, 2018 to Mar 29, 2019.

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ECM Review

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ECM Review

The UK had the highest number and volume of

ECM deals

Slowdown of European ECM volume vs Q1

2018

Decrease in Q1 2019 European

IPO volume vs Q1 2018

IPOs priced in Spain

European IPOs above €100m

The financial sector continues to be the most

active industry for IPOs

-94%02

-50%


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ECM Europe Q1 2019 by CountryUK

Netherlands

Spain

Germany

France

Sweden

Norway

Others

ECM Europe Q1 2019 by Sector

37%

12%9%7%

6%

5%

4%

20%

Cons., Non-cyclical

Financial

Communications

Real Estate

Energy

Cons., Cyclical

Basic Materials

Others

31%

19%12%

11%

6%

6%

6%9%

Despite secondary markets booming and major global indices recovering the losses from the previous quarter, European ECM volumes have been disappointing. Investors have become more selective and after suffering losses from certain deals in 2018, they may be reluctant to get “burned” again. In addition, issuers may be worried that this could lead to larger discounts when pricing, therefore they are waiting for improved conditions before launching their deals.

In Q1 2019, European ECM volumes decreased by 50% compared to the same quarter of the previous year (Q1 2019: €18.9bn versus Q1 2018: €38.2bn).

European Q1 ECM Deals since 2014

IPOs Value Follow-Ons Value IPOs Count Follow-Ons Count

0

50

100

150

200

250

300

350

400

450

0

10

20

30

40

50

60

70

80

Q1-2014 Q1-2015 Q1-2016 Q1-2017 Q1-2018 Q1-2019

nº€bn

Investor caution drove the European ECM market volume down by 50% compared to Q1 2018

IPOs suffered the most with volumes decreasing to €761m (which is a 94% decrease compared to Q1 2018) and the number of deals issued decreasing to 19 (a 73% decrease versus Q1 2018 deals). A total of €18.2bn was raised in 255 follow-ons, a 27% fall in volume and 26% in number compared to Q1 2018.

Although the uncertainty surrounding Brexit was one of the most significant issues of the quarter, the UK market has been the most active in terms of number and volume of deals issued.

Non-cyclical consumer deals have overtaken finance as the most active European ECM sector by volume this

quarter. The two largest deals were AstraZeneca’s €3.1bn accelerated bookbuild to fund transformational oncology collaboration and Adyen’s €1.5bn block trade to provide liquidity to pre-IPO shareholders (which is its second block since its June 2018 IPO).

Spain was one of the most active markets in Europe, as a result of Cellnex’s €1.2bn rights issue to finance the expansion of its infrastructure portfolio. The deal is said to have been heavily oversubscribed. Following the capital increase, the Spanish company’s shares rocketed in March.

Source: Bloomberg as of Mar 29, 2019.Source: Bloomberg as of Mar 29, 2019. Includes all European IPOs, Rights Issues and Blocks.

ECM Review

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European IPOs in Q1 2019 by Country

UK

Malta

Italy

Belgium

Austria

Sweden

Norway

Others

European IPOs in Q1 2019 by Sector

73%

6%6%

4%3%

2%2% 4%

Financial

Cons., Non-cyclical

Technology

Industrial

Communications

1%

56%

27%

9%7%

Q1 2019 has been the weakest start to a year in terms of IPO volume since Q1 2009. Brexit, monetary policies and other macroeconomic factors have impacted investors’ risk appetite and their desire to invest in new companies coming to market. In Q1 2019 total European IPO volumes amounted to €761m, which is a 94% decrease compared to the €13.2bn recorded in Q1 2018. The number of IPOs priced has also been negative with a dramatic 73% decrease compared to the previous first quarter, with only 19 IPOs crossing the finish line and pricing.

Such low figures came despite the positive stock market performance and lower volatility levels in Q1 2019. In contrast to the last quarter of 2018 when several companies tried to go public but had to cancel their plans due to market conditions, this quarter only a handful of issuers launched their IPOs before withdrawing their intention to go public, such was the case of US Solar Fund (UK) and Traton (Germany) among others.

Of the 19 IPOs that priced only 2 were above the €100m mark with the largest transaction being Schiehallion Fund (UK), which managed to raise €421m.

Despite Brexit, the London Stock Exchange (LSE) was by far the market which raised the most IPO proceeds in Q1 2019, raising

European Q1 IPOs since 2014

0

10

20

30

40

50

60

70

80

90

02

4

68

1012

1416

1820

Q1-2014 Q1-2015 Q1-2016 Q1-2017 Q1-2018 Q1-2019Value Deal Count

€bn nº

There has been a stagnation in the European IPO market with Q1 2019 being the weakest quarter since 2012

€554.9m which accounts for 73% of the money raised in European IPOs. In terms of sectors, the financial sector accounted for 56% of the volume raised during the first quarter of 2019, followed by companies in the consumer (non-cyclical) sector which accounted for 27% of the volume.

IPO markets came to a standstill in Spain with no deals issued in the first quarter of 2019 in the main market (Mercado Continuo), making it the worst start to a year since Q1 2016. Only one growth company and four REITs were listed on MAB, the Spanish alternative market.

Given the current environment, it is likely that the same trend will continue for the rest of the first half of the year.

Source: Bloomberg as of Mar 29, 2019.


16

ECM Hot Topic: IPO Readiness

17


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A rigorous IPO Readiness review is critical for a successful listingListed companies are held to higher standards, particularly when it comes to financial disclosure, transparency and corporate governance. To complete a successful IPO and meet investors’ and regulators’ scrutiny, it is key to assess the necessary changes to be made in the organisation and implement them well ahead of a potential listing.

A private company may explore an IPO for various reasons including providing liquidity to its shareholders or as a way of supporting its future growth strategy. Whatever the reason behind a potential IPO, preparation is critical as this type of transaction often means a transformational change to the business, organisation and the corporate culture.

IPO markets are beyond the company’s control; nonetheless, a comprehensive and early IPO Readiness review will help identify and address the main gaps to be IPO ready enabling the company to take advantage of the best market window possible and to maximise shareholders’ value.

Every company is different, and its level of readiness will differ. Therefore, it is critical to carry out a tailored assessment to identify potential issues and gaps for listing.

Converting these gaps into actions and priorities for the company is critical and will help to ensure that an efficient and

tailored implementation plan is executed. The objective will be that once the IPO Readiness is completed, the company will be able to demonstrate to potential investors solid internal controls, a well-prepared equity story that is easily understood and supported by the right KPIs and the fulfilment of the requirements demanded by the regulators.

The IPO Readiness review should be comprehensive and cover a wide range of areas; from internal controls, corporate governance and historical financial track record to the equity story and investor relations. An important part of preparing for an IPO is assessing key systems and processes such as internal controls, IT systems, business and legal matters, and the effectiveness of the management team. Improvements in these areas provide companies with more robustness, credibility and efficiency – therefore providing value to companies even before the IPO takes place.

The preparation required to go public provides a strong foundation for effectively managing the company and developing a reputation for predictability and good corporate governance, among other benefits that include being able to show the following:

1

2

3

4

5

6

7

A compelling equity story

An effective finance function

Improved decision-making processes

Efficient internal controls

High quality reporting including KPIs

Strong corporate governance

Communication channel with investors


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Minimising execution risks - A tailored process to identify issues early on in the IPO process

We have used our combined experience from working on IPOs in the last decade to create our IPO diagnostic model which underpins a rigorous assessment process covering all areas of your organisation.

Over a relatively short period of time (5-8 weeks depending upon the company’s size, footprint, complexity and level of readiness) and with minimal impact on senior management, we can gather the information we need to complete our

Illustrative IPO readiness assessment timeline

PHASE 1: DATA ANALYSIS & PLANNING • An analysis of the information provided by the Company over the different areas involved • The allocation of workstream responsibilities among senior management • Workshops, meetings and deadlines planning

PHASE 2: “AS IS” DIAGNOSIS • To hold workshops with senior management to obtain further insight into the Company’s operation • A validation of the understanding of the current processes with senior management

PHASE 3: GAP ANALYSIS • An analysis and contrast of the current situation against standard information requirements - Identification of the main gaps

towards becoming IPO ready • A review and validation of the identified recommendations by senior management - Proposed key areas of focus and provision

of recommendations to mitigate risks

Day 0

Day 2

Day 30

Day 50

Day 60

Kick-off Information received IPO LAB

Analysis completed and identification of

red flagsDelivery of IPO Readiness

Report and Roadmap

diagnostic. Our assessment concludes with a focused Readiness report detailing findings on the deficiencies in the organisation to be resolved prior to the IPO process and a tailored first draft timetable for your specific situation.


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Ensuring robustness across the organisation to maximise shareholder’s value

Strategy & equity story • Benchmarking exercise against

peers, including capital structure and leverage levels

• Demonstrate a strong equity story and be able to mitigate potential investors’ concerns

• Construction of a financial model which is (i) capable of producing the required outputs for the banks, (ii) running sensitivity analyses of the key inputs and (iii) easily updated

Corporate Governance & CSR • Board size and committees • Corporate policies • Be prepared for additional

scrutiny from independent non-executive directors

• CSR policy, strategy and reporting

Corporate and Tax Structure • Define corporate vehicle to IPO • An analysis of tax restructuring

of the group for IPO readiness purposes

• An analysis and assistance in defining a Corporate Tax Policy

Financial information • Historical financial track-

record for IPO purposes – IFRS conversion

• Time required to provide closing of financial statements (e.g. annual /interim financials)

• Accurate forecasting • Define and identify APMs and

KPIs

Risk management & internal controls • Robustness of internal controls

to meet SCIIF requirements • Internal audit function • Risk management system • Compliance model

Management and personnel • Preparation and design of a

management incentive plan • Remuneration policy for the

members of the Board • Review of the human resources

policies

Investor communication • Creation of the Investor

Relation function – Role, Responsibilities and Policy

• Investor Relation website definition and set-up

• Communication strategy

Others areas to consider • Dependending on the type of

company some of the following areas will be relevant: – Treasury & Debt Structure – Information Technology and

Systems – Cyber Security – Data Governance

IPO READINESS


21

An IPO Readiness review can result in numerous benefits for a company – whether it decides to launch an IPO or not, as this analysis covers all areas of the organisation ensuring that it runs more efficiently and provides all the information to senior management to make informed decisions regarding strategy and all other matters.

The output of the Readiness assessment includes the following:

• A detailed report highlighting the main gaps to be IPO ready across all relevant areas

• These gaps will be categorised and ranked based on priorities (e.g. mandatory, market standards and best in class)

• Remediation actions will be identified with an estimated time on how long the improvements will take

• A clear roadmap to IPO allocating who in the organisation should be responsible for the implementation of the findings.

Save costs, identify issues early and leave time to focus on what really matters – interacting effectively with potential investors

How Deloitte can help you become ready for the IPO JourneyOur Deloitte IPO Readiness Team, using its IPO diagnostic model, can quickly assess your readiness for an IPO and provide detailed practical recommendations incorporated into a draft IPO timetable.

Our team has a wealth of experience in successfully preparing companies for an IPO and supporting them as the process unfolds. We have skilled specialist teams that take a hands-on approach; starting from a clear identification of what needs to be done, providing advice every step of the way, through to delivering tangible results.

The combination of our specialised team and our significant capital markets experience means that we can deliver the most valuable and cost-effective solutions to enable a smooth and efficient IPO process.

Final thoughts

Similar to the last quarter of 2018, Brexit, trade talks, monetary policies and macroeconomics have been the main topics driving stock market performance and ECM issuance. Uncertainty around Brexit and global economic growth has remained while trade tensions have alleviated slightly with a more open dialogue between the US and China. The big difference between the two quarters has been volatility, which has scaled down by 46% since the end of 2018. This impressive recovery has positively surprised the markets driving some equity indices to their best start in recent years.

Unfortunately, this positive sentiment was not transferred to the European ECM market, with investors and companies still wary of coming to market to raise liquidity and/or cash out with only a handful of pulled IPOs in the market and 19 priced. These figures show the unwillingness of potential issuers to test the market at a time when investors are likely to be more selective in terms of equity stories and more price sensitive due to the Brexit uncertainty.

Q1 2019 European ECM issuance volume was the worst start to the year since Q1 2003, with only 274 transactions having priced raising €18.9bn. IPOs were even more scarce, with only 19 IPOs coming to market raising €761m (a 94% decrease compared to Q1 2018). ECM issuance in the Spanish market has been relatively weak with no IPOs coming to market.

Despite these disappointing ECM figures, banks are said to be actively working with several companies that are planning to come to European markets in 2019. The fulfilment of this pipeline will depend on future market conditions, volatility and investor appetite. In the first days of April the markets have seen the two largest IPOs of 2019 so far: Network International, a Dubai based payment company listed in London, and Medacta, a Swiss orthopaedics company.

Tech companies looking to launch an IPO in the near future are also said to be following Lyft’s performance and Uber’s IPO closely as their outcome could lead the way to many Unicorns coming to the US market (including Pinterest, Airbnb and Slack, among others).

Spanish ECM issuance levels will also be affected by global market conditions. The outcome of the Spanish General Election will also play a significant role in determining the IPO windows for Spanish companies.

About us

The Deloitte IPO Advisory group is an end-to-end service provider that uses a comprehensive framework for advising and preparing companies for their initial public offerings and beyond. This can include analysing a company’s strategic alternatives, becoming “IPO ready”, helping to coordinate the overall process and providing independent capital markets advice throughout the whole process.

The group is comprised of a dedicated team of professionals from Equity Capital Markets, Corporate Finance, Valuation, Financial Reporting, Risk and Corporate Governance Advisory, Tax and Legal, and Consulting backgrounds.

Deloitte’s leading IPO Advisory team provides issuers with independent advice relating to key IPO success factors including: equity story, valuation, market timing, pricing strategy and tactics, underwriters’ and other participants’ selection, roadshow and investor targeting strategy, to name a few.

For more information on our services contact one of our Deloitte IPO advisory professionals.

Contacts

Alejandro González de AguilarDebt, Capital & Treasury [email protected]+34 648720669 / +34 914432552

Javier Fernández-GalianoDebt, Capital & Treasury [email protected]+34 638530435 / +34 918229521

For further information, please visit www.deloitte.es

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Deloitte provides audit, consulting, financial advisory, risk management, tax, and related services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries and territories, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s more than 280,000 professionals are committed to making an impact that matters.

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quarterly volume since 2012 - Deloitte US...Includes Stoxx 600 sector groups’ returns from Dec 31, 2018 to Mar 29, 2019. However, the European European IPOs at their lowest quarterly