2022 has been a black year for women new quotes (IPO) on all world lists. The initial public offerings, after last year's boom, have collapsed, recording a sensational - 45% and -61% as regards respectively the number of operations and capital raised year on year: only 1.333 IPOs (Initial Public Offerings) were made and $179,5 billion raised. Only the Asia-Pacific area held, which accounted for 67% of the global IPO collection. The US market, on the other hand, is the one that has suffered the most with only 130 transactions for 9 billion dollars. The global trend hasn't spared Italy either, where the volume of IPOs fell 47%, with capital raised down 46%.
This is what emerges i data collected ofEye Global Eye Trends 2022.
After all, it could not have gone differently in the light of the bad performance of all world stock exchanges. The increase in market volatility, mainly attributable to international geopolitical tensions, the criticality of the energy scenario, the increase in inflation and the acceleration in the growth of interest rates which negatively affects the equity valuations of companies. The weakening of the post-Ipo 2021 negative performances further discouraged the interest of investors who instead focused on the Stock Exchange to raise capital. In reality, only a few companies of a certain weight have managed to land on global markets with some success: among these LG Energy Solutions ($10,7 billion raised), CNOOC in Shanghai (5,1 billion), Porsche on the German market (8,7 billion), the Dubai Electricity and Water Authority (6,1 billion) and the China Mobile again in Shanghai (8,2 billion).
Ipo quotations 2022: the situation in Italy
From the merger survey that in the current year Italy has recorded a trend similar to the global one: with only 26 IPOs, almost half compared to 44 in 2021 and only 4 by companies of a certain caliber (Iveco, Civitanavi, generalfinance e De Nora Industries), which raised around 1.400 million euros, of which only 6 with inflows of 35 million in the fourth quarter of 2022. The company that raised the most in Square Business, 700 million in February, before the war in Ukraine, was Techno probe (does chip function tests), followed by From Nora (green hydrogen, 474 million), while the blue chip Iveco has more than halved its value since its debut at the beginning of the year. The yachts FerrettiInstead, they listed themselves in Hong Kong and raised 233 million euros.
But the landing of the 26 companies did not compensate for the fleeing of the companies they said farewell to Piazza Affari. With a total of 25 takeover bids followed by delisting and with the passage of Exor on the Dutch Stock Exchange, the Milanese list lost around 50 billion in capitalization out of a total of 700. Among the most striking exits Atlantia (19 billion capitalization) Rest (2,5 billion), Cerved (2 billion), Catholic Insurance (1,5 billion).
The performances in the Americas, Asia-Pacific and Emeia
It was above all the sufferer market of the Americas, in particular the US one, whose activity has fallen to levels never seen since the global crisis of 2008, recording the lowest levels of the last 13 years in terms of volumes and of the last 20 years in terms of deposits, at 9 billion dollars. Certainly to affect the blocking by the US authorities of the listings of Chinese companies on the American markets. But not only. According to the analysis there are two more reasons they played against: i private equity funds need venture capital, given the drop in valuations, have no longer considered the Stock Exchange as a way out of the acquired companies and then the fall of the SPACs - the vehicle companies that first get listed and then look for the target company - which now risk having to return the cash raised to initial investors.
However, the US blockade has benefited the market ofAsia-Pacific area, which filed 845 IPOs in 2022 for total funding of $120,6 billion, accounting for 63% of new listings and 67% of funds raised globally in 2022. Mainland China is in the process of “establishing another record annual capital raising by the end of 2022,” according to the report.
IPO activity in theEmeia area (Europe, Middle East, India and Africa) decreased by 53% and 55% respectively in number and collections, recording 358 IPOs that raised $49,9 billion. Even though IPO activity in Europe decreased by 78% due to geopolitical tensions, the Middle East and North Africa area held up well, registering a 3-digit increase (by 115%) in terms of funding thanks to the large IPOs in the energy sector and other sectors, together with the initiative initiated by the government's privatization plan. In the Emeia area, 5 of the 10 main IPOs of 2022 were also carried out.
Ipo prices: prospects for 2023
What will happen in 2023? "As the pipeline continues to grow, many companies are waiting for the right time to revive their IPO plans," he explained. Paul Aimino, IPO and Capital market leader of EY in Italy -. Less risk-averse investors favor more resilient companies with the best fundamentals, along with those active in implementing ESG programs.
If 2022 was a bad year for IPOs, 2023 cannot be said to be more lively for new listings, at least for the first half of the year. Some companies had to land on the stock exchange as early as 2022 only that, due to adverse market conditions, everything was frozen. And caution is never too much. Everything will depend on how the market situation evolves in the coming months.
According to the EY, many potential IPO companies will still adopt the "wait-and-see" approach, waiting for the right window. For now, investors will focus on a company's fundamentals, such as revenue growth, profitability and cash flows, rather than growth projections alone.
From Plenitude to TikTok up to Lamborghini: here are the IPOs of 2023
Who will they be next freshmen on the stock market? The energy sector remains the most popular for IPOs in 2023. One of the most anticipated is the IPO of Fullness, the company that took the place of Eni Gas e Luce, integrating specific retail services, separating itself from the parent group.
Among the names at stake globally there are also those of TikTok, one of the most popular social networks, and Reddit, among the most used social networks in the world, competitor of Twitter, Instagram and Facebook.
Among the sectors on which the spotlights are focused is the automotive sector, with Lamborghini in the lead, now connected to the Volkswagen Group, which according to rumors could open up to the market through an initial public offering.
