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After almost no activity in 2009, the IPO market shows timid<br />
signs of revival<br />
Development of <strong>European</strong> equity capital markets – IPOs<br />
EUROPEAN IPOs BY QUARTER [EUR bn, no.]<br />
600<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
10.6<br />
139<br />
Q1<br />
07<br />
Source: Bloomberg<br />
28.0<br />
258<br />
Q2<br />
07<br />
12.6<br />
183<br />
Q3<br />
07<br />
29.1<br />
233<br />
Q4<br />
07<br />
Value [EUR bn, right scale]<br />
1.9<br />
72<br />
Q1<br />
08<br />
9.2<br />
133<br />
Q2<br />
08<br />
1.6<br />
68<br />
Q3<br />
08<br />
1.2<br />
64<br />
Q4<br />
08<br />
0.0<br />
18<br />
Q1<br />
09<br />
Volume [no., left scale]<br />
0.5<br />
28<br />
Q2<br />
09<br />
1.4<br />
44<br />
Q3<br />
09<br />
5.0<br />
61<br />
Q4<br />
09<br />
4.7<br />
79<br />
Q1<br />
10<br />
9.0<br />
89<br />
Q2<br />
10<br />
2.5<br />
86<br />
Q3<br />
10<br />
10.1<br />
130<br />
Q4<br />
10<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
-5<br />
-10<br />
-15<br />
REMARKS<br />
> <strong>European</strong> IPO activity almost<br />
came to a halt in 2009<br />
> Despite sovereign debt crisis and<br />
the uncertain pace of recovery,<br />
IPO activity has picked in 2010<br />
> Key growth sectors so far: raw<br />
materials and utilities, stock<br />
exchange listings, PE-backed<br />
IPOs<br />
> Q2 2010 has witnessed the<br />
return of IPOs in the >EUR 1 bn<br />
range<br />
<strong>European</strong> <strong>Private</strong> <strong>Equity</strong> <strong>Outlook</strong> <strong>2011</strong>_Final_010411.PPTX 25
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