FCF IPO Market Monitor - European Initial Public Offerings - H1 2019
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FCF IPO Market Monitor European Initial Public Offerings – H1 2019
Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
2Executive Summary
The FCF IPO Market
Monitor is a FCF IPO Market Monitor Recipients
standardized report is a comprehensive analysis of the European IPO markets and is The FCF IPO Market Monitor targets the following recipients:
on the European published by FCF on a semi-annual basis. The analysis provides
public offerings relevant pricing, performance and valuation metrics (e.g. ratios and ▪ Institutional investors ▪ Family Offices / High
markets and serves a multiples) of European IPOs for the last six months ▪ Private equity investors Net-Worth Individuals
quick reference for ▪ Venture capital investors ▪ Corporates
investors, corporates ▪ Advisors
Selection of Companies
and professionals
The selection of IPOs is based on the following criteria: Data
More advanced, ▪ IPO date within the last 6 months
All input data is provided by S&P Capital IQ and is not independently
detailed and / or ▪ Primary listing at an European exchange* verified by FCF. Ratio and multiple calculations are driven based on
customized reports ▪ Transaction size at least EUR 20m the input data available. For additional information and disclaimer,
are available upon please refer to the last page
▪ IPOs of companies operating in the financial services or real
request estate sector have been excluded
▪ Based on transaction size, the IPOs are categorized as follows: Availability
Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m,
Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250m The FCF IPO Market Monitor is available on FCF’s website at
“www.fcf.de“
Calculation of Price Indices
The price indices are calculated based on the following criteria: To recommend colleagues or fellow investors to be added to the
mailing list, kindly send an email with the respective contact
▪ The relevant IPO has been issued within the last 2 years information
▪ The holding period for each IPO in the respective index is 2 years
▪ The constituents of each index are based on the transaction size
at the time of IPO and are not re-allocated to other categories If you have questions, comments or ideas, please do not hesitate
to contact us
▪ The index is an arithmetic weighted series where the weights are
the market capitalization of each company
* Countries of exchanges: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, 3
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomExecutive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
4FCF Overview
FCF seeks to provide Who We Are Capital Markets Capabilities and Services
its clients with
■ Specialized investment bank and financing specialist ■ Venture capital ■ Private equity
financing solutions Private /
■
■ Advising public and private small / midcap companies Pre-IPO Growth capital
Equity
(i) at the lowest
■ Initial Public Offering pursued in tandem)
cost, ■ Advisor for structuring and placement of financing transactions: (IPO) / Capital increase ■ Private Investment in
(ii) with the highest − All instruments: Unbiased approach to all available corporate Public
■ Dual-track (IPO and Public Equity (PIPE)
financing instruments (no product selling approach), allowing alternative transaction ■ Block trade
flexibility,
for customized financing structures ■ Receivables / Factoring / ■ Working capital /
(iii) in the shortest
− All investors: Close and trusted relationships with senior Short-term Asset-backed Securities Revolving credit facility
period of time, Debt ■ Borrowing base / ■ Guarantees /
executives of virtually all relevant equity and debt investors
Inventory Letter of Credit
(iv) with the highest − Fast process: Process management skills and direct / personal
closing proba- ■ Bank loan facility / ■ Promissory note
access to institutional debt and equity investors enable fast
Debt
Syndicated loans (Schuldscheindarlehen)
bility, and with transactions Long-term ■ Sale-and-lease back / ■ High-yield / PIK bond
(v) financing partners Debt Leasing ■ Second lien /
■ More than 100 transactions with a total placement volume in ■ Corporate bonds (public / Subordinated loans
that integrate well excess of EUR 4.0 billion since foundation in 2005 private placement) ■ Unitranches
into their strategy
■ Approx. 10 professionals headquartered in Munich Mezzanine ■ Mezzanine capital ■ Convertible bonds
Selected Transactions
Syndicated Loan Acquisition Financing Acquisition Financing Syndicated Loan European Investment European Investment R&D Financing
Round Extension Capital Increase Investment in Bilateral Loan Facility Capital Increase
Facility Senior Loan & WCF Second Lien Loan Facility Bank Debt Facility Bank Debt Facility Debt Facility
[confidential] [confidential]
Advisor to AkrosA
Doppstadt GSE Group GSE Group Business Service Leading Virtual
Synapticon GmbH Synapticon GmbH Private Equity KMP Holding GmbH censhare AG AMW GmbH Voxeljet AG
Familienholding GmbH Acquisition by Finexx Acquisition by Finexx Provider Reality Company
GmbH & Co. KG
EUR 70m [confidential] > EUR 10m > EUR 10m [confidential] [confidential] [confidential] [confidential] [confidential] EUR 25m EUR 25m EUR 25m
Pending June 2019 January 2019 December 2018 December 2018 November 2018 April 2018 April 2018 April 2018 December 2017 December 2017 November 2017
European Investment Syndicated Loan Bilateral European Investment Syndicated Loan Advisor to the Family Syndicated Loan Senior Debt
Capital Increase Promissory Note Factoring Facility Debt Financing
Bank Debt Facility Facility Loan Facility Bank Debt Facility Facility and the Company Facility Financing
DSD – Duales System W Schulz Group Karl Tönsmeier
Ziegler Holzindustrie Schnellecke Group Schnellecke Group Schnellecke Group
numares AG MagForce AG Holding Biofrontera AG Sale to Alno AG Entsorgungswirtschaft Max Aicher Group
GmbH & Co. KG AG & Co. KG AG & Co. KG AG & Co. KG
GmbH & Co. KG Berkshire Hathaway GmbH & Co. KG
EUR 11m EUR 35m EUR 70m EUR 55m EUR 30m EUR 20m EUR 105m EUR 50m [confidential] > EUR 35m EUR 82m [confidential]
November 2017 July 2017 July 2017 June 2017 June 2017 May 2017 March 2017 March 2017 February 2017 July 2016 May 2016 April 2016
5FCF Facts & Figures
More than Close to More than More than
#1 10 100 100 4 bn
Financing advisor in Investment banking Years of aggregated, Completed Total volume of advised
Germany, purely focusing professionals investment banking / transactions & closed transactions
on corporate financing financing experience since 2005
transactions
More than More than
Network 2000 25 120 Leading
Access to more than Contacts to family offices International conferences Articles and research Advisor for financing
4000 international and ultra high net worth organized papers published transactions with EIB in
financial institutions individuals worldwide the DACH region
6FCF’s Equity Expertise
FCF has successfully Selected Public Clients IPO / Public Equity Markets Coverage
closed numerous
equity-related
transactions over the
past years
FCF regularly
publishes specialized
research, covering
industry trends,
equity valuations,
debt transactions,
Click picture to
IPO and M&A activity view the report
FCF has hosted /
hosts the FCF IPO
FCF IPO Conference Presenters FCF Family-2-Family Conference Presenters
Conference,
addressing going
public topics with
great relevance to
decision makers
FCF bi-annually
hosts its Family-2-
Family Conference,
an opportunity for
public companies to
present themselves
to family offices
7Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
8European H1 2019 IPOs – Overview
Fast Facts European IPOs - Performance Performance and Issuance by Exchange
0 5.3%
▪ 16 IPOs in H1 2019 (vs. 23 IPOs in H2 2018 4.4% 3# 17.0%
/ = -7 IPOs) 0
1# 11.2%
▪ EUR 6,515m Volume raised (-23.7% vs H2 0
2018) 0 2# 9.7%
▪ 1 withdrawn or postponed IPO -0.2%
4# 5.1%
0
▪ 100% of H1 2019 IPOs priced within range** IPO +1D IPO +1M IPO - YTD
2# 4.2%
1# 0.6%
IPOs by Sector
-1.0% 1#
Biotechnology
Stockholm -2.2% 1#
-22.4% 1#
Brussels
Information Technology 0 0 0 0 0 0 0 0 0 0
13%
Communication
Services 31%
13%
16
Consumer 13%
Discretionary Primary / Secondary Split & Price Range
13% 19%
Industrials
Health Care Secondary Shares
41%
IPOs per Month 59%
Primary Shares
7000 7 8
6000
5 6
5000
4000
5,582.6m
4
3000 2 2
2000
1000 720.1m 2 2*
76.4m 136.1m
0 0
Jan Feb Mar Apr May Jun number of IPOs 100%
in each country (HQ)**
Within Range
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, All European IPOs, * 2 IPOs with HQ outside Europe, ** where data available 9
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean IPOs – Performance
Last 2 years
With a 19% gain over 150
H1 2019
the last two years,
the FCF Large IPO
140
index significantly
outperformed its
European IPO peers
130
and benchmark index
(MSCI Europe Index)
120
119%
The FCF Micro,
Small and Medium
IPO indices are 110
currently trading
below the MSCI
100
Europe Index 98%
93%
90
The different FCF IPO 83%
Indices consist of all IPO 80
transactions over the last 78%
2 years. IPOs are as-
signed to the Indices
70
according to their size at
IPO date.
MSCI Europe Index 60
captures 442 companies Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19
across 15 developed
markets countries in MSCI Europe Index FCF Micro IPO Index FCF Small IPO Index FCF Medium IPO Index FCF Large IPO Index
Europe
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 10
Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m, Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250mExecutive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
11European H1 2019 Micro IPOs – Overview (I)
Fast Facts European IPOs - Performance Performance and Issuance by Exchange
0
▪ 6 IPOs in H1 2019 (vs. 9 IPOs in H2 2018 / 7.0% 6.6%
2# 21.5%
= -3 IPOs) 0
4.7%
▪ EUR 219m Volume raised (3.4% of 0 1# 11.2%
European Volume) 0
▪ 0 withdrawn or postponed IPO -1.0% 1#
0
▪ 100% of H1 2019 Micro IPOs priced within IPO +1D IPO +1M IPO - YTD
-2.4% 1#
range**
-22.4% 1#
Brussels
IPOs by Sector
0 0 0 0 0 0 0
Health Care
Information Technology
17%
33%
Industrials
17% 6
Primary / Secondary Split & Price Range
33%
Biotechnology
Secondary Shares
45%
IPOs per Month 55%
Primary Shares
150 3 4
2 3
100
118.2m
1 2
76.4m
50
24.2m
1 0*
0 0
Jan Feb Mar Apr May Jun number of IPOs 100%
in each country (HQ)**
Within Range
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Micro IPOs: EUR 20m – 50m, * 0 IPOs with HQ outside Europe, ** where data available 12
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean H1 2019 Micro IPOs – Overview (II)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days Market (in % of total Current Current Price Price Final-to- Initial Initial high to Final Initial
Exchange Listing Filing-to- Issuing Issuing Cap at Size Issuing Share Market Range - Range - Initial low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume IPO Date Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
BMIT Technologies Main Information
Malta Malta 07/02/2019 31 0.5 48.9 99.8 Micro No GS 0% - 100% 0.5 111.0 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0%
plc Market Technology
Compart-
Sequana Medical NV Belgium Belgium Health Care 08/02/2019 9 8.5 27.5 111.9 Micro No GS 100% - 0% 6.6 104.6 8.5 9.0 8.8 8.8 0.0% 0.0% 0.0% -2.9% -5.6%
ment C
Alternative
United United
Diaceutics PLC Investment Biotechnology 18/03/2019 0 0.9 24.2 n/a Micro No GS 82% - 18% 1.0 68.9 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0%
Kingdom Kingdom
Market
General
Frequentis AG Austria Germany Industrials 10/05/2019 14 18.0 48.6 237.6 Micro No GS 44% - 56% 17.8 235.2 18.0 21.0 19.5 19.5 0.0% 0.0% 0.0% -7.7% -14.3%
Standard
Alternative
United United Information
essensys plc Investment 28/05/2019 14 1.7 31.7 82.3 Micro No GS 50% - 50% 2.2 108.2 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0%
Kingdom Kingdom Technology
Market
Ultimovacs ASA Norway Norway OB Match Biotechnology 29/05/2019 9 3.2 37.9 n/a Micro No GS n/a - n/a n/a 3.1 87.0 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0%
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Micro IPOs: EUR 20m – 50m ■ Primary Shares 13
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H1 2019 Micro IPOs – Overview (III)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
BMIT Technologies
5.1% 7.1% 11.2% 11.2% 11.2% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 659,924 Mamo TCV - PwC
plc
KBC Securities; Kempen &
Sequana Medical NV -0.9% -20.7% -30.4% -22.4% -22.4% 40.0% 0.08% 77.7x 55.5x 33.3x n/m n/m n/m 23.8% 72.5% 27.3% -3.6% n/a Baker & Mckenzie Linklaters PwC
Co; MIR Securities
Diaceutics PLC 23.5% 24.5% 11.6% 11.6% 11.6% 15.8% 0.31% 5.4x 4.5x n/a 35.5x 23.3x n/a 30.7% n/a 43.1% n/a n/a n/a n/a - n/a
BINDER
Commerzbank; FinTech
Frequentis AG -2.3% -1.0% -1.0% -1.0% -1.0% 30.4% 1.04% 0.6x 0.6x 0.6x 9.3x 7.7x 6.9x 7.0% 7.0% 6.8% 16.4% n/a CHSH GRÖSSWANG; BDO; EY
Group
CHSH; Noerr
essensys plc 15.3% 31.4% 31.4% 31.4% 31.4% 18.1% 2.98% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Nplus1 Singer n/a Osborne Clarke Addleshaw Goddard BDO
ABG Sundal Collier Holding; Wiersholm, Mellbye &
Ultimovacs ASA -0.9% -2.4% -2.4% -2.4% -2.4% 49.3% 0.53% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Schjodt EY
DNB Markets Bech
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 14
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this yearEuropean Micro IPOs – Performance
Last 2 years
Over the last two 140
H1 2019
years, the FCF Micro
IPO Index performed
almost in line with its
benchmark index 130
120
110
100
95%
FCF Micro IPO Index
consists of all IPO 93%
transactions within 90
20 – 50 EURm over the
last 2 years
MSCI Europe Micro Cap
Index captures 1,455
Micro Cap companies 80
Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19
across 15 developed
markets countries in
Europe MSCI Europe Micro Cap Index FCF Micro IPO Index
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Micro IPOs: EUR 20m – 50m 15Micro IPOs and Market Volatility (VSTOXX) –
Performance Overview
Volatility VSTOXX – LTM
60
VSTOXX –
Last 6M
55 Final-to-Filing Volume -5.6%
Adjustment:
+1d Performance: -0.9%
50 Performance since IPO: -22.4%
45
Final-to-Filing Volume 0.0%
Adjustment:
+1d Performance: -0.9%
40
Performance since IPO: -2.4%
Final-to-Filing Volume 0.0%
Adjustment:
35 +1d Performance: 5.1% Final-to-Filing Volume 0.0%
Adjustment:
Performance since IPO: 11.2%
+1d Performance: 23.5% Final-to-Filing Volume 0.0%
Performance since IPO: 11.6% Adjustment:
30 +1d Performance: 15.3%
Performance since IPO: 31.4%
25
Final-to-Filing Volume -14.3%
Adjustment:
20
+1d Performance: -2.3%
Performance since IPO: -1.0%
15
10
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 16Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOS
c) Medium IPOs
d) Large IPOs
17European H1 2019 Small IPOs – Overview (I)
Fast Facts European IPOs - Performance Performance and Issuance by Exchange
0
▪ 1 IPO in H1 2019 (vs. 4 IPOs in H2 2018 / 8.1% 8.1% AIM - London Stock
8.0% 1# 8.1%
= -3 IPOs) Exchange
▪ EUR 96m Volume raised (1.5% of 0 0 0 0 0 0 0
European Volume)
▪ 1 withdrawn or postponed IPO 0
▪ 100% of H1 2019 Small IPOs priced within IPO +1D IPO +1M IPO - YTD
range**
IPOs by Sector
Consumer Discretionary
1
Primary / Secondary Split & Price Range
100%
Secondary Shares
26%
IPOs per Month
74%
Primary Shares
120 2
100
2
80 1
60 1
96.3m
40
20
1 0*
0 0
Jan Feb Mar Apr May Jun number of IPOs 100%
in each country (HQ)**
Within Range
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Small IPOs: EUR 50m – 100m, * 0 IPOs with HQ outside Europe, ** where data available 18
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean H1 2019 Small IPOs – Overview (II)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days Market (in % of total Current Current Price Price Final-to- Initial Initial high to Final Initial
Exchange Listing Filing-to- Issuing Issuing Cap at Size Issuing Share Market Range - Range - Initial low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume IPO Date Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
Alternative
United United Consumer
Loungers plc Investment 24/04/2019 23 2.3 96.3 214.0 Small No GS 74% - 26% 2.5 231.4 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0%
Kingdom Kingdom Discretionary
Market
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Small IPOs: EUR 50m – 100m ■ Primary Shares 19
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H1 2019 Small IPOs – Overview (III)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
Loungers plc 8.0% 8.1% 8.1% 8.1% 8.1% n/a n/a 2.4x 2.0x 1.7x 17.6x 14.9x 12.5x 29.1% 20.1% 93.3% 23.2% Liberum Capital; Peel Hunt n/a Jones Day Travers Smith PwC
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 20
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this yearEuropean Small IPOs – Performance
Last 2 years
The FCF Small IPO 140
H1 2019
Index under-
performed its
benchmark index 130
significantly by 20
percentage points
over the last two 120
years
110
100 98%
90
80
78%
FCF Small IPO Index
consists of all IPO
transactions within
70
50 – 100 EURm over the
last 2 years
MSCI Europe Small Cap
Index captures 1,004 60
Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19
Small Cap companies
across 15 developed
markets countries in MSCI Europe Small Cap Index FCF Small IPO Index
Europe
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Small IPOs: EUR 50m – 100m 21Small IPOs and Market Volatility (VSTOXX) –
Performance Overview
Volatility VSTOXX – LTM
60
VSTOXX –
Last 6M
55
50
45
40
Final-to-Filing Volume 0.0%
Adjustment:
+1d Performance: 8.0%
35
Performance since IPO: 8.1%
30
25
20
15
10
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 22Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOS
c) Medium IPOs
d) Large IPOs
23European H1 2019 Medium IPOs – Overview (I)
Fast Facts European IPOs - Performance Performance and Issuance by Exchange
0
▪ 3 IPOs in H1 2019 (vs. 4 IPOs in H2 2018 /
4.7% 2# 3.0%
= -1 IPOs)
0
▪ EUR 610m Volume raised (9.3% of Stockholm
-2.2% 1#
2.2%
European Volume) 0 1.3%
0 0 0 0 0 0 0 0
▪ 0 withdrawn or postponed IPO 0
▪ 100% of H1 2019 Medium IPOs priced IPO +1D IPO +1M IPO - YTD
within range**
IPOs by Sector
Industrials
Communication 33% 33%
Services
3
Primary / Secondary Split & Price Range
33%
Consumer
Discretionary Secondary Shares
40%
IPOs per Month 60%
Primary Shares
300 2
250
200 1 1 1
150 1
249.0m
111.9m
249.1m
100
50 0*
0 0
Jan Feb Mar Apr May Jun number of IPOs 100%
in each country (HQ)**
Within Range
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Medium IPOs: EUR 100m – 250m, * 0 IPOs with HQ outside Europe, ** where data available 24
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean H1 2019 Medium IPOs – Overview (II)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days Market (in % of total Current Current Price Price Final-to- Initial Initial high to Final Initial
Exchange Listing Filing-to- Issuing Issuing Cap at Size Issuing Share Market Range - Range - Initial low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume IPO Date Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
United United Main
DWF Group plc Industrials 14/03/2019 34 1.4 111.9 429.9 Medium No GS 79% - 21% 1.3 404.8 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0%
Kingdom Kingdom Market
Communi-
Karnov Group AB Main
Sweden Sweden cation 11/04/2019 13 4.1 249.0 402.0 Medium 8% 31% - 69% 4.0 393.0 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0%
(publ) Market
Services
Watches of
United United Main Consumer
Switzerland Group 30/05/2019 28 3.1 249.1 732.0 Medium 10% 70% - 30% 3.4 818.6 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0%
Kingdom Kingdom Market Discretionary
PLC
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Medium IPOs: EUR 100m– 250m ■ Primary Shares 25
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H1 2019 Medium IPOs – Overview (III)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
Jefferies; Stifel Nicolaus; Allen & Overy; Clifford
DWF Group plc 0.1% -1.9% -4.5% -5.8% -5.8% 91.9% 0.06% 1.6x 1.4x 1.3x 12.7x 8.7x 7.0x 17.6% 12.0% -15.8% 34.7% n/a - Deloitte
Zeus Capital Chance; DWF Group
Gernandt &
Karnov Group AB Carnegie Investment Bank;
-0.2% -3.3% -2.2% -2.2% -2.2% 77.3% 0.62% 8.0x 7.7x 7.4x 18.2x 16.7x 15.8x 28.5% 4.4% 37.1% 5.1% n/a Danielsson White & Case PwC
(publ) Nordea Bank
Advokatbyrå
Watches of Paul, Weiss, Rifkind,
Barclays; BNP Paribas; GS; Freshfields Bruckhaus
Switzerland Group 14.1% 11.8% 11.8% 11.8% 11.8% 40.8% 1.31% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 4,981,519 Wharton & Garrison; KPMG; PwC
Investec Bank Deringer
PLC Slaughter and May
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 26
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this yearEuropean Medium IPOs – Performance
Last 2 years
Over the last two 140
H1 2019
years, the FCF
Medium IPO Index
underperformed its 130
benchmark index
significantly by 15
percentage points 120
110
100 98%
90
83%
80
FCF Medium IPO Index
consists of all IPO
transactions within 100 –
70
250 EURm over the last 2
years
MSCI Europe Mid Cap
Index captures 249 Mid 60
Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19
Cap companies across 15
developed markets
countries in Europe MSCI Europe Mid Cap Index FCF Medium IPO Index
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Medium IPOs: EUR 100m – 250m 27Medium IPOs and Market Volatility (VSTOXX) –
Performance Overview
Volatility VSTOXX – LTM
60
VSTOXX –
Last 6M
55
Final-to-Filing Volume 0.0%
50 Adjustment:
+1d Performance: -0.2%
Performance since IPO: -2.2%
45
40
35
Final-to-Filing Volume 0.0%
Adjustment:
+1d Performance: 14.1%
Final-to-Filing Volume 0.0%
30 Adjustment: Performance since IPO: 11.8%
+1d Performance: 0.1%
Performance since IPO: -5.8%
25
20
15
10
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 28Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOS
c) Medium IPOs
d) Large IPOs
29European H1 2019 Large IPOs – Overview (I)
Fast Facts European IPOs - Performance Performance and Issuance by Exchange
0
▪ 6 IPOs in H1 2019 (vs. 6 IPOs in H2 2018)
7.5% 1# 21.9%
▪ EUR 5,590m Volume raised (85.8% of 0 2.7%
European Volume)
0 2# 7.2%
▪ 0 withdrawn or postponed IPO
▪ 100% of H1 2019 Micro IPOs priced within 0
-11.2%
2# 4.2%
range** IPO +1D IPO +1M IPO - YTD
1# 0.6%
IPOs by Sector
Health Care
Information Technology
17%
Communication
Services
17% 6 50%
Primary / Secondary Split & Price Range
17%
Industrials
Secondary Shares
14%
IPOs per Month
86%
Primary Shares
6000 5 6
5000 5
4000 4
5,237.2m
3000 3
2000
1000
352.8m 2
1
2*
1
0 0
Jan Feb Mar Apr May Jun number of IPOs 100%
in each country (HQ)**
Within Range
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Large IPOs: > EUR 250m, * 2 IPOs with HQ outside Europe, ** where data available 30
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean H1 2019 Large IPOs – Overview (II)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days Market (in % of total Current Current Price Price Final-to- Initial Initial high to Final Initial
Exchange Listing Filing-to- Issuing Issuing Cap at Size Issuing Share Market Range - Range - Initial low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume IPO Date Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
Network International United Arab United Main Information
10/04/2019 20 5.1 1,263.7 2,605.2 Large 6% 0% - 100% 6.6 3,317.3 4.6 5.4 5.0 5.0 -0.1% 0.0% -0.1% 1.2% -22.0%
Holdings plc Emirates Kingdom Market Technology
Medacta International Switzer- Swiss
Switzerland Health Care 04/04/2019 13 85.6 487.9 1,711.9 Large 8% 0% - 100% 74.9 1,497.5 78.5 92.7 85.6 85.6 0.0% 0.0% 0.0% 0.0% -7.7%
SA land Shares
Information
Nexi S.p.A. Italy Italy MTA 12/04/2019 15 9.0 2,010.6 n/a Large 2% 35% - 65% 9.1 5,681.4 8.5 10.4 9.4 9.4 0.0% 0.0% 0.0% -4.5% 0.5%
Technology
Switzer- Swiss
Stadler Rail AG Switzerland Industrials 11/04/2019 13 33.6 1,176.3 3,360.9 Large 15% 0% - 100% 40.6 4,055.0 29.2 36.3 32.7 32.7 0.0% 0.0% 0.0% 2.7% -7.3%
land Shares
Communi-
Adevinta ASA Norway Norway OB Match cation 09/04/2019 8 8.1 298.7 3,022.8 Large 15% 0% - 100% 9.9 6,721.0 7.3 8.5 7.9 7.9 0.0% 0.0% 0.0% 2.6% -4.9%
Services
United Arab United Main Information
Finablr PLC 14/05/2019 35 2.0 352.8 1,411.1 Large No GS 50% - 50% 1.7 1,174.4 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0%
Emirates Kingdom Market Technology
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Large IPOs: > 250 EURm ■ Primary Shares 31
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H1 2019 Large IPOs – Overview (III)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
Barclays; Citi; Emirates NBD;
Network International Al Tamimi & Company;
18.2% 23.6% 33.0% 31.2% 31.2% 69.6% 0.74% 11.1x 9.8x 8.6x 21.8x 18.6x 16.0x 12.7% 13.3% 9.8% 16.4% GS; J.P. Morgan; Liberum; 17,694,732 Clifford Chance KPMG
Holdings plc Allen & Overy
Morgan Stanley
Medacta International CS; J.P. Morgan; Morgan
0.1% -6.4% -9.3% -12.5% -12.5% 30.7% 1.38% n/m n/m n/m n/m n/m n/m n/a 13.3% n/a 13.9% n/a n/a Homburger Deloitte
SA Stanley; UBS
Banca Akros; Banca IMI; Latham & Watkins;
Bonelli Erede
Nexi S.p.A. -6.2% -2.9% 1.5% 0.6% 0.6% 39.9% 1.37% 9.0x 8.5x 8.0x 18.1x 15.7x 14.4x -16.9% 6.5% n/a 14.9% Merrill Lynch; Barclays; n/a Lombardi, Segni & n/a
Pappalardo; Linklaters
BPER; Citi; CS; GS;* Associati
BNP Paribas; Citi; CS; UBS; BianchiSchwald;
Stadler Rail AG 13.2% 10.0% 21.3% 20.9% 20.9% 43.3% 1.63% n/m n/m n/m n/m n/m n/m 19.9% 9.6% 17.4% 14.3% n/a - n/a
UniCredit; ZKB Niederer, Kraft & Frey
Arctic Securities; J.P. Cleary Gottlieb Steen
Adevinta ASA 14.9% 8.9% 21.6% 21.9% 21.9% 99.8% 0.22% 9.9x 8.6x 7.5x 34.0x 27.2x 23.3x 15.8% 13.8% 53.1% 23.8% Morgan; Skandinaviska n/a & Hamilton; Wiers- BAHR; White & Case EY
Enskilda Banken holm, Mellbye & Bech
Barclays; EFG-Hermes; GS;
Linklaters; White &
Finablr PLC -7.1% -16.8% -16.8% -16.8% -16.8% 99.8% 0.34% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a J.P. Morgan; Merrill Lynch; 5,291,721 - EY
Case
Numis Securities
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 32
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year
(*) HSBC; Mediobanca; UBS; UniCredit; UBI; Value ItalyEuropean Large IPOs – Performance
Last 2 years
Over the last two 140
H1 2019
years, the FCF Large
IPO Index out-
performed its
benchmark index 130
significantly by 21
percentage points
120
119%
110
100
98%
FCF Large IPO Index
consists of all IPO 90
transactions above 250
EURm over the last 2
years
MSCI Europe Large Cap
Index captures 193 Large 80
Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19
Cap companies across 15
developed markets
countries in Europe MSCI Europe Large Cap Index FCF Large IPO Index
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Large IPOs: > EUR 250m 33Large IPOs and Market Volatility (VSTOXX) –
Performance Overview
Volatility VSTOXX – LTM
60
VSTOXX –
Last 6M
Final-to-Filing Volume -22.0%
55
Adjustment:
Final-to-Filing Volume 0.5%
+1d Performance: 18.2%
Adjustment:
Performance since IPO: 31.2%
+1d Performance: -6.2%
50
Performance since IPO: 0.6%
45
Final-to-Filing Volume -4.9%
40 Adjustment: Final-to-Filing Volume -7.3%
+1d Performance: 14.9% Adjustment:
Performance since IPO: 21.9% +1d Performance: 13.2%
Final-to-Filing Volume 0.0%
Performance since IPO: 20.9% Adjustment:
35 +1d Performance: -7.1%
Performance since IPO: -16.8%
30
Final-to-Filing Volume -7.7%
Adjustment:
25 +1d Performance: 0.1%
Performance since IPO: -12.5%
20
15
10
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19
Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 34Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
35BMIT Technologies plc
Company Description IPO Facts .
Sector: IT Services Ticker MTSE:BMIT Financial Advisors
BMIT Technologies p.l.c., together with its subsidiaries, provides data center, cloud, and managed IT Exchange Malta Stock Exchange Bank
na of Valletta p.l.c.; Rizzo, Farrugia & Co. Ltd.
Initial Filing Date 07-Jan-19
services to a range of business customers in Malta. It serves online gaming, financial services,
Announced Date 07-Jan-19
professional and media, ICT, manufacturing, transportation, retail, hospitality, and other businesses.
# Days Announced to Offer 31
The company was formerly known as GO Data Centre Services Limited and changed its name to
Offer Date 07-Feb-19
BMIT Technologies p.l.c. in October 2018. The company was incorporated in 2009 and is based in
Kalkara, Malta. BMIT Technologies p.l.c. is a subsidiary of GO p.l.c.
IPO Price (EUR) 0.49
Filing Price Range (EUR) na
Final Price Range (EUR) na
Legal Counsel
Shares Offered (incl. Greenshoe) 99.8m
Greenshoe No GS na
Filing Volume (EUR) 48.9m
2
Final Volume (EUR) 48.9m
Filing-to-Final Change 0.0%
Public Shareholders1 Accounting Advisors
Primary / Secondary Split 2
na na PricewaterhouseCoopers Malta
na na Primary 0%
na na Secondary 100%
na na
na na Key Financials
na na (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations
Share Price Performance Revenue 21.3 na na na na
IPO +1D IPO +3M IPO +6M since IPO Growth na na 0 Buy
BMIT Technologies plc 5.1% 7.1% na 11.2% EBITDA 9.3 na na na na 0 Outperform
Malta Stock Exchange Index 5.9% 5.0% na 7.7% Margin 43.9% na na na 0 Hold
114 EBIT 7.5 na na na na 0 Underperform
Margin 35.2% na na na 0 Sell
112
Prices Rebased (in %)
Net Income 4.5 na na na na
110
Margin 21.1% na na na
108
106 (EURm) Valuation FY2019 FY2020 FY2021
104 Enterprise Value 110.3 EV/Sales na na na
102 Net Debt (0.7) EV/EBITDA na na na
100 Minority Interest 0.0 EV/EBIT na na na
Mar 2019 Apr 2019 May 2019 Jun 2019 0.0
Preferred Equity P/E na na na
. BMIT Technologies plc (MTSE:BMIT) Malta Stock Exchange Index Market Cap 111.0 P/B na na na
Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 36
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeSequana Medical NV
Company Description IPO Facts .
Sector: Health Care Equipment and Supplies Ticker ENXTBR:SEQUA Financial Advisors
Sequana Medical NV, a commercial stage medical device company, focuses on the development of Exchange EURONEXT Brussels KBC Securities NV; Kempen & Co N.V.; MIR
Initial Filing Date 30-Jan-19
treatment solutions for the management of liver disease, heart failure, malignant ascites, and other Securities Limited
Announced Date 30-Jan-19
fluid imbalance disorders. Its products include alfapump, a treatment solution for the long-term
# Days Announced to Offer 9
management of liver refractory ascites and malignant ascites; and alfapump DSR, a fully implanted
Offer Date 08-Feb-19
system for direct sodium removal therapy in patients with volume overload due to heart failure. The
company was founded in 2006 and is headquartered in Ghent, Belgium.
IPO Price (EUR) 8.50
Filing Price Range (EUR) na
Final Price Range (EUR) 8.50-9.00
Legal Counsel
Shares Offered (incl. Greenshoe) 3.2m
Greenshoe No GS Linklaters LLP; Linklaters LLP (Belgium)
Filing Volume (EUR) 29.1m
2
Final Volume (EUR) 27.5m
Filing-to-Final Change (5.6%)
Public Shareholders1 Accounting Advisors
Primary / Secondary Split 2
NeoMed 26.5% Pricewaterhousecoopers Bedrijfsrevisoren Cv
Life Sciences Partners BV 9.7% Primary 100%
Participatiemaatschappij Vlaanderen NV 7.7% Secondary 0%
Federal Holding and Investment Company 7.0%
Newton Biocapital 7.0% Key Financials
Free Float 42.1% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations
Share Price Performance Revenue 1.0 2.0 3.3 6.0 72.5%
IPO +1D IPO +3M IPO +6M since IPO Growth 65.0% 80.3% 3 Buy
Sequana Medical NV (0.9%) (27.3%) (30.4%) (22.4%) EBITDA (9.9) (12.0) (11.0) (11.2) (3.6%) 0 Outperform
Brussels BEL 20 Index 0.7% 1.8% 0.9% 0.8% Margin nm nm nm nm 0 Hold
120 EBIT (10.0) (12.1) (11.1) (11.3) (3.6%) 0 Underperform
Margin n/m nm nm nm 0 Sell
110
Prices Rebased (in %)
Net Income (14.0) (12.6) (11.6) (5.0) (37.0%)
100 Margin nm nm nm nm
90
(EURm) Valuation FY2019 FY2020 FY2021
80
Enterprise Value 117.9 EV/Sales 59.0x 35.7x 19.8x
70 Net Debt 13.3 EV/EBITDA -9.8x -10.7x -10.6x
60 Minority Interest 0.0 EV/EBIT -9.7x -10.6x -10.5x
Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 0.0
Preferred Equity P/E -8.3x -9.0x -20.9x
. Sequana Medical NV (ENXTBR:SEQUA) Brussels BEL 20 Index Market Cap 104.6 P/B 19.4x na na
Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 37
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeDiaceutics PLC
Company Description IPO Facts .
Sector: Life Sciences Tools and Services Ticker AIM:DXRX Financial Advisors
Diaceutics Plc provides data analytics and implementation services for pharmaceutical companies Exchange AIM - London Stock Exchange Cenkos
na Securities plc
Initial Filing Date 18-Mar-19
worldwide. It offers diagnostic landscape services, such as patient journey, lab mapping, diagnostic
Announced Date 18-Mar-19
regulation, turnaround time, and sample availability analysis services; diagnostic tracking services,
# Days Announced to Offer 0
including lab tracking, patient insights, and physician segmentation services; and diagnostic payers
Offer Date 18-Mar-19
research, diagnostic clinical landscape, integrated mapping research, buying process research, and
testers/non-testers research services. The company also provides diagnostic planning services
consisting of strategic and technical planning, launch planning, diagnostic partner selection, and IPO Price (EUR) 0.89
financial forecast services; commercialization services comprising content creation, workshops, Filing Price Range (EUR) na
diagnostic adboards, conference support, and proficiency testing services; and reimbursement Final Price Range (EUR) na
services. The company is based in Belfast, the United Kingdom.
Legal Counsel
Shares Offered (incl. Greenshoe) 27.3m
Greenshoe No GS Fieldfisher
na LLP
Filing Volume (EUR) 24.2m
2
Final Volume (EUR) 24.2m
Filing-to-Final Change 0.0%
Public Shareholders1 Accounting Advisors
Primary / Secondary Split 2
Keeling, Peter 20.5% PricewaterhouseCoopers
na LLP
Keeling, Delia 20.3% Primary 82%
Considine, Elizabeth 12.6% Secondary 18%
Hargreave Hale Limited, Asset Management Arm 9.8%
White, Philip H. 8.6% Key Financials
Free Float 28.2% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations
Share Price Performance Revenue 11.5 14.2 16.9 na na
IPO +1D IPO +3M IPO +6M since IPO Growth 19.0% na 1 Buy
Diaceutics PLC 23.5% 24.5% na 11.6% EBITDA 1.7 2.1 3.3 na na 0 Outperform
FTSE All-Share Index (GBP) 0.5% 2.1% na 0.6% Margin 14.7% 15.1% 19.3% na 0 Hold
140 EBIT 1.6 0.2 0.9 na na 0 Underperform
135 Margin 13.6% 1.6% 5.3% na 0 Sell
Prices Rebased (in %)
130 Net Income 0.7 na 0.9 na na
125 Margin 6.1% na 5.3% na
120
115 (EURm) Valuation FY2019 FY2020 FY2021
110
105 Enterprise Value 70.7 EV/Sales 5.0x 4.2x na
100 Net Debt 1.9 EV/EBITDA 33.1x 21.7x na
95 Minority Interest 0.0 EV/EBIT 314.5x 78.6x na
Mar 2019 Apr 2019 May 2019 Jun 2019 0.0
Preferred Equity P/E na 76.5x na
. Diaceutics PLC (AIM:DXRX) FTSE All-Share Index (GBP) Market Cap 68.9 P/B na na na
Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 38
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeFrequentis AG
Company Description IPO Facts .
Sector: Aerospace and Defense Ticker DB:FQT Financial Advisors
Frequentis AG provides communication and information systems and solutions worldwide. It operates Exchange Deutsche Börse Commerzbank AG; FinTech Group AG
Initial Filing Date 26-Apr-19
through Air Traffic Management and Public Safety & Transport segments. The company develops,
Announced Date 26-Apr-19
builds, and installs communication, information, and tower automation systems for managing air
# Days Announced to Offer 14
traffic, which include voice and data switches, network solutions, back-up systems, recording
Offer Date 10-May-19
systems, tower automation systems, information management and display systems, network and
infrastructure, legal recording and investigation services, air traffic control and automation, and
aeronautical information management and messaging products to air navigation service providers, IPO Price (EUR) 18.00
airports and airlines, and space communications industry. It also provides voice communication and Filing Price Range (EUR) 18.00-21.00
control systems, red/black communication systems, network nodes and gateways, control and Final Price Range (EUR) 18.00-21.00
reporting centers, air defense networks, joint C2 centers, network enabled services, and remote
Legal Counsel
towers/contingency solutions, as well as recording, logging, and investigation systems for defense Shares Offered (incl. Greenshoe) 2.7m
application. Greenshoe No GS BINDER GRÖSSWANG Rechtsanwälte GmbH; Cerha
Filing Volume (EUR) 56.7m Hempel Spiegelfeld Hlawati; Noerr LLP
2
Final Volume (EUR) 48.6m
Filing-to-Final Change (14.3%)
Public Shareholders1 Accounting Advisors
Primary / Secondary Split 2
Frequentis Group Holding GmbH 60.0% BDO Austria GmbH; Ernst & Young Steuerberatungs-
Bardach, Johannes 6.5% Primary 44% und Wirtschaftsprüfungsgesellschaft m.b.H.
Pegritz, Christian 1.9% Secondary 56%
Mattanovich, Hermann 1.3%
na na Key Financials
Free Float 30.4% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations
Share Price Performance Revenue 285.8 na na na na
IPO +1D IPO +3M IPO +6M since IPO Growth na na 0 Buy
Frequentis AG 0.0% 0.0% na (1.0%) EBITDA 19.8 na na na na 0 Outperform
Germany DAX Index (Performance) 0.0% (0.1%) na 0.5% Margin 6.9% na na na 0 Hold
103 EBIT 16.1 na na na na 0 Underperform
Margin 5.6% na na na 0 Sell
102
Prices Rebased (in %)
Net Income 11.3 na na na na
101
Margin 3.9% na na na
100
99 (EURm) Valuation FY2019 FY2020 FY2021
98 Enterprise Value 191.8 EV/Sales na na na
97 Net Debt (44.8) EV/EBITDA na na na
96 Minority Interest 1.3 EV/EBIT na na na
May 2019 Jun 2019 0.0
Preferred Equity P/E na na na
. Frequentis AG (DB:FQT) Germany DAX Index (Performance) Market Cap 235.2 P/B na na na
Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 39
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include Greenshoeessensys plc
Company Description IPO Facts .
Sector: Software Ticker AIM:ESYS Financial Advisors
essensys plc provides software-as-a-service (SaaS) platforms and on-demand cloud services to the Exchange AIM - London Stock Exchange Nplus1 Singer Advisory LLP
Initial Filing Date 14-May-19
workspace industry worldwide. The company’s SaaS platforms connect, operate, and address
Announced Date 14-May-19
operational challenges, and simplifies the day-to-day management of flexible workspaces, as well as
# Days Announced to Offer 14
the provision of on-demand IT, technology, and infrastructure services to tenants. Its platforms
Offer Date 28-May-19
automate key tasks, and processes and help flexible workspace providers to deliver customer-centric
workspace solutions and member experiences with enterprise class services. The company was
founded in 2006 and is based in London, the United Kingdom. IPO Price (EUR) 1.71
Filing Price Range (EUR) na
Final Price Range (EUR) na
Legal Counsel
Shares Offered (incl. Greenshoe) 18.5m
Greenshoe No GS Addleshaw Goddard LLP
Filing Volume (EUR) 31.7m
2
Final Volume (EUR) 31.7m
Filing-to-Final Change 0.0%
Public Shareholders1 Accounting Advisors
Primary / Secondary Split 2
Furness, Mark 70.7% BDO LLP
Hargreave Hale Limited, Asset Management Arm 7.7% Primary 50%
Soros Fund Management LLC 5.7% Secondary 50%
Sadler, Ian Bryn 5.6%
Clark, Barry John 5.6% Key Financials
Free Float 4.7% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations
Share Price Performance Revenue 20.9 na na na na
IPO +1D IPO +3M IPO +6M since IPO Growth na na 0 Buy
essensys plc 15.3% na na 31.4% EBITDA 1.0 na na na na 0 Outperform
FTSE All-Share Index (GBP) (1.2%) na na 1.1% Margin 4.6% na na na 0 Hold
145 EBIT 0.6 na na na na 0 Underperform
Margin 2.9% na na na 0 Sell
Prices Rebased (in %)
135 Net Income 0.1 na na na na
Margin 0.6% na na na
125
115 (EURm) Valuation FY2019 FY2020 FY2021
Enterprise Value 118.1 EV/Sales na na na
105
Net Debt 10.1 EV/EBITDA na na na
95 Minority Interest 0.0 EV/EBIT na na na
May 2019 Jun 2019 0.0
Preferred Equity P/E na na na
. essensys plc (AIM:ESYS) FTSE All-Share Index (GBP) Market Cap 108.2 P/B na na na
Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 40
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeUltimovacs ASA
Company Description IPO Facts .
Sector: Biotechnology Ticker OB:ULTIMO Financial Advisors
Ultimovacs ASA, a pharmaceutical company, develops immunotherapies for various cancers. Its lead Exchange Oslo Stock Exchange ABG Sundal Collier Holding ASA; DNB Markets
Initial Filing Date 20-May-19
product candidate is UV1, a peptide-based vaccine that induces T cell response against the universal
Announced Date 20-May-19
cancer antigen telomerase. The company was founded in 2011 and is headquartered in Oslo,
# Days Announced to Offer 9
Norway.
Offer Date 29-May-19
IPO Price (EUR) 3.20
Filing Price Range (EUR) na
Final Price Range (EUR) na
Legal Counsel
Shares Offered (incl. Greenshoe) 0.0m
Greenshoe No GS Wiersholm, Mellbye & Bech
Filing Volume (EUR) 37.9m
2
Final Volume (EUR) 37.9m
Filing-to-Final Change 0.0%
Public Shareholders1 Accounting Advisors
Primary / Secondary Split 2
GJELSTEN HOLDING AS 17.5% Ernst & Young AS
Inven2 AS 7.3% Primary na
Canica AS 5.0% Secondary na
The Norwegian Radium Hospital Research Foundation 5.0%
Langøya Invest AS 3.3% Key Financials
Free Float 61.9% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations
Share Price Performance Revenue na na na na na
IPO +1D IPO +3M IPO +6M since IPO Growth na na 0 Buy
Ultimovacs ASA (0.9%) na na (2.4%) EBITDA (5.6) na na na na 0 Outperform
OMX Nordic 40 Index 0.2% na na 4.1% Margin nm na na na 0 Hold
105 EBIT (5.7) na na na na 0 Underperform
104 Margin n/m na na na 0 Sell
Prices Rebased (in %)
103 Net Income (5.6) na na na na
102 Margin nm na na na
101
100 (EURm) Valuation FY2019 FY2020 FY2021
99 Enterprise Value 75.2 EV/Sales na na na
98 Net Debt (11.6) EV/EBITDA na na na
97 Minority Interest 0.0 EV/EBIT na na na
Jun 2019 0.0
Preferred Equity P/E na na na
. Ultimovacs ASA (OB:ULTIMO) OMX Nordic 40 Index Market Cap 87.0 P/B na na na
Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 41
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeExecutive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOS
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
42Loungers plc
Company Description IPO Facts .
Sector: Hotels, Restaurants and Leisure Ticker AIM:LGRS Financial Advisors
Loungers plc operates cafés, bars, and restaurants under the Lounge and Cosy Club brands in Exchange AIM - London Stock Exchange Liberum Capital Limited; Peel Hunt LLP
Initial Filing Date 01-Apr-19
England and Wales. As of June 12, 2019, it operated 125 Lounge and 25 Cosy Club cafés, bars, and
Announced Date 01-Apr-19
restaurants. The company was founded in 2002 and is headquartered in Bristol, the United Kingdom.
# Days Announced to Offer 23
Offer Date 24-Apr-19
IPO Price (EUR) 2.31
Filing Price Range (EUR) na
Final Price Range (EUR) na
Legal Counsel
Shares Offered (incl. Greenshoe) 41.6m
Greenshoe No GS Travers Smith LLP
Filing Volume (EUR) 96.3m
2
Final Volume (EUR) 96.3m
Filing-to-Final Change 0.0%
Public Shareholders1 Accounting Advisors
Primary / Secondary Split 2
na na PricewaterhouseCoopers LLP
na na Primary 74%
na na Secondary 26%
na na
na na Key Financials
na na (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations
Share Price Performance Revenue 138.4 199.8 238.4 na na
IPO +1D IPO +3M IPO +6M since IPO Growth 19.4% na 2 Buy
Loungers plc 8.0% 8.0% na 8.1% EBITDA 15.5 24.2 29.6 na na 0 Outperform
FTSE All-Share Index (GBP) (0.4%) (2.8%) na (1.7%) Margin 11.2% 12.1% 12.4% na 0 Hold
113 EBIT 8.0 13.1 16.7 na na 0 Underperform
Margin 5.8% 6.6% 7.0% na 0 Sell
Prices Rebased (in %)
108 Net Income (8.3) na na na na
Margin nm na na na
103
(EURm) Valuation FY2019 FY2020 FY2021
98 Enterprise Value 411.5 EV/Sales 2.1x 1.7x na
Net Debt 170.7 EV/EBITDA 17.0x 13.9x na
93 Minority Interest 0.0 EV/EBIT 31.3x 24.7x na
Apr 2019 May 2019 Jun 2019 0.0
Preferred Equity P/E na na na
. Loungers plc (AIM:LGRS) FTSE All-Share Index (GBP) Market Cap 231.4 P/B na na na
Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 43
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeExecutive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOS
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
44DWF Group plc
Company Description IPO Facts .
Sector: Professional Services Ticker LSE:DWF Financial Advisors
DWF Group plc provides various legal services and complementary connected services in the United Exchange London Stock Exchange Jefferies International Limited; Stifel Nicolaus Europe
Initial Filing Date 08-Feb-19
Kingdom and internationally. The company operates through four divisions: Commercial Services, Limited; Zeus Capital Limited
Announced Date 08-Feb-19
Insurance, International, and Connected Services. It offers a range of complex legal services and
# Days Announced to Offer 34
managed services to multinationals, government and public sector bodies, and high net worth
Offer Date 14-Mar-19
individuals in the areas of corporate, litigation, and real estate practice groups. The company also
offers a range of complex legal services and managed services to insurers, insurance intermediaries,
and corporations in various practice groups comprising catastrophic personal injury, occupational IPO Price (EUR) 1.43
health, and casualty; motor, fraud, resolution law, and in-house teams; and professional indemnity Filing Price Range (EUR) na
and commercial insurance. In addition, it provides a range of professional, business, or consulting Final Price Range (EUR) na
services. The company offers software solutions to insurers, brokers, retailers, energy, construction
Legal Counsel
and engineering companies, professional service firms, public sectors, local governments, and Shares Offered (incl. Greenshoe) 78.1m
housing associations, as well as provides technical consulting services. Greenshoe No GS na
Filing Volume (EUR) 111.9m
2
Final Volume (EUR) 111.9m
Filing-to-Final Change 0.0%
Public Shareholders1 Accounting Advisors
Primary / Secondary Split 2
Miton Group plc 4.4% Deloitte UK
Sand Grove Capital Management LLP 4.1% Primary 79%
Standard Life Aberdeen plc 4.0% Secondary 21%
Leaitherland, Andrew 1.8%
Jones, Glyn 1.2% Key Financials
Free Float 84.5% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations
Share Price Performance Revenue 316.6 341.9 379.9 417.2 10.5%
IPO +1D IPO +3M IPO +6M since IPO Growth 11.1% 9.8% 2 Buy
DWF Group plc 2.5% (2.6%) na (5.8%) EBITDA 71.5 51.7 66.3 78.2 23.0% 0 Outperform
FTSE All-Share Index (GBP) 0.7% 3.3% na 2.1% Margin 22.6% 15.1% 17.4% 18.7% 0 Hold
106 EBIT 65.7 44.0 57.0 69.9 26.0% 0 Underperform
Margin 20.7% 12.9% 15.0% 16.7% 0 Sell
104
Prices Rebased (in %)
Net Income 53.1 33.3 44.9 55.4 29.1%
102
Margin 16.8% 9.7% 11.8% 13.3%
100
98 (EURm) Valuation FY2019 FY2020 FY2021
96 Enterprise Value 471.2 EV/Sales 1.4x 1.2x 1.1x
94 Net Debt 66.5 EV/EBITDA 9.1x 7.1x 6.0x
92 Minority Interest 0.0 EV/EBIT 10.7x 8.3x 6.7x
Mar 2019 Apr 2019 May 2019 Jun 2019 0.0
Preferred Equity P/E 12.2x 9.0x 7.3x
. DWF Group plc (LSE:DWF) FTSE All-Share Index (GBP) Market Cap 404.8 P/B na na na
Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 45
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeKarnov Group AB
Company Description IPO Facts .
Sector: Interactive Media and Services Ticker OM:KAR Financial Advisors
Karnov Group AB (publ) provides information in the areas of legal, tax and accounting, environmental, Exchange Stockholm Stock Exchange Carnegie Investment Bank AB (publ); Nordea Bank Abp
Initial Filing Date 29-Mar-19
and health and safety in Denmark and Sweden. The company principally offers its products in the
Announced Date 29-Mar-19
form of digital, such as subscription based online solutions. It provides its products under the brands
# Days Announced to Offer 13
of Karnov, Norstedts Juridik, VJS, Notisum, Change Board Member, Forlaget Andersen, and Bella.
Offer Date 11-Apr-19
The company also publishes and sells printed books and journals, as well as hosts legal training
courses. It primarily serves law firms, tax and accounting firms, corporates, and the public sector.
The company was founded in 1867 and is headquartered in Stockholm, Sweden. Karnov Group AB IPO Price (EUR) 4.12
(publ) is a subsidiary of KARN Holdco AB. Filing Price Range (EUR) na
Final Price Range (EUR) na
Legal Counsel
Shares Offered (incl. Greenshoe) 65.4m
Greenshoe 8.0% White & Case LLP
Filing Volume (EUR) 249.0m
2
Final Volume (EUR) 249.0m
Filing-to-Final Change 0.0%
Public Shareholders1 Accounting Advisors
Primary / Secondary Split 2
Rothschild & Co SCA 17.6% PricewaterhouseCoopers Sweden
Janus Henderson Group plc 6.5% Primary 31%
General Electric Pension Trust 6.0% Secondary 69%
Torreal Scr De Régimen Simplificado, S.A 2.9%
RPO King S.C.A. 2.3% Key Financials
Free Float 64.8% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations
Share Price Performance Revenue 69.7 69.8 72.7 76.0 4.4%
IPO +1D IPO +3M IPO +6M since IPO Growth 4.2% 4.6% 2 Buy
Karnov Group AB (0.2%) (3.3%) na (2.2%) EBITDA 23.3 31.6 32.8 34.9 5.1% 0 Outperform
OMX Nordic 40 Index 0.2% (4.7%) na (2.7%) Margin 33.5% 45.3% 45.0% 46.0% 0 Hold
102 EBIT 8.5 16.1 21.7 23.8 21.6% 0 Underperform
Margin 12.1% 23.1% 29.8% 31.3% 0 Sell
100
Prices Rebased (in %)
Net Income (2.1) 20.3 22.1 23.7 8.0%
98
Margin nm 29.1% 30.4% 31.1%
96
94 (EURm) Valuation FY2019 FY2020 FY2021
92 Enterprise Value 555.8 EV/Sales 8.0x 7.6x 7.3x
90 Net Debt 165.3 EV/EBITDA 17.6x 17.0x 15.9x
88 Minority Interest 1.9 EV/EBIT 34.5x 25.7x 23.3x
Apr 2019 May 2019 Jun 2019 0.0
Preferred Equity P/E 19.4x 17.8x 16.6x
. Karnov Group AB (publ) (OM:KAR) OMX Nordic 40 Index Market Cap 393.0 P/B 2.7x 2.6x 2.6x
Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 46
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeYou can also read
