1.
IPO Watch
Europe Q2 2015
www.pwc.co.uk/deals
€14.7bn
IPO proceeds raised in Q2 2015 (excl.
greenshoe)
€31.1bn in H1 2015 and €33.7bn in
H1 2014
121 IPOs
Listed in Q2 2015
203 IPOs in H1 2015 and 214 IPOs in
H1 2014
€192m
Average offering value for Q2 2015
€230m for H1 2015 and €223m for
H1 2014

2.
2IPO Watch Europe Survey Q2 2015 |
European IPO trends 3
Market volatility and performance 5
Pricing and performance of top 5 European IPOs 6
Top 10 IPOs in Europe 7
Exchange activity by value 8
Exchange activity by volume 9
IPOs by sector 10
UK focus
Overview 11
Relative performance of London IPOs 12
Private equity and industry trends 13
US and Hong Kong domestic activity 14
Appendix – IPOs by market 15
Contacts / About IPO Watch Europe 16
Contents
Outlook for second half 2015:
• Following the Greek No vote, global markets
have showed increasing signs of tension albeit
without wide-spread panic. We believe July will
be key in assessing the extent of the contagion
risk and receptiveness of Europe’s markets to
the pipeline of IPO candidates.
• Barring these factors, the trends observed in the
first part of 2015 will continue and we expect
continued IPO activity in the second part of the
year:
- PE driven activity will continue, though at
a slower pace as IPO exits compete with
trade sales
- A number of spin-offs from large listed
companies have already been announced,
especially in the financial sector
- Privatisation programmes will also
contribute sizable IPOs throughout
Europe, including Italy, Netherlands and
Poland
• There are other headwinds likely to impact
Europe’s markets with volatility likely to be a
recurring feature of the coming months, due to
the uncertainty on US interest rates and the
renewed concerns over the Chinese economy.

3.
3IPO Watch Europe Survey Q2 2015 |
European IPO trends
€14.7bn raised in Q2 2015, down 34% on Q2
2014 following the surge in activity across
Europe last year
Figure 1: Quarterly European IPO activity by value and volume
H1 2014 Q1 2015 Q2 2015 H1 2015
Total European listings comprise those
with:
Less than $5m raised 53 17 41 58
Greater than $5m raised 161 65 80 145
Total number of listings 214 82 121 203
Money raised excl. greenshoe (€m) 33,730 16,375 14,724 31,099
Exercised greenshoe (€m) 2,157 1,611 699 2,310
Total money raised (€m) 35,887 17,986 15.423 33,409
Average offering value (€m)* 223 276 192 230
* Average offering value has been calculated based on total offering value
including greenshoe excluding listings raising less than $5m
“We enter a period of uncertainty following the Greek referendum and
wider concerns in the US and China may give rise to market turbulence
and volatility. In this environment, a number of IPO plans may be
derailed or postponed and in the short term we expect the summer
holiday months to be relatively quiet. The pipeline for the second half
of the year looks solid and we expect IPO activity to pick up towards
the end of the third quarter.”
Mark Hughes
Partner in the UK Capital Markets Group

4.
4IPO Watch Europe Survey Q2 2015 |
European IPO trends
Strong activity levels in both quarters resulted
in a good H1 2015, slightly below H1 2014 but
far ahead of the five previous years
Figure 2: European IPO activity (H1 and full year) since 2007*
Figure 3: Quarterly European IPO activity since 2012
VolumeofIPOsVolumeofIPOs
2.4
0.8 0.4 7.7 3.3 5.4 3.0 14.8 11.4 22.3 6.6 9.2 16.4 14.7
61
93
60
74
45
76
52
106
68
145
76
86 82
121
-
20
40
60
80
100
120
140
160
-
5
10
15
20
25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
ValueofIPOs(€bn)
Value €bn Greenshoe €bn IPOs
*Excludes greenshoe.
Note: Excludes IPOs on Borsa Istanbul, Zagreb Stock Exchange and Bucharest Stock exchange pre 2011
80.5
14.0
7.1
26.3 27.1
11.3
26.5
49.5
31.1
819
295
126
380
459
288 279
375
203
0
100
200
300
400
500
600
700
800
900
-
10
20
30
40
50
60
70
80
90
2007 2008 2009 2010 2011 2012 2013 2014 2015 H1
ValueofIPOs(€bn)
H1 value €bn FY value €bn IPOs
2012 2013 2014 2015

5.
5IPO Watch Europe Survey Q2 2015 |
Market volatility and performance
Volatility index has increased significantly towards the end of
the quarter reflecting increasing uncertainty over Greece
Figure 4: Volatility compared to IPO proceeds
Figure 5: Historical performance of major market indices since January 2014
Turmoil in emerging
markets
Moneyraised€bn
VSTOXXindex
Money raised €bn VSTOXX index
-10%
0%
10%
20%
30%
40%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
%changesince1Jan2014
DAX 30
CAC 40
FTSE 100
Source: Thomson Reuters as at 30 June 2015
IPO of ISS,
Pets at Home
and Poundland
IPO of AA,
B&M and
Euronext
2014 2015
IPO of NN,
FinecoBank
and SSP
Declining oil price
2014 2015
QE by
ECB
IPO of Sunrise,
Aena, Elis and
GrandVision
Greece
uncer-
tainty
0
2
4
6
8
10
12
14
16
Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
0
5
10
15
20
25
30

6.
6IPO Watch Europe Survey Q2 2015 |
Pricing and performance of top 5
European IPOs
The top 5 IPOs have all outperformed their
respective indices
Figure 6: Top five IPOs in Q2 2015
Figure 7: Offer price versus initial price range of top five IPOs
Cellnex
Telecom
Woodford
Patient Capital
Trust
Spie Europcar INWIT
Exchange BME London Euronext Paris Euronext Paris Borsa Italiana
IPO date 7 May 21 April 9 June 26 May 22 June
PE backed No No Yes Yes No
Money raised (€m)
incl. greenshoe
2,141 1,108 939 879 796
Price range €12.00 - €14.00 £1.00 €14.50 - €17.50 €11.50 - €15.00 €3.25 - €3.90
-20%
-10%
0%
10%
20%
30%
Offer price Price range
Figure 8: Performance of top five IPOs
Share performance from IPO to 30 Jun 2015 (%)
8.4%
-3.5%
13.5%
-6.2%
8.2%
-1.4%
-1.4%
-6.4%
11.0%
-1.1%
Domestic index performance from IPO to 30 Jun 2015 (%)
Cellnex
Telecom
Woodford
Patient
Capital
Trust
Spie Europcar INWIT Cellnex
Telecom
Woodford
Patient
Capital
Trust
Spie Europcar INWIT
Offer price

7.
7IPO Watch Europe Survey Q2 2015 |
Ten largest IPOs in Q2 2015
€m (excl.
greenshoe)
€m (incl.
greenshoe)
Sector Market Country of origin
PE
backed
Cellnex Telecom 1,946 2,141 Telecommunications BME Spain No
Woodford Patient Capital Trust 1,108 1,108 Financials London United Kingdom No
Spie 939 939 Industrials Euronext France Yes
Europcar Groupe 879 879 Consumer Services Euronext France Yes
INWIT 796 796 Telecommunications Borsa Italiana Italy No
Pandox 601 601 Financials OMX Sweden No
Patentes Talgo 570 570 Industrials BME Spain Yes
Sophos Group 495 495 Technology London United Kingdom Yes
Cairn Homes 400 440 Consumer Goods London Ireland No
Europris 431 431 Consumer Services Oslo Norway Yes
Total 8,165 8,641
Ten largest IPOs in Q1 2015
€m (excl.
greenshoe)
€m (incl.
greenshoe)
Sector Market Country of origin
PE
backed
Aena 3,875 4,263 Industrials BME Spain No
Auto Trader 1,937 2,228 Consumer Services London United Kingdom Yes
Sunrise Communications 1,882 2,148 Telecommunications SIX Swiss Switzerland Yes
GrandVision 1,020 1,116 Health Care Euronext Netherlands Yes
Elis 750 854 Industrials Euronext France Yes
Refresco Gerber 548 563 Consumer Goods Euronext Netherlands Yes
Tele Columbus 477 510 Technology Deutsche Börse Germany No
OVS 414 446 Consumer Goods Borsa Italiana Italy Yes
Saeta Yield 435 442 Utilities BME Spain No
Wizz Air Holdings 364 419 Consumer Services London Hungary Yes
Total 11,702 12,989
Top 10 IPOs in Europe
Spain hosted the largest IPO in both quarters so far in 2015
Figure 13: Top ten IPOs
Other
Top 10 IPOs
45%
55%
Figure 12: Top ten IPOs (value) in Q2 2015 “The weather is warm and the window is certainly
open in Madrid. A strong start to the year with the
Aena IPO has been quickly followed up in Q2, with
Cellnex and Patentes Talgo standing out in terms of
capital raised, with Euskatel successfully completing
its IPO on 1 July. Entering the traditionally quieter
summer period, we reflect upon what has been a
fantastic year to date for the Spanish IPO market, far
surpassing 2014 total proceeds already. With the
improving economic indicators, we are hopeful of
more positive news to follow for 2015, but also note
the elections in November are likely to result in a
slower end to the year.”
Rocio Fernandez Funcia
Partner in the Spanish Capital Markets Group

8.
8IPO Watch Europe Survey Q2 2015 |
Stock exchange offering value (€m) H1 2014 Q1 2015 Q2 2015 H1 2015
London Stock Exchange 15,867 4,648 4,697 9,345
BME (Spanish Exchange) 3,631 4,310 2,593 6,903
Euronext 6,570 2,637 2,267 4,904
Euronext Paris 4,077 909 1,999 2,908
Euronext Amsterdam 1,767 1,696 - 1,696
Euronext Brussels 596 32 268 300
Euronext Lisbon 130 - - -
NASDAQ OMX 3,279 1,416 2,447 3,863
OMX Stockholm 1,714 1,040 2,268 3,308
OMX Helsinki 105 208 114 322
OMX Copenhagen 1,460 168 - 168
OMX Iceland - - 65 65
OMX Vilnius - - - -
OMX Talinn - - - -
SIX Swiss Exchange 1,073 1,882 - 1,882
Borsa Italiana 1,226 490 993 1,483
Deutsche Börse 857 573 728 1,301
Oslo Børs & Oslo Axess 386 57 587 644
Irish Stock Exchange 483 302 92 394
Warsaw Stock Exchange 107 8 313 321
Zagreb Stock Exchange - 36 - 36
Borsa Istanbul 43 16 7 23
Bucharest Stock Exchange - - - -
Wiener Börse 194 - - -
Prague Stock Exchange 14 - - -
Total 33,730 16,375 14,724 31,099
Figure 10: Top five stock exchanges in Europe in Q2 2015
Figure 9: IPO offering value by stock exchange*
*Excludes greenshoe
**Excludes listings raising less than $5m
BME
5 IPOs raised *
€2.6bn
Average IPO proceeds **
€712m
Largest IPO:
Cellnex Telecom
€1,946m
(€2,141m incl. greenshoe)
OMX
37 IPOs raised *
€2.4bn
Average IPO proceeds **
€121m
Largest IPO:
Pandox
€601m
(€691m incl. greenshoe)
Euronext
13 IPO raised *
€2.3bn
Average IPO proceeds **
€239m
Spie
€939m
(€1,033m incl. greenshoe)
Borsa Italiana
7 IPOs raised *
€1.0bn
Average IPO proceeds **
€165m
Largest IPO:
INWIT
€796m
(no greenshoe exercised)
Exchange activity by value
London retained its leading position in H1 2015,
however proceeds in Spain almost doubled
compared to H1 2014
LSE
28 IPOs raised *
€4.7bn
Average IPO proceeds **
€200m
Largest IPO:
Woodford Patient
Capital Trust
€1,108m
(no greenshoe exercised)

9.
9IPO Watch Europe Survey Q2 2015 |
Exchange activity by volume
OMX saw more activity in Q2 2015 than the
whole of H1 2014, representing over a quarter of
all European Q2 IPOs by volume
“After a few quiet years, a positive trend of IPOs on the Italian Stock
Exchange began in mid 2014 and has continued through the first half of
2015. The ECB liquidity injection has improved the performance of the
Italian equity markets, reducing volatility and improving conditions for
companies entering the capital markets for the first time. There is a robust
pipeline of Italian corporate and public service entities seeking out an IPO,
most of which are monitoring the developments in Greece in order to plan
the right time to approach the markets.“
Christian Alessandrini
Partner in the Italian Capital Markets Group
Figure 11: IPO volume by stock exchange
Stock exchange offering volume H1 2014 Q1 2015 Q2 2015 H1 2015
London Stock Exchange 86 27 28 55
NASDAQ OMX 33 18 37 55
OMX Stockholm 27 14 30 44
OMX Helsinki 4 3 3 6
OMX Iceland - - 2 2
OMX Vilnius - - 1 1
OMX Talinn - - 1 1
OMX Copenhagen 2 1 - 1
Euronext 28 13 13 26
Euronext Paris 24 9 10 19
Euronext Brussels 1 1 3 4
Euronext Amsterdam 2 3 - 3
Euronext Lisbon 1 - - -
Warsaw Stock Exchange 16 2 16 18
Borsa Italiana 12 6 7 13
Deutsche Börse 7 3 7 10
BME (Spanish Exchange) 6 3 5 8
Oslo Børs & Oslo Axess 7 1 5 6
Borsa Istanbul 8 3 1 4
Bucharest Stock Exchange - 2 - 2
SIX Swiss Exchange 5 1 1 2
Irish Stock Exchange 3 1 1 2
Zagreb Stock Exchange - 2 - 2
Wiener Börse 2 - - -
Prague Stock Exchange 1 - - -
Total 214 82 121 203

10.
10IPO Watch Europe Survey Q2 2015 |
IPOs by sector
Financials and Consumer services declined significantly
compared to H1 2014, partially offset by growth in Telecom,
Industrials and Consumer goods
*Excludes greenshoe
**Excludes listings raising less than $5m
Stock exchange offering value (€m) H1 2014 Q1 2015 Q2 2015 H1 2015 variance vs.
H1 2014
Industrials 7,112 5,427 2,967 8,394 1,282
Financials 9,976 2,402 4,480 6,882 (3,094)
Consumer Services 10,088 3,138 1,998 5,136 (4,952)
Telecommunications 2,160 1,887 2,743 4,630 2,470
Consumer Goods 956 1,131 922 2,053 1,097
Health Care 1,096 1,252 709 1,961 865
Technology 989 664 888 1,552 563
Utilities 27 435 5 440 413
Oil & Gas 776 18 11 29 (747)
Basic Materials 550 21 1 22 (528)
Total 33,730 16,375 14,724 31,099 (2,631)
Figure 14: IPO value by sector*
Telecom
3 IPOs raised in Q2
€2,743m *
Average IPO proceeds **
€1,371m
Largest IPO:
Cellnex Telecom
€1,946m
(€2,141m incl. greenshoe)
Industrials
23 IPOs raised in Q2
€2,967m *
Average IPO proceeds **
€197m
Largest IPO:
Spie
€939m
(€1,033m incl. greenshoe)
Financials
36 IPOs raised in Q2
€4,480m *
Average IPO proceeds **
€172m
Largest IPO:
Woodford Patient
Capital Trust
€1,108m
(€1,108m incl. greenshoe)
“The second quarter has been
good for French IPOs, especially
PE-backed ones. All transactions
raising more $50m were PE
backed over the period, reflecting
the renewed confidence in
economic conditions in France.
Investors are also keen to support
innovation with healthcare being
the most dynamic industry by
number of IPOs. The pipeline
remains good, although the
uncertainty related to European
and international geopolitics
might hinder the potential level of
activity in the coming months.”
Philippe Kubisa
Partner in the French Capital
Markets Group

11.
11IPO Watch Europe Survey Q2 2015 |
UK focus – Overview
A decrease in average deal size combined with an uptick in
trade sales led to lower activity in London compared to the
buoyant activity in Q2 2014
Figure 15: London IPO trends – value* Figure 16: London IPO trends - volume
Proceeds (incl. greenshoe)
€m £m Sector Market Country PE backed
Woodford Patient Capital
Trust
1,108 800 Financials Main United Kingdom No
Sophos Group 495 352 Technology Main United Kingdom Yes
Cairn Homes 440 325 Consumer Goods Main Ireland No
Toro 330 245 Financials Main United Kingdom No
Apax Global Alpha 297 218 Financials Main United Kingdom Yes
Figure 17: Five largest UK IPOs of Q2 2015
6 4
1
13 7 8 5 15 13 27 7 6 18 14
8
15
13
13
6 17
20
25
19
27
16 22
9
14
-
10
20
30
40
50
60
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
VolumeofIPOs
Main AIM and SFM
0.6 0.2
0.0 3.6 1.8 2.3 1.1 7.0 4.6 9.2 1.3 0.8 4.5 3.7
0.1
0.1
0.4
0.0
0.3
0.6
1.2
1.3
0.8
0.6
0.9
0.1
1.0
-
1
2
3
4
5
6
7
8
9
10
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
ValueofIPOs(€bn)
Main AIM and SFM
2012 2013 2014 2015 2012 2013 2014 2015
*Excludes greenshoe
“After leading the PE-backed trend for the last two years, US PE driven IPOs started to slow
down six months ago and we are seeing a similar trend emerge in the UK. In stark contrast, PE
exits across continental Europe remain active - whether this continues into the second half of
the year remains to be seen due to the continued uncertainty over Greece.”
Viv Maclachlan
Director in the UK Capital Markets Group

12.
12IPO Watch Europe Survey Q2 2015 |
UK focus - Relative performance of London
IPOs
Figure 18: Share price performance of London IPOs relative to the FTSE all share index, from IPO to 30 Jun 2015
Note: Threshold of $5m proceeds | Relative performance based on the FTSE All Share Index for Main Market and SFM listed companies and
FTSE AIM All Share index for AIM listed companies
Source: Dealogic and Thomson Reuters as of 30 June 2015
64
54
47
40
38
36
34
29
25
20
20
17
15
13
12
12
12
12
12
12
11
11
10
9
9
9
8
8
8
8
6
6
5
5
5
4
3
3
1
-1
-14
-33
-53
-67
-80% -60% -40% -20% 0% 20% 40% 60% 80%
Aldermore Group
Stride Gaming
Drum Income Plus REIT
Wizz Air
Integrated Diagnostics
Sanne Group
Auto Trader
Shawbrook Group
Eurocell
RedX Pharma
Woodford Patient Capital Trust
Curtis Banks
Marshall Motor Holdings
John Laing Group
Lakehouse
Miton UK MicroCap Trust
Cairn Homes
Elegant Hotels Group
DFS Furniture
Grand Group Investment
Ranger Direct Lending Fund
Sequoia Economic Infrastructure Income Fund
PureTech Health
Amedeo Air Four Plus
Apax Global Alpha
AEW UK REIT
Gateley Holdings
Verseon
Sophos Group
Toro
Non-Standard Finance
Gabelli Value Plus+ Trust
VPC Speciality Lending Investments
Revolution Bars Group
PTSG
Zegona Communications
MayAir Group
Gear4music
Adgorithms
Puma VCT 11
ScS Group
HSS Hire Group
Aquatic Foods Group
IronRidge Resources
5companies have
underperformed
the index
39companies have
outperformed
the index
Main Market
AIM and SFM

13.
13IPO Watch Europe Survey Q2 2015 |
UK focus - Private equity and industry
trends
* UK IPOs raising over $50m, excludes closed-end funds, SPACs, SPVs, Capital Pool companies, Investment Managers, REITs, Royalty Trusts
** Excludes greenshoe
Figure 19: PE-backed vs non PE-backed IPO trends in London*
Figure 20: Five largest UK PE-backed IPOs of Q2 2015
Stock exchange offering value (€m) H1 2014 Q1 2015 Q2 2015 H1 2015
Financials 4,253 1,466 2,977 4,443
Consumer Services 8,248 2,758 107 2,865
Industrials 1,493 375 345 720
Consumer Goods 173 12 509 521
Technology 366 4 495 499
Health Care 511 20 264 284
Consumer Services 10 13 - 13
Telecommunications 211 - - -
Oil & Gas 602 - - -
Utilities - - - -
Total 15,867 4,648 4,697 9,345
Figure 21: London IPO value by sector **
-
1
2
3
4
5
6
7
8
9
10
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
ValueofIPOs(€bn)
Non PE-backed PE-backed
2012 2013 2014 2015
Proceeds (incl. greenshoe)
€m £m Sector Market Country
Sophos Group 495 352 Technology London United Kingdom
Shawbrook Group 342 250 Financials London United Kingdom
Integrated Diagnostics 299 216 Health Care London Egypt
Apax Global Alpha 297 218 Financials London United Kingdom
Elegant Hotels Group 87 63 Industrials London Barbados
- - -
-
82%
100% 56%
49%
51%
74%
70%
54%
96%
57%
“We are now almost two years into
the resurgence of PE-driven IPO
activity and the backlog of IPO
candidates is now naturally slowing.
For some time we have seen a large
number of these transactions being
run as dual track processes and, as
we see private and public valuations
converge, trade sales become quite
attractive, as essentially they
provide a one-time exit to existing
shareholders.”
James Fillingham
Deals Partner

14.
14IPO Watch Europe Survey Q2 2015 |
US and Hong Kong domestic activity
The US IPO market was reinvigorated in the second quarter
after a slow start to 2015
Hong Kong more than doubled H1 2015 proceeds compared to
last year
* Excludes greenshoe
H1 2014 Q1 2015 Q2 2015 H1 2015
Stock exchange IPOs
Offering
value (€m)* IPOs
Offering
value (€m)* IPOs
Offering
value (€m)* IPOs
Offering
value (€m)*
Europe 214 33,730 82 16,375 121 14,724 203 31,099
US 160 23,648 41 5,411 75 11,757 116 17,168
Hong Kong 52 7,630 28 2,075 46 15,099 74 17,174
• The US IPO market came back to life in the second quarter of 2015, increasing 83 percent in volume and 111
percent in proceeds raised, compared to the first quarter of 2015 which had been a record low. 75 IPOs
completed in Q2 2015 raising €11.8bn, a significant increase over the first quarter’s 41 IPOs and €5.4bn in
proceeds, despite slowing economic growth forecasts in the US and the uncertain interest rate environment.
• The healthcare industry continued to lead IPO market activity with 31 IPOs (41 % of total volume) - the high
demand for these smaller biotechnology and biopharmaceutical IPOs showcases the interest among IPO
investors for high-growth companies. On a total proceeds basis, Q2 was generally well-diversified, with the
energy sector raising the highest proceeds – as energy prices slowly show signs of recovery.
• Companies continue to crystalize valuations through spin-off transactions to help create improved corporate
clarity and visibility. There were 9 spin-offs that closed in the second quarter of 2015. This brought the total
number of completed spin-offs for the year to 14, which already exceeds the total spin-offs in 2012 and is on
track to surpass the 18 spin-offs in 2013.
• In Hong Kong, the second quarter took off after a slow start of the year with 46 IPOs raising €15.1bn,
compared to €2.1bn in Q1 2015. Overall, the half year results more than doubled compared to last year, with
€17.2bn raised in H1 2015 against €7.6bn in H1 2014.
• The new Shenzhen-Hong Kong Stock Connect program, along with the existing Shanghai-Hong Kong Stock
Connect program have fuelled the positive IPO trend and define new growth opportunities and perspectives
for companies and investors, reflected in the strong results of this first half-year.
Figure 22: US and Hong Kong overview

15.
15IPO Watch Europe Survey Q2 2015 |
Appendix - IPOs by market
* Excludes greenshoe
Figure 23: IPOs by market
H1 2014 Q1 2015 Q2 2015 H1 2015
Stock exchange IPOs
Offering
value
(€m)* IPOs
Offering
value
(€m)* IPOs
Offering
value
(€m)* IPOs
Offering
value
(€m)*
TOTAL
London Stock Exchange 86 15,867 27 4,648 28 4,697 55 9,345
BME (Spanish Exchange) 6 3,631 3 4,310 5 2,593 8 6,903
Euronext 28 6,570 13 2,637 13 2,267 26 4,904
NASDAQ OMX 33 3,279 18 1,416 37 2,447 55 3,863
SIX Swiss Exchange 5 1,073 1 1,882 1 - 2 1,882
Borsa Italiana 12 1,226 6 490 7 993 13 1,483
Deutsche Börse 7 857 3 573 7 728 10 1,301
Oslo Børs & Oslo Axess 7 386 1 57 5 587 6 644
Irish Stock Exchange 3 483 1 302 1 92 2 394
Warsaw Stock Exchange 16 107 2 8 16 313 18 321
Zagreb Stock Exchange - - 2 36 - - 2 36
Borsa Istanbul 8 43 3 16 1 7 4 23
Bucharest Stock Exchange - - 2 - - - 2 -
Wiener Börse 2 194 - - - - - -
Prague Stock Exchange 1 14 - - - - - -
Athens Stock Exchange - - - - - - - -
Budapest Stock Exchange - - - - - - - -
Total 214 33,730 82 16,375 121 14,724 203 31,099
EU-REGULATED
London Main 40 13,746 18 4,529 14 3,685 32 8,214
BME (Spanish Exchange) (Main) 5 3,626 2 4,310 3 2,588 5 6,898
Euronext 20 6,523 9 2,587 9 2,250 18 4,837
NASDAQ OMX (Main) 11 2,987 6 1,127 11 2,107 17 3,234
SIX Swiss Exchange 5 1,073 1 1,882 1 - 2 1,882
Borsa Italiana (Main) 2 1,121 2 468 2 924 4 1,392
Deutsche Börse (Prime and General
Standard)
5 857 2 573 6 728 8 1,301
Oslo Børs 4 351 - - 2 529 2 529
Irish Stock Exchange (Main) 1 200 1 302 1 92 2 394
Warsaw Stock Exchange (Main) 5 105 1 7 5 308 6 315
Zagreb Stock Exchange - - 2 36 - - 2 36
Wiener Börse 2 194 - - - - - -
Prague Stock Exchange 1 14 - - - - - -
Bucharest Stock Exchange - - - - - - - -
Athens Stock Exchange - - - - - - - -
Budapest Stock Exchange - - - - - - - -
EU-regulated sub-total 101 30,797 44 15,821 54 13,211 98 29,032
EXCHANGE-REGULATED
London AIM and SFM 46 2,121 9 119 14 1,012 23 1,131
NASDAQ OMX (First North) 22 292 12 289 26 340 38 629
Oslo Axess 3 35 1 57 3 58 4 115
Borsa Italiana (AIM) 10 105 4 22 5 69 9 91
Euronext (Alternext) 8 47 4 50 4 17 8 67
Borsa Istanbul 8 43 3 16 1 7 4 23
Warsaw Stock Exchange (NewConnect) 11 2 1 1 11 5 12 6
BME (Spanish Exchange) (MAB) 1 5 1 - 2 5 3 5
Bucharest Stock Exchange (AeRO) - - 2 - - - 2 -
Deutsche Börse (Entry Standard) 2 - 1 - 1 - 2 -
Irish Stock Exchange (ESM) 2 283 - - - - - -
Exchange-regulated sub-total 113 2,933 38 554 67 1,513 105 2,067
Europe total 214 33,730 82 16,375 121 14,724 203 31,099

16.
This publication has been prepared for general guidance on matters of interest only, and does not
constitute professional advice. You should not act upon the information contained in this publication without
obtaining specific professional advice. No representation or warranty (express or implied) is given as to the
accuracy or completeness of the information contained in this publication, and, to the extent permitted by
law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any
liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to
act, in reliance on the information contained in this publication or for any decision based on it.
© 2015 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to
PricewaterhouseCoopers LLP which is a member firm of PricewaterhouseCoopers International Limited,
each member firm of which is a separate legal entity.
Contacts
IPO Watch Europe surveys all new primary market
equity IPOs on Europe’s principal stock markets and
market segments (including exchanges in Austria,
Belgium, Croatia, Denmark, France, Germany, Greece,
the Netherlands, Ireland, Italy, Luxembourg, Norway,
Poland, Portugal, Romania, Spain, Sweden, Switzerland,
Turkey and the UK) on a quarterly basis. Movements
between markets on the same exchange are excluded.
This survey was conducted between 1 April and 30 June
2015 and captures IPOs based on their first trading date.
All market data is sourced from the stock markets
themselves and has not been independently verified by
PricewaterhouseCoopers LLP.
About IPO Watch Europe
David Jetuah (Press office)
+44 (0) 20 7212 1812
david.jetuah@uk.pwc.com
Mark Hughes
+44 (0) 20 7804 3824
mark.c.hughes@uk.pwc.com
Vivienne Maclachlan
+44 (0) 20 7804 1097
vivienne.maclachlan@uk.pwc.com
16IPO Watch Europe Survey Q2 2015 |