German IPO Rush Signals Listing Window Is Starting to Close
- Push to sell could point to concerns over Brexit, economy
- Companies may be seeking IPOs before door shuts, investors say
The Knorr-Bremse factory in Aldersbach, Germany
Photographer: Matthias Doering/BloombergThis article is for subscribers only.
Fresh European equity listings are popping up almost every day, with German companies leading the charge. But such frenetic activity may not be a good sign.
Among the $59 billion of European initial public offerings announced over the past 12 months, German deals have been the biggest, dominating the sales that exceed $1 billion in size, and far exceeding 2017’s tally. Knorr-Bremse AG, the second-biggest IPO of this year, sold shares in the middle of its range this week. And the pipeline remains busy: Volkswagen AG is close to hiring advisers to work on an IPO for its heavy-truck division.