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However, IPO volumes were flat on the same period last year and less than half the levels seen in early 2022, with $22.4 billion raised in the first quarter so far. Swiss skincare group Galderma, Europe’s largest IPO since Porsche in September 2022, had a stellar start, trading 18% above its issue price on its first day.
“There are a handful of quality IPOs expected post-Easter and we’d expect those to go well,” said Martin Thorneycroft, head of cash ECM at Morgan Stanley for Europe, the Middle East and Africa. Sales of publicly traded shares will continue to account for a large chunk of activity in the coming months, with companies and shareholders taking advantage of high stock prices, bankers said.