Trading on a when-issued basis, 4.4m shares changed hands with the close at $11.05 a GDR from the issue price of $10.50.
Of the 19 IPOs on European exchanges of $100m or more, only four have traded down on their first day — although six are now below their offer prices. Modest, but positive, first day performance has been more common with now 11 deals in the 0%-10% range.
The weighted average first day performance of the 18 IPOs to have started trading — with Poland’s Alior Bank yet to come — is 4.7%. In 2011 it was just 0.5%.
One-week returns are 6.6% on average, and offer-to-date returns are 11.1%, according to Dealogic data and EuroWeek calculations.
| Issuer |
Deal Value $ (m) |
% Change Price Offer/1 Day |
% Change Price Offer/1 Week |
% Change Price Offer/Current |
| Brunello Cucinelli |
229.74 |
49.68 |
41.94 |
74.58 |
| Ziggo |
1,219.59 |
14.86 |
21.57 |
33.95 |
| Inside Secure |
103.48 |
10.84 |
9.64 |
-62.05 |
| Eland Oil & Gas |
187.21 |
8.50 |
7.50 |
13.50 |
| Direct Line |
1,449.35 |
7.43 |
10.29 |
17.71 |
| DKSH |
987.06 |
6.25 |
1.35 |
36.04 |
| Kcell |
525.07 |
5.24 |
n/a |
n/a |
| EFG Financial Products |
157.48 |
4.67 |
7.22 |
0.00 |
| Telefonica Deutschland |
1,874.64 |
3.57 |
5.98 |
4.46 |
| Talanx |
664.29 |
1.09 |
6.48 |
15.74 |
| MD Medical Group |
289.22 |
0.75 |
-0.50 |
-6.25 |
| Banco BTG Pactual |
1,726.41 |
0.64 |
-2.08 |
-4.64 |
| Sherborne B |
331.78 |
0.50 |
0.50 |
0.50 |
| NMC Health |
206.41 |
0.00 |
9.40 |
-16.76 |
| ZE PAK |
216.00 |
-1.15 |
-3.44 |
0.38 |
| Borregaard |
301.48 |
-1.43 |
-7.14 |
-2.86 |
| MegaFon |
1,690.54 |
-2.00 |
6.50 |
10.50 |
| RusPetro |
233.37 |
-5.22 |
-4.29 |
-37.87 |
| Alior Bank |
658.81 |
n/a |
n/a |
n/a |