Europe’s IPO market still open despite valuation pushback
The IPO market in Europe lost some of its vigour this week, as several deals traded badly in the aftermarket, raising fears that deal quality is deteriorating and pricing is being pushed too far, writes Aidan Gregory.
On Wednesday, the market experienced a big disappointment when Bawag closed 3.1% below its issue price, after the Austrian bank priced its €1.68bn IPO — the biggest ever on the Vienna Stock Exchange. The stock closed flat on Thursday.Bawag is not alone. SMCP, the French fashion group, ...
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