IPO

A drop-off in IPO activity over the second half of last year appears likely to continue into 2023, as companies look to ride out market uncertainty by staying private for longer. Small-cap listings dominate the light pipeline, while public and pre-IPO opportunities are garnering more investor interest.

The European IPO ranks Porsche as the fifth biggest carmaker globally, but growing volume and margins in a slowing economy will prove a challenge.

Following the IPO bonanza in 2021, it looks like much of the strong, positive momentum failed to materialise in 2022. The IPO market in 2021 recorded the highest number of new floats in a decade, more than the previous two years combined.