Bloomberg: IPOX® Associate Muehlbauer Comments on European IPOs and Follow-On Offerings

A recent Bloomberg article examines the current trajectory of European stock debuts and the block trade market. While earnings disappointments and AI-related market concerns have pressured several high-profile 2025 listings, the piece highlights a notable divergence in performance: traditional sectors such as banking, construction, and energy are demonstrating resilience and successfully attracting renewed buyside capital.

As dealmakers navigate a slower start to the year for follow-on offerings and look to recently debuted stocks to bridge the gap, IPOX® Research Associate Lukas Muehlbauer provided commentary on the mechanics of secondary sales in this environment. He noted that for companies currently trading below their IPO price, executing stake sales remains challenging until they can prove their underlying business strength.

"Any company that is underwater is quite difficult to sell a secondary in because it kind of sends the signal ‘They’ve mis-priced the IPO, and now they’re asking people to fund the mistake.’ So, they probably have to wait for fundamental improvement."

Read the full article by Pablo Mayo Cerqueiro and Neil Campling, Exclusive on the Bloomberg Terminal:
European IPOs Slide Underwater, Threatening Blocks: ECM Watch