Bloomberg: IPOX® Analyst Lukas Muehlbauer Comments on the Evolution of European IPO Markets

A recent Bloomberg article (Link to Bloomberg Terminal) highlights the challenging trajectory of European companies that went public during the 2021 IPO boom. Following the news that parcel delivery firm InPost received a takeover offer while trading at a significant discount to its offer price, the article examines how the 2021 cohort, which raised record funds, has largely underperformed due to rising interest rates and unfulfilled growth narratives.

The piece notes that high-profile listings from that year, such as Deliveroo and AutoStore, have faced similar struggles or acquisition attempts at discounted valuations. As the market looks toward 2026, investor sentiment has shifted significantly, moving away from speculative growth toward a demand for proven credibility and sustainable business models.

IPOX® Associate and Europe Director Lukas Muehlbauer was featured in the article providing expert commentary on the structural shift in market dynamics over the last five years. Muehlbauer highlighted the transition from the hype-driven atmosphere of 2021 to the more disciplined investment environment observed today.

“We had a seller’s market that was about hype and growth at all costs, but when rates went up, they couldn’t achieve that growth anymore. Now I would say it’s more of a buyer’s market, there’s more scrutiny and investors don’t buy everything at any price.”

Read the full article by Levin Stamm on the Bloomberg Terminal: InPost Heads Down a Well Trodden Path for 2021 IPOs: ECM Watch