Bloomberg: IPOX® Associate Lukas Muehlbauer on European IPO Lock-Up Expirations

Today’s Bloomberg ECM Watch examined the current predicament facing major shareholders of European companies that went public in late 2025. As mandatory lock-up periods expire for high-profile listings, including alarm company Verisure Plc and prosthetics maker Ottobock SE, investors are finding many of these stocks trading significantly below their initial offer prices. Data indicates that European IPOs from the fourth quarter of 2025 are trading, on average, 20% below their debut valuations, complicated by a shifting interest rate environment and market volatility.

The piece explores the dilemma of whether private equity backers and major holders should offload shares at a discount to increase liquidity or hold steady to avoid locking in disappointing valuations. The article notes that while some firms, like Blackstone Inc., have chosen to sell stakes below IPO prices to improve stock float, many others remain hesitant as the "overhang" of potential sales continues to weigh on market sentiment.

IPOX® Associate Lukas Muehlbauer was featured in the report, providing expert commentary on the strategic risks and long-term benefits associated with follow-on share sales in a depressed market. Muehlbauer noted the psychological and financial hurdles shareholders face when the market price fails to meet the IPO benchmark.

“Shareholders may be unwilling to sell below the offer price because that could lock in a disappointing valuation and create extra near-term pressure on the stock. Still, if done in the right size and at the right time, follow-on sales can help longer term by improving liquidity and free float and by reducing the overhang.”

Read the full article by Charles Capel on the Bloomberg Terminal: Top European IPOs Are Underwater as Lock-Ups End: ECM Watch