The successful $10 billion flotation of Swiss commodities trading firm Glencore on May 19 pushed issuance for the year to $17.7 billion and was a much-needed shot in the arm for the European IPO market. But after a string of postponements and poorly performing deals ECM bankers are wary of interpreting the success of the deal more widely as a revival of investors’ appetite for new issues.
“Glencore was a deal which was always likely to get done – it’s a must-own asset and the range they set was viewed as attractive by the market,” says Ed Sankey, global co-head of equity syndicate at Deutsche Bank.
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