The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Private equity: IPO pipeline swells to bursting point

AA slumps as PE exits; secondary buyouts down 25%

The weak performance of several recent IPOs is casting a shadow on one of the market’s most fertile sources of dealflow: private equity firms. Private equity sponsors have leapt at the recent opportunity to exit investments via IPOs with robust enthusiasm, with, as Deutsche Bank’s Henrik Johnsson, European head of high-yield capital markets, told this magazine in April “every single private equity asset that has been owned for more than one year looking at an IPO”.

Recent research from EY seems to confirm this: by the end of March private equity backed firms had priced 46 IPOs in 2014 raising $17.4 billion – more than double the equivalent figure for 2013.


“All firms are lining up assets to IPO, and investment bankers are talking about the significant premium they can get from an IPO. Everyone wants to get things out there in an orderly rush – people are not expecting that appetite will be this frothy for very much longer”

Graham Elton, Bain & Co

“IPO appetite has a huge impact on PE on both the sell side and the buy side,” Graham Elton, head of private equity for Bain & Co in EMEA, tells Euromoney.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree