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.

A measured revival for equities

After a totally barren 2003 and a hesitant 2004, Germany's primary equity market looks to be reviving. Bad memories of the dot-com crash and the generally weak equity culture mean there's no rush to market but much is expected of private-equity exits.

Lanxess IPO at the Börse: the
chemical company's successful
debut was a pleasant surprise

THE GERMAN STOCK market has ticked over under a pall of pessimism for nearly two years, but this year initial public offerings could revive, with several companies planning to come to market. Last year more companies cancelled listing plans than the handful that actually managed to sell their stock after slashing asking prices. However, with one successful IPO already under their belts bankers are expressing cautious optimism that this year will be better. Last year was dismal for issuers. Only six companies listed, raising a paltry €2 billion compared with 113 in London and 60 in France. Even Warsaw did better, with 16 IPOs raising €1.8 billion, the bulk coming from the sale of retail bank PKO. In 2003 the German market was so depressed there were no attempts to issue.

So investors were pleasantly surprised by chemical company Lanxess's successful debut this January. Demand for the shares was higher than expected, setting the tone, analysts hope, for between 10 and 30 IPOs slated for later this year.

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