PrimaryBid raises funds to expand across European equity capital raising
The company is expanding its UK-tested platform through an agreement with Euronext to bring the retail bid into follow-on offers from listed SMEs across Europe.
Equity capital markets (ECM) volume in EMEA for the first half of 2019 was down 33% on the first six months of last year, according to Dealogic, but there was some reason for optimism, notably a strong run of IPOs in the second quarter.
After the quiet start to 2019, that was a welcome boost to ECM bankers who went to work on some large technology flotations, notably for Italian software company NEXI ($2.3 billion) and Emirati fintech Network International Holdings ($1.6 billion).
The first half of the year also witnessed a strong aftermarket performance for IPOs of above $50 million, with EMEA issuers giving buyers an average 15.1% return in the first week after launch, up eight times from the first half of 2018 and the highest average one-week return for any six-month period since 2013.