Insights and media coverage
The IPOs of iZettle and Readly – Maria Hedengren (IPO Stories, Ep. 22)
Not all IPO processes end up with an IPO. The path is filled with twists and turns, in some cases cancellations, postponements, or even a strategic sale before reaching the stock market. In this episode, we sit down with Maria Hedengren, who led...
The history of direct listings – Dakin Campbell (IPO Stories, Ep. 21)
In 2018, Spotify was the first company to do a direct listing instead of a regular hashtag#IPO process – foregoing the usual bookbuilding process in favor of opening the shares directly on the market in an auction. In 2021, Wise also chose to do a...
The US IPO of Criteo – Edouard Lassalle (IPO Stories, Ep. 20)
Criteo, a French adtech company, listed on Nasdaq in 2013. Edouard Lassalle joined in 2012 to prepare the company for the IPO, and later served as head of Investor Relations for the company until 2022. One of the topics that comes up at an early...
Saudi Capital Market Forum 2024
At the Saudi Capital Markets Forum 2024 in Riyadh, our CEO Per Einar Ellefsen was invited to moderate a fireside chat with Khalid Alhussan, CEO of Saudi Tadawul Group, in which they discussed the major growth axes of the Saudi markets, including...
Middle Eastern IPOs – Wassim Al Khatib (IPO Stories, Ep. 19)
Middle Eastern equity capital markets have captured investors' attention the last 2 years, as the only truly active IPO market in the world throughout 2022 and 2023 - with close to 50 IPOs listing each of those years. To learn more about GCC equity...
Equity indices and IPOs – Mark Makepeace (IPO Stories, Ep. 18)
When a company becomes listed, index inclusion is a big deal. Beyond the stamp of approval, it brings in new passive investors, more liquidity, and ultimately more stability as a listed company. Yet, index inclusion rules are very technical, and...
Euronext IPOReady program
Euronext, Kepler Cheuvreux, Crédit Agricole CIB invited Ariane Hayate, CFA from Edmond de Rothschild Asset Management and our CEO Per Einar Ellefsen to share the public investors' perspective in an IPO with the participants in the IPOReady program...
The direct listing of Wise – Matt Briers (IPO Stories, Ep. 17)
Matt Briers has been the CFO of Wise since 2015. In 2021, he led the company to a direct listing on the London Stock Exchange, the first major direct listing in Europe. Wise, founded in the UK in 2011, has revolutionized cross-border payments for...
The role of equity research in an IPO – Erik Salz (IPO Stories, Ep. 16)
Erik Salz has more than 15 years experience in equity research, most recently as an equity analyst at JP Morgan, where he particularly focused on IPO research and multi-industry coverage. During that time, he has been involved in more than 60 IPO...
World Green Economy Summit
On 28 November, we were invited by Dubai Electricity & Water Authority - DEWA to speak at the World Green Economy Summit in Dubai.As COP28 UAE kicked off, we discussed the role of banks and investors in enabling the energy transition. My take...
Investor Relations during and after the IPO – Julia Stoetzel (IPO Stories, Ep. 15)
Julia Stoetzel is the founder of Junicorn, an Investor Relations consultancy based in Germany, and host of the podcast Street Tweets. We first met Julia when she was Investor Relations director at DeliveryHero, and then 3 years later when she...
Financing the Energy Transition @ Euronext Tech Leaders conference
Today Per Einar Ellefsen participated in the panel "Financing the Energy Transition" organized by Barclays at the Euronext Tech Leaders conference in Paris, with Marie Freier, Sebastien Renaud and Nicolas PELISSIER.Amundsen Investment Management is...
IIGCC publishes climate solutions guidance
🌱Institutional Investors Group on Climate Change (IIGCC) has published their Climate Solutions Guidance to help investors identify, classify and measure allocation to climate solutions - and in line with Amundsen Investment Management, they...
ESG, from Private to Public – Giovanni Aquaro (IPO Stories, Ep. 14)
ERM is the largest pure-play sustainability consultancy globally, with 8,000 consultants assisting companies with defining and implementing their sustainability strategies. ERM works with both the largest listed companies, as well as private...
Deutsche Börse pre-IPO day
Deutsche Börse invited us to Berlin on 2 November to share our views on public markets investors' expectations in an IPO. Amundsen Investment Management has a long experience investing in IPOs in Germany (and globally), and we were happy to share...
European IPOs on Euronext – Stephane Boujnah (IPO Stories, Ep. 13)
Stéphane Boujnah is the CEO of Euronext, the largest European stock exchange, managing the bourses of Amsterdam, Brussels, Dublin, Lisbon, Oslo, Paris and Milan. Stephane has been the CEO for the last 8 years, leading an M&A drive that saw the...
Webinar with Unicredit: Is sustainable fashion the new trend?
Today, we were invited by Massimo Catizone from Unicredit to a webinar about ESG in the fashion sector. We discussed our ESG expectations as investors of companies in the fashion sector. The webinar also featured Simone Colombo, Head of...
Financing the energy transition: Do sustainability funds participate in IPOs?
#Article9 funds are funds that have sustainable investment as its objective. The ambition of the EU #SFDR is that the categorisation of funds should allow European investors to better understand, and direct capital to, funds with a sustainable...
Industrie De Nora – Paolo Dellachà (IPO Stories, Ep. 12)
Paolo Dellachà is the CEO of Industrie De Nora, an Italian industrial company with global presence. It is the world’s leading supplier of electrodes for all major electrochemical processes – and have recently seen tremendous growth in applications...
Financing the energy transition: How to have impact in listed equities?
📈Trading shares in the secondary market has little effect on the companies involved. While an investor may hold a portfolio of impactful companies, the relation between the investor and the investee companies is quite low.In their Guidance for...
Financing the energy transition: growth in the listed universe
This week, we will discuss the financing of the #energytransition at EDP, one of the world’s leading renewable energy developers and operators on hashtag#IPO Stories. The IPO of EDPR dates back to 2008, and it was part of the early wave of pure...
Financing the energy transition through Equity Capital Markets
📈 The July IPO of thyssenkrupp nucera is the best performing European IPO this year, returning +18% on day 1. Surprise? Not really. The companies helping solve the challenges related to the energy transition have taken center stage in the Equity...
Financing the energy transition at EDPR – Miguel Stilwell d’Andrade (IPO Stories, Ep. 11)
Miguel Stilwell d'Andrade is the CEO of EDP, a Portuguese utility with a global footprint. In 2008, EDP listed its subsidiary EDP Renewables, one of the world's leading renewable energy developers and operators. EDPR is the world's 4th largest wind...
DeliveryHero – Emmanuel Thomassin (IPO Stories, Ep. 10)
Emmanuel Thomassin is the CFO of Delivey Hero, one of the world's leading online food delivery platforms. He has been the CFO since 2014 and led the company through its successful €1bn IPO on the Frankfurt stock exchange in 2017. Since then,...
What no one tells you about your IPO – Laurence Borde (IPO Stories, Ep. 9)
Laurence Borde is the founder of Mediatree, an agency specializing in accompanying companies in the preparation and implementation of the IPO roadshow: coaching management ahead of the IPO, investor marketing, and accompanying them through the IPO...
Private Equity IPOs at EQT – Magnus Tornling (IPO Stories, Ep. 8)
EQT - started in Sweden in 1994, is one of the world's largest #privateequity fund managers. They are also a regular #IPO sponsor, particularly in #Europe but increasingly globally as well. Some of their...
Pitchbook: IPO reversals – More newly public companies return to PE hands
Following up on the piece Craig Coben, Gautier Rousseau and I wrote in the Financial Times last week, PitchBook's David Stevenson has published a review of recently listed companies being taken private again. If it continues at this pace, 2023 is...
VIX and IPO volumes
On Linkedin: The VIX index is back to pre-Covid levels and below 15%.VIX has proven to be a good 3-9 months lead indicator for #ipo activity.As we head into summer, I cannot help but flagging the summer 2011 episode. VIX spiked on the back of EU...
Financial Times column: Why are so many newly floated companies being taken private?
Our founders Per Einar Ellefsen and Gautier Rousseau co-authored a column in the Financial Times entitled Why are so many newly floated companies being taken private?
Euronext Techshare campus in Lisbon
This morning our CEO Per Einar Ellefsen participated in a panel discussion with Jacques-Aurélien Marcireau, CFA and Alexis JANIN about Building a #Tech ecosystem in Europe,...
Privatizing Française des Jeux – Claire Vernet-Garnier (IPO Stories, Ep. 7)
Française des Jeux, coming out of state ownership, was one of the largest and most successful IPOs in Europe over the last 5 years, raising $2bn for the French state and helping revive retail interest in IPOs. With Claire Vernet-Garnier, who was...
Take-privates of recent IPOs
On Linkedin: Today another take-private announcement with Bain Capital capital bidding for SoftwareOne YTD - in Europe - we have seen more take-private announcements than #ipos (companies with capitalisations >100m$) !!! What is...
Euronext Tech Leaders 1-year anniversary
Amundsen Investment Management was a founding partner of Euronext's Tech Leaders initiative, which aims to highlight the diversity of technology companies listed on the European stock exchanges. Press Release from Euronext: Paris – 15 June...
Quid pro quo? What factors influence IPO Allocations to investors?
In 2014, the UK FCA began a review of financial markets, which gave them access to the IPO books for 220 EMEA IPOs between 2010 and 2015. With access to this dataset, the paper by Tim Jenkinson, Howard Jones and Felix Suntheim is quite unique, as it is one of the few studies that leverages information about actual investor demand, interaction and allocations. The main question they try to answer is how #IPO allocations are determined – and whether it is based on help in information gathering, or “quid pro quo”, ie. to their “good” clients.
Europe’s listing miasma – Craig Coben (IPO Stories, Ep. 6)
Why is there so little innovation in the IPO process? How has the investor landscape changed over the last decades, and how can companies get institutional investors engaged in their IPOs? Craig Coben was until recently Bank of America's Global...
The incredible shrinking stock market
Continuing on the post from last week, this week I will highlight another 2018 paper, by Alexander Ljungqvist, Lars Persson and Joacim Tåg.: "The incredible shrinking stock market: on the political economy consequences of...
ESG in IPOs – Marie Freier (IPO Stories, Ep. 5)
ESG investing is becoming increasingly important, both in terms of fund flows and integration in investment decisions. The disclosure requirements for private and public companies are not the same, making the IPO a crucial milestone regarding ESG,...
Innovations in Sustainable Finance podcast
In this podcast with Julian Kölbel, Professor of Sustainable Finance at University of St.Gallen, our co-founder and CEO Per Einar Ellefsen discusses the IPO process, the need for further ESG disclosure in IPOs, and how providing...
Sharpening the arithmetic of active management
At Amundsen Investment Management, we think that IPOs and Equity Capital Markets transactions in general would benefit from more academic research into the topic, to spur innovations and discussion about how companies finance themselves in the...
Private Equity IPOs at KKR – Eric Han (IPO Stories, Ep. 4)
KKR is one of the world’s largest private equity firms, and also one of the most active private equity sponsors of IPOs, with 3-4 IPOs per year globally. In Europe, they have listed 6 companies over the last 5 years: Trainline, Calisen, Hensoldt,...
Techshare program intervention with Rothschild
On Monday, our CEO Per Einar Ellefsen joined Rothschild & Co ‘s François Wat and Pierre-Henri Chappaz to share perspectives on the #IPO process together with François Riahi (FL Entertainment)...
Family-owned company IPOs – Annika Sigfrid (IPO Stories, Ep. 3)
Annika Sigfrid has been at the center of more IPOs than most of us will ever be. She has 25 years' experience in Equity Capital Markets transactions. In her last role she was Global Head of ECM at Nordea, a leading Nordic investment bank. She is...
OVHCloud – Yann Leca (IPO Stories, Ep. 2)
Yann Leca was the CFO of OVHCloud, a cloud computing company, from 2019 to 2022 and led the company to its IPO in October 2021 - one of the largest and most succesful tech IPOs in Europe in 2021. OVHCloud, founded by Octava Klaba more than 20 years...
Exclusive Networks – Jesper Trolle (IPO Stories, Ep. 1)
In this episode, we discuss the IPO of Exclusive Networks, a global distributor of cybersecurity solutions, with Jesper Trolle, its CEO since September 2020. Jesper was hired to join Exclusive in the middle of covid-19, and led the company to its...
Euronext Tech Leaders initiative
We are present today at Euronext’s Tech Leaders conference, to affirm our support to the listing of #tech companies in Europe. The French minister of technology announced the government’s ambition to see 10 French unicorns listed by...
LSE IPO Forum 2022
Thank you to LSEG (London Stock Exchange Group), Bank of America and Moelis & Company for the invitation to speak at the London IPO Forum today. Our CIO Gautier Rousseau shared our views on important questions...
Inauguration of Lhyfe’s offshore renewable hydrogen platform
Yesterday we were in Saint Nazaire to participate in the inauguration of Lhyfe's first offshore renewable hydrogen platform, a 1MW floating electrolyzer which will be connected to France's first floating wind turbine, Ideol. With the...
Euronext Oslo Børs conference
We are happy to attend the Euronext Oslo Børs conference today, celebrating the re-opening of the Oslo Stock Exchange building. The theme of the conference was The role of capital markets in the green transition.Amundsen Investment Management is...
Galion Project: Expectations of IPO Investors
We are very excited to be invited to participate in a roundtable on the expectations of #IPO investors at an event organized by Societe Generale and The Galion Project in Paris on July 5th. Our CIO Gautier Rousseau will be discussing with Aude...
Lhyfe IPO
🚀Congratulations to Lhyfe for its IPO! 🚀 Current market conditions are extremely challenging but Lhyfe was successful in raising capital to finance the deployment of its growing pipeline of green hydrogen projects. 🌱 Capital markets can...