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 debt crisis, putting a break to all IPO activity for 12 months.
YTD, we are starting to see early signs of recovery in US (+3 IPOs pricing yesterday alone) and in Japan. China is still lagging. And Europe is trying hard to catch-up. MENA is in a different league.
In H1 23, European IPO volumes remain 75% below the last 13 years average (-68% in the US, so not much better)…and it was the second lowest H1 since 2012…IPO backlog is buildig up.
Interestingly, 2 out of the 3 IPOs being marketed in Europe relate to the #energytransition . thyssenkrupp nucera and S.P.E.E.H. Hidroelectrica S.A. . There is certainly no time to waste on that front – irrespective of how high or low is the VIX. Good news. ⚡
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