Take-privates of recent IPOs (update)

Today Byggfakta Group, another recent 2021 european IPO, receives a take-private bid. Offer price is 31% above last close but -39% below IPO price.

It follows another recent take-private announcement last month, for Greenvolt Group, another 2021 IPO.

In both cases the existing owners are taking private again the company, bringing alongside some new financial investors.

We read a lot about the hashtag#ipo drought and PE funds facing challenging fundraising conditions, being under pressure to exit and monetise their investments.

But take-private are likely to remain a theme in 2024. Public valuation differential vs. private assets remain attractive, especially for unloved past IPOs with existing large financial owners who know well the asset.

Out of the 116 IPOs from 2021 in Europe (above 100m$ deal size), the median performance to date is -45% 🔻 . This compares to MSCI Europe Midcap Index up +11% since 2021 📈 .

We published a column with Craig Coben in the Financial Times last october on the P2P2P phenomenon. Accessible here: https://lnkd.in/dCtyZpXf