The European IPO Resurgence Gathers Momentum

An IPO (initial public offering) revival appears to be on the cards after one of Europe’s biggest listings in more than two years took place in Switzerland with Galderma.

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Galderma, a leading dermatology specialist, went public on SIX Swiss Exchange on 22 March 2024, in what is believed could be an early sign of a recovery in Europe’s IPO market.

At an opening price of CHF 61.00 per share, the market capitalization of Galderma is around CHF 14.5 billion.

Established four decades ago as a joint venture between L’Oréal and Nestlé, Galderma is best known for making Cetaphil moisturisers and Dysport muscle relaxants, and it was acquired from Nestlé by a consortium of institutional investors led by private equity firm EQT in 2019 and now, Galderma became a public listed company. 

Since the beginning of 2022, challenging market conditions and geopolitical tensions resulted in a drop off in IPO activity globally, but the situation now appears to be stabilising.

Laurent Lefèvre, Head Delivery Capabilities, SIX

After a prolonged period of uncertainty, the macro situation is starting to normalise, evidenced by the recent falls in interest rates and inflation. We have also witnessed a recovery in global equity markets. We are confident this increasingly positive market backdrop will help usher in a succession of new and exciting IPOs in Switzerland and beyond.

Bjørn Sibbern, Global Head Exchanges

SIX Swiss Exchange is a listing destination of choice for a number of Europe’s leading companies, and provides a gateway to global financial markets and access to a deep pool of Swiss and international investors.

“SIX Swiss Exchange is in an excellent place to capitalise on this renewed market confidence. As a leading listing destination, SIX Swiss Exchange provides companies with greater visibility enabling them to raise their profile among investors” added Bjørn Sibbern, Global Head Exchanges.