If 2016 was a desert for initial public offerings (IPOs), this year has been altogether more fertile for such deals. With investors once again prepared to back new listings, Sociéte Générale was able to float ALD, its vehicle leasing and fleet management business, in a sector virtually unknown to European equity markets. Credit Suisse, number three in the year-to-date global, US and Europe, Middle East and Africa (EMEA) equity rankings, was joint global coordinator on the deal.
Last year was the worst for IPOs since the financial crisis, as more companies chose to stay private, private equity opted for more strategic sales and the UK's Brexit vote created uncertainty. But 2017 has seen a change in appetite, as investors start to think once more about growth, and global IPO activity to early September was 64% ahead of 2016, according to Thomson Reuters.
