Year in review: IPOs

Big-ticket IPOs of 2015 and their story so far

Pedestrians walk past a share prices board displaying prices of Japan Post Holdingsin Tokyo on Nov 4.
Pedestrians walk past a share prices board displaying prices of Japan Post Holdingsin Tokyo on Nov 4. PHOTO: AFP

JAPAN POST HOLDINGS CO

Issue price: 1,400 yen

Last trade: 1,865 yen

Gain since debut: 35.2%

Investors flocked to the IPO of Japan Post Holdings Co and its two financial units, raising the equivalent of US$12 billion (S$17 billion), which earned it the crown of the world's biggest IPO of 2015. Nearly 80 per cent of shares were pitched at retail investors as part of Prime Minister Shinzo Abe's goal to convince more Japanese to invest in stocks. The IPO is the No. 3 gainer among the 10 biggest debut offerings in the nation's history.


AENA S.A.

Issue price: €58

Last trade: €105.45

Gain since debut: 81.5%

Aena was Spain's biggest IPO since 2007 when it debuted in February. The IPO valued at €8.7 billion (S$13.4 billion) was five times oversubscribed and the shares jumped 21 per cent on debut, giving Aena a market capitalisation of €10.5 billion.

Aena owns multiple major airports across Spain, including in Madrid and Barcelona, and claims to be the busiest airport company in the world by number of passengers.


FERRARI N.V.

Issue price: US$52

Last trade: US$47.63

Loss since debut: 7.83%

Living up to its stock ticker Race, Ferrari shares got off to a flying start on the New York Stock Exchange in October, rising 7 per cent in early trading and putting the market capitalisation of the luxury Italian sports car company at US$11 billion (S$15.5 billion). The shrewd limited supply of shares was a factor for the IPO's success, as parent Fiat Chrysler, which owns 90 per cent of Ferrari, floated only 9 per cent. It plans to sell the rest of its stake over the next year.


FIRST DATA CORP

Issue price: US$16

Last trade: US$16.42

Gain since debut: 2.6%

Payment-processing company First Data had hoped to raise as much as US$3.7 billion but the shares ended 1.5 per cent lower than its IPO price on its first day of trading, managing only US$2.6 billion in funds. In addition to slowing sales, First Data has US$10 billion in debt that is callable in the first half of 2016. The IPO proceeds will be used to pay some of that down. Investors will have little control of the firm since 73 per cent of voting power is held by private equity firm KKR.


PURE STORAGE INC

Issue price: US$17

Last trade: US$16.17

Loss since debut: 4.88%

Data storage company Pure Storage finished its debut day roughly US$1 below the issue price, taking its market capitalisation to a little under US$3 billion. Many investors said the decline for Pure Storage was a result of concerns that the IPO was "well oversubscribed" and whether its revenues could keep growing amid stiff competition between a large group of start-ups and entrenched rivals such as EMC Corp.

A version of this article appeared in the print edition of The Straits Times on December 31, 2015, with the headline 'Big-ticket IPOs of 2015 and their story so far Year in review: IPOs'. Print Edition | Subscribe