On October 6, European renewable energy firm Innogy successfully completed a $5.1bn IPO – the region’s largest IPO in more than five years and Germany’s largest in almost 16 years. The deal priced at the top of the range at €36 per share.

As a trusted financial platform partner, Dealogic helped the global coordinators and the bookrunners seamlessly execute the transaction through the DealManager network.

Transaction Details

Issuer: Innogy

Nationality: Germany

Industry: Energy

Deal value ($m): 5,097

Deal type: IPO, carve out from RWE

Bookrunners: Deutsche Bank, Goldman Sachs, Credit Suisse, BNP Paribas, Bank of America Merrill Lynch, and UBS

Key Points

• Europe’s largest IPO since Glencore International’s $10bn dual-listing in May 2011
• Germany’s largest IPO since Deutsche Post’s $5.7bn privatization in November 2000, and the fourth largest German IPO on record behind Deutsche Telekom ($13.0bn), Infineon Technologies ($5.9bn), and Deutsche Post ($5.7bn)
• Second largest IPO from the renewable energy sector on record, behind Iberdrola Renovables’ $6.6bn listing in December 2007
• World’s second largest IPO this year, following Postal Savings Bank of China’s $7.4bn offering last month
• World’s largest equity carve out since BB Seguridade Participacoes’ $5.7bn carve out from Banco do Brasil in April 2013
• Follows a bumper month for IPOs in September, which saw issuance soar to the highest monthly level since October 2015 ($42.3bn). IPO volume so far this year now stands at $90.4bn, still the lowest YTD level since 2009 ($63.4bn) and down 30% year-on-year ($128.8bn in 2015)

Top 3 Europe IPOs in 2016 YTD

1. Innogy, $5.1bn | Germany | Oct 2016
2. Dong Energy, $3.0bn | Denmark | Jun 2016
3. Nets, $2.4bn | Denmark | Sep 2016

Top 3 Global IPOs in 2016 YTD

1. Postal Savings Bank of China, $7.4bn | China | Sep 2016
2. Innogy, $5.1bn | Germany | Oct 2016
3. Dong Energy, $3.0bn | Denmark | Jun 2016

3 Most Recent Equity Carve Outs More than $5bn

1. Innogy, $5.1bn | German | carve out parent: RWE | Oct 2016
2. BB Seguridade Participacoes, $5.7bn | Brazil | carve out parent: Banco do Brasil | Apr 2013
3. Japan Airlines, $8.5bn | Japan | carve out parent: Enterprise Turnaround Initiative Corp of Japan | Sep 2012