2018 ECM fundraising in Ireland declined from the high levels seen in 2017. Issuers faced more challenging conditions, with market corrections in February, October and December.
IPO activity in Ireland was subdued, with just two IPOs pricing in 2018. Several other potential issuers across a number of sectors chose to postpone planned IPO processes, or to pursue alternative forms of capital raising, in light of the prevailing market conditions and investor sentiment.
However, several notable transactions were executed by Irish plcs in 2018, with fundraisings by listed companies exceeding 2017 in both volume and value terms.
Fundraising via placing and rights issues increased by over 80%, driven by fundraising by companies undertaking M&A activity and by companies seeking to strengthen their balance sheets and increase financial flexibility.
There were also a number of successful IPOs by Irish issuers outside of the traditional Irish and UK markets, illustrating the range of options open to scaling companies in the current market.