Other ECM trends in 2019

  • More equity capital raised on the Oslo Stock Exchange in 2019 compared to 2018

  • Private placements continue to be the preferred way to raise equity capital among issuers on the Oslo Stock Exchange:

  • Almost NOK 48 billion was raised over the Oslo Stock Exchange in 2019, of which the majority was raised through private placements.

Source: https://www.oslobors.no/Oslo-Boers/Statistikk/Fakta-og-noekkeltall/2019-Fakta-og-noekkeltall-desember-2019

Outlook 2020

It is still early in the year, but our impression so far is:

  • Some IPOs in the pipeline for a Q1/Q2 listing on the Oslo Stock Exchange, in various industries

  • Probably fewer IPO mandates than in January 2019

  • Capital is clearly available, demonstrated by the successful private placements by PGS, NEL and Targovax in the fourth week of January

  • Several restructuring candidtates

With the Oslo Stock Exchange reaching an all time high in the middle of January, the scene should be set for an active ECM year with multiple listings and capital raisings.