For VC, however, the story is not as bleak. While 2018 listing volume is down somewhat compared with the previous four years, the value boom highlights how the latest crop of mature, valuable startups in Europe are reaching the end of their cycle in the venture space. Nearly $18 billion has been generated from floats of European companies in 2018, more than in 2017 and 2016 combined. Indeed, the two biggest VC-backed IPOs were bigger than any PE-backed IPO in Europe.
These deals included some notable companies both new and tenured. Here are the top five PE-backed and VC-backed IPOs this year, with the month of listing and pre-IPO valuation in parentheses.
(Note on methodology: We now report pre-valuation as the exit value for IPOs, rather than the size of the offering. The pre-valuation represents the value available to exiting shareholders and provides a better basis for comparing exits via acquisition.)