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What Really Matters for a Premium IPO Valuation?

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What Really Matters for a Premium IPO Valuation?

Boston Consulting Group,

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Getting a premium valuation in an IPO is the brass ring for a company new to the equity markets.

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Editorial Rating

8

Qualities

  • Analytical
  • Overview
  • For Experts

Recommendation

What makes an IPO successful? One often-used measure is a company getting a top price at the time of the offering. Some obviously desirable corporate milestones, such as revenue growth and solid margins, appear to play a big role in IPO premiums. But other factors may not add as much as people think, while still other aspects that seem less important to the naked eye can make an impact. Entrepreneurs and leaders of start-ups will find premium value in this report from professionals at the Boston Consulting Group.

Summary

A good sign of investor enthusiasm for a company going public is when it captures a premium IPO valuation, a milestone that 56% of new European firms achieved from 2010 through mid-2017. The question for businesses is how to obtain such as valuation. A study of 497 IPOs in Europe finds that companies that score well on marquee measures such as solid income growth or attractive returns are more likely, not surprisingly, to fetch a top price. But less obvious factors can make a positive impact as well. And the importance of each aspect differs from industry to industry. 

Three features can add to an ...

About the Authors

Jens Kengelbach et al. are professionals with the Boston Consulting Group. 

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