European IPOs: the fire lighter?

Phoenix could be about to reignite Europe’s new-issues market. The German drug wholesaler may be floated next year as part of the debt restructuring of the Merckle family empire, according to Bloomberg. Bankers are seeking a valuation of as much as E6bn from either an initial public offering or a trade sale. If they opt for a listing, it could be the long-awaited big bang for European IPOs. Europe’s new-issues market has suffered particularly badly in the crisis. It has raised a meagre E2.5bn s...