IPOs have one purpose: to raise money.

A large part of the funds then usually remain in the company, but existing shareholders also benefit from a warm rain of money.

At the time of the Neuer Markt in the early 2000s, this business took on absurd proportions.

Companies were forced onto the trading floor with power and absurd valuations.

Many of these companies no longer exist, and some investors have suffered a total loss.

It took years to rebuild the trust in the capital market that had been destroyed.

Ionos dares to go public with a lower valuation than initially assumed.

There is talk of an “icebreaker discount”.

It looks like a concession from the major shareholders to help the IPO succeed.

The stock market environment is rather frosty.

Technology stocks - like Ionos - have a hard time in times of rising interest rates.

The German capital market has not seen an IPO since Porsche in September, and some candidates got cold feet in 2022.

A little warmth is needed.