Class of 2023 $B+ IPOs receive mixed welcome Despite the general quiet of the public markets, Europe still managed to record a total of three billion-dollar market cap tech IPOs in 2023, capped off by ARM’s massive $55B IPO in Q3 2023. Whether or not ARM represented the start of a long-awaited set of market ‘re-openers’ is yet to be seen. The relatively 昀氀at post-IPO performance of ARM’s share price is likely to give food for thought to some candidates until a clearer sense of price stability is established. The self-in昀氀icted challenges surrounding the CAB Payments listing, meanwhile, are less likely to embolden other candidates in the IPO pipeline. Thanks to an unexpectedly stark pro昀椀t warning just weeks after IPO-ing, CAB Payments has lost 81% of its market cap, as of the time of publication. The drop in CAB Payments’ market cap has been the steepest, while ARM and IONOS are standing at -5% and -30% compared to their 昀椀rst day of trading. Notably, ARM chose to list in the US over a local listing in the UK, despite intense lobbying efforts from the UK government and other UK stakeholders. It’s clear that there is still much work to be done to make listings on European exchanges the preferred gate- way to the public markets for Europe’s largest and highest-pro昀椀le tech companies. $B+ listings in Europe, 2023 Market Cap at first Latest Market % price Quarter of Name HQ pricing ($B) Cap ($B) change listings Listing Venue Arm United Nasdaq Global Holdings Kingdom 54.5 51.8 -5% Q3 Select XETRA Trading IONOS Group Germany 2.8 1.8 -30% Q1 Platform CAB United London Stock Payments Kingdom 1 0.2 -81% Q2 Exchange Notes: S&P Capital IQ Platform, as of date 30 September 2023, for Sources: illustrative purposes only. | 238