Much of the focus this year has been on initial public offerings, or lack thereof. Volatility has soared while markets have fallen, investors have pushed back on pricing, and a small window of opportunity through late March to mid-April aside, the market for new offerings has been disappointing. It is interesting to note therefore that of the 12 largest IPOs in Europe for the year to date, 11 have outperformed the market.

According to data compiled by Deutsche Bank for a presentation yesterday, 11 of the 12 largest IPOs in Europe have outperformed their local market, with all but one in positive territory. On average, deals above €200m ($245.8m) are up 10.6%.