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Biggest rush for stock market newcomer in five years

Investors are storming for the anti-snoring company Nyxoah, which is making its debut on the Brussels stock exchange today. The demand for shares of the Mont-Saint-Guibert company is more than five times higher than the supply.

Nyxoah, which developed an implant against sleep apnea, places its shares at 17 euros. Demand was so great that Nyxoah is selling an additional 12 percent of its shares. The company raises at least 73.7 million euros. That can amount to 84.7 million.

Both small and large investors eagerly subscribed. Belgian private individuals brought in 8 million euros. Among institutional investors, demand for the equities was more than five times higher than supply, according to our sources. That is the widest question since Biocartis’ IPO in 2015.

There was a lot of interest from international investors specializing in medical technology. They see a listing on the American Nasdaq stock exchange as a next step for the company, because chairman and major shareholder Robert Taub has previously brought two companies to Nasdaq. However, an IPO in the US is contingent on the approval of the sleep apnea mini-chip by the US drug agency FDA.


The hunger for stock market debutants reminds some of the late 1990s. Subscribing to new shares and immediately cashing in profits was an international sport at the time.

The IPO values ​​Nyxoah at EUR 364 to 375 million. That is the same as the world leader in coated technical textiles Sioen, which has 47 factories and almost 5,000 employees. Nyxoah has several dozen employees and one product that has yet to prove itself. The Belgian investor magazines were not enthusiastic about the share due to the high risk.

Avid investors

The rush for the IPO shows how eager investors are to embrace and highly value innovative players. On Wednesday, US data specialist Snowflake doubled on its debut, making the company worth $ 64 billion. That corresponds to seven Solvays. The British online beauty shop The Hut Group, with the Belgian holding Sofina as major shareholder, jumped a quarter higher on its first trading day.

More companies are waiting at the doors of the Brussels stock exchange. The Belgian fintech player Unifiedpost is also coming to the market soon. The pharmaceutical company Hyloris previously made its debut. Until recently, the pipeline for the Brussels stock exchange was virtually empty.

In the US, 138 companies already went public this summer, the most since 2014. The majority of these newcomers are active in technology, the medical sector, e-commerce or other innovations. Despite the recent correction of big tech on the stock market, the sector remains popular. Tech stocks outperformed the rest on average three times on their debut. Investors see them as corona-proof: while traditional sectors are struggling, they are benefiting from the digital acceleration.

The hunger for stock market debutants reminds some of the late 1990s, when the word FLIPO (Free Lunch with Initial Public Offering) was common: subscribing to new shares and immediately cashing in profits was an international sport at the time.

Analysts indicate that things are not going that fast. In contrast to then, companies are healthier and can present better business plans. However, prices that are too high can cause the market to heat up, which threatens to have revenge in the long term.

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