Europe’s IPO Wave Puts Discount Math at Top of Buyer Checklists

The roughly $7 billion batch of European initial public offerings this fall has shown sellers must balance the risk of upfront cash versus leaving enough room for the stocks to trade higher.

The biggest IPOs — Noba Bank Group AB, Ottobock SE & Co., SMG Swiss Marketplace Group AG and Verisure Plc — had mixed performances in trading since their debuts. Appetite has continued in the open market for Noba and Verisure, which are trading 28% and 22% above their respective IPO prices. SMG’s shares are underwater after rising in its trading debut, while Ottobock has pared early ...