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The Impact of Venture Capital on IPO Success and Post-IPO Growth in Western Europe A Comparative Study of VC-Backed and Non-VC-Backed Companies

Noordhuis, Bart (2025) The Impact of Venture Capital on IPO Success and Post-IPO Growth in Western Europe A Comparative Study of VC-Backed and Non-VC-Backed Companies.

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Abstract:This thesis examines the impact of venture capital (VC) backing on the success of initial public offerings (IPOs) and post-IPO performance of companies listed on Euronext in Western Europe over the past fifteen years. The research uses a dataset of 198 IPOs between 2010 and 2023, with firms classified as VC-backed if they held a minimum 25% equity stake at the time of listing. Six hypotheses were tested, including IPO underpricing, long-term stock performance, revenue and profit growth, and the moderating roles of VC stake and IPO size. The findings show that VC backing offers operational rather than market-based advantages within the Western European market context. While it does not guarantee superior IPO pricing or shareholder returns, it supports business expansion in the critical post-IPO phase. This highlights the selective effectiveness of venture capital as a mechanism for enhancing firm growth trajectories after going public and may suggest that macroeconomic factors play a more significant role in IPO outcomes.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Programme:Business Administration MSc (60644)
Link to this item:https://purl.utwente.nl/essays/106916
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