Hi, just leave on work now. Sorry, it's a bit loud.

Um, basically, so I was thinking we could get Macies tonight. Had a big Mac on my mind all day, and delivery fee on the app is now from 99P. So you win? Of course you are. Love you. Bye! Exclusively on the McDonald's app. 18 plus, service fee and small order fee may apply. Participating restaurants. Serving times and teas and teas and fees apply. The views expressed on this podcast are those of the participants, not of Roalders' News.

Congratulations to listing and breakfast. That was the sound of beauty retailer Douglas floating on the Frankfurt Stock Exchange last week, before its stock plunged by roughly a tenth. The following day, another private equity-backed company, EQT's Galderma, listed on public

markets with much greater success, rising 16%. Welcome to the Viewsroom. I'm Liam Proud

from Reuters Breaking Views. This week, I'll be asking my colleagues Amy Donnellan and Lisa Yucca

what these two companies can tell us for the prospects of buyout

exits in 2024. Private equity industry globally is sitting on over $3 trillion of unsold

assets. As you'll hear, the initial public offering window in Europe is probably open for now,

but only a little.

So IPOs are back in Europe, or are they?

We saw a couple of floats get away last week, and we know that there are buyout barons sitting on whatever it is, $3 trillion of assets, a bunch of which are in Europe.

So Lisa and Amy, is it time to go?

Is the big private equity IPO window?

Is it wide open?

I mean, it's very tentative.

I think that's probably the first thing to say.

We've only had two IPOs,

and they were both, as you say, private equity backed.

So we had the CVC-backed Douglass, which is a retail. It's basically like a retailer that sells

like beauty products and things in Europe. And then we also had the EQT-backed skincare specialist,

Galderma. So essentially, there were two very different

situations. So Douglas kind of came out first and they had quite a lot of debt. The debt was about

...