Roadshow overview 2023: Development & Trends – German city in the top 5

Roadshow overview 2023: Development & Trends – German city in the top 5


For listed companies, roadshows are an excellent way to show potential investors an investment opportunity. This is obviously the position of a large majority of companies. In the year between Q3 2022 and Q3 2023, more than eight out of ten companies (84%) organised at least one roadshow of some kind. This is according to data from the “Global Roadshow Report 2023” from BofA Securities. The trend has therefore been rising since 2020. However, in 2019, before the outbreak of the coronavirus pandemic, the proportion was 93%. The development around the venues and the representatives of the companies that welcome interested parties on site is also interesting.


Europe and North America lead the way in roadshows

The proportion of companies holding roadshows is highest in Europe (87%) and North America (86%). But Asian companies are also finding their way back into the public after the local travel restrictions were finally removed. In 2023, 76% of companies from Asia organised roadshows. In the previous year, it was 54%.

At the top of the roadshow companies are the mega-caps, i.e., the largest companies that are represented on the stock exchange. The mid-cap companies held the second most roadshows, overtaking the large-caps. On average, small-cap companies were the least likely to present themselves. However, three quarters of the companies were also active in this category. On average, the companies held 6.1 roadshows. This is an increase compared to the previous year (5.9 in 2022). Asian companies were present with the most roadshows with an average of 9.5.

Roadshows: More in person or virtual?

On average, the number of roadshows held increases with the size of the companies. There are two options: virtual events and face-to-face events, also called in-person roadshows. Half of the companies offer a mixture of the two variants. Slightly more than a quarter (26%) rely exclusively on personal events. Only 8% hold exclusively virtual events.

The majority of mega-cap companies offered virtual and in-person events. It is striking that the largest companies are least likely to rely exclusively on roadshows in person. Large caps are most likely to hold only personal events. Small-cap companies bring the highest proportion of exclusively virtual roadshows.

In total, slightly more in-person events were held (3.7) than virtual events (3.4). From a global perspective, 57% of companies organised an in-presence roadshow between Q3 2022 and Q3 2023. In the previous year, the value was 54%. This is a trend that began with the subsidence of the pandemic. However, the pre-coronavirus level (93%) has not yet been reached.

Out of the 57 percent of companies that were on the road worldwide, they performed an average of 3.7 roadshows. Although this is more than last year (2.7), it is still far below the average of 2019 (7.4). North American companies that travelled last year tended to have the fewest roadshows (2.8) and European companies the most (5.1).

European companies organise the most roadshows – Asian companies are on the road the longest

Companies that were on the road between Q3 2022 and Q3 2023 organised an average of 3.7 roadshows. Here, too, an upward trend can be seen compared to the previous year (2.7). And here, too, the average from 2019 (7.4) is still far away. European companies are ahead with an average of 5.1 events. North American companies held the fewest roadshows (2.8).

The representatives of Asian companies spent the most time travelling. On average, they held roadshows 12.4 days a year. The global average is 10.8 days. This more than doubled the figure from the previous year (5.3). It is striking that representatives of companies with large market capitalisation spent on average more time (18.8 days) “on the road” than colleagues from companies with small and medium market capitalisation (8.4).

The most popular roadshow cities: German financial metropolis in the top 5

New York has defended its title as the capital of roadshows. 59% of companies that organise roadshows visit the Big Apple. London is closely behind as the financial capital of Europe. From a German perspective, an exciting development can be observed: Frankfurt moved up four places, entering the top 5 most-visited cities for roadshows.

1. New York: 59%
2. London: 58%
3. Boston: 37%
4. Paris: 29%
5. Frankfurt: 24%
London is the first port of call for European companies. For North American corporations, it’s New York. Asian companies hold roadshows most often in Singapore (73%). This is followed by Hong Kong, London, Tokyo and New York.

CEO, CFO, IRO: Which representatives of companies can be found?

Potential investors can meet different representatives of the companies in the cities. The CEO of the companies was to be found in more than a quarter (27%) of the roadshows. The CFO was present at 26% of the events. The CEO and CFO attended 18% of the events together.

Interested parties at mid-cap companies have the best chance of meeting the CEO. For these, 44% of the roadshows are only carried out by the CEO. For large-cap companies, 44% of the CFOs take over this task. For small caps, 39% of the dates of a roadshow are managed by an IRO (Investor Relations Officer).

In-person roadshows are more popular

According to the report, the IROs are more satisfied with the face-to-face event. They rated them on average with 9.0 out of 10 possible points. 72% of respondents rated the respective roadshow between 10 and 8 points. Asian events (9.2) were the most popular, ahead of European (9.0) and North American (8.8) events.

A look at the size of the companies reveals that the IROs of the mega caps are the most satisfied (9.4). This is followed by larg-cap companies (9.1), mid-caps (9.0) and small-cap companies (8.9). The satisfaction values are all high and close together – no matter how big the company is. And whether it’s New York, London or Frankfurt.