9/16/2023 0 Comments Recent ipos to look atOf the top 10 global IPOs, half were from Mainland China and one was from Japan. In the year to date (YTD), the Asia-Pacific IPO market has maintained its position as the global leader in IPO volume and value, with an approximate 60% share. However, despite the positive developments, it may take the overall Americas IPO market longer to recover than many market participants forecasted at the beginning of the year due to the unforeseen banking crisis in 2023. The US experienced an uptick driven primarily by a few large deals and recent improvements in market sentiment could be a sign for more US IPO activity later in 2023 or 2024. This growth was primarily attributed to a single mega spin-off IPO, which happened to be the largest US IPO since November 2021. While the number of IPOs remained flat, the Americas region saw an increase in proceeds of 86%, raising $US9.1b, YOY. Overall regional IPO performance: Q2 performed better than Q1 It is expected that SPAC IPO activity will return to more sensible and sustainable levels seen pre-2021. There is still an exorbitant number of SPACs yet to announce or complete a de-SPAC facing liquidation by the expiration period in the next six months. The SPAC market continued to be challenged with negotiations becoming increasingly complex. As well, cross-border activity has experienced a significant surge in both volume and proceeds, primarily attributed to the growing influx originating from China and entering the US and a steady flow into the Swiss Stock Exchange. While the technology sector has continued to be the leading sector in IPO activities to date in 2023, IPO proceeds raised by companies from the energy sector have dwindled on the back of softer global energy prices. These and other findings are published in the EY Global IPO Trends Q2 2023. However, some emerging markets are booming with IPO activities, as they benefited from the global demand for rich mineral resources, their vast population, growing unicorns or entrepreneurial SMEs. These modest results reflect slower global economic growth, tight monetary policies and heightened geopolitical tensions. Larger deals came to the market in Q2 compared to Q1, and the gap has narrowed, even though it has been a slow recovery. The first half of 2023 recorded 615 IPOs with US$60.9b capital raised, a 5% and 36% decrease year-over-year (YOY) respectively.
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