Supporting the view that the world economy is on the mend, proceeds raised by initial public offerings (IPOs) around the globe in 2013 were a whole 40% higher than the previous year at $165bn, according to data by Thomson Reuters. Listings in the US had their strongest year since 2000 and represented 36% of total volumes. The New York Stock Exchange leads the pack, with total $44.1bn worth of IPOs – more than twice as much as in 2012 – while Nasdaq’s flotations raised $15.2bn, the fourth largest figure for a bourse last year, a decrease, however, from 2012.
Other exchanges performed well. Hong Kong is in second place with $17.2bn, followed by London with $15.9bn. The UK more than doubled its IPO proceeds and raised the largest amount for foreign domiciled issuers, $4.53bn. (The combination of foreign listings on NYSE and Nasdaq would, however, show New York as the most attractive financial centre for international issuers, with a total $5.29bn, as well as for domestic ones.)
Frankfurt raised the largest volumes in the eurozone, with $3.37bn, in 13th place in the global ranking and two places ahead of Euronext Paris, with $2.31bn. Both amounts, however, are significantly lower than volumes raised in a number of emerging markets, including Brazil, Thailand and Mexico.
São Paulo-based BMF Bovespa recorded the largest IPO proceeds in Latin America in 2013, with total $8.35bn; followed by Mexico’s exchange with its $4.45bn. The Stock Exchange of Thailand listed $5.22bn-worth of IPO shares, the third largest in the Asia-Pacific region after the Hong Kong and Australia bourses.
Globally, the most successful IPO bookrunner is Goldman Sachs, which raised a total of $15.8bn in the 12 months to December 2013, snatching the title from Morgan Stanley, the 2012 leader, which raised $11.9bn last year. While the bookrunner list is overwhelmingly filled by large international groups, a number of regional banks are gaining ground in the second half of the list, such as Singapore’s DBS, Malaysia’s CIMB, Bank of China, and Brazil-based Itaú Unibanco. This group also includes a new entrant: Iraq’s Rabee Securities, in 18th place.
