Chinese listing hikes global IPO deals
By Zhang Fengming |
October 12, 2010, Tuesday
|
Print Edition
Print Edition
GLOBAL initial public offering fundraising picked up in the third quarter, boosted by strong Chinese listings, an industry report said yesterday.
Chinese issuers made up 76 percent of global fundraising by raking in US$40.1 billion in 110 deals, Ernst & Young said in a report yesterday. It marked a 147 percent increase in proceeds from a quarter ago.
In 2010, IPO volumes on the Shanghai and Shenzhen stock exchanges reached record highs.
Thanks to the Agricultural Bank of China's dual-listing in Shanghai and Hong Kong, the Shanghai Stock Exchange raised the most capital of US$15.6 billion in the world in the quarter, followed by the Hong Kong stock exchange and the Shenzhen bourse.
"In the upcoming quarters, Shanghai is expected to maintain its current status as the world's leading exchange for capital raised, evidence of its growing liquidity and maturity," said Terence Ho, an Ernst & Young partner.
The US$22.1 billion IPO of AgriBank was the largest ever, making up 42 percent of IPO funds raised globally in the quarter.
"Looking ahead, the global IPO pipeline continues to build up with numerous businesses worldwide seeking to fund their rapid growth," Ho said.
In the quarter, global IPOs raised a total of US$52.7 billion in 286 listings, compared with US$46.8 billion raised in 311 listings in the second quarter.
After two years of waiting for the window of IPO opportunity to open as the global financial crisis tailed off, companies are accepting less aggressive valuations, expecting to return to the capital market at a later date and raise more funds through follow-up offerings in the quarter.
Financial, metals and mining, industrial and technology are the most active IPO sectors in the world.
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