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PwC: Cross-border IPO activity will remain significant, for now.
December 2, 2012
By Rob Starr, Content Manager, Big4.com
London and New York are the most attractive destinations for foreign issuers (480 issuers raising $110bn and 264 issuers raising $56bn respectively). However during this period, new listing venues such as Hong Kong and Singapore, outside of these traditional global capital centres, grew in significance. This is one of the findings of PwC’s and Baker & McKenzie’s ‘Equity sans frontieres’ – trends in cross-border IPOs report, which analysed cross-border IPO data from the past ten years and polled more than 200 global investment bankers, issuers and representatives from stock exchanges.
Companies within EMEA originated the highest level of cross-border IPOs, with 421 companies raising US$ 121bn. Of this, 335 IPOs raised $97bn within EMEA, compared with 74 IPOs from EMEA into the Americas raising $17bn and 12 IPOs from EMEA raising $7bn into Asia-Pacific.
London is the leading destination for cross-border IPO activity – attracting 480 IPOs raising $110bn from cross-border issuers originating from a diverse range of markets around the world. This represents 34% by number and 15% by value of the total IPOs on the London Stock Exchange, and 38% by number and 50% of all cross- border IPOs globally.
New York is the second most attractive destination for overseas issuers, attracting 264 companies to American exchanges which raised $56bn. Introduction of more onerous regulations such as Sarbanes-Oxley may have dampened the attractiveness of the US markets for cross-border issuers, with number and amount raised almost half those of London. However the recent enactment of the JOBS Act by the US government is attracting renewed interest from foreign issuers.