PwC: Cross-border IPOs activity will remain significant

By Rob Starr, Content Manager, Big4.com

Some 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 noted London and New York are still the most attractive destinations for foreign issuers with 480 issuers raising $110bn and 264 issuers raising $56bn respectively.

However, the previous decade witnessed the rise of Asian companies as originators of cross-border IPOs. Chinese companies have completed the largest number of international listings with 30% (347) of all cross-border IPOs raising $29billion.

Clifford Tompsett, capital markets partner and head of PwC’s IPO Centre, said:

“Exchanges in developing markets have typically not had the depth to sustain capital requirements to support their growing economies. This has started to change. With an increasingly sophisticated capital markets infrastructure in emerging markets, there will be more opportunities for issuers to raise capital locally or regionally, beyond traditional listing centres.”