1/27/2024 0 Comments Most recent ipo![]() Hong Kong stocks have worst day in three months on worries about rates and real estate Hong Kong Exchange Square in Central on June 2, 2023. Those should lift within the next six to 12 months, he adds. Hong Kong has been held back by poor valuations, Chan said, while a “pipeline of good companies” are prevented from listing on exchanges on China’s mainland because of regulatory restrictions. Driving that performance, according to Chan, is a surge in activity by Turkish retail investors seeking returns in equities as high inflation erodes their spending power.īigger IPO markets have failed to launch this year for a variety of reasons. That honor went to the Bucharest Stock Exchange, when Romanian utility Hidroelectrica went public in July with a deal valued at $2 billion, making it the fourth-largest listing the world has seen so far this year.įurther south, the year-to-date value of IPO deals on Turkey’s Borsa Istanbul has hit $2.3 billion, more than double the value of deals on UK exchanges. Neither Frankfurt nor Paris hosted Europe’s biggest IPO of 2023. Smaller exchanges elsewhere are also getting their moment in the sun. ![]() “Because the investors there understand the business.” “Once you’ve created a market sentiment for a particular industry, other market players, even though they’re not in Indonesia, would probably go to Jakarta ,” he said. Metals-rich Indonesia's IPO market is so red-hot it's thrashing Hong Kong and IndiaĬhan thinks Indonesia’s transformation into an IPO powerhouse will start to attract companies from overseas. This picture taken on Februshows a factory of the state-owned Antam mining company in Pomalaa in southeast Sulawesi. The metal, steel and mining industries account for almost two-thirds of the total value of the country’s IPO deals so far this year, Dealogic data shows. Indonesia punches above its weight because it has something that everybody wants: Vast deposits of the metals needed to make batteries for electric vehicles and other minerals vital for energy transition, such as nickel, copper and cobalt. That puts it behind only China, the United States, India and the United Arab Emirates. It is now the world’s fifth-biggest IPO market when measured by the amount of money raised, totaling $3.5 billion so far this year, according to Dealogic. The Southeast-Asian country of 274 million people overtook Hong Kong this year - long a top IPO destination - for the first time in nearly three decades. “Economic growth is there,” George Chan, the firm’s global IPO leader, told CNN. New players Turkey and Romania have joined the “thriving” IPO scene in Indonesia, Malaysia and India, and seven of the world’s nine “mega” IPOs - those raising at least $1 billion - were on the exchanges of emerging markets, EY noted. They also attracted 77% of all IPOs, up from 61%. Stock exchanges in emerging economies account for three-quarters of the money raised by companies via IPOs worldwide this year - up from an average of 66% over the previous five years, according to a report released last week by accounting firm EY. In 2023, for the second year running, the United States has fallen behind mainland China as the world’s biggest single IPO market, based on the amount of money raised, according to data provider Dealogic. Lesser-known markets around the world are doing better, as they increasingly provide an alternative for local or regional companies looking to tap equity investors for the first time. The lukewarm reception for those deals suggests Wall Street may still be nursing a hangover from the collapse of a post-pandemic IPO bubble in 2022. Its Nasdaq-listed shares also soared when they started trading, but have since fallen below their issue price of $30. Days after Arm’s IPO, grocery delivery firm Instacart ( CART) went public. After an initial surge, the stock has fallen back to trade at $55 apiece, close to its $51 issue price. Since then, shares in Arm ( ARM) haven’t really taken off. When UK-based chip designer Arm went public earlier this month, raising $65 billion on the Nasdaq in a matter of hours, hopes swirled among investors that the global market for initial public offerings might be coming back to life after an 18-month slump.
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