Global IPO market performance is on course for best year since 2007

Singapore, 28 September 2017

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  • Singapore sees biggest IPO in six years, also the largest IPO in Asia-Pacific for 3Q 2017
  • Megadeals are back as 10 listings raise US$1b+ in 3Q 2017; 21 year-to-date
  • 2017 full-year global IPO volume expected to reach 1,600 – 1,700 deals with proceeds to exceed US$190b

After a strong first half of the year, results of the global IPO market through September show that IPO volume has already exceeded the full-year totals for 2016. In the period from January to September 2017 there were 1,156 IPOs raising US$126.9b in capital; a healthy increase of 59% by number of IPOs and 55% by proceeds compared with the same period last year, according to data in the latest EY Global IPO Trends: Q3 2017.

Dr. Martin Steinbach, EY Global and EMEIA IPO Leader, says:

“At the nine-month point of the year the global IPO market has continued to build strong momentum. Given the strengthening IPO sentiment with relative low volatility and valuations at high levels, we expect a year-end rally in the fourth quarter, traditionally the busiest IPO quarter of the year. Final numbers for 2017 could fall in the range of 1,600 to 1,700 IPOs and US$190b to US$200b in capital raised, and this would mark 2017 as the best year for global IPO performance since 2007.”

Asia-Pacific tightens its grip on the global IPO market

The number of IPOs year-on-year in Asia-Pacific after nine months increased by 72% from 2016 to 690 IPOs, while capital raised is up 28% to US$53.9b. The region saw five of the world’s ten most active stock exchanges by number of IPOs and four by proceeds in 2017 year to date.

Mainland China exchanges were the most active in the region, hosting 353 IPOs in the period January to September, ahead of Hong Kong (105), Asean (70), Australia (61), Japan (57) and South Korea (42).

Compared to the same period last year, year-to-date deals and proceeds in Asean were 27% and 58% higher respectively (2017 IPOs: 70 deals, US$6.3b proceeds). In Q3 2017, the Singapore Exchange (SGX) topped the Asean leader board with proceeds of US$1.7b, which was largely due to the listing of the Singaporean telecoms company NetLink NBN Trust – the largest IPO in Asia-Pacific for the quarter. Other exchanges in Asean also saw a robust quarter: Malaysia’s KLSE raised US$876.9m via 1 IPO, Thailand’s SET raised US$624.2m via 8 IPOs and Philippine’s PSE raised US$114.8m via 1 IPO.

Max Loh, EY Asean and Singapore Managing Partner, Ernst & Young LLP, comments:

“Asia-Pacific remained the leader in IPO activity in Q3 2017 with robust momentum going into the fourth quarter, In the longer term, strong economic fundamentals and continued growth augurs well for the pipeline of companies coming to market.

“The SGX remains an appealing equity springboard for Southeast Asian companies that enjoy robust fundamentals and proven business models. We expect a growing number of listings by FinTech and technology-based businesses, supplementing a strong historical pipeline of companies from the property, consumer and industrial sectors. The doubly subscribed US$1.7b listing of Singaporean telecoms company NetLink NBN Trust in July – the largest IPO in Asia-Pacific in Q3 2017 underscores the Exchange’s attractiveness and capacity to achieve successful IPOs.”

EMEIA gears up for Q4 with year-on-year gains and positive investor sentiment

EMEIA consolidated its position as the world’s second busiest region of the year due to 74 IPOs raising US$10.3b in Q3 2017. This is an improvement of 16% by volume and 63% by proceeds respectively on the same quarter in 2016. The region saw four US$1b+ deals in Q3 2017, spread across India, Poland, South Africa and Switzerland. These included the world’s largest IPO of the quarter, the listing of Landis+Gyr Holding AG on the Swiss Exchange (SIX), which raised US$2.4b in July.

The UK and India led the EMEIA region in Q3 2017 by deals and capital raised. London (Main and AIM) hosted 16 deals raising US$1.7b, while Bombay (Main and SME) hosted 16 deals raising US$1.8b.

Americas upbeat with activity across the region

In the year to date, the Americas has seen an increase of 57% in terms of the number of deals and a 151% increase in proceeds compared with the first nine months of 2016. The US continues to see a surge in momentum with proceeds up 89% and the number of IPOs up 35% compared with the first three quarters of 2016.

But quarter-on-quarter, US markets saw its traditional dip in the third quarter with 27 IPOs raising US$3.5b (29% lower by volume and 51% by proceeds compared with Q3 2016). However, the New York Stock Exchange (NYSE) continues to hold the top spot by proceeds this year, a full 5% above second-placed Shanghai in terms of capital raised. Financial sponsored-backed IPOs continue to drive activity and the US share of cross-border activity was up from 18% to 41% in Q3 2017 compared with Q3 2016. There were seven cross- border deals from China and one each from Argentina, Canada, Denmark and the UK.


Notes to Editors

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About the data

Analysis included on this press release includes all deals listed up to 15 September and EY’s expectation of deals that will close in the rest of the month. Data sourced from Dealogic as of 15 September 2017. January 2017 through September 2017 IPO activity is based on priced IPOs as of 15 September and expected IPOs by the end of September.

EY- Global IPO market performance is on course for best year since 2007

Appendix: January 2017-September 2017 global IPOs by sector


Number of IPOs

% of global IPOs

Proceeds (US$m)

% of global capital raised

Consumer products and services





Consumer staples















Health care




















Media and entertainment





Real estate















Global total





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