Global IPO activity slows, despite robust capital raises in Q2 2018

Singapore, 4 July, 2018

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  • Geopolitical uncertainty and shifting trade policies impacted global IPO activity
  • Investor appetite remains high in Asia-Pacific and Asean, despite drop in IPO activity

The risks and uncertainties from geopolitical frictions and shifting trade policies have contributed to declines in global IPO activity in Q2 2018, resulting in 660 IPOs in H1 2018, a 21% decrease from H1 2017. However, despite this slowdown, global IPO markets raised US$94.3b in the first half of 2018, a 5% year-on-year increase and the highest proceeds for the first half of a year since H1 2015. These and other findings were published today in the EY quarterly report, Global IPO trends: Q2 2018.

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

“Global IPO figures for the first half of 2018 dipped by volume compared with the same period in 2017, despite higher valuations on some of the world’s largest markets. The good news is that economic conditions continue to be encouraging, equity valuations are high in many parts of the world and interest rates remain low. As a result, we expect a resurgence in IPO activity during the second half of 2018.”

Investor appetite remains high in Asia-Pacific and Asean, despite drop in IPO activity

While investor appetite for IPOs across the Asia-Pacific region remained high, H1 2018 volumes declined 37% while proceeds were down 17% compared with H1 2017. However, Asia-Pacific still accounted for a 46% share of global IPOs and 31% of global IPO proceeds in H1 2018.

Similar to the rest of the region, Asean saw a dip in IPO volume (26 IPOs) in Q2 2018 -- down 33% year-on-year (compared with 39 IPOs in Q2 2017). However, IPO proceeds in Q2 2018 was up 80% to reach US$3.1b (compared to US$1.7b in 2017), largely as a result of the strength of listings on Vietnam’s main markets. Vietnam’s Ho Chi Minh Exchange (HOSE) saw the listing of real estate developer Vinhomes JSC in May that raised US$1.3b and the listing of Vietnam Technological & Commercial Joint Stock Bank (aka Techcombank), which raised US$923m in April. Both deals are among the largest IPOs by proceeds to ever be listed on HOSE, which saw a total of 3 IPOs in the H1 2018.

For other parts of Asean — Indonesia (19 IPOs), Malaysia (10 IPOs), Singapore (7 IPOs), Thailand (6 IPOs) and Philippines (1 IPO) — with the exception of REITS, IPO activity has predominantly been smaller cap listings for H1 2018.

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

“There have been no major developments since Q1 and the Asean IPO market while active, with a slight increase vis-à-vis Q1, has not stirred with any major activity in Q2. IPO activity has been driven mostly by entrepreneurial companies coming to market, although there were two significant deals of note on Vietnam’s Ho Chi Minh Stock Exchange. Geopolitical uncertainty, trade tensions and emerging market concerns continue to weigh down on IPO activity in Asean.”

Americas IPO momentum builds

The Americas defied market volatility to have a strong H1 2018, increasing proceeds by 31% to US$35.3b and regaining the lead in proceeds amongst regions for the first time since 2014. The NYSE and NASDAQ ranked among the top three exchanges by proceeds globally in H1 2018 and contributed heavily toward an 18% year-on-year increase in deal numbers since 2017.

EMEIA benefits from European mega deals and strong performances in India

India’s IPO market continued to thrive, having the second most active exchanges by number of IPOs globally in Q2 2018. More broadly, India’s H1 2018 IPO activity was 32% and 31% higher, respectively than H1 2017 in terms of number of deals and proceeds. Overall in EMEIA, Deal volumes in H1 2018 in EMEIA declined by 4% while proceeds rose 10% in H1 2018 compared with H1 2017.

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Notes to Editors

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About the data
The data presented in the Global IPO trends: Q2 2018 report and press release is from Dealogic and EY. Q2 2018 (i.e., April-June) and YTD 2018 (January-June) is based on priced IPOs as of 15 June 2018 and expected IPOs in June. Data is up to 29 May 2018, 6 a.m. UK time. All data contained in this document is sourced to Dealogic and EY unless otherwise noted.

EY - Global IPO activity slows, despite robust capital raises in Q2 2018

Appendix: January 2018 to June 2018 global IPOs by sector


Number of IPOs

Percentage of global IPOs

Proceeds (US$m)

Percentage of global capital raised

Consumer products and services





Consumer staples















Health care




















Media and entertainment





Real estate















Global total