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Ipreo Quarterly US Update: Quarter ending March 31, 2015

Since 2001, a total of 351 internationally-domiciled issuers have listed new shares on U.S. exchanges, accounting for 16.9% of all U.S.-listed IPOs over that timeframe (Figure 1). In this piece, we examine trends among these issuers, including the Chinese Consumer and Tech sectors, as well as the relatively nascent Israeli Healthcare industry. Additionally, we highlight recent ownership trends of non-U.S.-domiciled issuers as well as broader ownership trends for international IPOs.

Ipreo Quarterly US Update: Quarter ending December 31, 2014

In a year that welcomed the largest IPO on record, it is by no surprise that 2014 was the best year for U.S. IPOs since 2004, welcoming a grand 263 debuts for a total of $93.5B in proceeds. While the average IPO this year raised $355.5M in proceeds, a surprising 17 IPOs raised $1B+, topping 2013 (10) and 2001 (10), two of the previous record holders. Though the year’s jump in proceeds is largely attributable to Alibaba’s mammoth $25.0B offering, there were other notable features in 2014’s IPO market that we explore in this piece.

Ipreo Quarterly US Update: Quarter ending September 30, 2014

Equity new issuance activity closed Q3 on a strong note, with a total of 218 deals raising a combined $86.7B in proceeds, despite heightened uncertainty around global geopolitical tensions that weighed on investor sentiment throughout the quarter. This quarter saw a 45.8% increase in proceeds, helped by Alibaba’s $25.0B debut in September. Of note, follow-ons accounted for 45.0% of the deal count in Q3, followed by IPOs (25.2%), Blocks (16.5%) and CVTs (13.3%).

Ipreo Quarterly US Update: Quarter ending June 30, 2014

Despite persistent uncertainty around U.S. economic growth and a disappointing read on Q1 GDP, the equity capital markets remained irrepressible during Q2. A grand total of 304 deals priced during the period, raising a combined $93.1B in proceeds, a 25.9% improvement from the year-ago period and a 48.3% quarter-over-quarter increase.The IPO market maintained strength, as 76 issuers debuted raising $22.6B in capital, ahead of Q1’s $11.9B on 65 deals.The Consumer Goods sector boasted the best average first-day pop during Q2, as GoPro, the sole offering from the space, rose 30.6% during its initial debut. Meanwhile, follow-ons, including block offerings, continued their momentum from the previous quarter as a total of 185 came to market generating $55.1B in proceeds.

Ipreo Quarterly US Update: Quarter ending March 31, 2014

Despite heightened concerns over the global economic recovery early in the quarter, the new issuance market in Q1 2014 remained largely resilient, with 292 deals pricing over the period, raising $62.6B in proceeds.The number of IPOs nearly doubled from the year-ago period to 65 as investors continued to show healthy demand, particularly for Healthcare debuts, which accounted for approximately half of all priced IPOs during the quarter. Meanwhile, a total of 197 follow-ons, including blocks, came to market during Q1, generating $40.0B in proceeds, marking a 23.1% year-over-year decline as offerings erred on the smaller side.

Ipreo Quarterly US Update: Quarter ending December 31, 2013

Q4 2013 saw new issuance aggregate proceeds surge 70.7% year-over-year alongside the S&P’s 9.9% advance as clarity pertaining to fiscal policies gradually emerged, complementing a seasonal tailwind that drew issuers from the sidelines.A healthy 68 IPOs debuted during the period, up from Q3’s 57 and last year’s 33, while activity in the convertible space was particularly robust, with funds raised up a staggering 207.0% on-year as issuers and investors alike continued to embrace the benefits of these hybrid instruments.

Ipreo Quarterly US Update: Quarter ending September 30, 2013

New issuance activity in Q3 saw proceeds advance 20.1% year-over-year (excluding AIG’s multibillion dollar offerings) and soar 35.3% in terms of deal count. Meanwhile, the S&P 500 climbed 4.7% over the period, generating a healthy capital-raising environment, while market participants anxiously awaited a definitive timeline for Fed tapering. Notably, IPO deal volume nearly doubled year-over-year, leaping to 57 debuts in Q3 and raising 203.7% more capital. Overall, total year-to-date deal count and proceeds jumped 37.6% and 6.8% from the previous year, respectively, as 2013 continues to flex its deal market strength.

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Ipreo Quarterly US Update: Quarter ending June 30, 2013

New issuance activity ticked up from Q1 as equity markets surged to all-time highs in May. Despite a volatile market pullback in June, issuers continued to push deals to market as fears mounted that a taper in the Fed’s bond-buying program could close the capital-raising window. Q2 was also stronger than the year-ago period, with deal count up 62% year-over-year as proceeds climbed 18%, despite Facebook’s inclusion in Q2 2012. On the IPO front, an impressive 55 issuers debuted in Q2, up from 32 in both Q1 and the year-ago period and marking the highest total since Q4 2010, when 56 IPOs priced.

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Ipreo Quarterly US Update: Quarter ending March 31, 2013

Capital raising in Q1 proved far more robust than in the year-ago period or the last three months of 2012, after the year-end fiscal cliff deal and a notable continuation of the Fed’s accommodative monetary policies fulfilled investor expectations, quelling concerns about market stability and buoying interest in secondary offerings on U.S. exchanges. Overall proceeds so far in 2013 are an impressive 33.3% higher than last year’s first quarter and 26.1% above Q4’s figure. By deal count, only IPOs are lagging the comparable period, while collectively offerings are up 20.7% y/y and 24.4% sequentially.

Ipreo Quarterly US Update: Quarter ending December 31, 2012

New issuance saw proceeds slump by 25% in Q4 from the previous quarter, even as five more deals came to market. A wave of smaller offerings arrived on U.S. shores as a shaky macro environment combined with uncertainty surrounding the election made capital raising difficult. Despite headwinds regarding the fiscal cliff, the recent quarter enjoyed a stronger finish to the year as the primary markets saw 70 more offerings and $23.9B more in proceeds at year-end than in the last three months of 2011.
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