Global IPO raises US$24bil via 287 deals in Q1

Global IPO raises US$24bil via 287 deals in Q1

In Southeast Asia, the IPO activity was lukewarm, with a total of 38 deals raising US$1 billion (RM4.751 billion), says EY.

There were 9 IPOs in Malaysia last year, collectively raising US$279 million (RM1.3254 billion), said EY. (AP pic)
PETALING JAYA:
The global initial public offering (IPO) market raised US$23.7 billion (RM112.59 billion) in proceeds via 287 deals in the first quarter of 2024 (Q1 2024), a 7% decrease in volume but a 7% increase in proceeds year-on-year (y-o-y), said EY.

The financial consulting company said in a statement that the Americas and Europe, the Middle East and Africa (EMEIA) IPO markets had a bright start in 2024, increasing global proceeds.

However, it said the Asia-Pacific region started on a weak note, weighing down the overall global volume.

“In Q1 2024, a majority of key IPO markets witnessed a significant number of newly issued IPOs whose current share prices surpassed their offer prices.

“This trend could indicate an improvement in valuations and pricing levels, reflecting growing confidence among issuers and investors,” it added.

Across Southeast Asia (SEA), EY said IPO activity was similarly lukewarm, with a total of 38 deals raising US$1 billion (RM4.751 billion), down from 51 deals raising US$1.4 billion (RM6.651 billion) in the same quarter of 2023.

Exchanges in SEA that were most active in Q1 2024 were Indonesia with 20 IPOs raising US$224 million (RM1.0641 billion), Malaysia with nine IPOs raising US$279 million (RM1.3254 billion) and Thailand with six IPOs raising US$273 million (RM1.297 billion).

“During the quarter, the Philippines, Singapore and Sri Lanka each saw one IPO on their exchanges, raising US$202 million (RM959.6 million), US$20 million (RM95.01 million) and US$2 million (RM9.501 million) respectively,” it added.

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