Global IPO activity falls 46%, proceeds shrink 58% YTD

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KUALA LUMPUR: Global initial public offering (IPO) saw its year-to-date (YTD) volumes fall 46 per cent year-on-year (y-o-y) to 630 IPOs, with proceeds shrinking 58 per cent y-o-y to US$95.4 billion (US$1=RM4.44), as heightened volatility caused by geopolitical tensions and macroeconomic factors, declining valuation and poor post-IPO share price performance led to the postponement of many IPOs.

In a statement today, EY Initial Public Offering Services said for the second quarter of 2022 (Q2 2022), the global IPO market recorded 305 deals raising US$40.6 billion in proceeds, down 54 per cent and 65 per cent y-o-y, respectively.

It said during the period under review, the energy sector had replaced the technology sector as the top IPO fundraiser, whereby among the top 10 largest IPOs by proceeds which raised US$40 billion, energy dominated three of the top four deals, replacing the technology sector.

"The technology sector continued to lead by number, but the average IPO deal size came down to US$137 million from US$293 million, whereas energy has overtaken to lead by proceeds with average deal size increasing to US$680 million from US$191 million," it said.

Regionally, EY said the IPO activity in the Americas region saw the sharpest decline (among all regions) in Q2 2022 versus Q2 2021, with deals decreasing 73 per cent y-o-y to 41 IPOs, and proceeds falling 95 per cent y-o-y to US$2.5 billion.

However, it said compared with Q1 2022, the number of deals and proceeds in the region were up 14 per cent y-o-y and six per cent y-o-y, respectively.

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For the ASEAN region, it said YTD, the grouping registered a total of 54 IPOs raising US$2.4 billion, down two per cent y-o-y in the number of deals and 55 per cent y-o-y in proceeds.

"The notable decline in proceeds was due to a lack of mega IPOs (IPOs with proceeds equal to or greater than US$1 billion) YTD 2022, compared to three mega IPOs in YTD 2021 that raised US$3.9 billion," it said.

It unveiled that the most active ASEAN exchanges were Indonesia (22 IPOs raising US$1.3 billion), Thailand (13 IPOs; US$300 million), and Philippines (seven IPOs; US$300 million), followed by Malaysia (six IPOs; US$500 million) and Singapore (six IPOs raising US$33 million).

For Asia-Pacific, EY said the region finished the quarter with a 42 per cent y-o-y decline in proceeds and 37 per cent y-o-y decline in deals.

"The region saw 181 IPOs raising US$ 23.3 billion in proceeds during Q2 and 367 IPOs raising US$66.0 billion in proceeds YTD 2022. However, Asia-Pacific markets performed relatively better benefitting from the two largest global IPOs YTD," it said.

On outlook for Q3 2022, EY believes that uncertainties and volatility are likely to remain, including geopolitical strains, macroeconomic factors, weak capital market performance, and the impact from the lingering pandemic on global travel and related sectors.