Around the World in IPOs

Last week, the Ipreo Blog took a look at the EMEA IPO market, and noticed that Europe, the Middle East and Africa are, like the North American market, picking up some solid momentum. Last year, EMEA had its busiest year for new issuances since 2008, and things continue to build so far in 2015.

We thought we’d widen the net a bit, and take a look at how the rest of the globe is faring, both historically and in comparison to one another. And it turns out that neither EMEA nor North America is leading the pack.

Since 2005, the most prolific region has been APAC, which has seen both the highest IPO volume and the highest total proceeds: 2,714 IPOs for combined proceeds of $733.6B. For all the talk of North America’s recent surge, it’s a distant runner-up, with 1,995 debuts pricing for a “mere” $542.5B over that same period.

Meanwhile, at the other end of the spectrum is South America, whose yearly average volume is the lowest among all regions, with a given year seeing a mean of 14 market debuts. This is partially due to exceedingly poor numbers in 2005 (not a single debut), 2014 which saw only the Brazilian veterinary product producer Ouro Fino Saude Animal Participacoes (which raised $170.9M), and this current year, which has yet to yield an IPO through February.

When the Ipreo Blog talks about sectors, we often talk about healthcare. But that sector’s dominance is primarily centralized to the U.S., which saw a record 108 healthcare IPOs in 2014. Once we take the rest of the world into account, healthcare recedes to second place, its 229 global debuts over 2013 and 2014 falling well behind the financials sector’s 306 debuts over the same period.

Aside from South America, which hasn’t seen more than 15 IPOs or over $10B proceeds since 2007, the global new issuance market is chugging along. It’s a little early to call it, but thus far in 2015, EMEA is on a record pace, APAC seems determined to hang onto the top spot, with the potential to equal last year’s 329 debuts, and North America has some ground to make up if it wants to match 2014’s numbers.

Take a detailed look at the numbers at this link, and check back at the close of the quarter for an update.

About the data referenced here: Multi-tranche deals (i.e. IPOs that are issued in two separate chunks) are counted as one IPO in our totals. This also includes 144A offerings, which we exclude from our US data. The data in this report only goes as far back as 2005.