新2网址:Global listing activities to pick up next year

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AFTER a sharp downturn, global initial public offering (IPO) activities are expected to regain momentum in 2023 on more favourable economic conditions.

In 2022, the stock market saw its worst drop in companies going for listing since the financial crisis, as companies shelved deals amid rising geopolitical tension, surge in equity volatility and interest rate increases.

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Throughout this year, there were only 1,333 IPOs raising US$179.5bil (RM794bil), according to Ernst & Young (EY) in a report published this week.

It notes that global IPO activity dipped 45% and 61% by number of deals and proceeds, respectively, year-on-year.

“A record year for IPOs in 2021 gave way to increasing volatility from rising geopolitical tensions, inflation and aggressive interest rate hikes. Weakened stock markets, valuations and post-IPO performance have further deterred IPO investor sentiment,” EY’s global IPO leader Paul Go says.

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New listings shrank in key markets such as London, Hong Kong and New York. But compared to pre-pandemic times, the number of deals was up 16%.

Asia-Pacific markets performed relatively better due to record IPO proceeds raised in mainland China and active IPO markets in Indonesia and Malaysia, says the audit and advisory firm.

Go says that while the Russia-Ukraine war sparked an energy supply shock, it also created a more favourable IPO window for energy companies to go public -- boosting IPO activities in the Middle East, China and some Asean countries.

“As the global market has started to show signs of lower volatility and, together with the general expectation that the interest rate hikes should slow down and end during 2023, more favourable conditions seem to be set in place for the global IPO activities to regain greater momentum by the second half of 2023,” he adds. However, companies should be prepared to articulate their environmental, social and governance (ESG) strategies to investors because there is a positive correlation between companies’ post-IPO share price performance and the communication of their ESG strategies, says EY.

Additionally, they should “be realistic and flexible about a lower valuation, given the poor post-IPO share price performance and increasing interest rates, and be well-prepared to seize the windows of opportunity when they open.”

Companies are also advised to conduct extensive pre-marketing and pre-IPO funding, complete with cornerstone investors to mitigate uncertainty and improve pricing leverage.

Among Asia-Pacific countries, EY says mainland China raised record amounts of proceeds in 2022 with some of its largest state-owned enterprises completing a secondary listing on the mainland exchange.

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