In 2011, global initial public offering (IPO) volumes shrank to nearly half the size seen in 2010. New York's stock exchanges saw the most activity in the year, helping the Americas rank as the top grossing region in terms of IPOs.
New York was the top ranking international finance centre (IFC) for initial public offerings (IPOs) in 2011, with 146 such deals taking place in the city's exchanges in 2011, with a total value of $43.5bn. This includes all NYSE and Nasdaq OMX listings. NYSE Euronext’s European IPOs have been assigned to Paris, which is where the trading platform is now located.
Hong Kong's exchanges were responsible for the second highest volume of IPOs in the year, with $31.5bn worth of deals. Two other Asian cities were in the top five ranking IFCs for IPOs: third placed Shenzhen with $26bn, and fifth placed Shanghai with $15.6bn.
Change of pace
Comparing the volume of IPOs in the top 10 ranking cities in 2011 with 2010, Singapore has seen the most growth. The Asian city state jumped from 13th place in 2010 to sixth place in 2011, thanks to 21 IPOs worth $7.3bn. London has also improved its position in 2011, and is now in fourth place, up from eighth in 2010. The London Stock Exchange attracted 58 IPOs worth a total $18.8bn in 2011.
Globally, $184.3bn-worth of IPOs took place in 2011, almost half the $343.6bn worth of deals seen in 2010. The region with the highest volume of deals in 2011 was the Americas, which saw a combined IPO value of about $52.6bn. The New York and Toronto exchanges accounted for the majority of this figure, with total combined listings of $46bn. In 2010, the Asia-Pacific region accounted for the highest volume of IPOs, with almost $120bn worth of deals. In that year, the Hong Kong Stock Exchange attracted a staggering $63.4bn, topping 2010's ranking.
Looking at the investment banks which brought IPOs to the market in 2011, the leading bookrunner in North America was Goldman Sachs, with 34 deals worth an aggregate $5.6bn. In South America, Itaú BBA secured the highest volume of listings, with 10 IPOs worth a total $1.4bn. Deutsche Bank was the lead bookrunner in Asia-Pacific with 22 IPOs worth $4.7bn.
The leading player in Africa was Java Capital, with two listings worth a total of $330m. In the Middle East, Gulf International Bank secured the highest valued IPO in the region, for Saudi Arabia’s Hail Cement Company, worth $131m, making it the area's leading bookrunner.
