After a sluggish few years, initial public offerings (IPOs) staged a comeback in 2017, with proceeds raised in public markets up more than 44% on the previous year. Strong economic growth forecasts, high valuations and record high stock market indices prompted more than 1700 companies to float.
Bloomberg’s bookrunner rankings for equity capital markets (ECM) – which includes IPOs, rights issues and equity-linked deals – also saw a shake-up.
JPMorgan, which led the field in 2016, was knocked off the top spot by Morgan Stanley, which brought to market $5.3bn more ECM issuance than its Wall Street rival. JPMorgan had to settle for second place, with dealflow of $60.8bn.
Goldman Sachs retained third place with $59.52bn. Citi snatched fourth place from Bank of America Merrill Lynch, which dropped to fifth.
Meanwhile UBS moved up to sixth spot with $35.09bn, leapfrogging Credit Suisse and Deutsche Bank.
All data sourced from Bloomberg’s 2017 global capital markets league tables.
