KUALA LUMPUR: The global initial public offering (IPO) market raised US$23.7 billion in proceeds via 287 deals in the first quarter of 2024 (1Q 2024), a 7 per cent decrease in volume but a 7 per cent increase in proceeds year-over-year (y-o-y), according to EY.
The financial consulting company said in a statement today the Americas and Europe, the Middle East and Africa (EMEIA) IPO markets had a bright start in 2024, increasing global proceeds.
However, the Asia-Pacific region started on a weak note, weighing down the overall global volume, it said.
"In 1Q 2024, a majority of key IPO markets witnessed a significant number of newly issued IPOs whose current share prices surpassed their offer prices.
"This trend could indicate an improvement in valuations and pricing levels, reflecting growing confidence among issuers and investors,” it added.
Across Southeast Asia (SEA), EY said IPO activity was similarly lukewarm, with a total of 38 deals raising US$1 billion, down from 51 deals raising US$1.4 billion in the same quarter of 2023.
Exchanges in SEA that were most active in 1Q 2024 were Indonesia with 20 IPOs raising US$224 million, Malaysia (nine IPOs raising US$279 million) and Thailand (six IPOs raising US$273 million).
During the quarter, the Philippines, Singapore and Sri Lanka each saw one IPO on their exchanges, raising US$202 million, US$20 million and US$2 million respectively, it added. - Bernama
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