Renaissance Capital's 2Q 2015 Global IPO Quarterly Review

Following a seasonally calm start to the year, global IPO issuance improved in the second quarter of 2015. Quarterly proceeds increased 29% from the first quarter to $46.6 billion, but still remained down 24% from last year’s levels. IPO proceeds in the 2Q15 were dominated by the Asia Pacific region, which accounted for 47% of quarterly proceeds. Asian proceeds were boosted by the listings of large, multi-billion-dollar Chinese brokerage firm IPOs. Europe and North America struggled to reach even half of the IPO proceeds raised last year as Greek debt-related market volatility in the Eurozone and an absence of large Technology and Energy IPOs in the United States weighed on the regions’ totals. Global IPOs generated an unusually high 54% average return and again benefited from the dramatic outperformance of mainland China IPOs - up 230% on average - resulting from the government mandating low valuation multiples at listing. Respectable broad market returns should provide the fuel necessary for an active remainder of 2015.

View our 2Q 2015 Global IPO Quarterly Review