The global IPO market is off to a fast start in 2013 with a strong increase in proceeds raised and average returns. Despite the lack of issuance in the Asia Pacific region, global IPO proceeds are up 48% year-over-year. The global IPO market saw a large number of sizable IPOs, such as the United States’ Zoetis (ZTS) and Germany’s LEG Immobilien (LEG.GR); a recovery in UK issuance from the successful debuts of several financial firms, such as esure (ESUR.LN) and Crest Nicholson (CRST.LN); and an increase in issuance from historically inactive markets, such as Mexico. IPO returns were exceptionally strong this quarter. Led by outperformance in North America, global IPOs generated a 13% average return. With IPO returns outperforming and equity markets stabilizing, we expect to see a pick-up in issuance for the remainder of 2013.
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