Weighed down by volatile equity returns, global IPO issuance failed to deliver a repeat of 2014's blockbuster year. Global IPOs raised only $156.5 billion in 2015, down 35% from 2014's seven-year highs due to significant declines in Asia Pacific and North American proceeds. Nevertheless, Asia Pacific was once again dominant with 44.7% share of all proceeds raised despite the on-again, off-again China A-share market, thanks in large part to the $12 billion triple listing of Japan Post's bank, insurance and holding companies in October and a handful of large Chinese brokerages. Europe ran a close second, representing 35.3% of global proceeds raised, thanks to large privatizations such as Spanish airport Aena ($4.8 billion deal), Dutch bank ABN Amro ($3.6 billion) and Italian post office Poste Italiane ($3.4 billion). For the fourth straight year, the financial sector was the most active, accounting for 35.5% of proceeds raised. Bolstered by high-flying A-share listings, the average Asia Pacific IPO generated a 68.5% total return vs. 19.4% in 2014, significantly skewing global the average return of 33.2% which would have been just 9.5% excluding China.
View our 2015 Global IPO Market Annual Review
