With investors continuing to be cautious, global IPO issuance slowed to a trickle in the first quarter of 2016. Issuance in the quarter totaled only $9.6 billion, a 73% drop from the 1Q15. This marks the slowest quarter since the 2Q09, when global IPOs raised $10 billion. The 1Q16 slowdown affected all regions, especially North America, where only two IPOs raised over $100 million. Median deal size for the quarter fell 12% to $178 million, with only one billion-dollar IPO (China Zheshang Bank) compared with seven in the year-ago period. Despite the massive drop-off in issuance, global IPO performance held up, averaging a 9.4% return excluding China A-shares. While factors such as low oil prices and fears of a global recession continue to weigh on investor sentiment, decent performance from IPOs year-to-date and lower market volatility exiting the quarter should encourage more companies to step forward.
View our 1Q16 Global IPO Review 
