US private equity-backed listings drove global IPO activity in the
first quarter, with the New York Stock Exchange (NYSE) taking the
lead, according to Ernst & Young’s first-quarter 2011 global IPO
However, Asia still dominated the listings, with the Shenzhen Stock
Exchange and Singapore Exchange (SGX) ranking second and
third respectively in terms of total capital raised globally.
Ernst & Young said the last few weeks of the quarter saw choppy
stock markets spiked by the Japanese disaster and Middle Eastern
political unrest. This slowed down the overall pace of global IPO
activity, particularly in Europe, Middle East, India and Africa, it said.
However, the professional services giant said in a statement that
there is still a healthy pipeline of companies wanting to tap into the
In the first three months of the year, global IPO activity saw 290
deals worth US$46.1 billion, down 14 per cent compared with the
same period last year.
For the first time since 2008, the NYSE took the lead among the
world’s exchanges, raising US$13.8 billion of the total capital,
followed by the US$11.2 billion raised on the Shenzhen Stock
Exchange and US$5.6 billion raised by the Singapore Exchange.
SGX’s figure was mainly due to Hutchison Port Holdings’ initial
public offering that raised US$5.5 billion.
Ernst & Young said the listing of Hutchison Port Holdings has
boosted SGX’s standing, and reflects the exchange’s strength in
sectors such as shipping and maritime, commodities, REITs and