According to Renaissance Capital's 2015 Annual Review of the Global IPO Market, a total of 310 IPOs were completed in 2015 raising $156.5 billion in proceeds. This is a 35% decrease from 2014's figures, yet remains higher than activity in 2011, 2012 and 2013. The Asia-Pacific region dominated the market share, making up 44.7% of total proceeds and raising $70 billion. Europe came in second making up 35.3% and raising $55.3 billion, followed by North America which made up 17.5% and raised $27.3 billion.
As we have previously reported, the healthcare industry has dominated the U.S. IPO market, accounting for 46% of all U.S. IPOs. On the global markets, however, healthcare only made up 6.3% of total IPO proceeds. The financial sector continues to be the leader in global IPOs, and made up 35.5% of total proceeds in 2015 raising $55.6 billion.
The highest performing exchange in 2015 was the Hong Kong Exchange which accounted for 18.3% of all IPO proceeds, its highest numbers since 2010. The NYSE raised $16.6 billion, 10.6% of all proceeds and the NASDAQ raised $8.7 billion, 5.6% of all proceeds. As previously reported, U.S. IPOs on U.S. exchanges experienced a six year low in 2015.
Global IPOs produced a 33.2% average return this year although Renaissance notes that this figure is closer to 9.5% when excluding high performing A-share IPOs. The best performing IPOs came from the consumer and healthcare sectors, when excluding these A-share IPOs. Five U.S. IPOs made the list of the ten worst performing IPOs of the year.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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