The third quarter was quieter than expected for equity capital markets, even in a summer hiatus. Against a backdrop of geopolitical tensions, increased economic weakness and doubts regarding central bank action, investors were cautious in a volatile quarter. This affected equity markets, as The We Company withdrew its intended listing, Peloton and TeamViewer’s shares fell during their first day of trading, and Budweiser Brewing Company APAC’s shares finally priced at the lower end of their range.
In Q3 2019, global IPO proceeds fell by 22% while the number of transactions fell by 19% compared to the same period last year. In total, 226 IPOs raised $40.4bn compared to proceeds of $51.6bn via 279 IPOs in Q3 2018 and $49.2bn via 345 IPOs in Q3 2017. The FO market suffered less, as proceeds fell by 9% and the number of deals by 4%. Notably, money raised stood at $104.1bn via 602 deals. In Q3 2018, 627 FOs raised $114.3bn, compared to proceeds of $143.6bn via 730 deals in Q3 2017.
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