In the second quarter of 2019, equity markets switched between risk-on and risk-off mode driven by renewed dovish stances from central banks on one side, and escalating trade tensions on the other. Nonetheless, global IPO proceeds rose slightly in Q2 2019, supported by Silicon Valley unicorns going public. Most notably, Uber followed its smaller peer Lyft this quarter, raising over $8bn in May on the NYSE. A slowdown of IPO activity in Asia-Pacific has been compensated by an increase in activity in the Americas.
Global IPO proceeds increased by 1% whereas the number of transactions fell by 14%. In total, 280 IPOs raised $62.6bn compared to proceeds of $62.2bn via 325 IPOs in Q2 2018 and $54.1bn via 398 IPOs in Q2 2017. The FO market fared somewhat worse, as both proceeds and the number of deals fell. There is now a three year decline with proceeds of $116.7bn via 767 offerings in Q2 2019, compared with 813 FOs raising $133.5bn in Q2 2018 and 909 FOs raising $164.4bn in Q2 2017.
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