Tue, Apr 2nd 2024
The first quarter of 2024 witnesses a dip in global IPOs, with Asia seeing a stark decline, while Europe, led with the Galderma IPO.
The number of IPOs worldwide fell in the first quarter of 2024, mainly due to a significant decline in Asia.
The largest IPO worldwide so far this year was the Galderma IPO, as the auditing and consulting firm EY writes in its IPO Barometer published on Tuesday.
Galderma’s listing on the SIX Swiss Exchange in March raised almost CHF 2.3 billion. According to EY, this corresponds almost exactly to the total volume of all ten IPOs in Switzerland last year and is the largest IPO on the SIX since Landis & Gyr in 2017.
The second and third largest IPOs in the first quarter were also European companies, namely Amer Sports from Finland and Douglas from Germany.
According to EY, there were 287 initial public offerings (IPOs) worldwide in the first three months of the year, compared to 307 in the same period of the previous year. The total issue volume rose to 23.7 billion dollars after 22.2 billion in the same period of the previous year.
At 26, the number of IPOs in Europe was slightly below the previous year (28), although the volume almost tripled to USD 5.9 billion (previous year: USD 2.1 billion).
In the USA, there were as many as 49 IPOs in the first quarter of 2024 after 33 in the same quarter of the previous year, with the total volume jumping to USD 8.5 billion (previous year: USD 2.6 billion).
In contrast, the number of IPOs in China was just under half as high (42) as in the same period of the previous year (86). The issue volume on the Chinese market was also significantly lower at USD 3.9 billion (previous year: USD 10.4 billion).
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