【安永】2024年第二季度全球IPO趋势报告_50页_3mb

2024 Q2 IPO Strategy Summary

Core Content

This document provides an analysis of the global IPO market dynamics in Q2 2024 and H1 2024, highlighting key trends, sector performances, regional activity, and the impact of geopolitical and political factors on IPO strategies. It also offers insights into the future outlook for H2 2024.

Main Points

Global IPO Activity

• Q2 2024 Activity: There was a significant decline in IPO activity in the Asia-Pacific region, with a 82% drop in proceeds compared to Q2 2023. The Americas and EMEIA regions saw a strong surge, with the Americas increasing its share of proceeds to 34% from 5% in 2022.
• H1 2024 Activity: The EMEIA region regained the No.1 global IPO market share by number for the first time in 16 years. The Americas also saw a significant rise in proceeds, with a 67% YOY increase.
• Global IPO Divergence: The Americas and EMEIA are leading the IPO market, while Asia-Pacific is experiencing a slowdown due to geopolitical tensions, elections, economic slowdown, and high interest rates.

Sector Highlights

• Top Sectors by Number: Industrials, Technology, and Consumer sectors were the top three for IPO activity.
• Top Sectors by Proceeds: Technology, Health and Life Sciences, and Industrials led in terms of proceeds.
• Sector Growth: Technology, health and life sciences, and industrials showed notable YOY growth in both number and value of IPOs.

Family Business IPOs

• Puig's IPO: A significant family business IPO in Europe, raising $2.9 billion.
• Family Business Trends: Family businesses are increasingly turning to public markets for growth, succession planning, and governance improvements.
• Public vs. Private: Over 52% of the global top 500 family businesses are public, with Asian countries leading the trend, while Europe remains more private.

Unicorn IPOs

• Unicorn Activity: Unicorns are showing a decline in IPO activity, with only a handful expected in H1 2024 compared to 2021.
• IPO Pipeline: Technology unicorns make up about half of the IPO pipeline, with AI unicorns being particularly notable.
• Geographic Distribution: The US dominates the unicorn IPO pipeline, followed by China and India.

Political and Geopolitical Impact

• Elections and Uncertainty: Global elections in 2024 have increased uncertainty about policy impacts on IPOs, particularly in heavily regulated sectors.
• US Election Impact: IPO activity tends to increase in the post-election years, with an average 39% rise compared to election years.
• Geopolitical Dynamics: Geopolitical tensions and conflicts are shaping IPO markets, prompting companies to seek alternative listing venues.

Key Information

Regional Trends

• Americas: Increased share of proceeds to 34% in H1 2024, with a strong focus on PE/VC-backed IPOs.
• EMEIA: Regained No.1 position in IPO volume, with a 89% increase in proceeds compared to H1 2023.
• Asia-Pacific: Experienced a dramatic decline in proceeds, from 63% in H1 2023 to 20% in H1 2024.

IPO Returns

• Outperformance: YTD 2024 IPOs have outperformed benchmark indices in most major global markets.
• Investor Confidence: The resilience of post-IPO share prices and increased use of overallotment options reflect strong investor confidence.

Market Outlook for H2 2024

• Interest Rate Cuts: Expected to boost liquidity and attract more companies to the public market.
• Geopolitical Shifts: Could lead to new financial hubs and alternative IPO markets.
• Election Impact: Long-term policy changes may affect market stability and investor confidence, requiring IPO candidates to evaluate timing and strategy.

Conclusion

The global IPO market is experiencing a divergence in activity, with the Americas and EMEIA leading the way. Companies are adapting by focusing on financial sustainability, profitability, and resilience. The decline in Asia-Pacific IPO activity is attributed to various headwinds. Family businesses and unicorns are also navigating the market with a focus on long-term growth and stability. Political and geopolitical factors are playing a significant role in shaping the IPO landscape, influencing both strategy and timing. The outlook for H2 2024 is positive, with expectations of increased IPO activity driven by interest rate cuts and geopolitical shifts.