Fintech PR
Multiple crosswinds superseded global IPOs despite market rally in 2023
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- In 2023, global IPO volumes fell 8%, with proceeds down by 33% YOY
- Americas deals rose by 15% in number, with an increase of 155% proceeds YOY
- New hotspot markets outpaced IPO powerhouses
LONDON, Dec. 14, 2023 /PRNewswire/ — The Global IPO market closed 2023 with 1,298 IPO raising US$123.2b. Overall the global IPO market in 2023 has experienced shifting landscapes with improved Western market sentiment counterbalanced by China’s cool-down, as well as a contrast between hot developing market small-cap deals and lackluster large offerings. When comparing to 2022, IPO proceeds in 2023 lagged last year’s tepid pace by roughly a third, although deal volumes have picked up in both the Americas and EMEIA regions. These and other findings are available in the EY Global IPO Trends 2023.
Despite a strong market rally and low volatility index on the back of positive economic data, public offerings have remained subdued in many developed markets, with the exception of a brief September window in the US. After two years of muted listings, IPO issuers and investors were keen to take the ride of a market upswing, but this enthusiasm dampened after September when high-profile IPOs sank underwater, impacting market sentiment. Equity investor fixation on mega technology stocks in the face of macro uncertainty also left less appetite for new listings. Extraordinarily aggressive monetary policies were another major factor affecting IPO activity, superseding the influence of overall stock market performance.
Benchmarking against five-year average IPO activity, highlights include Indonesia, Malaysia and Turkey notching increases in deal volume and proceeds. Meanwhile India, Saudi Arabia and Thailand recorded an increase in the number of IPOs vs. five-year average. In contrast, Hong Kong’s IPO market experienced a 20-year low in proceeds this year, and the pace of IPO issuance in Mainland China slowed in the latter half of 2023.
The industrials and consumer sectors had positive movement this year, with industrials having the most deals and consumer being the only sector to increase by both IPO volume and proceeds. In contrast, the technology sector continued to experience declines driven by underwhelming investor reception to high-profile tech IPOs in the US and generative artificial intelligence (GenAI) startups still being in the venture capital stage. Despite this, technology IPOs still led the pack for proceeds for 2023. There has also been a significant downturn in IPO volume and proceeds within the health and life sciences sector – particularly in Mainland China and the US. The number of companies backed by private equity and venture capital within this sector plummeted by 78% since 2021. Sector IPO trends reflect shifting global economic and supply chain dynamics, which bring new winners and losers across sectors – although strong fundamentals still win out overall.
Overall regional performance: 2023 wasn’t the year the regions thought it would be
While the number of Americas IPOs in 2023 was up 15% compared with 2022, proceeds jumped nearly three times that of 2022 due to several high-profile deals. In total, 153 deals raised US$22.7b, with over 85% of them listing on US exchanges. The region had seven deals that raised over US$500m in 2023 vs. just four in 2022, but smaller deals continue to dominate IPO activity on US exchanges. Brazil’s IPO market surpassed a two-year absence of listings amid global instabilities, marking the most prolonged drought in over two decades. In Canada, its main exchange featured only one IPO each in 2022 and 2023 – this level of IPO activity is unprecedented on this exchange over the last two decades. Overall in the Americas, weak IPO trading performance, rising interest rates and geopolitical concerns have contributed to challenging capital raising conditions for companies seeking to access the public markets.
This year, 732 companies went public in Asia-Pacific raising US$69.4b, a YOY fall of 18% and 44% respectively. Facing economic and geopolitical headwinds, 2023 was challenging for Asia-Pacific’s IPO markets, with the two powerhouses of Mainland China and Hong Kong continuing to decline in volume and value. The average deal size of cross-border listings from Mainland China to the US also fell to its lowest level in 20 years, with a 93% drop from its 2021 levels. However, Mainland China remained a vital source of IPO funding, contributing over 40% of global proceeds in 2023. In the Asia-Pacific IPO market, well-capitalized companies backed by private equity and venture capital in the environmental, social and governance (ESG) and technology spaces have the capital to wait out until valuation improves. Realistic pricing and post-IPO performance may encourage some of these companies that are prepared for IPO with strong governance and a good equity story to list in 2024.
The EMEIA IPO market is on its path to recovery, with a 7% rise in volume, even with a 39% decrease in proceeds, on the back of large deals from MENA, heightened activity in India and CESA, as well as a few high-profile cross-border IPOs to the US. This region rounded out the year with 413 deals, raising US$31.1b. And, even though 5 of the world’s largest 10 deals were from EMEIA, the region had a greater number of smaller IPOs than large ones compared with 2022, hence the fall in total proceeds. MENA continued to dominate the top 10 EMEIA IPOs in 2023, accounting for 6 of those IPOs. In the UK, challenging market conditions, compounded by high inflation and elevated interest rates, have muted IPO activity. Overall in EMEIA, the outlook for 2024 is optimistic but cautious, given an unpredictable market environment. In various countries, governments and regulators are taking steps to stimulate capital markets to boost investment in disruptive innovation.
2024 outlook: Candidates must be prepared
George Chan, EY Global IPO Leader, says:
“Enthusiasm for IPOs is high and smaller deals are emerging with improved after-market performance. While many governments are taking measures to boost IPOs, activity is particularly strong in high-growth economies. Before monetary policy eases and geopolitical climate stabilizes, IPO-bound companies should keep their eyes on building fundamentals and managing price expectations to capitalize on the fleeting windows as 2024 progresses.”
Globally, moderating inflation and potential 2024 interest rate cuts could attract investors back to IPOs by improving liquidity and return outlooks. However, sustained geopolitical instability may undermine confidence.
Broadly, the year ahead hinges on improving macro backdrop for an IPO revival as companies eagerly await more favorable market conditions to widen the IPO windows. When headwinds abate, confidence may rebound and markets will present opportunities for IPOs again.
IPO candidates looking to go public in 2024 will need to be well-prepared. Key factors to consider are: inflation and interest rate, government policies and regulations, recovery of economic activities, geopolitical tensions and conflicts, ESG agenda, and global supply chain. Multitrack options should also be considered, from alternative IPO processes (direct listing or dual and secondary listings) to other financing methods (private capital, debt or trade sale).
Notes to editors
About EY
EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.
Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
About EY Private
As Advisors to the ambitious™, EY Private professionals possess the experience and passion to support private businesses and their owners in unlocking the full potential of their ambitions. EY Private teams offer distinct insights born from the long EY history of working with business owners and entrepreneurs. These teams support the full spectrum of private enterprises including private capital managers and investors and the portfolio businesses they fund, business owners, family businesses, family offices and entrepreneurs. Visit ey.com/private.
About EY IPO services
Going public is a transformative milestone in an organization’s journey. As the industry-leading advisor in initial public offering (IPO) services, EY teams advise ambitious organizations around the world and helps equip them for IPO success. EY teams serve as trusted business advisors guiding companies from start to completion, strategically positioning businesses to achieve their goals over short windows of opportunity and preparing companies for their next chapter in the public eye. ey.com/ipo
About the data
The data presented here is available on ey.com/ipo/trends. 2023 refers to the full calendar year and covers completed IPOs from 1 January 2023 to 4 December 2023, plus expected IPOs by 31 December 2023 (forecasted as of 4 December 2023). All data contained in this document is sourced from Dealogic, Capital IQ and Wind, and EY analysis unless otherwise noted. The Dealogic data in this report are under license by ION. ION retains and reserves all rights in such data. SPAC data are excluded from all data in this report, except where indicated.
Lauren Mosery
EY Global Media Relations
+1 732 977 2063
[email protected]
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Fintech PR
Board the TOKEN2049 Treasure Express With Bybit and Dive Into an $80,000 Prize Pool
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
The winning opportunities are open to both attendees of TOKEN2049 and followers from afar. Through trading and offline events, participants stand to get free tickets, a share of the $80,000 prize pool in airdrops and coupons, and Bybit merchandise.
Event 1: TOKEN2049 Treasure Express
From now to Sep. 26, 2024, Bybit users may register for the event and complete tasks by depositing and trading assets to earn lucky draw tickets. The wheel of fortune will turn to one of the three prizes:
1. A pair of tickets to TOKEN2049;
2. A share of the airdrop prize pool valued at $50,000 featuring the hottest tokens, including DOGS, PEPE, SOL, XRP, TON and USDT; or
3. Up to 50 USDT in spot coupons.
Even more rewards await in referrals and social media giveaways. For details, visit: TOKEN2049 Treasure Express
Event 2: Share and Unlock
From now to Sep. 30, 2024, unleash your social media magic for a chance to win a 10 USDT spot trading coupon. Share a Bybit blog link and your thoughts on Bybit and Web3. Remember to tag @Bybit_Official and use the hashtag #UnlockWeb3Future and submit the form with us here: #UnlockWeb3Future at TOKEN2049 with Bybit
Event 3: Meet us offline at TOKEN2049
Spot our logo at TOKEN2049 and capture a photo at the Bybit booth (M50) to win Bybit merchandise. Remember to share to your social media channels and use the right hashtag. For details, visit: #UnlockWeb3Future at TOKEN2049 with Bybit
An advocate for a sustainable Web3 ecosystem, Bybit will be featured prominently at TOKEN2049 on a series of keynote panels, thought leadership and community events, and booth M50.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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Fintech PR
Bybit Expands Global Reach, Receives Formal Consent for Full Authorization in Kazakhstan
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Once the full license is in place, Bybit Kazakhstan will offer various digital assets related products and services. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
Kazakhstan has quickly emerged as a hub for crypto innovation, and Bybit is proud to play a leading role in fostering this development. For example, Bybit hosted a “Foundations of Blockchain, Web3 and Crypto Exchange Activities” course for Banks of Kazakhstan in 2024. This event was part of Bybit’s drive to make blockchain education more accessible in the CIS region.
By securing this full authorization, Bybit is poised to enhance crypto adoption, provide institutional-grade security, and offer advanced trading features to its growing regional user base.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
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LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
[email protected]
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