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We are pleased to present the latest edition of our Bermuda Public Companies Update which features a recap of significant transactions involving Bermuda public companies listed on the NYSE and Nasdaq for the period of Q2 through Q3 2017.
The second quarter of 2017 saw a total of 48 IPOS on the NYSE and Nasdaq, raising a total of US$10.9 billion. The last week of June was the most active of the year, with eight IPOs, making Q2 the busiest quarter since 2015.
The third quarter did not maintain Q2’s strong showing (in fact the period from mid-August through mid-September saw no new listings at all), but recovered sufficiently to end with 26 IPOs resulting in a year-to-date total of 96, a slight increase from 2016’s deal count of 88.
Perhaps the most promising observation over this period lies in the deal pipeline. At the end of Q3, the six-month IPO backlog sits at 40 listings with anticipated total proceeds of US$8.5 billion. This is a significant improvement over Q3 2016’s projections, in which just 30 deals were anticipated with proceeds of US$5.1 billion. We anticipate that Q4 2017 deal activity will increase significantly, both among Bermuda companies and more broadly.
Bermuda companies on US Exchanges have been active in raising capital, with a total of approximately US$2.8 billion raised year to date.
Also of interest in this edition:
As ever, this update provides details of the transactions referenced above, along with statistical information about the Bermuda public companies market, which we hope will be of interest to our legal colleagues, clients and Bermuda market followers.
To continue reading full articles in PDF format:
Bermuda Public Companies Update – November 2017
(All deal data in this section sourced from the Ipreo Equity Deals Database)