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Global IPO Report - July 2018

We are pleased to present this Global IPO Report detailing new listing activity involving Bermuda, BVI and Cayman Islands public companies listed on stock exchanges around the world during H1 2018.

In the first half of 2018, Bermuda, BVI and Cayman companies performed well on the world’s major exchanges, with a total of 112 IPOs launched. A number of mega deals were recorded globally. Of particular note was Cayman company PagSeguro Digital Ltd., with its US$2.3 billion IPO - the second largest deal in Q1.

Bermuda also had a successful start to 2018 with the split-off and subsequent launch and listing of Liberty Latin America on the Nasdaq Global Select Market and OTC Market. And BVI finished 2017 on a high note, despite the tremendous challenges brought by a series of devastating natural disasters. A number of landmark transactions closed in 2017, including Despegar’s IPO which closed on the day Category 5 Hurricane Irma hit the islands. The deal resulted in Despegar becoming one of the most valuable publicly-listed BVI companies and was a true representation of BVI’s resilience and its role as a leading offshore centre for major corporate transactions.

Market Performance and Trends

Global IPO markets witnessed a slight increase in value in the first half of 2018 over the same period last year, raising a total of US$94.3 billion, a 5% increase in value. Volume, conversely, was down 21%, with an overall total of 660 listings.

Deal flow in our jurisdictions ran parallel with activity taking place globally. The most active exchange was the Stock Exchange of Hong Kong, which represented 76% of the listings during this period, followed by the major exchanges in the US and one listing on the Bucharest Stock Exchange - as shown in the graphic on the right.

Early Indicators for an Active Year Ahead

There is a positive outlook for H2 2018 as a result of strong equity markets, high corporate earnings and increasing investor confidence. The pipeline in markets such as the Americas and Asia-Pacific looks healthy, with IPO activity in Brazil and Mexico remaining strong, and an appetite in Asia for small-cap listings and IPOs from high-tech companies. EMEIA is also displaying a positive outlook, notably through regions such as India and the Middle East.

 

To continue reading full articles in PDF format:
Global IPO Report - July 2018

 


Graham B.R. Collis
Director, Head of Bermuda Corporate

BERMUDA   +1 441 299 4965


Robert J.D. Briant
Partner, Head of BVI Corporate

British Virgin Islands, Cayman Islands   +1 284 852 1100


Kevin C. Butler
Partner, Head of Cayman Islands Office and Corporate Practice

CAYMAN ISLANDS   +1 345 814 7374


Christopher W.H. Bickley
Partner, Head of Hong Kong Office

HONG KONG   +852 2842 9556

Mobile   +852 6469 3356


Linda Martin
Director, Head of London Office

London   +44(0)20 7562 0353


Preetha Pillai
Director, Head of Singapore office

Singapore   +65 6603 0707


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Newsletters

Global IPO Report - July 2018

We are pleased to present this Global IPO Report detailing new listing activity involving Bermuda, BVI and Cayman Islands public companies listed on stock exchanges around the world during H1 2018.

In the first half of 2018, Bermuda, BVI and Cayman companies performed well on the world’s major exchanges, with a total of 112 IPOs launched. A number of mega deals were recorded globally. Of particular note was Cayman company PagSeguro Digital Ltd., with its US$2.3 billion IPO - the second largest deal in Q1.

Bermuda also had a successful start to 2018 with the split-off and subsequent launch and listing of Liberty Latin America on the Nasdaq Global Select Market and OTC Market. And BVI finished 2017 on a high note, despite the tremendous challenges brought by a series of devastating natural disasters. A number of landmark transactions closed in 2017, including Despegar’s IPO which closed on the day Category 5 Hurricane Irma hit the islands. The deal resulted in Despegar becoming one of the most valuable publicly-listed BVI companies and was a true representation of BVI’s resilience and its role as a leading offshore centre for major corporate transactions.

Market Performance and Trends

Global IPO markets witnessed a slight increase in value in the first half of 2018 over the same period last year, raising a total of US$94.3 billion, a 5% increase in value. Volume, conversely, was down 21%, with an overall total of 660 listings.

Deal flow in our jurisdictions ran parallel with activity taking place globally. The most active exchange was the Stock Exchange of Hong Kong, which represented 76% of the listings during this period, followed by the major exchanges in the US and one listing on the Bucharest Stock Exchange - as shown in the graphic on the right.

Early Indicators for an Active Year Ahead

There is a positive outlook for H2 2018 as a result of strong equity markets, high corporate earnings and increasing investor confidence. The pipeline in markets such as the Americas and Asia-Pacific looks healthy, with IPO activity in Brazil and Mexico remaining strong, and an appetite in Asia for small-cap listings and IPOs from high-tech companies. EMEIA is also displaying a positive outlook, notably through regions such as India and the Middle East.

 

To continue reading full articles in PDF format:
Global IPO Report - July 2018

 


Graham B.R. Collis
Director, Head of Bermuda Corporate

BERMUDA   +1 441 299 4965


Robert J.D. Briant
Partner, Head of BVI Corporate

British Virgin Islands, Cayman Islands   +1 284 852 1100


Kevin C. Butler
Partner, Head of Cayman Islands Office and Corporate Practice

CAYMAN ISLANDS   +1 345 814 7374


Christopher W.H. Bickley
Partner, Head of Hong Kong Office

HONG KONG   +852 2842 9556

Mobile   +852 6469 3356


Linda Martin
Director, Head of London Office

London   +44(0)20 7562 0353


Preetha Pillai
Director, Head of Singapore office

Singapore   +65 6603 0707