The global IPO market continued its fast start of 2014 in the
second quarter. Quarterly proceeds were up 42.4% year-over-year.
IPO proceeds in the 2Q14 were led by the European and North
American regions, which accounted for 43.7% and 34.9% of
quarterly proceeds, respectively. European issuance maintained a
rapid pace throughout the quarter as the region continued to
recover from the European debt crisis and interest rates remain
at record lows. Due to the disappearance of A-share IPOs and poor
aftermarket performance in real estate and infrastructure IPOs,
the Asia Pacific region's market share contracted in the 2Q14 to
just 20.2%. This quarter had the second highest number of
billion-dollar IPOs in over three years from a diverse group of
sizable companies. Despite weak performance from European IPOs,
global IPOs generated an 11.4% average return thanks to the
strong performance of North American IPOs. With IPOs
outperforming the broader market and economic conditions
improving in developed markets, we expect to see strong issuance
continue for the remainder of 2014.
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