London set to stay as global finance centre according to IPO market

However, Scott McCubbin, EY’s IPO leader, said that worries are now likely to abate – at least for a while. Cross-border flotations – which made up 26pc of listings and 58pc of the funds raised last year – are likely to continue as businesses act in the period of expected calm ahead of Brexit.

“Although the market may remain low-key overall, the IPO pipeline is currently still looking strong for small main market listings and Aim listings,” Mr McCubbin said.

“We expect to see some of the delayed listings from this quarter to come on stream in the second quarter and activity to peak in the third quarter for this group of companies.

“There are some signs of more listings from larger companies anticipating more significant deal sizes, but this part of the market is very much waiting for a first-mover to lead the way.”

On a global basis, the number of flotations in the first quarter fell by 27pc on an annual basis to 287, while the total raised swung the other way, rising 28pc to $42.8bn.

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