London Stock Exchange maintains global lead for international IPOs in 2007
Money-raised by companies conducting international IPOs during 2007 reconfirms the London Stock Exchange’s position as the world’s most international equity market. During 2007, London’s markets attracted 95 international IPOs by companies from 24 countries (excluding the UK). Between them they raised £15.2 billion. This was more than double the £6.7 billion worth of offerings by the 34 non-US companies which conducted IPOs on NYSE during the same period, and more than the £10.7 billion worth of international IPOs on NYSE and Nasdaq combined.
Overall, companies across the Exchange’s markets raised £45.8 billion in new and further issues during the year. This included 269 IPOs on the Main Market, Professional Securities Market and AIM which raised £26.5 billion in total. An additional £18.9 billion was raised through further issues, including a record £9.6 billion in further issues on AIM.
Martin Graham, Director of Markets at the London Stock Exchange, said:
“While the second half of 2007 was not without its challenges for companies considering IPOs, the fundraising on our primary markets remained strong for the year as a whole, and we have continued to be the most successful major exchange for fundraising by international companies. We have been struck by the potential of regions where we have recently started to market our offering more actively, with companies based in markets as diverse as Vietnam, Bahrain and Argentina all choosing London for their IPOs this year.
“AIM has also had another excellent year: the ability of existing AIM companies to raise record amounts in further issues, together with the growth in average money raised at IPO, reflects the market’s growing maturity and the long-term institutional investment that is available.”
Main Market and Professional Securities Market Highlights
- There were 87 IPOs on the Main Market and Professional Securities Market, raising £20.2 billion between them.
- There were 36 international IPOs on the Main Market and Professional Securities Market during the year, raising a record £12.8 billion.
- Grupo Clarin conducted the largest Argentine float for a decade, raising £229.6 million through issuing Global Depository Receipts on the Main Market in October.
- The Main Market welcomed its first company based in Vietnam: in March Indochina Capital Vietnam Holdings Limited raised £256.1 million on its admission.
- Gulf Finance House BSC, was the second company from Bahrain to join the Exchange’s markets; its GDR issue in July raised £138.1 million.
- The Local Shopping REIT joined the Main Market in May, becoming the first new UK specialist start-up Real Estate Investment Trust since the start of the UK REIT tax regime in 2007. It raised £160.0 million.
- 182 companies, including 59 international companies, conducted IPOs on AIM during 2007, raising £6.2 billion in total.
- There were 13 IPOs by companies based in China, raising £806.6 million between them.
- During 2007, AIM attracted 22 IPOs by companies based in the USA, raising £577.8 million between them.
- In addition, AIM welcomed IPOs by 8 companies based in India, 14 companies based in Western Europe, 6 companies based in Canada, 3 companies based in Latin America, and one company based in Vietnam.
- By the end of 2007, a record 347 international companies were quoted on AIM.
- AIM Companies raised a record £9.6 billion through further issues in 2007; 68 per cent more than during 2006 and more than three times the 2005 total.
- A record 12 companies transferred from AIM to the Main Market; more than in the previous four years combined.
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Statistical notes and references
- Unless otherwise stated, information in this release is based on the Exchange Group’s management estimates and calculations sourced from publicly available information, including Main Market and Secondary Market fact sheets and Professional Securities Market fact sheets, AIM Market Statistics, Monthly Market reports and the Exchange Group’s and its subsidiaries’ internal market and trading databases.
- The number of international IPOs on NYSE was sourced from the NYSE website. ‘Value of offering’ figures for NYSE International IPOs were sourced from the SEC’s Electronic Data-Gathering, Analysis, and Retrieval (EDGAR) website. For NYSE data, ‘international’ refers to companies incorporated outside the US.
- For Nasdaq, IPO offer size data was sourced exclusively from EDGAR. For Nasdaq data, ‘international’ refers to companies based outside the US, but which may be incorporated elsewhere.
- For London Stock Exchange figures ‘international’ companies refers to companies incorporated outside the UK.
- For London Stock Exchange figures, companies ‘based in’ refers to companies which are deemed to operate the majority of their business in a given country, but which may be incorporated elsewhere.
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