In mining services, drilling business DDH1 Drilling’s ( DDH) IPO enabled selldowns by founders and US alternative investments firm, Oaktree Capital Management. NexGen Energy ( NXG), a Canadian uranium miner listed on TSX and NYSE, added an ASX listing to facilitate access to Australian investors. This reflected continued elevated prices in commodities such as gold, copper, lithium and nickel.Īt the opposite end of the market, 29Metals ( 29M) was ASX’s largest copper IPO. Like 2020, the highest volume of listings was in the mining sector, with explorers accounting for around half of all new listings. The top five countries of origin for ASX listings were New Zealand (6), the United States (5), Canada (5), Israel (2) and the United Kingdom (2). Top 10 IPOs in 2021 by market capitalisationĭespite travel restrictions, there were 23 international listings, with most transaction processes and investor roadshows running in virtual format due to Covid-19 restrictions. The largest listing of the year by value was Woolworths’ hotels and bottle shops spin-off Endeavour Group ( EDV) at an $11.1 billion market capitalisation. Of the top 20 IPOs by capital raised, 15 were private equity- or venture capital-backed, compared with 11 in 2020. GQG Partners chose ASX instead of a US listing largely because of comparatively attractive valuations of asset managers listed on the Australian market. The largest IPO of the year was Florida-based asset manager GQG Partners ( GQG), which raised $1.2 billion at just under a $6 billion market capitalisation. It was a record year for billion-dollar IPOs with nine in total across a range of sectors, including financials, industrials and technology. Both factors helped increase demand for IPOs as cash was returned to investors and then redeployed. The year saw Australian mergers and acquisitions (M&A) activity at record highs and a significant level of share buybacks and special dividends. The average price performance of IPOs was 17%, outperforming the broader S&P/ASX 200 index, which ended 2021 up 13%. The value of new listings, including IPOs, spin-offs, dual and direct listings, was $52 billion - another record. By volume of listings, ASX again outperformed nearly all exchanges globally, just behind those in the world’s two largest economies, the US and China.Īustralian IPOs raised over $13 billion in capital, the highest in seven years. It was a standout year for ASX with 240 new listings – the biggest year since the height of the mining boom and bull market of 2007 (this includes all admissions to the Official List). The US market also saw a record in Special Purpose Acquisition Company (SPAC) IPOs. Investors embraced the broader themes of electrification and decarbonisation. The largest offshore IPO was California-based electric vehicle maker Rivian Automotive Inc, which raised US$13.7 billion. This coincided with US and Australian equity indices recording all-time highs, spurred on by fiscal and monetary stimulus. The global Initial Public Offerings (IPO) market recorded highs in terms of capital raised and number of IPOs, at US$610 billion and 3,097 respectively (Dealogic). 2021 was a year of records in the Listings business.
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