ECM Activity Slows After February and March Momentum
Global ECM activity in April raised $13.8bn via 100 transactions, a 65% decrease from the $39.7bn raised via 190 transactions in March. EMEA led the global regions in deal volume with $5.3bn raised via 25 transactions, with the largest deal of the month in the region being TUI AG’s $2bn marketed follow-on offering on April 17. The deal was the largest German offering since Porsche AG priced their $7.8bn IPO on September 28, 2022.
US listed ECM slumped to $3bn raised (a 72% month-over-month decrease) via 38 transactions amidst wider concerns over bank closures. The $3bn raised represented the lowest monthly US listed volume since August 2011 when $2.8bn was raised via 11 transactions. The IPO market added to the slow down as only one deal <$25m priced (Millennium Group International Holdings)*.
As the year progresses, there is reason for optimism, the IPO market could be poised for growth based on recent filings data. Kenvue Inc filed for a $3.25bn IPO in January, which was the largest US listed IPO since November 9, 2021 when Rivian Automotive priced their $13.7bn IPO. This month we’re seeing volume make a comeback with 15 IPOs getting filed.
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