Cross-BorderIPOIndex2018Megadealsandcross-borderlistingsintoUSandHongKongdominateglobalIPOsGlobalcapitalraisedfromIPOsincreased5%despiteadeclineinactivitylevelsinayeardominatedbymegadealsandcross-borderlistingsintoUSandHongKong,accordingtoourresearch.Themarketcontinuedtoexperiencegeopoliticaluncertaintyandrelatedconcernsaroundworldwidetradeflows.USPresidentTrump'sprotectionistpolicies,theUK'simpendingdivorcefromtheEuropeanUnionandmarketvolatilityhavecontributedtothedeclineintheoverallvolumeofdeals.Whiletotalcapitalraisedincreasedby5%toUSD219.4billion,thenumberofdealsfell17%to1,448.DomesticlistingsslideThatslidewasreplicatedinthedomesticIPOmarket,wherethevolumedippedby21%to1,231IPOsandvalueoflistingsalsodeclinedby11%toUSD158.2billion,aresultofmarketvolatilitycausedbypoliticalconcernsandrecentandupcomingelectionsintheUS,IndiaandmostofLatinAmerica.ThenumberoflistingsinEurope,MiddleEast&Africa(EMEA),AsiaPacific,andLatinAmericawerealldownbyanaverageof32%,whiletherewasamorepositiveperformanceinNorthAmericawitha25%increaseinlistingsrecorded,althoughthisdidlittletooffsettheoverallglobaldecline.Perhapssurprisingly,theUSdomesticIPOmarketwasnotimpactedbythemid-termelectionsandwasthemostactiveofalldomesticmarketswithatotalof200listingsrecordedatavalueofUSD41.7billion.ItwasfollowedbyIndiawhere171IPOswererecorded,a6%slideonlastyear,followedbyCanadawith107issues,up43%year-on-year.Cross-borderflipProvidingacounterbalancetorelativelyslackdomestictradewasanactivecross-borderIPOmarket,wherecapitalraisingreacheda4-yearhigh.NewlistingregimesinHongKong,whichmakeiteasierforcompaniestolistandcontinuedgrowthinChinese-domiciledcompanieslistingintheUS,hasbeenbehindmuchoftheincrease.YoungChineseBiotechcompaniesaresaidtobeheadingtoNasdaqtolistasaresultofitsnewandmoreflexiblelistingrequirements.Asaresult,ourGlobalCross-BorderIndexgrewby46%in2018to23.8duetoasteadyincreaseinthevalueandvolumeofIPOsbyChineseissuerslistinginHongKong,NasdaqandNewYork.AtotalofUSD62.0billionwasraisedfortheyearasawhol...
