Asian IPOs slowed to US$54.3 billion

Asia GDR Issuance soars 13x

Taiwanese steelmaker China Steel Corp., has listed a global depository receipt of US$744 million, the largest of its kind so far this year. Asia GDR issuance has soared 13x to the highest level since 2007, increasing from only US$122 million at this point last year to the current high of US$1.7 billion, driven by four placements in Taiwan valued at US$893 million. Placements in the Materials sector leads GDR growth, with US$700 million in deal values.

Follow-Ons exceed IPOs in Asia

Asia ex Japan IPOs have slowed to a total of US$54.3 billion as secondary equity offerings have surpassed new offerings with proceeds of US$64.2 billion from 729 follow-on issues. As compared to last year at this point in time, IPOs are down 25% while Follow-Ons have grown by 6% consecutively. Goldman Sachs leads the year-to-date rankings for Asia ECM, followed by UBS and Morgan Stanley.