Dealogic has just issued a set of interesting statistics following the completion of Hutchison Port Holdings (HPH) Trust’s US$5.45 billion business trust IPO in Singapore. That deal, which was the fifth largest IPO in the transportation sector globally on record, as well as the biggest-ever Singapore IPO, has pushed the global IPO volume in 2011 to US$40 billion, up 42% as compared to the same period in 2010. This also represents the highest year-to-date (YTD) volume on record.
The HPH Trust deal has also pushed IPO issuance on the SGX in Singapore to US$5.6 billion (through a total of seven IPOs), representing more than 17 times the US$320 million raised in the same period last year. This is already equivalent to the second highest full year volume on record there.
The bookrunners of the HPH Trust IPO, Deutsche Bank, Goldman Sachs and DBS now rank as first, third and fourth respectively in the Asia IPO bookrunner league tables, as well as second, first and sixth respectively globally. Although league tables are best analyzed over a longer period, it is notable that UBS does not appear in the top 10 in either ranking, while seven Chinese firms feature in the top 10 bookrunners in Asia.
Global IPO volumes since 2002:
- 2002: US$59 billion (962 deals)
- 2003: US$51 billion (831 deals)
- 2004: US$137 billion (1,442 deals)
- 2005: US$174 billion (1,641 deals)
- 2006: US$256 billion (1,633 deals)
- 2007: US$299 billion (1,814 deals)
- 2008: US$83 billion (718 deals)
- 2009: US$115 billion (597 deals)
- 2010: US$281 billion (1,468 deals)
- 2010 YTD: US$28 billion (209 deals)
- 2011 YTD: US$40 billion (231 deals)
The top 10 deals by volume in 2011 so far account for just over US$21 billion, or 53% of the total. In sharp contrast to 2010, when IPOs in Asia ex-Japan accounted for 54.4% of total volume (for the whole year), issuance in 2011 has so far been dominated by the US, with five US IPOs in the top 10.
Top 10 IPOs globally in 2011 YTD:
- No 1: HPH Trust in Singapore (US$5.45 billion)
- No 2: HCA Holdings Inc. in the US (US$4.4 billion)
- No 3: Kinder Morgan in the US (US$3.3 billion)
- No 4: Nielsen Holdings in the US (US$1.9 billion)
- No 5: Justice Holdings in the UK (US$1.4 billion)
- No 6: Sinovel Wind Group in China (US$1.4 billion)
- No 7: QGEP Participacoes in Brazil (US$905 million)
- No 8: BankUnited Inc. in the US (US$900 million)
- No 9: Zhejiang Semir Garment Co. in China (US$713 million)
- No 10: American Assets Trust Inc. in the US (US$648 million)