,Based on data by Bloomberg, for the first three months of 2021, a record US$162.4bil (RM668.76bil) was raised by more than 600 issuers in 2021, with special-purpose acquisition companies (SPACs) accounting for half of the proceeds
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IT looks like the global equity markets are poised for another record year for initial public offering (IPO) deals.
Based on data by Bloomberg, for the first three months of 2021, a record US$162.4bil (RM668.76bil) was raised by more than 600 issuers in 2021, with special-purpose acquisition companies (SPACs) accounting for half of the proceeds.
This compared with just US$37bil raised in the first three months of 2020.
“There is so much liquidity in the market that is waiting to be deployed. The backdrop of this is that there were years of a slowing IPO market before Covid-19, due to geopolitical uncertainties and slowing economic growth, ” says Astramina Advisory managing director Wong Muh Rong.
She adds that the recent IPO offerings are mainly by SPACs in the United States and that some investors prefer to invest in SPACs due to the capital protection element.
“It is not a traditional equity market anymore. But in Malaysia investors may have lost their taste for SPAC due to the past experience, ” says Wong.
The last SPAC that made its debut on Bursa Malaysia was Red Sena Bhd in 2015.
Bursa Malaysia only saw a handful of SPACs get listed and only two graduated to become full-fledged listed companies namely Hibiscus and Reach Energy Bhd.
SPACs also dubbed cash shells or blank-cheque firms are formed by a group of individuals to raise funds through an IPO with the purpose of using the proceeds to acquire assets or businesses. They need to meet a three-year timeline to close a deal or it would need to return the capital to its investors.Chinese e-commerce giant Alibaba Group Holding Ltd holds the record as the world largest IPO with US$25bil.
While 2021 is looking to be a spectacular year for IPOs, it is worth noting that 2020 was a record year for IPOs after years of subpar activities.
Despite the Covid-19 fallout that put the market on a wild swing in 2020, it was reported that the global IPO market saw a total of 1,415 deals raising a whopping US$331.3bil, the highest since 2010 when 1,361 IPOs raised US$290.2bil. This is according to data by KPMG.
For this year, there is a new record of the largest IPO hitting the market almost every week.
The latest is South Korean e-commerce giant Coupang Inc which made its debut on the New York stock exchange raising US$4.6bil. This gave it a market capitalisation of US$60bil and made it the biggest share offering in the United States this year.