North American IPO market performance improved significantly in terms of value and volume in H1 2017: cross-border listings more than doubled in terms of value to USD 1.7 billion with 14 deals; domestic IPOs also increased significantly in terms of value, up by 229 % to USD 26.4 billion and volume up by 71 % with 99 transactions. Cross-border capital raising in this region accounts for 14% of global capital raised from cross-border IPOs, up from 9% in H1 2016 and the number of IPOs accounts for 24% of total global IPOs in the first half of 2017.

Capital raised from cross-border IPO activity represents 6% of North America's total capital raising, the lowest level since first half of 2013.

Snap Inc’s listing in NYSE is the first tech listing in the US during the year and the largest tech IPO since Alibaba. NYSE also became home to another megadeal: Invitation Homes’ USD 1.77 billion IPO in January. Canada also saw a strong H1 with ten times more capital raised on the Toronto Exchange than the first half of 2016.
The cross-border index in North America increased by 16% for the first half of 2017, as cross-border capital raising and number of IPOs increased.
CAPITAL-RAISED-BY
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“Companies in US and Canada have regained confidence in the markets after a year of uncertainty in 2016. Uncertainty is the new normal – activity is good and pipeline strong as companies and investors have stopped waiting for clarity on potential impact of political changes and are getting on with business. There is a business imperative for companies – to realise value, raise funds to support growth, invest in R&D and refinance. Companies need to move forward. Gridlock in Washington may mean the promised business friendly policies are not in place quickly. The second half of the year is unlikely to be worse than the first as the pipeline is strong.”
Amar Budarapu Head of Capital Markets in North America at Baker McKenzie
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Cross-border-IPO-Index
CROSS-BORDER IPO INDEX: NORTH AMERICA
CROSS-BORDER IPO INDEX: NORTH AMERICA
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