The financial sector has fared quite well in the first half of 2017, with 101 IPOs raising a total of USD 22.3 billion, and also accounting for the majority of cross-border IPOs. This year’s cross-border capital raising is positively impacted by the long awaited listing of Allied Irish Banks, which raised USD 3.4 billion, dual listing in Dublin and London, and Guotai Junan Securities, a Chinese brokerage, which raised a total of USD 2.2 billion on the Hong Kong Stock Exchange. Capital raised in the high technology sector increased significantly by 443% to USD 11.8 billion from 100 listings. This was largely driven by the capital raised in Snap Inc’s listing in North America. 2017 is shaping up to be a much better year for the sector than 2016.

Consumer products and services picked up momentum this year, raising USD 8.2 billion from 69 IPOs and proceeds from cross-border IPOs totaling USD 1 billion from 10 IPOs, compared with USD 263 million from two deals in the first half of 2016. Interesting to note, that half of these are Chinese educational service companies.

Global energy and power increased capital raising by 90%, securing USD 7.7 billion from 43 deals in the first half of 2017. Kinder Morgan Canada is the largest IPO for the energy and power industry, raising USD 1.3 billion, listing on the Toronto Stock Exchange. This is the largest energy and power listing on the Toronto Stock Exchange since 2015. The sector is also awaiting the announcement of the listing of Saudi Aramco, with speculation around which stock exchange it will choose to list their shares on.

IPOs in the healthcare sector increased by 19%, with 69 healthcare companies going public in the first half of 2017. Healthcare companies dominate the cross-border IPO market in terms of volume, with 15 listings accounting for a quarter of all cross-border IPOs. There were low numbers of healthcare listings in the first half of 2016 due to potential government intervention on drug prices in the US, increased financial risks and the presidential election. Recent policy announcements in the US suggest that the sector may not be impacted to the same extent and we can therefore expect an increase in listings through the remainder of the year.

Real estate was the only industry to show a decline in both capital raising and number of companies going public in 2017.
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