Sector Focus
With USD 54 billion worth of capital raised across 245 deals, Financials once again outperformed other sectors when it comes to the number of transactions, and took the top three spots for cross-border IPOs. Total value also climbed by 30% on the year.
Such strong performance was underpinned by Allied Irish Banks' USD 3.8 billion dual listing on the London and Dublin stock exchanges in the first half of the year, the USD 2.2 billion listing of Chinese brokerage Guotai Junan Securities on the Hong Kong Stock Exchange, and the USD 1.8 billion listing of Zhong An Online P&C Insurance Co Ltd, also in Hong Kong.
Also growing is the High Technology sector, which climbed 210% year on year in capital terms to USD 28.5 billion, including the biggest deal of the year in Snap Inc’s USD 3.9 billion listing on the New York Stock Exchange.
The Industrials sector was the most active in terms of volume with 284 listings during 2017, a 50% hike on 2016. Capital raised reached USD 25.4 billion, up by 16% on the year. This was driven largely by Italian Pirelli’s return to the public market in the third quarter of the year, having been taken over by state-controlled ChemChina two years ago. The re-listing is indicative of investor appetite for European companies and that of Chinese investors in European brands. In any event, the IPO price of USD 2.8 billion valued the group at slightly less than the price at which it delisted in 2015.

Healthcare was the most active sector for cross-border IPOs, with 32 deals in 2017, a 113% jump on the previous year, which raised a total of USD 3.3 billion, up 119% year on year. That was bolstered by WuXi Biologics' debut on the Hong Kong Stock Exchange in June, which raised over USD 580 million.
The second most-active sector was Consumer Products and Services with 30 deals worth USD 2.6 billion, up 114% and 76% respectively. The largest deal in the sector was the USD 500 million IPO of Alibaba-backed supply chain technology firm BEST Inc. on the New York Stock Exchange.
*Some IPOs dual list and count as both domestic and cross-border. Overall IPO totals in tables below may be lower than the combined value and volume for domestic and cross-border listings to avoid duplication.
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