Equity capital markets bankers are expecting another busy year for IPOs and follow-on offerings in Asia Pacific after 2020 smashed records for equity issuance.
Equity and equity-linked fundraising in Asia Pacific, excluding Japan, surged 71% in 2020 to US$402.5bn after sizable Chinese listings and follow-ons in the fourth quarter pushed full-year volumes to an all-time high, surpassing the previous record of US$306.2bn in 2010, according to Refinitiv data.
That pace looks set to continue in 2021 as the roll-out of Covid-19 vaccines raises hopes for a global economic rebound.
“2021 should be a very exciting and busy year for Asia ECM. Many of the macro drivers that drove issuance last year are still here. The region’s strong secular growth continues, reinforced by a robust and fast-growing Chinese economy,” said William Smiley, co-head of equity capital markets for Asia ex-Japan at Goldman Sachs.