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U.S. IPO Market Going Global

December 18, 2017

In previous FCS Intelligence reports, we’ve highlighted the growing role of foreign acquirers in driving M&A activity in the U.S.  In today’s installment, we show that cross-border IB activity hasn’t been limited to M&A – it’s now a major factor in the IPO market as well.  Cross-border listings comprised fully one-quarter of all U.S. IPOs in the last year, reaching the highest level in seven years.  In the Life Sciences sector – a critical segment for many independent investment banks and new market entrants – cross- border listings represented a record 40% of U.S. IPOs.  Since many of today’s IPO issuers will return to the ECM markets for follow-on deals, this cross-border trend will shape the direction of the ECM fee pool for years to come.

 

 

Bulge-bracket firms already have the global platforms necessary to effectively compete for cross-border listings.  However, many smaller independents and universal banks have a very limited competitive footprint in the market.  To keep pace with the market, they may need to invest in global client coverage – even if they have no intention of building out global distribution.

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