亚洲免费乱码视频,日韩 欧美 国产 动漫 一区,97在线观看免费视频播国产,中文字幕亚洲图片

      1. <legend id="ppnor"></legend>
        

        3. 

        <sup id="ppnor"><input id="ppnor"></input></sup>
        <s id="ppnor"></s>
        

    
        
      
        
        
        
        

          
        
            
        
              
              
        
          
        
          
        
        
      
        
      
        
        
        
        
        
          
        
          
        
            
        
          
        
        

        
        
      
        
      
        
        
        
          
        
            
        china daily雙語新聞：Lex專欄今年IPO市場表現(xiàn)欠佳
        
            
        
              
        
                字號(hào)：
                小
                中
                大
                
        
            
        
          
        
          
        
            
        
              
        
              
        
              
        
   

china daily雙語新聞：Lex專欄今年IPO市場表現(xiàn)欠佳
IPO bankers will not remember 2012 fondly. The market has been dismal: so far this year $119bn has been raised in 768 initial public offerings, down from $170bn in 1,225 IPOs in 2011. That has forced the bankers to crowd on to those flotations that have been available: the average number of bookrunners on global deals worth more than $500m is up from four to six. And the year’s largest and most glitzy IPO turned out to be a disaster. Facebook shares are still 30 per cent below their float price and Morgan Stanley has been fined $5m for its conduct during the IPO.
Still, consultants at Ernst and Young are undaunted. They expect a pick-up in IPO activity next year, arguing that rising share prices, low volatility in equity markets, and brighter economic prospects will spur a recovery in flotations, especially in the second half.
But that would happen only if potential buyers were to have confidence in what is on offer, and evidence from 2012 is mixed. The top 20 IPOs of the year are up by an average of 6 per cent since they floated, and within that group there are slightly more up (11) than down. But that performance is beaten by the 18 per cent improvement in the MSCI World index during the year. Even stripping out the Facebook debacle, the index has beaten the IPOs. Why invest in a risky flotation if the index will do better?
Only, perhaps, if the sellers provide a convincing reason to do so. What is notable about 2012’s IPOs is that those sellers that had the most pressing reasons to get the deal away provided their buyers with the most attractive prices. Shares in Direct Line, which Royal Bank of Scotland was required to sell by the EU, are up 12 per cent since its IPO in October. Shares in Santander Mexico, floated in order to provide its Spanish parent with capital, are up by a third since its IPO. And shares in the largest four private equity-backed flotations are up by an average of 9 per cent. If that is not light at the end of the tunnel for IPO bankers, it is perhaps a sign of how to get there.