Withdrawn IPOs at lowest level since 2005

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So far this year 142 IPOs, worth a combined US$7.8 billion, have been cancelled or postponed globally. Highlights follow below.

• By proceeds, European issuers account for 21% of 2013 withdrawn IPOs, while issuers in the Americas and Asia Pacific account for 52% and 27%, respectively.

• By number of deals, Asia Pacific has seen the most cancelled or postponed initial public offerings so far this year – 69 deals, or just under half of the global total. A total of 13 European IPOs have been cancelled so far during 2013, compared to 24 during full year 2012. If no more European IPOs are cancelled this year, 2013 will have the lowest level of withdrawn European IPOs since 2005.

• Austrian packaging company Constantia Flexibles cancelled its planned share listing earlier this week due to low investor demand. The company had hoped to raise US$858.5 million on the Frankfurt stock exchange. The deal is the largest European initial public offering to be cancelled so far this year, and the 6th largest globally.

Global withdrawn / postponed IPO volumes

Year withdrawnProceeds Amount +
Overallotment Sold (US$ Mil)
Number of Issues
2003 1,777.80 120
2004 4,154.40 108
2005 3,869.30 92
2006 9,192.20 148
2007 6,656.90 145
2008 10,197.30 213
2009 7,608.60 152
2010 14,249.90 225
2011 11,013.90 252
2012 11,288.90 255
YTD 2013 7,767.20 142

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Source: Thomson Reuters

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