Worldwide M&A activity pushes toward all-time record, hits $3.5 trillion, up 39%
Global IPOs Fall 31% while Number of Listings Remains Flat; Percentage of Billion Dollar IPOs at Decade-Low
Worldpay Group’s $3.3 billion initial public offering, the largest in London this year, and First Data Corp’s $2.6 billion listing, the largest in New York this year, brings global IPO volume to $133.2 billion for year-to-date 2015, a 31% decline compared to a year ago. By deal volume, this year’s 885 listings remains flat compared to year-to-date 2014 (890). This week’s billion dollar listings push the aggregate total of $1 billion dollar-plus IPOs to $43.5 billion from 22 issues. IPOs over $1 billion account for two-thirds of IPO dollars this year, the lowest percentage since 2005. Financial issuers account for 23% of global IPO activity so far this year, up from 17% a year ago. Industrials, technology and healthcare new listings account for a combined 34% of dollars raised this year. Morgan Stanley, a bookrunner on both Worldpay and First Data, tops the list of global IPO bookrunners with 7.3% market share, down from 9.7% a year ago. UBS and Goldman Sachs round out to the top three.
Tech, Media, Telecom Deal Making Hits 15-Year High
Dell Inc’s $65.7 billion offer for EMC Corp pushed the level of deal making in the Tech, Media & Telecom (TMT) sectors to $813.0 billion for year-to-date 2015, a 53% increase compared to last year and the strongest period for M&A activity since 2000. Goldman Sachs, which leads year-to-date M&A advice in Media and Telecom, leads the combined TMT ranking. JP Morgan holds the top spot for advisory work in the tech sector.