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  "documentTitle": "ey global ipo trends q4 2019",
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  "notes": "Includes data on IPO proceeds, sector breakdown, and performance metrics like first-day returns and equity index changes.",
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      "kind": "callout",
      "text": "The UK general election and the ongoing Brexit process led to a quiet Q4 2019, with four IPOs raising proceeds of US$555m.",
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      "text": "2019 activity: Number of IPOs and Proceeds US$b (2015-2019)",
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      "text": "Outlook: Election outcome determines 2020 activity; companies should multitrack with Plan B. Investors leaning toward traditional businesses over novel unicorn models.",
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      "text": "Highlights from the market: UK general election and Brexit led to a quiet Q4 2019; 21 IPOs raised $5.8b, lowest since 2009. Domestic/inbound candidates in holding pattern, but pipeline activity continues for H1 2020.",
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      "text": "IPO proceeds: $5.8b",
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      "text": "Sectors by number of IPOs and largest IPOs by proceeds",
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      "text": "EMEIA – UK IPO market insight",
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