{ "docId": "019dd923-5e88-73ef-bd59-5e15406d36bf", "docSlug": "0a9509eeacc4e70d", "documentTitle": "ey global ipo trends 2023 q4", "authorId": "MorganStanley", "authorName": "EY", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "landscape", "aspectRatio": 1.778, "pageNumber": 28, "pageCount": 47, "prevPage": 27, "nextPage": 29, "slideType": "regional_insights", "function": "summarize", "density": "overcrowded", "nDataPoints": 1, "notes": null, "elementsJson": [ "bullet_list", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd59-5e15406d36bf/28", "deckHref": "/decks/019dd923-5e88-73ef-bd59-5e15406d36bf", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd59-5e15406d36bf.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd59-5e15406d36bf#slide-28", "components": [ { "bbox": { "h": 0.45, "w": 0.43, "x": 0.05, "y": 0.18 }, "kind": "list", "text": "While the number of companies seeking IPOs increased, the market has seen fewer large deals compared with last year. Several major companies, including health and entertainment companies as well as a PE-backed LG Group technology subsidiary, were eyeing listings in the second half of this year, but delayed their plans due to poor market conditions dampening proceeds. Tentative issuers waiting for supportive momentum are expected to advance their IPO plans in 2024 if conditions improve.\nIn an effort to safeguard investors from potential losses, authorities have widened the range of IPO offer prices from 90%-200% to 60%-400%, to prevent stock prices from being manipulated on the listing day before dropping drastically on the following day. The assumption is that stock prices are unlikely to reach 400% on the first day, thereby providing greater protection.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0c53662b-1391-486e-b8ff-51dd79aeca93", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.75, "w": 0.43, "x": 0.52, "y": 0.18 }, "kind": "list", "text": "Inflation, geopolitical instability and interest rate rises continued to plague the IPO market in 2023 resulting in fewer listings and M&A - a trend expected to prevail in the short-to-medium term.\nRegulators are scrutinizing companies' climate related disclosures, especially in the mining and energy sectors, putting pressure on potential IPOs to provide clear evidence of their ESG credentials and avoid 'greenwashing'.\nIt's a similar story with AI, where issuers involved in AI-based products or services are seeking capital from retail investors. Offer documents should disclose sufficient and clear information about the company's AI technology and its importance to the business model. Design and distribution obligations and cybersecurity risks are also under the regulatory spotlight.\nAs in 2022, the \"buy-now-pay-later\" sector has consistently underperformed, while higher interest rates have dampened activity in real estate related transactions. Mining and metals IPOs, on the other hand, have benefited from global demand and strong commodity prices, including significant foreign acquisitions of listed Australian gold and lithium companies. This sector should remain active in 2024.\nWith the exception of commodities, the uncertain economic conditions are likely to restrict IPO activity in the next year. Given such volatility, companies need to be IPO ready to seize IPO windows that can close just as quickly as they open - as we have seen in 2023.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "71145cf0-fdbf-4085-bc41-ea33c28e059e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.43, "x": 0.05, "y": 0.12 }, "kind": "paragraph", "text": "South Korea", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8cd4cda1-64de-4a97-8b98-ada4cdc94db7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.43, "x": 0.52, "y": 0.12 }, "kind": "paragraph", "text": "Australia", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bb03b475-6c57-4ef3-b4c2-4e62214f17c9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.43, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "2023 refers to the full calendar year and covers completed IPOs from 1 January 2023 to 4 December 2023, plus expected IPOs by 31 December 2023 (forecasted as of 4 December 2023). Sources: EY analysis, Dealogic.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "16cbd566-8ea3-483b-b8d0-111e3b38cb4f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.16, "x": 0.79, "y": 0.1 }, "kind": "source-note", "text": "All amounts in US$ unless otherwise stated", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "553235d3-4e6e-46ea-abb2-3c1cc795790a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.05, "y": 0.04 }, "kind": "title", "text": "Asia-Pacific IPO market (Cont'd)", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6d808565-ef94-4e87-a452-05a9c773cd91", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "List presentation", "slug": "list-presentation", "agent": null, "layer": "slide", "matchId": "ac3fdf30-7a2e-4487-922f-fca71e1b68ad", "evidence": "The slide contains a list/bullet component with text.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }