H1 2023 Equity Issuance Ticks up YoY; IPO Performance Increases

H1 2023 Equity Issuance Ticks up YoY; IPO Performance Increases

While the total volume of 2023 first-half issuances increased 3% from H1 2022, global equity markets are still sluggish amid the persistent inflation, monetary tightening, and economic uncertainties that have affected the capital-raising environment since 2022. Global offerings in H1 2023 totaled 2,560 with $205 billion in proceeds raised, a 2% decline in aggregate transaction value year over year.

The Financials and Health Care sectors performed well in the first half of 2023 with a total of $32 billion (up 6% year over year) and $31 billion (+35% YoY) in total proceeds raised, respectively. Underperfoming sectors include Energy and Materials, both of which posted a 36% decline in total proceeds compared to H1 2022.

Despite the continued impact of high-interest rates and slow economic growth on global IPO activity, the average stock performance of 2023 IPOs has followed an upward trend and ended the six-month H1 period with an average aftermarket performance of 78%. The average performance of IPOs in the first month of trading are well below comparable figures from 2022 but reflect more positive performance in longer-term metrics.

Click here to access our complete Q1 2023 infographic for further breakdowns of equity capital market activity and IPO performance.

Global Equity Capital Markets & IPO Activity: H1 2023