Hong Kong's IPO market to experience turnaround in 2013: PwC
2013-01-03 17:38:54
Auditors PricewaterhouseCoopers (PwC) is predicting a turnaround in Hong Kong's initial public offering (IPO) market in 2013.
Hong Kong dropped to fourth place in the global IPO rankings in 2012, after holding the crown for three consecutive years.
PwC is forecasting that there will be 80 new listings in 2013, raising between US$15.5 billion and US$19.4 billion.
That is 40 per cent more than compared to 2012, when 64 companies listed, raising US$11.6 billion.
PwC attributed the IPO market's performance to uncertainties in the global economy, but expects Hong Kong to remain a key fundraising centre.
It said that financial institutions, energy and mining, and the retail and consumer sectors will likely form the bulk of IPOs this year.
Edmond Chan, partner of capital market services at PwC, said: "We believe that the 2013 market will still be volatile, but given that there will be policies to be taken by the US and China in the first half of the year, we believe that will give the market a signal, and to stabilise the market to some extent. So expect the second half of 2013 to be more active that the first half."