{"id":555027,"date":"2021-11-29T13:43:12","date_gmt":"2021-11-29T13:43:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/29\/will-the-great-ipo-rush-of-2021-spill-over-into-next-year\/"},"modified":"2021-11-29T13:43:12","modified_gmt":"2021-11-29T13:43:12","slug":"will-the-great-ipo-rush-of-2021-spill-over-into-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/29\/will-the-great-ipo-rush-of-2021-spill-over-into-next-year\/","title":{"rendered":"Will the Great IPO Rush of 2021 spill over into next year?"},"content":{"rendered":"

<\/a> The record IPO rush could soon dwindle down: <\/strong>After 2021 panned out as the biggest year for IPOs on record, a confluence of factors could be bringing the boom to an end. As central banks around the world scale back stimulus<\/a> and look to hike interest rates, the surplus liquidity that propelled the record figures raised by companies in their stock market debuts could dry up, leaving markets with a more normalized environment in 2022, analysts told Bloomberg<\/a>.<\/p>\n

How big were IPOs this year? <\/strong>Global initial public offerings so far in 2021 surpassed the USD 600 bn mark last week, making it the biggest year for IPOs in history. Nearly 3k businesses and special purpose acquisition companies (SPACs) worldwide have debuted on stock exchanges so far in 2021. The biggest IPO of the year was credited to Amazon-backed electric vehicle startup Rivian<\/a>, which raised<\/a> almost USD 12 bn on the Nasdaq earlier this month.<\/p>\n

What\u2019s behind the rise? <\/strong>Post-pandemic economic recovery, unprecedented support from central banks and an aggressive SPAC<\/a> boom all gave rise to the IPO frenzy, the Wall Street Journal<\/a> reports. Retail investors have also been cashing in on the high valuations, pushing listing counts and proceeds higher than the previous records posted in 2007 \u2014 the year also known for the bust of the dot-com boom, which had given rise to tightened financial regulations and a general fear of the public market, prompting more and more companies to stay private.<\/p>\n

But the market has become more attractive:<\/strong> Recent IPO successes, especially in 1Q2021<\/a>, are encouraging more startups to list, a strong marker that the public market is healthier than previous years. Unicorns like Rivian, India\u2019s Paytm<\/a> and online brokerage Robinhood<\/a>, have all gone public as individual investor activity grew \u2014 ironically, with many trading through the Robinhood platform itself. SPACs, which offer companies a slightly more flexible path towards going public, also boomed at unprecedented levels at the start of the year, but have largely dwindled for the past few months.<\/p>\n

It hasn\u2019t all been sunshine and rainbows though, with half of the year\u2019s large IPOs <\/strong>now trading in the red<\/a><\/strong>. <\/strong>The high price valuations coupled with rising interest rates set several IPOs up for disappointment, with Dealogic data showing that 49% of companies in the UK, US, Hong Kong and India \u2014 which all raised over USD 1 bn from their IPOs \u2014 are trading below their issuance prices. This is well above the 27% of 2020\u2019s big IPOs that were also trading in the red, and 2019\u2019s 33%, raising questions about the valuations produced by underwriters and large investors. <\/sup><\/p>\n

Cases in point:<\/strong> Robinhood\u2019s share price tumbled<\/a> 10% below its IPO price after going public this summer. The blockbuster IPO of Chinese ride-hailing giant DiDi also faltered<\/a> soon after its debut following the country\u2019s crackdown<\/a> on the app, now trading roughly 40% below its initial price. More recently, Paytm\u2019s shares fell<\/a> 40% on its second day of trading.<\/p>\n

Regulatory scrutiny has also been a damper on the SPAC boom: <\/strong>The US securities and exchange commission demanded more information<\/a> from a number of Wall Street banks about their underwriting activities in the SPAC market and how they\u2019re managing risk after the frenzy began to raise concerns over the due diligence shell companies actually do in order to go public. Several IPOs, including aesthetics device maker Candela Medical and fitness tech company iFit, were postponed in October following the decision, and another SEC warning that could require some SPACs to restate their financial results put the brakes on a number of new offerings, according to WSJ.<\/p>\n

The story was not much different here at home: <\/strong>Egypt\u2019s IPO market saw its revival from a two-year drought earlier this year with Taalem\u2019s debut<\/a> in April and e-Finance\u2019s blockbuster listing<\/a> a few months later. LSE-listed healthcare player IDH<\/a> also completed a technical listing, transferring a portion of its shares from London to the EGX in May. But a handful of IPOs have been persistently delayed due to market conditions, and things have been relatively quiet since e-Finance\u2019s moment in the spotlight last month.<\/p>\n

But our IPO pipeline looks to be going strong: <\/strong>The state\u2019s privatization program is also beginning to see the light of day, with over five state companies slated<\/a> for a listing before the end of FY2021-2022. EGX-listed Abu Qir Fertilizers is expected to sell additional shares on the bourse sometime next month<\/a>.<\/sup> State-owned Ghazl El Mahalla<\/a>sports club was set to debut in October, but delayed its plans to this month, while cosmetics pharma giant Macro Pharma had been expected to list shares in a secondary sale on the EGX in April<\/a>. The offering was delayed due to concerns over \u201cthe market\u2019s capacity to absorb multiple offerings.\u201d Al Gioshy Steel has also been considering<\/a> an IPO for over two years, but has been delaying<\/a> the decision until it sees market indicators improve.<\/p>\n

And the entry of SPACs to the Egyptian market could turn things around: <\/strong>The Financial Regulatory Authority\u2019s approval<\/a> of a proposal led by EGX boss Mohamed Farid to bring SPACs to Egypt sparked within a day announcements of plans<\/a> to establish blank-check firms and list on the EGX. Allowing SPACs could offer startups a chance to list on the EGX early in their development, boosting the number of IPOs in Egypt, Farid previously said. Regulators have been working to persuade more companies to list on the EGX, most recently amending listing rules<\/a> to make it easier for larger firms to go public.<\/p>\n

So, are we in for a continuation of the global IPO boom in 2022?<\/strong> While some analysts warn that the change in monetary conditions globally will bring an end to the boom, others say the trend is set to continue. Money managers still consider investing in IPOs a key tool to outperform markets, while banks reap massive sums from underwriting fees. But monetary tightening continues to be a headwind for the IPO boom going forward, and wary market watchers warn that a market correction could soon be in the cards.<\/p>\n","protected":false},"excerpt":{"rendered":"

The record IPO rush could soon dwindle down: After 2021 panned out as the biggest year for IPOs on record, a confluence of factors could be bringing the boom to an end. As central banks around the world scale back stimulus and look to hike interest rates, the surplus liquidity that propelled the record figures […]<\/p>\n","protected":false},"author":1,"featured_media":555028,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7303],"tags":[102,339,633,78,439,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-e-finance","tag-enterprisepm","tag-ipo-watch","tag-spacs","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"7cd3f305-2c57-41bd-b8be-8516fb5e7081","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/252.png","photo_position":"above","related_issue":[555018],"teaser":"","voice_url":""},"yoast_head":"\nWill the Great IPO Rush of 2021 spill over into next year? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/29\/will-the-great-ipo-rush-of-2021-spill-over-into-next-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will the Great IPO Rush of 2021 spill over into next year?\" \/>\n<meta property=\"og:description\" content=\"The record IPO rush could soon dwindle down: After 2021 panned out as the biggest year for IPOs on record, a confluence of factors could be bringing the boom to an end. 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Global IPOs have raised more than USD 600 bn so far in 2021, smashing a previous record with six weeks still to go in the year, according to Bloomberg. A record 2,850 companies and blank-check firms have debuted on stock exchanges around the world this\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565323,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/01\/global-ipo-activity-absolutely-smashed-it-in-1q2021-whats-the-catch\/","url_meta":{"origin":555027,"position":1},"title":"Global IPO activity absolutely smashed it in 1Q2021, what\u2019s the catch?","author":"enterpriseam admin","date":"1 April 2021","format":false,"excerpt":"Global IPO activity had its best first quarter in history, with proceeds raised throughout the first three months of 2021 more than 6x what was raised during 1Q2020. New listings so far into the year made a whopping USD 220 bn, compared to just USD 37 bn in 1Q2020. Vaccine\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555101,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/the-spacs-cometh\/","url_meta":{"origin":555027,"position":2},"title":"The SPACs cometh","author":"enterpriseam admin","date":"2 November 2021","format":false,"excerpt":"SPACs could be landing in Egypt soon, after the Financial Regulatory Authority\u2019s (FRA) board greenlit a proposal to allow the establishment of blank-check firms here, the regulatory body announced in a statement yesterday. The proposal, which was put forward by EGX Chairman Mohamed Farid in September, would for the first\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/283.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554326,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/ipos-in-2021-four-is-more-than-zero\/","url_meta":{"origin":555027,"position":3},"title":"IPOs in 2021: Four is more than zero","author":"enterpriseam admin","date":"29 December 2021","format":false,"excerpt":"In keeping with the overall theme of the year, 2021 was the year of a hobbled recovery for Egypt\u2019s IPO pipeline. Although we\u2019re ending the year with fewer IPOs and stake sales having gone to market than had been slated, four equity capital market transactions are more than zero.The four\u2026","rel":"","context":"In "YEAR IN REVIEW: CAPITAL MARKETS"","block_context":{"text":"YEAR IN REVIEW: CAPITAL MARKETS","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-capital-markets-3\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574798,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/22\/enterprise-explains-spacs\/","url_meta":{"origin":555027,"position":4},"title":"Enterprise Explains: SPACs","author":"enterpriseam admin","date":"22 September 2020","format":false,"excerpt":"\u201c2020 is the year of the SPAC,\u201d MarketWatch declared last week \u2014 and they\u2019re not wrong. The unusual financial vehicle has broken records in 2020, with 82 of the 223 SPACs launched since 2015 coming this year. The awkward-sounding acronym is becoming increasingly commonplace in the financial press as big\u2026","rel":"","context":"In "Enterprise explains"","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/240.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545293,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/17\/2021-a-historic-year-for-mena-ipos-says-ey\/","url_meta":{"origin":555027,"position":5},"title":"2021 a \u201chistoric year\u201d for MENA IPOs, says EY","author":"enterpriseam admin","date":"17 March 2022","format":false,"excerpt":"MENA exchanges saw an \u201cunprecedented surge\u201d in stock market debuts in 2021, with a record 21 companies completing IPOs in the region, EY says in its quarterly MENA IPO Eye report. Companies raised some USD 7.9 bn in debut share sales last year, more than quadruple that of 2020, it\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/520.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=555027"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555027\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/555018"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555028"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555027"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555027"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}