Credit market nervousness has spilled over to the equity markets, making it a lot harder for some companies to achieve the valuations they want at IPOs but benefiting convertibles issuance and other quick-to-market opportunistic deals.
“We are seeing a distinct lull in IPOs as companies with less-compelling investment cases find it more attractive to delay pricing than risk poor valuations,” says Viswas Raghavan, head of international capital markets at JPMorgan in London. “There is still plenty of money out there for must-have deals but it is getting harder to attract investors to roadshows for more marginal stories unless you’re giving it away.
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