The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Equity market round up: Adverse market conditions hit IPO pipeline

Some 190 IPOs seeking to raise $33.1 billion in capital have been postponed or withdrawn across the world so far this year, according to Dealogic.

Globally, this represents an increase of 26% but US IPOs have been particularly hard hit. The value of pulled and withdrawn deals in the US has hit $13.1 billion, a record, and up as much as 146% on last year. Among the most high profile victims was fashion house Tommy Hilfiger, which pulled its plans for a $750 million IPO earlier this year.

The average percentage return for US IPOs one month after listing this year is just 5%, down from 8% for IPOs listed in 2007 year to date.

Companies in the EMEA region have also had their hopes dashed. Deals worth $9.4 billion have so far been postponed or withdrawn. The largest European victim has been Danish power company Dong Energy; it had to delay its $3.1 billion IPO.

The reason cited to 90% of companies for postponing or withdrawing their IPOs was "unfavourable market conditions". Only 61% of companies that withdrew or postponed their IPOs last year cited this reason.

Already-listed European companies have, however, been active capital-raisers this year, asking shareholders for as much as $95.6 billion-worth of new equity through rights issues.

The amount is 141% higher over the same period in 2007 and accounts for 59% of total European ECM volume in 2008, compared with just 19% in 2007 year to date.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.

By continuing to use & browse the site you agree to our Privacy Policy.
I agree