【正文】 using an exchange, it‘s considered a private placement. ―There are a range of categorie。 mining and energy sectors were also highly active in 20xx (see figure 3, page 6). Industrial firms, especially those involved with transportation and infrastructure, raised US$48 billion, with such heavyweight deals as the US$5 billion IPO of container port pany, Dubai Ports World in the United Arab Emirates. The metals and mining sector generated US$33 billion including the listing of Eurasian Natural Resources Corporation(ENRC), a Kazakh mining pany in London. Energy and power panies produced US$32 billion, most notably the IPO of Spain‘s Iberdrola Renovables. Thriving economies and liquidity foster emerging markets growth Soaring global liquidity and flourishing local economies have kindled emerging markets growth. Furthermore, trade diversification and growing crossborder capital flows have led to multiplying links between the capital markets of emerging and developed countries, as well as among the emerging markets themselves. Why are emerging markets growing so swiftly right now? ―It‘s a bination of the economic, fiscal and currency strength within these local markets, bined with massive global liquidity,‖ says Lisa Carnoy, Managing Director and CoHead of Equity Capital Markets, Merrill Lynch in New York. ―The flows of global capital are very robust and fluid. We‘re all going after the same pools of capital and that makes a big difference.‖ ―As these emerging economies develop so rapidly, there is both a need and an opportunity for new entrepreneurial businesses,‖ says Noreen Culhane, Executive Vice President, Global Corporate Client Group, NYSE Euronext. ―These businesses need capital to fund anic growth and to gain a currency for acquisitions.‖ Since 3 Perspectives on global IPO markets Figure 1: Global IPO activity by year Capital raised (US$b) Number of deals 1979 1290 1837 1748 1372 1042 1883 832 839864 1517 1537 1729 $86 $132 $145 $116 $177 $210 $94 $66 $50 $125 $167 $246 $287 1995 1996 1997 1998 1999 20xx 20xx 20xx 20xx 20xx 20xx 20xx 20xx Source: Dealogic, Thomson Financial, Ernst amp。 Young. 2 Global IPO trends report 20xx A decade ago, BRIC countries raised US$6 billion or just 5% of global IPO proceeds, and the US, UK and France dominated the world‘s public markets largest IPO of 20xx was the US$8 billion offering of Russia‘s VTB Bank, which was considerably smaller than the groundbreaking US$22 billion Chinese ICBC bank offering in 20xx. Noheless, hefty IPOs were still in abundance, with 52 deals priced above US$1 billion in 20xx. Remarkably, 20 of these IPOs went public during the market instability of the fourth quarter. BRIC countries raise over 40% of capital, led by China Among the emerging markets, the BRIC countries (Brazil, Russia, India, China) were particularly dynamic. In 20xx, the BRIC countries generated US$119 billion in 430 deals or 41% of total global IPO proceeds, pared with just 14% in 20xx (see pages 16–17). A decade earlier, IPOs in BRIC countries totalled a meager US$6 billion or just 5% of global IPO proceeds. By contrast, IPOs in nonBRIC countries together generated US$111 billion, and the US, France and the UK dominated global IPO markets. In 20xx, half of the top 20 IPOs came from BRIC countries. Furthermore, out of the BRIC countries, China/Hong Kong secured 22% of total IPO funds raised, far more than the other three countries bined (Brazil raised 10%, Russia 7% and India 3% of total global IPO proceeds). 20xx was a market of two halves with broad sector diversity In the first half of 20xx, global issuers continued to tap public markets at the recordbreaking momentum of the previous year, with numerous multibillion dollar deals. In the second half of 20xx, the credit turmoil diminished global investors‘ risk appetite and constrained financial sponsor activity. This led many panies, particularly in the US and Europe, to withdraw or postpone their IPOs in record numbers not seen since the dot collapse. Smaller panies struggled to draw in capital. Even so, highquality panies continued to attract capital in the fourth quarter, including the second largest global IPO of the year, the US$ billion offering of Spanish renewable energy pany Iberdrola Renovables in Madrid as well as the US$ billion IPO of China Pacific Insurance in Shanghai. In 20xx, financial institutions were the largest and most volatile issuers, attracting 24% of total IPO proceeds or US$67 billion. The financial sector made up 10 of the top 20 IPOs, including Russia‘s VTB Bank issuance, the US$ billion IPO of China‘s CITIC Bank Corp. Ltd. and the US$ billion offering of US alternative assets manager, the Blackstone Group (see page 14). However, the financial sector was hardest hit by the credit crunch, as heavy losses were sustained by financial institutions exposed to subprime debt. The industrial, metals amp。 Young primary objective for financial sponsors, because of its promise of greater financial return. Carveout IPOs provide corporations additional access to capital Another major source for global IPOs has been the carveout IPO, created when a large diversified public corporation divests a division that bees an independent pany. ―Carveouts are growth segments of an existing business that have more value as a standalone business, and offer a way to access additional new capital,‖ says Jackie Brya, Americas IPO Leader, Strategic Growth Markets, Ernst amp。 You