【正文】 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。 Young financing,‖ says Jackson Day, Global Director of Capital Markets at 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。 Growth during economic uncertainty Global IPO trends report 20xx ! Foreword Emerging markets continue to fuel global initial public offerings (IPOs) despite financial volatility triggered by the credit crunch. In 20xx, with global IPO fundraising at an alltime high, Brazil, Russia, India and China (BRIC countries) raised US$119 billion, over 40% of total global IPO proceeds. By contrast, a decade earlier, the US and Europe dominated IPO markets, and all the BRIC countries together produced US$6 billion or just 5% of total IPO proceeds. In the first quarter of 20xx, financial turmoil sparked a deceleration in IPO markets around the world, especially in developed economies. However, highquality enterprises, primarily from the emerging markets, continue to be well received by the world‘s public markets. Today, capital follows a good investment story, wherever it‘s listed. Global liquidity and thriving local economies have ignited rapid growth in the emerging markets. In their hunt for higher returns, investors with a risk appetite have been shifting assets to the fastgrowth BRIC countries. It‘s also getting easier to value and finance ideas outside the public markets, thanks to an expanding array of capital sources, including private equity, venture capital, hedge funds, private placements and sovereign wealth funds. After extensive interviews with the world‘s top investment bankers and stock exchange leaders, Ernst amp。 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 pow