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Quick takeaways
- Global equity capital markets issuance has seen a positive change in 2023, with a 30% increase in US listed businesses.
- The IPO market is reopening, with a focus on highly durable companies with strong margins and management teams.
Deep dives
Increase in ECM Issuance
In 2023, global equity capital markets (ECM) issuance has shown a positive change compared to the quiet year of 2022. Issuance is up 6% globally, with US listed businesses seeing a 30% increase. The drivers of ECM issuance include opportunistic raises by companies seeking to fund their businesses, secondary monetizations of existing positions, and active issuance from corporate cross holdings.
