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IPOs slow down globally in Q3 after frenetic 2021 start

09/30/2021 | 12:16am EST
FILE PHOTO: China's Didi Global Inc. debuts on New York Stock Exchange

(Reuters) - Initial public offerings (IPO) globally slowed in the third quarter of 2021 from their previous frenetic pace, but the number of listings in the first nine months of the year still was the highest since the dotcom bubble of 2000, according to Refinitiv data.

IPOs in the third quarter raised a total of about $94.6 billion, down 26.3% from the second quarter, as activity cooled due to a summer slowdown and U.S. scrutiny of Chinese listings following Beijing's crackdown on DiDi Global Inc just days after its New York IPO.

More than 2,000 IPOs have raised a combined $421 billion globally year-to-date, a record high, as private companies rushed to attain the soaring valuations of their publicly listed peers. That was more than double the proceeds raised during the same period last year.

This number includes IPOs of 486 special purpose acquisition companies (SPACs) that went public in the first nine months of the year, raising a total of $127.7 billion.

"After record levels of SPAC IPO activity in the first quarter, that market has taken a needed pause. However, we are seeing early signs of that market begin to normalize and open up for the right issuers," said David Ludwig, global head of equity capital markets at Goldman Sachs Group Inc.

Among the third quarter's high-profile IPOs were trading app Robinhood Markets Inc's $2.1 billion listing in New York and South Korean software company Krafton Inc that raised more than $3.7 billion on the Korean stock exchange.

The largest IPO this year so far is Tencent-backed Chinese online video company Kuaishou Technology Co Ltd's $5.4 billion offering.

In July, U.S. Securities and Exchange Commission Chair Gary Gensler asked for a "pause" in U.S. IPOs of Chinese companies and sought more transparency about their offshore structures and regulatory risk they face in China. Chinese listings in the United States came to a standstill as a result. In the first seven months of 2020, Chinese listings had reached a record $12.8 billion.[L1N2PU1GE]

Tech listings remained investor darlings even as valuations were scrutinised more closely. But a greater mix of sectors were among stock market debutantes. In Europe, Taylor Swift's record label Universal made a highly anticipated debut on the Amsterdam bourse, the most valuable company to list on the continent this year.

Volvo Cars is also expected to launch an IPO while Daimler is expected to list its trucks unit to diversify the offering for stock market investors.

Ludwig said IPO activity in the fourth quarter could pick up. "The backlog (of IPOs) across the street is very robust, across regions and sectors," he said.

(Reporting by Echo Wang in New York, Abhinav Ramnarayan in London; Editing by David Gregorio)

By Echo Wang and Abhinav Ramnarayan

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER AG -5.91% 83.16 Delayed Quote.43.90%
KRAFTON, INC. 0.40% 506000 End-of-day quote.0.00%
KUAISHOU TECHNOLOGY -8.02% 90 End-of-day quote.0.00%
ROBINHOOD MARKETS, INC. -0.21% 27.92 Delayed Quote.0.00%
11/24Kuaishou Technology Q3 Loss Narrows on Higher Revenue
11/24Nomura Adjusts Kuaishou Technology's Price Target to HK$114 From HK$122, Keeps at Buy
11/22Hong Kong Stocks Slide to Two-Week Low; Kuaishou Retreats 3% Ahead of Q3 Earnings
11/17Baidu Posts Third-Quarter Net Loss Due to Loss in Long-Term Investments
11/16China Duty Free Group Wins Nod For $5 Billion Hong Kong IPO
11/08Sunwah Kingsway Capital Offloads Nearly $2 Million Shares in Kuaishou Technology
11/04China’s Top Listed Internet Firms Lose $781 Billion in Market Value in Q3
11/03JACK MA : ByteDance founder Zhang Yiming steps down as chairman, leaves board - source
11/02ByteDance founder Zhang Yiming steps down as chairman, leaves board - source
10/31Kuaishou Co-Founder Steps Down as CEO
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Analyst Recommendations on KUAISHOU TECHNOLOGY
More recommendations
Sales 2021 80 175 M 12 542 M 12 542 M
Net income 2021 -71 919 M -11 251 M -11 251 M
Net cash 2021 35 418 M 5 541 M 5 541 M
P/E ratio 2021 -4,12x
Yield 2021 -
Capitalization 309 B 48 382 M 48 386 M
EV / Sales 2021 3,42x
EV / Sales 2022 2,68x
Nbr of Employees 21 499
Free-Float 49,3%
Duration : Period :
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Technical analysis trends KUAISHOU TECHNOLOGY
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 25
Last Close Price 73,77 CNY
Average target price 111,27 CNY
Spread / Average Target 50,8%
EPS Revisions
Managers and Directors
Yi Xiao Cheng Chief Executive Officer & Executive Director
Yik Kay Chong Chief Financial Officer
Hua Su Chairman
Dingjia Chen Chief Technology Officer
Jia Tong Peng Vice President, Head-Investment & Development
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