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IT has been a good year for initial public offerings (IPO) around the world, with the average listing in 2014 delivering a 17.1 per cent return, according to a report by audit and advisory firm Ernst & Young (EY).
By contrast, the MSCI World Index, which tracks global equities, is up just 4.8 per cent year-to-date with reinvested dividends.
Some 1,206 IPOs raised US$256.5 billion in 2014, which was 35 per cent more in terms of volume and 50 per cent more in terms of value compared to 2013, the report said.
"The combination of low volatility for much of 2014, good corporate earnings growth and a lack of alternative investment options meant risk appetite focused on equities," said Maria Pinelli, EY's global vice chair of strategic growth markets.