IPO resurgence keeps Aussie bankers busy
Surge in fees from underwriting; 2014 seen to be as active
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[HONG KONG/SYDNEY] Bankers in Australia have much to cheer this Christmas as fees from underwriting IPOs surge 10-fold this year, and many are now betting on an equally active year in 2014 as a slew of private equity exits keep the market busy.
In 2013, companies are expected to have raised about US$6 billion through initial public offerings, a six-fold jump from last year and the highest since 2010, according to Thomson Reuters data.
On Monday, shares in education training provider Vocation Ltd opened up 10 per cent on their A$1.89 offer price after the company raised A$253 million (S$287 million) in its IPO. Vocation last traded at A$2.06, giving the company a market capitalisation of A$412 million.
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