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 IPO Survey
The world wide economic down turn hit home hard in Australia’s IPO’s market 澳洲留学生论文with a dramatic 80% fall innew listings from the previous record year.There were 47 Initial Public Offerings announced in 2008 which sought to raise $2.37B. This contrastswith 277 IPO’s announced in 2007 which sought to raise $11.19B.The second half of the year crawled to a stand still with only 11 new listings announced after the 30th of
June. A further 14 offerings were announced but subsequently withdrawn from the market.Despite the resources boom coming to an end, Mining and Energy floats continued to dominate theproposed new listings with over half - 32 in total - of all new listings coming from these two sectors. This isstill well down on last years total of 127 new floats in the mining industry.The composition of new listings in 2008 continued to be skewed to the lower end of the market. A total of
35 proposed new listings - 70% - sought to raise $10M or less.The smaller IPO’s also continued to favour the second tier advisory firms.
Accounting firm Grant Thornton were the leading Accounting Advisors with 7 IPO’s to their credit. Theywere followed by HLB Mann Judd (5) and PKF & Stanton Partners with 4 new floats respectively.Two out of the top 4 Accounting firms - Deloitte and KPMG - were represented as advisors 5 of the top 10IPO’s for the year.
The continued capital raisings for small mining companies assisted Perth based legal firm SteinpreisPaganin to claim top spot for the third year in a row with 11 new listings. They were followed by HopgoodGanim (4 new floats) and DLA Phillips Fox with 3.The following pages describe the IPO activity in Australia in 2008.Legal Advisors – Steinepreis Paganin – Top AdvisorFor the third year in a row Perth based firm Steinepreis Paganin were the leading IPO legal advisors. Theyfinished the year with 11 new listings which sought to raise $57.40M. In a lean year, those 11 new listingsaccounted for nearly a quarter of all the new IPO’s in 2008.
Hopgood Ganim finished second with 4 new listings seeking to raise $77.50M.DLA Phillips Fox was third with 3 IPOs which had a combined total of $1,233.01M.Accounting Advisors - Grant Thornton - Top Advisor
In a year which saw the Top 4 Accounting Firms restricted to only thelargest new listings, Grant Thorntonfinished with 7 floats which sought to raise $52.00M.They were followed by HLB Mann Judd with 5 and PKF & Stanton Partners with 4 new listingsrespectively.
The lack of new listings in 2008 reduced the available data and subsequent analysis associated with advisoractivity. Consequently, Connect 4 has chosen to analyse the top 3 Accounting and Legal Advisors.
2008 IPO Summary
The following analysis provides an overview of IPO’s which have been announced to the market in 2008.CONNECT 4 tracks IPO activity according to the “Date of Application” in the ASX daily schedule. Thenumber of new listings reflects IPO’s which have applied for listing up to the 31st of December 2008.Listings which have been withdrawn from the market are not included.The following tables and graphs illustrate these results.Total IPO MarketIndustry Number Amount Sought - $M
Mining 26 285.30
Industrials 4 1292.26
Consumer 5 40.00
Health Care 2 15.00
Banking/Finance/Insurance 3 665.20
Telecommunications 1 4.50
Energy 6 108.50
Total 47 2369.06
The TOP 10 IPO’s For The Year 2008
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