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Equities Update: 2021 Deal Volumes – A Record Year

05 October 2021 Gina Kashinsky

The Equity Market has had an unprecedented year in 2021, pricing a record 1,662 deals (776 IPOs, 749 FOs, 137 CVTs) year-to-date, surpassing the previous full year-record of 1,395 deals set in 2020.

The IPO market has excelled with 776 market debuts, by far the most of any year dating back to 2001, led by the 320 IPOs that priced in Q1.

  • Year-to-date, 467 SPACs have priced for $133B in proceeds, well above full year 2020's 199 SPAC IPOs, the previous record high.
  • SPAC issuers have accounted for 60% of this year's IPOs, a drastic uptick compared to the 50% and 27% seen in 2020 and 2019, respectively.

Looking at Q3, 426 deals priced that raised a combined $112B in proceeds, just shy of the 459 deals that raised $161B in Q3 2020.

  • June had its most active month since at least 2001, with 195 deals pricing, surpassing the prior year's 183 deals.
  • The largest IPO of Q3 priced in June as DiDi Global Inc. raised $4.4B in total proceeds.

Turning to Follow-Ons, Q3 priced 188 offerings for $40B in proceeds, declining 33% from 188 deals for $48B in the analogous quarter the prior year.

Lastly, 23 Convertible offerings priced during Q3 for a combined $12B in proceeds, bringing the year-to-date total to 137 CVT deals.

Source: IHS Markit

Source: IHS Markit

Q4 Outlook & Beyond

Looking ahead, the market is already seeing consistent volumes in Q4 akin to the prior three years, averaging 175 total deals for the quarter.

The deal pipeline is enriched with more Unicorn IPOs from the likes of Stripe, Rivian Automotive, Instacord, and Discord that are looking to come to market later this year and early 2022.

  • With that said, overall IPO issuance could decline as the SPAC phenomenon begins to slow due to heightened scrutiny from the SEC.
  • Separately, pending economic policies proposed by the current administration may curtail 2022 issuance as higher corporate tax rates can drive profits lower and depress earnings.

Source: IHS Markit

Source : IHS Markit

Please see our product page below

https://ihsmarkit.com/products/equity-issuance.html

Posted 05 October 2021 by Gina Kashinsky, Executive Director, Global Head of Equities, IHS Markit

IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.


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