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1、GrowthduringeconomicuncertaintyGlobalIPOtrendsreport2008!@#ForewordEmergingmarketscontinuetofuelglobalinitialpublicofferings(IPOs)despitefinancialvolatilitytriggeredbythecreditcrunch.In2007,withglobalIPOfund-raisingatanall-timehigh,Brazil,Russia,IndiaandChina(BRICcountries
2、)raisedUS$119billion,over40%oftotalglobalIPOproceeds.Bycontrast,adecadeearlier,theUSandEuropedominatedIPOmarkets,andalltheBRICcountriestogetherproducedUS$6billionorjust5%oftotalIPOproceeds.Inthefirstquarterof2008,financialturmoilsparkedadecelerationinIPOmarketsaroundtheworl
3、d,especiallyindevelopedeconomies.However,high-qualityenterprises,primarilyfromtheemergingmarkets,continuetobewellreceivedbytheworld’spublicmarkets.Today,capitalfollowsagoodinvestmentstory,whereverit’slisted.Globalliquidityandthrivinglocaleconomieshaveignitedrapidgrowthinthe
4、emergingmarkets.Intheirhuntforhigherreturns,investorswithariskappetitehavebeenshiftingassetstothefast-growthBRICcountries.It’salsogettingeasiertovalueandfinanceideasoutsidethepublicmarkets,thankstoanexpandingarrayofcapitalsources,includingprivateequity,venturecapital,hedgef
5、unds,privateplacementsandsovereignwealthfunds.Afterextensiveinterviewswiththeworld’stopinvestmentbankersandstockexchangeleaders,Ernst&Young’sGlobalIPOTrendsReport2008reviewsthemajordevelopmentsintheworldwideIPOmarketsin2007andthefirstquarterof2008.AsthefifthglobalIPOreportp
6、roducedbyErnst&Young,thisreviewoffersanin-depthexaminationofthekeytrendsforcompaniesplanninganIPOtoday.TrendsinIPOactivitycanbedifficulttopredict,especiallyintimesofmarketvolatility.However,companiesaroundtheworldcontinuetoreadythemselvestogopublicwhilewaitingformarketcondi
7、tionstoimprove.Welookforwardtoworkingwiththesecompaniesandtheirteamsintheirtransformationfromaprivateentitytoapublicenterprise.GlobalIPOTrendsReport2008ContentsPerspectivesonglobalIPOmarketsGlobalEmergingmarketsdriveglobalIPOsdespitefinancialvolatility.......................
8、.............2Interviews:DavidErickson,LehmanBrothers.....................9NoreenC
