After IPOs’ nuclear winter, bankers are crossing their fingers for a comeback in the second half of 2023.
The question is whether these big IPO candidates can be coaxed out for their listed markets debuts this year amid a raft of challenges: inflation pressures, economists’ calls for recessions in various jurisdictions, earnings risks and ultimately, tamer valuations that fundies are willing to place on businesses.Advertisement
“It is quite possible that sub-$50 million IPOs could get executed post reporting season in March but anything bigger than that is likely to be in the second half, unless market conditions improve dramatically in the second quarter,” Falcon said.“There is a big range in where IPO volumes for 2023 could end up. The upside [case] is there is a pretty strong recovery from recession and earnings risks and valuations reset.
Goldman Sachs’ local head of equity capital markets, Ian Taylor, reckons they will be pushing hard on pricing this year. “CG would expect a few IPOs in most of those sectors in the year ahead, and a more buoyant market for gold equities.”All bankers interviewed for this story said there was no push for longer forecast periods or for escrows to extend past their traditional reporting period timelines.“There is unlikely to be any real push for forecast periods to be longer than they have traditionally been.
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