IPO returns subdued but healthy

IPO returns subdued but healthy

The IPO market performed well in the second half of 2016, though returns were “relatively subdued” compared with previous years, new research from Deloitte has found.

The company’s recently released A game of snakes and ladders report found that IPOs were returning nearly 12 per cent on a weighted basis, outperforming the All Ordinaries index, which closed up 7 per cent for the year.

The company noted, however, that compared with previous years that “performance was relatively subdued amidst increasing volatility”, though the listings pipeline remained strong.

“Looking forward to the rest of 2017, Deloitte expects the Australian IPO market to remain active, although deals are likely once again to be weighted towards the smaller end of the market,” said Deloitte national leader of corporate finance Ian Turner.

“Although private equity activity has been subdued in 2016 following the significant exits over the last few years, there is a reasonable pipeline of assets that are likely to be IPO candidates over the next 12-24 months, reflecting the quality of the business and growth opportunities.”

IPO volumes for 2016 were also strong, Deloitte said, finishing the year with 94 listings, only three short of 2015’s 97 listings.

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