Australian capital market proceeds also fell significantly compared with the fourth quarter of 2013, decreasing 74 per cent from US$10.7 billion.
While IPOs were up 104.9 per cent from the first quarter of 2013, marking the first quarter of 2014 as the strongest first quarter since 2007, they were down 95.1 per cent from the last quarter of 2013.
The largest Australian IPO in the first quarter was SG Fleet Group’s US$168.3 million offering.
Follow-on offerings accounted for 91.9 per cent of Australia’s equity capital markets and total US$2.6 billion this year so far.
According to Thomson Reuters, this indicates a fall of 25.6 per cent from the corresponding 2013, with the total number of issuance declining 19.6 per cent.
This is the lowest quarter by volume since 2003.
The real estate industry sector performed the strongest this quarter, generating proceeds worth US$977.9 million and increasing 31.7 per cent from the first quarter of 2013.
This was partly driven by the largest equity capital market deal in Australia this year, with Singapore-based CapitaLand selling 39.1 per cent of its stake through block trade in Australia-based Australand Property Group for US$968.4 million.
The materials industry sector had the second strongest performance, accounting for 17 per cent of Australian equity capital markets and raising a total of US$471.9 million.
