Software and services companies comprised approximately 20 per cent of all successful IPOs in the 2016 calendar year, according to Herbert Smith Freehills.
The company’s 2016 Australian IPO Review found that the software and services sectors had “far more listings” than any other sector, with most listings being payments, internet security or online retail financial services businesses.
“However, the majority of the software listings were for small to mid-cap companies,” Herbert Smith Freehills said.
When looking at IPOs with market capitalisations above $100 million, the real estate sector experienced the highest number of listings, market capitalisation and capital raised, the company found, with real estate investment trusts raising the highest volume of capital.
Herbert Smith Freehills found many of the listings with market capitalisation above $100 million had a focus on serving customers, and had a heavy concentration of businesses from the diversified financials, food and beverage, and consumer discretionary sectors.
The company said large IPOs in 2017 are likely to come from the technology, diversified financials, healthcare, consumer discretionary, agriculture and food and beverage sectors, with the “solid performance of 2016 ASX debuts” likely to bolster investor interest in the coming year.
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