Equity Capital Markets
The equity capital markets saw a total of $22.8 billion raised from 35 issues this week, driven by AIA Group’s $17.8 billion offering. This is the largest weekly volume since Agricultural Bank of China’s IPO in July. Goldman Sachs continues to head the league table ranking with $16.7 billion, while Morgan Stanley and UBS round out the top three on $14.3 billion and $14.1 billion respectively.
AIA successfully raised $17.8 billion from the market this week and stands as the biggest listing in Hong Kong on record – surpassing the $16.1 billion raised by Industrial and Commercial Bank of China (ICBC) in 2006. If the overallotment option is exercised in full, the deal will be the third largest in the world ever (behind Agricultural Bank of China and ICBC).
The deal involved 11 bookrunners and among them UBS moved up a notch in the rankings (the bank also worked on a $741 million follow-on for Sihuan Pharmaceutical Holdings Group together with Morgan Stanley); J.P. Morgan and Credit Suisse each climbed up a rung to fourth and sixth place respectively; and Citi jumped two places to seventh. Other bookrunners were Bank of America Merrill Lynch, Barclays Capital, CIMB Group, Deutsche Bank, Goldman Sachs, ICBC International and Morgan Stanley.
