Dealogic league table roundup, September 19

Equity capital markets
A total of $24.4 billion has been raised in the equity capital markets this week through 23 deals, compared to the $1.7 billion raised in the same period last week and brings Asia (ex Japan) ECM volume to $155.4 billion in 2014 so far, up 49% year-on-year and the highest year-to-date level since 2010 ($173.3 billion).

Volume was led by Alibaba Group Holding’s $21.8 billion IPO (excluding overallotment) completed on September 18 through its bookrunners Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley and Citi. The deal is the largest US-listed IPO on record ahead of Visa’s $19.7 billion IPO priced in March 2008 and also the largest Tech ECM transaction ever.

If the overallotment is fully exercised, the IPO value will increase to $25 billion and will be the largest IPO on record.

Another notable IPO this week was a $188 million IPO for Impact Growth Real Estate Investment Trust through bookrunners Maybank, Kasikornbank and Kasikorn Securities. The deal is the largest Reit ECM in Asia deal in the region so far this year.

Asia ex-Japan Reit ECM volume has reached $2 billion in 2014 year-to-date, compared to the $4.9 billion raised in the same period last year and is the lowest year-to-date volume since 2010 ($1.7 billion).

On the back of the Alibaba’s $21.8bn IPO, Credit Suisse and Morgan Stanley have edged up the league table rankings with $9.8 billion and $9.3 billion, respectively while Goldman Sachs continues to maintain its lead in the ranking.

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