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Goldman Sachs Exchanges

What’s Behind the Record-Breaking IPO Market?

Goldman Sachs Exchanges

Goldman Sachs

Business

4.41K Ratings

🗓️ 14 September 2021

⏱️ 17 minutes

🧾️ Download transcript

Summary

Global equity issuance is up substantially and on track to set new records in 2021. Goldman Sachs’ Elizabeth Reed explains why—and how—more companies are choosing to go public today.

Transcript

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0:00.0

This is Exchanges at Goldman Sachs and I'm Allison Nathan a senior strategist in Goldman Sachs research.

0:12.8

Today we're going to look at the surge in equity issuance

0:15.9

and what promises to be a record-breaking market for IPOs this fall.

0:20.7

To do that, I'm joined by Lizzi Reed, Global Head of the Equity Capital Markets

0:24.8

Syndicate Desk in our Investment Banking Division.

0:27.4

Lizzi, welcome to the program.

0:28.9

Thank you for having the Allison.

0:30.5

So to start off, Lizzi, set the stage for us.

0:33.0

Give us a sense of overall equity issuance this year

0:36.0

and where we are as we head into the fall.

0:39.0

Wonderful. Well, the market is certainly open

0:42.0

and we are really excited about what will be a very active September, but also a very active Q4 of 2021.

0:49.0

I guess I put some context around issuance volumes on a global perspective streetwide issuance

0:56.8

year to date is just north of a trillion dollars. To put that in perspective that's up 39% versus where we were this time last year in

1:07.2

2020. And in fact, we're very close to the record-breaking global issuance volume record, which was 1.16 trillion that occurred for full year of 2020.

1:19.0

So clearly we're tracking very well in terms of absolute issuance levels for 2021.

1:26.0

So what does that look like by region?

1:28.3

Every region is obviously up on the year and up substantially. So if you look at Americas for example, America's issuance

1:36.1

stands just shy of 450 billion dollars, that's up about 35% year over year.

1:43.0

If you look at EBA, EMA issuance stands just north of $200 billion

1:48.0

year to date.

1:49.0

That's up about 56% year over year.

...

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