2024年第二季度全球IPO趨勢報告-EY Global IPO Trends Q2 2024 -How can you adapt your IPO strategy in a dynamic market

QEYPrivate

Howcanyouadapt

yourIPOstrategyinadynamicmarket?

EYGlobalIPOTrendsQ22024

/ipo/trends#IPO

GlobalIPOmarkethighlights06

Contents

Q22024andH12024IPOactivity05

IPOmarketoutlook13

Industrials15

Technology16

Consumer17

Sectors

Healthandlifesciences18

Energy19

Privateequity20

AdvicetoIPOcandidates43

AppendixRegionalfactsandfigures45

Stockexchanges48

Forthisdocument,unlessotherwisenoted,H12024referstothefirstsixmonthsof2024andcoverscompletedIPOsfrom1January2024to17June2024,plusexpectedIPOsby30June2024(forecastedasof17June2024).H12023referstothefirstsixmonthsof2023and

coverscompletedIPOsfrom1January2023to30June2023.

Americas22

AreasAsia-Pacific27

Europe,MiddleEast,IndiaandAfrica35

EYGlobalIPOTrendsQ22024

2

1

2

3

5

6

7

Highlights

GlobalIPOdivergencewidens,AmericasandEMEIAsurgewhileAsia-Pacificslows

IPOreturnseclipseindexbenchmarksamid

investorenthusiasmforrobustmarketdebuts

H12024IPOsledbyindustrials,technology,andmaterials;USandIndiadominateinkeysectors

4

FamilybusinessIPOsbalancinglegacyandgrowth

UnicornIPOhopestirsasmarketspivotfrompost-pandemiccrunchtoratecutoptimism

GlobalelectionsamplifyuncertaintyovertheimpactofspecificpoliciesonIPOs

Forthisdocument,unlessotherwisenoted,H12024referstothefirstsixmonthsof2024andcoverscompletedIPOsfrom1January2024to17June2024,plusexpectedIPOsby30June2024(forecastedasof17June2024).H12023referstothefirstsixmonthsof2023and

coverscompletedIPOsfrom1January2023to30June2023.

Geopoliticaldynamicsbringchallengesandopportunities,shapingIPOmarkets

EYGlobalIPOTrendsQ22024

3

Global

Companiesharnessagilityandresiliencetosteer

througheconomiccurrentsandgeopoliticalheadwinds.

“

TheglobalIPOmarketreflectsthebroadereconomiclandscape,whileseekingnew

balanceamidthegeopoliticalandelectioncomplexities.Asthependulumof

opportunityswingstowardthedevelopedWesterneconomies,theAsia-Pacificregionfacesheadwindsthattestitstenacity.

CompaniescontemplatingIPOsneedto

showheightenedadaptabilityandresiliencetomakewell-informedstrategicdecisions

amidtheevolvingIPOlandscape.

GeorgeChan

EYGlobalIPOLeader

EYGlobalIPOTrendsQ22024

4

Global

Q22024

BetweenQ22023andQ22024,theAsia-PacificIPOmarketsawan82%decreaseinproceeds

IPOactivityreview

Number

Q22023Q22024%change

Proceeds(US$b)

Q22023Q22024%change

Global

317

271

-15%

40.4

27.8

-31%

Americas

34

45

32%

7.6

9.1

19%

%ofglobal11%

17%

19%

33%

Asia-Pacific

196

98

-50%

26.1

4.6

-82%

%ofglobal62%

36%

64%

16%

EMEIA

87

128

47%

6.7

14.1

111%

%ofglobal27%

47%

17%

51%

Q22024referstothesecondquarterof2024andcoverscompletedIPOsfrom1Aprilto17June2024,plus

expectedIPOsby30June2024(forecastedasof17June2024).Q22023referstothesecondquarterof2023andcoverscompletedIPOsfrom1Aprilto30June2023.

EMEIAreferstoEurope,theMiddleEast,IndiaandAfrica.Source:Dealogic.

H12024

ComparedwithH12023,

EMEIAIPOproceedsinH12024increased89%

Number

H12023H12024%change

Proceeds(US$b)

H12023H12024%change

Global

624

551

-12%

62.5

52.2

-16%

Americas

77

86

12%

10.7

17.8

67%

%ofglobal12%

16%

17%

34%

Asia-Pacific

377

216

-43%

39.1

10.4

-73%

%ofglobal60%

39%

63%

20%

EMEIA

170

249

46%

12.7

24.0

89%

%ofglobal28%

45%

20%

46%

H12024referstothefirstsixmonthsof2024andcoverscompletedIPOsfrom1January2024to17June2024,plusexpectedIPOsby30June2024(forecastedasof17June2024).H12023referstothefirstsixmonthsof2023andcoverscompletedIPOsfrom1January2023to30June2023.

Source:Dealogic.

EYGlobalIPOTrendsQ22024

5

1

Global

GlobalIPOsharebyregion(2014-H12024)

IPOnumber(%)AmericasAsia-PacificEMEIA

InH12024,EMEIA

45%

45%

regainedtheNo.1globalIPOmarketshareby

39%

30%

numberforthefirsttimein16years.

25%

16%

2014201520162017201820192020202120222023H1

2024

TheAmericasregion

IPOproceeds(%)

46%

39%

32%

34%

surgedinitsglobalshareofproceedsfromamere5%in2022to34%inH12024.

29%

20%

2014201520162017201820192020202120222023H1

2024

GlobalIPOdivergencewidens,AmericasandEMEIAsurgewhileAsia-Pacificslows

DuringH12024,therewasastrongappetiteforequity

offeringsinboththeAmericasandEMEIAregions,buoyedbyfavorablestockmarketperformance,improvingIPO

valuationsandgrowinginvestorenthusiasm.This

encouragingenvironmentpromptedscalablecompanies

togopublic,drivinganotableincreaseinIPOactivity.Theaveragedealsizeinbothregionsalsoexperienceda

significantuptick,primarilyduetoseverallarge,high-

profilelistings.TheAmericaswitnessedaremarkable67%year-on-year(YOY)riseinproceeds.WhileEMEIAhas

successfullyreturnedtoits10-yearaverageIPOvalue

levelsinH12024,Americasrecoveredto70%ofits

decadenorm,althoughAsia-Pacifictrailsatlessthan30%.

TheEMEIAregionhasmadearemarkablecomebackinH12024,achievingitshighestglobalsharebynumbersince

the2008GlobalFinancialCrisis,accountedforan

impressive45%oftotaldealvolumeand46%ofvalue.

Withintheregion,prominentlistingsinEuropeindicate

thatmore,largercompaniesperceivecurrentmarket

conditionsasanattractiveIPOwindow,withimproved

valuationlevelsandgrowinginvestorenthusiasmfornewofferings.

Indiaenjoyedasignificantincrease,responsiblefor27%ofglobalIPOsbyvolume,upfrom13%inthesameperiodlastyear.

TheAsia-Pacificregion,onceahotbedforIPOs,hasseenitsmarketsentimentdampenedbyaconfluenceof

headwinds,includinggeopoliticaltensions,elections,

economicslowdown(particularlyinmainlandChinaandHongKong),heightenedinterestratesandamarket

liquiditydroughtthathasmadeinvestorscautious.Theregionsawadramaticdeclineinglobalshareof

proceeds,plummetingfrom63%inH12023to20%inH12024.

Privateequity(PE)-/venturecapital(VC)-backedIPOssurgeinAmericasandEMEIA

Globally,therewasaleapinlargePE-/VC-backedIPOs,withtheproportionofproceedsfromsuchofferings

risingfromjust9%inthefirsthalfof2023to41%inH12024.Thistrendwasparticularlypronouncedinthe

Americas,where74%oftotalproceedswereattributedtoPE-/VC-backedcompanies.Large,PE-backedIPOs

havealsothrivedinEurope,withproceedsjumpingfrom29%to46%inoneyear,underscoringthedynamic

EuropeanPEIPOenvironment.

Sources:EYanalysis,Dealogic.

EYGlobalIPOTrendsQ220246

2

IPOreturnseclipseindexbenchmarksamid

investorenthusiasmforrobustmarketdebuts

Inthepasttwoyears,theIPOmarkethasexperienceda

notableshiftininvestorfocustowardfinancial

sustainabilityandprofitabilityofnewlylistedcompanies,reflectingamorediscerningapproachinanenvironmentcharacterizedbytightmonetaryconditionsandmarketuncertainties.

Inresponsetothisevolvinginvestorapproach,

companiesconsideringthepublicoptionareincreasinglyemphasizingtheirrevenueandprofitabilitymetricsandplansforachievingsustainablegrowth.Thenetprofit

marginmetricsofthe2023andYTD2024IPOcohortsrevealnoticeableimprovementacrossmostregions.InChina,regulatorshaveintroducedmorestringentlistingrequirementsforIPOsinabidtoenhancethequalityofcompaniesgoingpublicandprotectinvestorinterests.

Meanwhile,theUShasshowcasedabroaderarrayof

companiesmakingtheirmarketdebuts,rangingfrom

nascenttechnologyandhealthventurestomature,

scalablefirms.Thisdiversityhasbeenakeyfactorin

drivingaconsiderableincreaseintheaveragedealvalueandanotablesurgeinthemediannetprofitmargin

acrosstheUSmarket.

Fromthebuyerside,investorsarerecognizingthequalityandscaleofthisyear'snewdebutantsandaremore

willingtoallocatecapitaltotheseopportunities,creatingpotentialforsubstantialIPOmarketreturns.YTD2024

IPOshaveoutperformedbenchmarkindicesinmostmajorglobalmarkets.Theincreasedexerciseofoverallotmentoptionsandtheresilientpost-IPOsharepricestestifyto

theirunderlyingstrength,thequalityoftheirofferingsandthemarket'sconfidenceintheirprospectsgoing

forward.Thisheightenedmomentumininvestinginnew

shareissuanceisapositivesignalforcompaniesconsideringgoingpublic,indicatingareceptive,supportiveandpotentiallylucrativeenvironment.

Global

MediannetprofitmarginofIPOcompaniesbyregion(%)

9%

8%

3%

10%

8%

17%

12%

2023IPOsYTD2024IPOs

11%

7%

11%

5%

9%

8%

8%

7%

Global

-5%

UnitedStatesEuropeMENAGreaterChinaJapanASEANIndia

YTDIPOreturnsvs.benchmarkindexreturns

Country/region

Index

YTDIndexreturn

YTDIPOreturn

US

S&P500

14.7%

23.9%

Europe

STOXXEurope600

6.8%

17.7%

MainlandChina

ShanghaiComposite

1.4%

55.7%

HongKong

HangSengIndex(HSI)

5.2%

46.4%

Japan

Nikkei225

13.9%

37.8%

India

BSESensex

6.6%

55.2%

Indonesia

IDXComposite

-7.4%

12.5%

YTD2024IPOsreflectcompletedlistingsfrom1Januaryto17June2024.2023annualIPOsencompasscompletedIPOslistedfrom1Januaryto31Decemberin2023.NetprofitmarginfigurescitedreflectpercentagesreportedwithinIPOcompanies'mostrecentlypublishedfinancialstatements,with95%coverageforthe2023IPOdataand82%coveragefortheYTD2024IPOdata.

IPOandindexreturnsasof17June2024close;IPOreturnrepresentschangeinYTDcommonsharepricingofnewlylistedcompaniesvs.offerpricesattimeoflisting.Sources:EYanalysis,Dealogic,S&PCapitalIQ

EYGlobalIPOTrendsQ22024

7

Global

H12024

SectorIPOactivity

H12024IPOsledbyindustrials,technology,andmaterials;USandIndiadominateinkeysectors

Inthefirsthalfof2024,theindustrials,technologyandmaterialssectorsled

thewayinglobalIPOissuance,withIndiadominatingintermsofdeal

volume.Meanwhile,thetechnology,healthandlifesciences,andindustrialssectorstoppedtheIPOproceedsrankings,withtheUSattractingthelion’sshareofthesesectors.Asthehometomanyoftheworld'sleading

technologyandhealthcarecompanies,theUShasastrongecosystemfor

Top3IPOsectorsbynumberandpercentageoftotal

startups.Drivenbyfavorablemarketconditions,expectationofinterestratecutsandinnovationsinartificialintelligence(AI),IPOdealvalueshave

skyrocketedinboththesesectors.

Industrials

115

21%

Technology

102

19%

WhenitcomestoYOYgrowth,thefirsthalfof2024sawanemergenceof

largerdealswithinsectorssuchasretail,financials,mediaand

Materials6211%

entertainment,healthandlifesciencesandtelecommunications.Somehigh-profilenamessuchastheGaldermaGroupAGfromthehealthandlife

sciencessector,andAmerSportsandPuigfromtheconsumersector,wereamongthemostprominentpublicdebuts,reflectinggrowingconfidenceofmoreheavyweightmarketparticipants.Financialsstoodoutasthesole

Top3IPOsectorsbyproceeds(US$b)andpercentageoftotal

industrywitnessinggrowthinbothvolumeandvalueinH12024.Thisrisewasdrivenbyastreamofassetandwealthmanagementlistings,includingtheAmsterdamflotationofaUS$2.5bassetmanagementfirm.

10.8

8.9

7.9

21%

17%

15%

Technology

Healthandlifesciences

Industrials

AsanticipationbuildsfortheFederalReserve(theFed)toeaseitsinterestratepolicies–possiblyoncethisyear–therecouldbearesurgenceinpublicdebutsofhigh-growthandcapital-intensivecompanies,includingthose

backedbyVCfirms.Meanwhile,theongoingenergytransitionisfuelinga

growingdemandforcriticalmaterials,suchascopper,lithium,nickeland

rareearths.Companiesengagedintheseessentialresourcesarelikelytogopublicandcapitalizeontheincreasinginterestfrominvestorslookingtotapintothegreenenergyrevolution.

H12024sectorYOYgrowthpercentagebyIPOnumberandproceeds

Bubblesize:five-yearaverageIPOproceedsuntilH12024

H12024IPOproceedsYOY%

460%

3

MediaandentertainmentRetail

Financials

Telecommunications

Healthandlifesciences

H12024IPOnumberYOY%

Industrials

-25%

5%

Consumer

120%

Technology

-55%.

Realestate

Energy

Materials

-120%

Consumerincludesthecombinationof“Consumerstaples”and“Consumerproductsandservices”sectors.ProportionalbubblesizerepresentstheIPOfundsraisedoverafive-yearperiod,fromthesecondhalfof2019tothefirsthalfof2024.

Sources:EYanalysis,Dealogic.EYGlobalIPOTrendsQ220248

4

FamilybusinessIPOsbalancinglegacyandgrowth

Puig,theSpanishfamily-ownedbeautyandfashion

group,recentlylauncheditsIPO,raisingUS$2.9b.

ThiseventstandsasoneofthemostsignificantfamilybusinessIPOsinEuropeinrecentyearsandthe

largestIPOgloballysofarin2024.Thetransitiontoapubliccompanymarksanewchapter,balancingfamilyheritagewiththeopportunitiesofferedbythepublic

market.

InMENA,high-profile,family-ownedenterprisesare

increasinglylookingtothepublicmarkets,suchasAlAnsariFinancialServices'2023listingandSpinneys'May2024flotation.WithLuluGroup'santicipated

offering,thistrendisnotonlyfuelingbusinessgrowth

anddiversification,butalsohelpingsuccessionplanning,enhancinggovernanceandincreasingtransparency.

Familybusinessownersoftenfacethechallengeof

growingtheirbusinesseswhilepreservingtheirlegacy.AnIPOcanmeetthesedualobjectivesthroughraising

fundsandimprovingbusinessobjectives,while

maintainingtheiruniquefamilybusinessvalueandadegreeofcontroloverfamilyassets.

Anincreasingnumberofprivatefamilybusinessesareeyeingpubliclistings,particularlyinEurope,where

over60%oflargefamily-ownedenterprisesremainprivatelyheld.Amongtheglobaltop500family

enterprises1,morethanhalfarepubliclylisted,with

Asiancountriesleadinginthistrend,whilein

EuropeancountrieslikeGermanyandItaly,goingpublicislesspopular.

Listedfamilybusinessestendtobelarger,younger,

maintainmajorityownership,generatehigher

revenues,andattractmoretalentcomparedtotheirprivatecounterparts.Andevenaftergoingpublic,

familymembersfrequentlyoccupyCEOpositions,

althoughmostboardmemberstendtobenon-family.

Nevertheless,themovetobecomingapubliccompanyalsobringsheightenedscrutiny,thepressuretomeetinvestorexpectations,andpotentialriskofownership

dilution.Itrequirescarefulpreparationtokeepthefamily'svaluesandinfluenceintactwithinthe

company'snewgovernancestructure.

Globaltop500familybusinesses1

Bynumber

Public52%

Private48%

Byrevenue

PublicPrivate

US$5.0bUS$3.0b

Top10countriesleadinginnumberofmajorfamily-ownedenterprises

TotalPublicPrivate

48

118

UnitedStates

41%59%

70

Germany781418%6482%France311961%1239%

Italy20630%1470%

1

HongKong181794%6%

2

SouthKorea161488%12%

3

Canada161381%19%

7

Switzerland16956%●44%

3

India151280%20%

Mexico

Others

14

63

157

60%40%

1

15

93%7%

94

Global

Sources:EYanalysis,Dealogic,

The2023EYandUniversityofSt.GallenFamilyBusinessIndex

1The2023EYandUniversityofSt.GallenFamilyBusinessIndexrankedthetop500family-ownedbusinessesworldwidebasedontheirrevenues.TobeincludedintheIndex,abusinessmustbeinatleastthesecondgenerationoffamilyownership,withsubstantialfamilyownership,decision-makingauthorityandcontrolovervotingrights.

EYGlobalIPOTrendsQ22024

9

5

Global

Mediaand

entertainment

3%

Healthand

lifesciences

8%

Technology50%

Industrials11%

Financials12%

Consumer10%

Others6%

Unicorn1IPOpipelinebreakdownbysector

UnicornIPOpipelinebreakdownbyarea/region

Mainland

China

15%

APAC-

Others

United

States

47%

India7%

EMEIA-

Others

9%

Americas-

Others

8%

Germany

3%

UK3%

8%

UnicornIPOhopestirsasmarketspivotfrompost-pandemiccrunchtoratecutoptimism

Unicorns,whicharetypicallydisruptive,privatelyheldcompaniesthataregenerallylessthanadecadeoldandhavereachedbillion-dollarvaluations,revolutionize

marketsorentireindustries.

Withasharpriseindemandforcapitalfrom2022,

startupfundinghasfallensignificantlyinthepasttwoandahalfyears.Asmarketdynamicschanged,many

startups,whichhadsuccessfullyraisedsubstantial

fundingrounds,neededadditionalfinancingastheir

initialcapitaldepleted.Thisincreaseddemandforfurtherinvestmentputpressureonthemarket,forcinginvestorstore-evaluatetheirstrategiesandbemoreselectiveoverwhichventurestoback.Asaresult,theoncefavorable

conditionsforstartupshavegivenwaytoamore

challenginganddiscerningfundingenvironment.High-

growthandcash-burningunicornsexperiencedaseismicshiftinpublicofferingsfollowingtherecord-breakingyearof2021.Risinginterestrates,shiftingbuyerpreferencesandincreasingcompetitionforcedunicornstoreassess

theirvaluations,IPOstrategiesandtimelines.Andthey

wereexpectedtodemonstratebothfinancialstabilityandgrowthpotentialtoattractthenecessaryfunding.In

2021,morethan80unicornsdebuted,nearly80%of

whichwerefromtheUS.However,thisnumberdwindledtolessthan20in2023andonlyahandfulinthefirsthalfof2024.

Asmonetarypoliciesstarttoshifttowardamore

accommodativestance,borrowingcostsareexpectedtodecrease,whichcouldenhanceventurecapital

investmentsandpotentiallypositionmorestartupsto

achieveunicornstatus.Meanwhile,astheinvestment

landscapeadjuststoahealthier"normal"withreasonablevaluations,abroaderrangeofinvestors,includingmoreconservativeones,areattractedtounicornIPOs,leading

tomorestableandsustainedgrowthforthesecompanies.

WithinIPOpipelines,technologyunicornsrepresent

approximatelyhalfofthetotalIPOcandidates,followedbyfinancial,industrialandconsumersectors.AIunicornshavebeenparticularlynotableforsignificantfunding

rounds,asstartupsspecializinginAIandmachine

learning(ML)gearupforpublicofferingsamidrising

investorinterestinthefield.TheAIvertical'srobust

growthandsubstantialfundinghighlightitsvitalpositioninthecurrentunicornlandscape,withsomeofthemwell-positionedforongoingsuccessandprospectiveIPOsin

thenearfuture.

Geographically,almosthalfofunicornsintheglobalIPOpipelinearefromtheUS,reflectingitsdominantpositioninthestartupuniverse.MainlandChinafollowswith

15%,asignofitsgrowinginfluenceandtherapid

developmentofitstechsector.Indiaalsoshowsanotablepresence,with7%ofunicornIPOcandidates.Thehigh

concentrationofunicornsinthesecountriesindicatesrobustecosystemsthatsupportinnovation,funding

opportunitiesandfavorableregulatoryenvironments,makingthemprimelocationsforstartupsaimingtogopublic.

1AunicornisaprivatelyheldcompanyvaluedatUS$1borabove.UnicornIPOsinthisreportrefertosuchcompaniesgoingforIPO.Sources:EYanalysis,Dealogic,Mergermarket,CBInsights,HurunResearchInstitute

10

EYGlobalIPOTrendsQ22024

Global

GlobalelectionsamplifyuncertaintyovertheimpactofspecificpoliciesonIPOs

JustasinvestorsandIPOcandidatesadapttoshifting

interestratepolicies,theymustalsocopewithacomplexgeopoliticalandelectionenvironment.Thisyear,the

politicalcalendarismarkedbyelectionsinmorethan50%oftheglobalpopulationaccountingfornearly60%of

worldwideGDP,includingmanygeopoliticallysignificantregions.Thisamountofpotentialchangeislikelyto

createanexceptionallevelofuncertainty.Thesituationisfurtheramplifiedbytheresurgenceof"biggovernment"insomecountries,withthestatestakingmoreactive

rolesinshapingtheeconomies.Policiesinclude

substantialfiscaloutlaysandtargetedsupporttospecific,strategicallyimportantsectors.

Historically,USpresidentialelectionshavehadlittle

impactonthecountry'sIPOmarketduringanelection

year,apartfromdampeningactivityduringtheNovembervotingmonths.However,intheyearssucceeding

elections,IPOactivityhasoftenseenanotableuptick.

Thistrendsuggeststhatpolicychanges,economic

initiativesandstablizedmarketsentimentpost-electioncanbroadlycontributetoamorefavorableenvironmentforIPO.

Policieslaunchedduringorafterelectionsappearto

influenceIPOdecisionswithincertainindustries.TheUSJOBSActof2012,withits"IPOon-ramp",simplified

publicmarketentryforsmallercompanies,boostinglistingactivity.The2015"DigitalIndia"initiative

catalysedasurgeinFinTechIPOs,withconsequentdigitalreformsincreasingtheattractivenessofcapital-raisinginthissector.Similarly,France's2017electionpledgeto

createa"startupnation"heraldedathreefoldincreaseintechnologyIPOs.

Asthe2024globalelectionsuper-cyclekicksintohighgear,theoutcomesmaypromptchangesingovernmentspending,debtlevels,interestratepolicies,currency

strengthandglobalsupplychains.Companiesinsectorsthatareheavilyregulated,orhighlyrelianton

governmentpolicies,mayencounterheightenedvolatilityduringandafterelectionperiods.Elevateddebtburdenscouldalsocompelgovernmentstoexplorenewrevenuestreams,increasingthelikelihoodofcorporatetax

changesthatcouldinfluencecompanyearningsand

growthpotential.IPOcandidatesmustkeepaclosewatchonelections,assessthepotentialimpactsonequity

storiesandstakeholderinterests,and,ifnecessary,re-evaluatetheirIPOstrategyandtiming.

2024elections

IntheUS,IPOactivityinpost-electionyearsis,onaverage,

39%higherthaninelectionyearsand

24%

higherthaninotheryears.

AverageUSIPOvolumeduringUS

presidentialelectionyears,post-electionyearsandotheryears

AverageUSIPOvolume

219

+24%

176

-15%

149

Otheryears(non-

electionandnon-

post-electionyears)

Electionyears

Post-electionyears

6

The"Electionyears"correspondtotheUSpresidentialelectionyearsin2004,2008,2012,2016and2020.The"Post-electionyears"correspondtotheyears

succeedingtheUSpresidentialelectionyears-specifically2005,2009,2013,2017and2021.“Otheryears"encompassesthetimespanfrom2001to2023,barringtheyearsmentionedabove.

Sources:EYanalysis,Dealogic.

EYGlobalIPOTrendsQ22024

11

7

Global

Geopoliticaldynamicsbringchallengesandopportunities,shapingIPOmarkets

GeopoliticaltensionsandeventsandpoliticalinstabilitycanimpactIPOmarkets,leadingtouncertaintyand

volatilityinfinancialmarkets,dampeninginvestor

sentiment.Newregulationsorrestrictionsonforeigninvestmentscanlimitoptionsforcompaniesseekingtogopublicandpotentiallyholdbacktheirgrowth

prospects.Meanwhile,countrieslikeIndiaandIndonesia,bothhavingheldelectionsin2024,arecapitalizingon

globaltensionsandtradedisputestospureconomic

development,includingattractinggreenfield

investments,fosteringcapitalmarketgrowth,andstimulatingIPOactivity.

AccordingtotheEY2024GeostrategicOutlook,globalpoliticalrisklevelshavesurged,especiallysincethe

onsetofthewarinUkrainein2022andremain

elevated.Whilecorporatefocusongeopoliticalriskswasinitiallylow,itskyrocketedwiththeUkrainewarandhas

sinceledtocompaniespayingmoreattentionto

geopoliticsthaninthepast.TheJanuary2024EYCEOSurveyalsorevealedthat98%ofCEOsplantoadjust

theirinvestmentstrategiesinresponsetogeopoliticalissues.

Inaworldofchangingpoliciesandgeopolitical

instability,prospectiveIPOcompaniesarecarefullyweighingupawiderrangeoflistingoptions—

aswitnessedbyChinese-foundedfashionretailerShein'scontemplationofaLondonIPOoverNewYork.

RegardlessofwhereSheinendsuplisting,themoveunderscorestheheightenedregulatoryscrutinyandgeopoliticaltensionsinfluencingcorporatestrategiesandmarketpreferences.

Ascompaniesnavigategeopoliticaldynamics,stockmarketslikeLondon'sarepositioningthemselvesaswelcomingalternativesforglobalfirms,seizing

opportunitiestoreinvigoratethecity'scapitalmarket.Theseshiftsimpactnotonlyindividualcompanygrowthpaths,butalsoinfluencetheglobalIPOlandscape.