Proceeds from initial public offerings in July soared on a global basis, hitting their highest level since before the 2008 financial meltdown, according to Thomson Reuters data.
The $30.5 billion that new issues raised globally in July was the most since November 2007 and exceeded the amount raised by follow-on issues for the month. Follow-ons, which were led by Mizuho Financial Group Inc <8411.T> and INPEX Corp <1605.T> in Japan, raised a total of $30.4 billion in July.
That was a turnaround from 2009, when IPOs for the most part were dwarfed by secondary offerings, many of them by banks under pressure from regulators to raise capital.
Year-to-date fees from the new issues, buoyed by Agricultural Bank of China's <1288.HK> $20.8 billion IPO and the UK's $1.04 billion Vallar Plc
Including IPOs, follow-ons and convertibles, the No. 1 ranked underwriting bank, year to date on a global basis, is JPMorgan Chase & Co
(Reporting by Clare Baldwin; Editing by Gunna Dickson and Steve Orlofsky)