HONG KONG: Bankers in Asia are betting on newly listed companies returning to the markets for fresh capital as last year's flood of initial public offerings slows to a trickle, with 2019 seeing the weakest start in equity sales in three years.
But bankers hope some of the gloom will be lifted as many of the companies that went public last year return for additional capital, making 2019 less a year of jumbo IPOs and more of follow-on capital raisings and convertible bonds. Pinduoduo raised US$1.6 billion in a follow-on offering in February, the fourth-largest ECM transaction this quarter.
"There should be continued investor interest in IPOs, but likely at different price points and in different sectors."
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