Global IPO activity during the first nine months of 2019 totaled $105.7 billion, down 27% from last year and marking the slowest pace for IPOs since 2016, according to research from Rifinitiv.
Initial public offerings on U.S. exchanges fell 61% during the third quarter of 2019, bringing proceeds for the first nine months of 2019 to $42.2 billion, down 2% from the prior year. IPO activity in Europe, the Middle East and Africa decreased 43% from a year ago, while IPO activity within the Asia-Pacific region fell 34%.
Global IPO proceeds dropped by 39% in the third quarter from the second, and the number of deals fell 21% from the second quarter.
"Ongoing geopolitical uncertainty looks to be having a significant impact across global IPO markets," said Lucille Jones, an analyst at Refinitiv, in a news release announcing the research. "With a potential Brexit resolution on the horizon and positive signs around the Saudi Aramco IPO, we could see a bumper end to the year for listings."
Issuers from the U.S. raised $163.6 billion in the global equity capital markets during the first nine months of 2019, down 10% from a year ago. The U.S. accounted for 35% of overall issuance, up slightly from the 32% recorded during the first nine months of 2018, and the highest annual percentage since 2013.