Follow-on offerings in Asia Pacific soared to highest peak since 2009

Accounting for 63.7% of APAC ECM listings.

Follow-on offerings accounted for 63.7% of the ECM listings in Asia Pacific with US$93.6 billion in proceeds, up 11.9% from the same period last year, and saw the highest first nine months period since 2009 (US$123.7 billion).

According to a research note from Thomson Reuters, this was driven by the biggest ECM listing in Asia Pacific so far this year - Citic Pacific Ltd’s US$6.9 billion share placement to help fund its acquisition of CITIC Group’s main assets and to maintain public float.

Common stock offerings (combined IPO and Follow-ons) raised US$133.7 billion, up 26.2% from the first nine months of 2013 (US$106.0 billion).

Further, they witnessed highest first nine months period since 2011 when proceeds amounted to US$146.5 billion.

Meanwhile, the total amount raised from stake sell downs of Asian shares through block trade reached US$20.3 billion.

This was bolstered by the biggest Australia ECM deal this year involving Royal Dutch Shell’s stake sell down through block trade in Australia oil and gas producer, Woodside Petroleum Ltd, for US$3.0 billion.

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