Türkiye ranks 10th globally in IPOs in first half of 2024

ISTANBUL

Türkiye ranked 10th in the world in terms of the number of initial public offerings (IPO) launched in the first half of 2024, according to EY’s latest issue of the Global IPO Trends report.

With 19 IPOs, Türkiye’s share of the global initial public offerings was 3 percent, according to the report.

In terms of IPO proceeds, Türkiye ranked 11th in the world, said the report.

IPO proceeds in the country amounted to $1.4 billion in the first half of 2024, which corresponded to a 3 percent share of the global IPO proceeds.

globally, in the first half of 2024, there were 551 listings raising $52.2b in capital, a 12 percent decrease in the number of IPOs and a 16 percent year-on-year drop in proceeds raised, the report said.

“This result is mainly due to a slowdown in Asia-Pacific IPO activity with the Americas and Europe, the Middle East, India and Africa (EMEIA) seeing robust growth in the first half of 2024,” it explained.

The industrial sector took the lead in the number of IPOs with 115 — or 21 percent — listings, primarily fueled by strong activity in India.

Meanwhile, the technology sector outperformed in terms of capital raised, amassing an impressive $10.8 billion (21 percent) in IPO proceeds, with the U.S. securing much of these funds, said the report.

India topped the list with 151 IPOs, capturing a quarter of the global IPO volume, followed by the U.S. at 80.

In terms of proceeds, the U.S. ranked first at $17.8 billion, and India came second with $4.7 billion.

The second half of 2024 will be shaped by key factors affecting the global IPO market – the varying schedule of interest rate cuts, escalating geopolitical tensions, and the election super-cycle, the report said.