IPOs double in second quarter
Initial public offerings by companies more than doubled in the second quarter as companies from Blackstone Group LP to Banco do Brasil SA sold businesses before a reversal in stock markets curbed some sales.
IPOs raised $42bn (€32bn) in the period, compared with $20bn in the first quarter, led by Banco do Brasil's sale of its insurance unit for $5.7bn, the biggest offering of the year. The number of deals increased 18pc to 239.
More than half of the IPOs in the quarter took place before global markets capped their rallies in May, with the Standard & Poor's 500 Index hitting a record, Japan's Topix Index climbing to almost a five-year high and the Stoxx Europe 600 Index completing its longest streak of monthly advances since 1997.
While some companies going public after markets turned were forced to lower prices, concern about the economy isn't likely to diminish demand for IPOs, bankers said.
"As a big-picture theme, deals are still getting done," said Evan Damast, global head of equity syndicate at Morgan Stanley in New York. "The economic fundamentals aren't any different than they were a few days ago, and investors aren't shying away from IPOs because of choppiness in the market."