Global equity issuance hits first-quarter record as stake sales jump

(Reuters) – Global equity issuance rose by a fifth to $231.5 billion in the three months through March, a record high for a first quarter, as a sharp rise in secondary share sales outweighed a drop in company flotations, Thomson Reuters data showed on Tuesday.

Fewer companies came to market, as investors were less keen to participate in steep valuations brought on by rising stock markets, and private equity funds found themselves with little left to sell after a frenzy in 2014.

Money raised from flotations, or initial public offerings (IPOs), fell a fifth to $37.2 billion, Thomson Reuters Equity Capital Markets (ECM) data showed.

 

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