Singapore equity capital market volume soars 86% despite slump in regional activity

Southeast Asia deals declined by 16%.

Southeast Asia Equity Capital Market (ECM) volume reached $10.4bn via 149 deals in the first nine months of 2016, down 16% from the $12.4bn raised in the same period last year, and the lowest for the period since 2005 ($9.3bn), data from Dealogic show.

Follow-ons led the drop with $4.8bn, the lowest total since 2005 ($3.8bn). IPO volume, meanwhwile, increased slightly to $4.7bn from $4.6bn in the same period last year.

Singapore led ECM volume in the region with $3.8bn, up 86% from $2.0bn in the same 2015 period. Followed by Malaysia and Indonesia with $2.3bn and $1.9bn, respectively.

Singaporean issuer BOC Aviation priced a $1.1bn IPO on May 24, in what is the largest Southeast Asia deal in the first nine months and pushed Singapore’s IPO volume to $2.4bn, the highest level for the period since 2013 ($4.1bn).

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