Frontier Markets Equity Issuance and IPOs 2015 Wrap-up

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Frontier Markets Equity Issuance and IPOs 2015 Wrap-up

We’re in the early days of 2015 summary-type articles, and we thought it would be a good time to go over the equity offerings that occurred in Frontier Markets in 2015.  It was a reasonably good year in Frontier Markets, with total offerings of about $4.4bn or 67 in total issues.  However, most of that was concentrated in markets we watch, but are really emerging or pseudo-emerging markets.

The table below lists the countries involved, ranked by total funds raised.

Frontier Markets Equity Issuance and IPOs 2015 Wrap-up

You can observe that the top 5 countries accounted for almost 80% of total funds raised.  However, when looking at it from the perspective of # of issues, Mauritius and Bangladesh led the pack.  With 10 issues though, Bangladesh only raised $100mm.  Nevertheless, a positive sign for a country undergoing significant political turmoil.

The table below looks at issuances on the basis of industry.  Financials, Industrials, and Non-cyclicals led the pack in terms of funds raised, but Financials, and Consumer cyclicals and non-cyclicals led in terms of number of total issues.

Frontier Markets Equity Issuance and IPOs 2015 Wrap-up

Lastly, looking at all issuances in terms of total offer size the nature of Frontier Markets is apparent with only one issuance over $500mm, and only 16 over $100mm.  However, almost 83% of total capital raised came from the 16 issues above $100mm.

Frontier Markets Equity Issuance and IPOs 2015 Wrap-up

One word of caution, our list is compiled using Bloomberg.  As a result, it does not include any markets that Bloomberg does not cover (such as Nepal, Iran, etc.).

We expect 2016 to be a much stronger year, and will follow-up shortly with our expected IPOs for 2016.  As always, if you have any questions, please let us know.

Please see below, for a full list of all equity issuances in 2015.

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