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2013 First Half Heralds A Return Of Global Company IPOs On U.S. Exchanges, Says BNY Mellon's DR Market Update

NEW YORK, July 22, 2013 /PRNewswire/ -- U.S. exchanges have seen a return of companies from around the world eager to tap American investors via initial public offerings, according to BNY Mellon's Depositary Receipts 2013 Midyear Update.

The first six months also saw a recovery in DR capital raising, which nearly tripled over levels of a year ago. More than $3.6 billion was raised through 20 transactions, compared with $1.25 billion in the same period last year. Companies from Asia-Pacific accounted for almost half, raising more than $1.67 billion in capital.

LightInTheBox, the online retailer co-founded by a former Google China executive, represented the first Chinese IPO completed in the U.S. this year and jumped 17.5% on its NYSE debut 1. Electronic payment processor, QIWI, mounted the first offering of DRs by a Russian-based company on NASDAQ while also listing its DRs on the Moscow Exchange. In addition, UBIC became the first Japanese company to raise capital in the U.S. since 2009 when it listed DRs on NASDAQ in May.

"Taken together with the record highs reached by U.S. markets earlier this year, these initial public offerings may be seen as 'green shoots' for a recovery in emerging equities that have been depressed by low interest rates for some time," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "Savvy global companies continue to gauge market and investor sentiment carefully, and many are eager to broaden their shareholder base through the convenience and reach of DRs."

Key highlights

Thirty-three new sponsored programs were established through June, with BNY Mellon acting as depositary for 20 of those. DRs typically represent non-U.S. ordinary shares and trade on traditional and over-the-counter markets and stock exchanges. There are now almost 3,700 DR programs available to investors globally, compared with about 3,500 last year.

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