IPOs flood the market
Share market listings rose 138 per cent last year as technology stocks flooded the boards of the Australian Stock Exchange.
Share market listings rose 138 per cent last year as technology stocks flooded the boards of the Australian Stock Exchange.
The tenth PricewaterhouseCoopers (PWC) Survey of Sharemarket Floats shows 107 floats of companies, trusts and funds compared to only 45 in 1998.
PWC corporate finance and investment banking partner Greg Keys says the boom has continued into 2000, with more than 20 companies listing in the first quarter compared to only four in the same period last year.
"More than half of the new floats related to technology companies," he says.
"Despite recent sharemarket volatility here and overseas, this trend is expected to continue."
Despite the marked increase in the number of floats, only $4.1 billion of equity was raised, down 27 per cent from the 1998 figure of $1.5 billion. The majority of floats occurred at the smaller end of the market with only 11 with market capitalisation exceeding $150 million.
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