According to Renaissance Capital, $23 billion was raised in the global IPO market last week, making it the biggest week this year and signaling a revival in investor interest for this class of equities.
The Hong Kong offering of AIA, a carveout of AIG's Asia Pacific life-insurance business, raised $17.8 billion, making it the fifth-largest IPO on record. Also Taiwan's TPK Holdings has a $200 million IPO; the firm is the supplier of the touch-screen technology behind Apple's iPad.
In early November, Coal India IPO is set to raise more than $3 billion in what may be the country's largest-ever initial public offering.
In the U.S., handbag-maker Vera Bradley (VRA), Chinese education provider TAL Education (XRS) and Italian restaurant chain Bravo Brio (BBRG) raised a combined $440 million, while in South America, oil and gas provider HRT Participações sold $1.4 billion in new stock on Thursday.
Norway’s Statoil Fuel & Retail raised $800 million after pricing at the top of the range Thursday. Andthe world's largest online betting exchange, London-based Betfair, made its public debut by raising $540 million.
The average 2010 IPO has returned 6.3% from its first day close to date, outpacing the 4.8% year-to-date return of the MSCI World Index (IWRD), says Renaissance.
“Heavy, deal flow, positive returns and a swelling IPO pipeline suggest an active close to an already active year, and an IPO market that has finally returned to more normalized issuance levels,” the company said in an online blog.