First quarter equity fund-raising off to best start in eight years

Equity issuances by domestic companies totalled $8.7 billion in the first quarter of 2018, a 2.2 times jump over the corresponding period of last year, data provided by Thomson Reuters showed. 

The first quarter equity fund-raising was also the most since 2010, when $8.9 billion was raised. Initial public offerings (IPO) raised a total of $2.8 billion, a 4.5 times jump over the same period last year. 

This was the best first quarter for IPOs since 2008, when $3.7 billion worth of IPOs had hit the market. 

The financials sector accounted for 46.3 per cent of the equity fund-raising activity, followed by the technology sector (17.2 per cent market share) and industrials (15 per cent). 

Investment banking fees rose 5.2 times to $234 million for the quarter. Axis Bank topped the equity capital market league table with $39.8 million in fee revenue and 15.1 per cent of the market share.