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B. G., Opalesque Geneva:

2022 proved to be a challenging year for global equity capital markets as ongoing inflationary pressures, geopolitical instability and tighter monetary policies led to significant reductions in capital raising activity, reports S&P Global. Total global proceeds amounted to $421bn with 4,961 offerings closed in 2022 - a 62% drop in total deal value and a 37% slide in deal volume compared to last year.

The aftermarket performance of 2022's IPOs followed a similar downward trend that took shape in the prior year, as inflation and interest hikes fuelled broader volatility in the equity markets. Most average performance changes for 2022's IPOs are slightly higher than comparable figures from 2021, but 2022's deals are underperforming other recent vintages, especially in longer-term metrics.

Investors are optimistic

But according to Goldman Sachs' Annual Equity Capital Markets Investor Survey, many investors think activity in equity capital markets will double in 2023 compared to the year before. Approximately 40% of surveyed investors expect ECM issuance to be similar to 2018, which saw nearly $260bn in a......................

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