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2016 Midyear Report
| DR Capital Raising
the NYSE. This transaction marked the first foreign equity
offering from Argentina since 2014. Chinese online travel
services provider
CTrip.comInternational Ltd. raised the
most follow-on capital, issuing over $1.2 billion in DRs across
three follow-on transactions. From an industry standpoint,
internet companies accounted for $1.1 billion (47%) of the
total capital raised during the first half of the year.
Despite the decrease in DR IPO activity in 2016, emerging
growth companies continued to dominate the deal count,
representing four out of the five DR IPO deals that priced
during the first half.
During the first half of 2016, DR capital raising activity
totaled $2.4 billion globally, a 50% decline versus the
first half of 2015. Approximately $747 million (31%) was
raised through initial public offerings (IPOs) and $1.7 billion
(69%) was raised through follow-on and rights offerings.
Regionally, Asia-Pacific led capital raising activity by dollar
value as issuers raised approximately $1.6 billion in new
capital; furthermore, Chinese issuers raised approximately
$1.5 billion (60%) of the total DR capital raised year-to-date.
IPO activity was led by Argentina’s Grupo Supervielle S.A.,
a financial holding company, which raised $302 million on
DR Capital Raising
1
By Type
By Country
By Industry
DR Capital Raising
ADR
87%
GDR
13%
Others
2%
India
2%
Hong Kong
5%
Luxembourg
9%
Russia
10%
Argentina
12%
China
60%
Others
10%
Iron/Steel
9%
Food
10%
Pharmaceuticals
12%
Banks
12%
Internet
47%
Source: Bloomberg and Depositary Data Interchange
1
Data as of June 30, 2016.
Value: $2.4 Billion
Value: $2.4 Billion
Value: $2.4 Billion