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Year-End 2014 Report
| Global DR Trends
DR follow-on capital raising was down 7% versus the prior
year with 24 issuers raising $4.4 billion. Asian issuers
accounted for $1.9 billion (or 44%) of follow-on capital raised
and Latam issuers accounted for $1.3 billion (or 30%). Oi
SA, a Brazilian telecom company, led 2014’s DR follow-on
transactions, raising over $1.1 billion along with Inotera
Memories, a Taiwanese semiconductor manufacturer, which
raised $418 million. In terms of industry, the Communications
and Technology sectors accounted for 61% (or $2.7 billion) of
the total follow-on capital raised.
2014 was an historic year for global DR capital raising as
the Chinese e-commerce company, Alibaba Group, raised
more than $25 billion in capital making it the largest initial
public offering (IPO) in history. Global DR capital raising
reached $37.3 billion, an increase of $26.8 billion (+259%)
versus 2013. Approximately $32.8 billion (88%) was raised
through IPOs and $4.4 billion (12%) was raised through
follow-on offerings. The Asia Pacific region was the global
leader in overall capital raising activity with issuers raising
approximately $31.7 billion; the region also experienced the
largest year-over-year increase — up 604% versus 2013. From
an industry standpoint, the Financial and Communications
sectors together accounted for approximately 87% of the
total DR capital raised in 2014.
The total amount of DR capital raised through IPOs increased
significantly in 2014 to $32.8 billion, up 486% year-over-year
driven by the large number of deals originating in China. The
record-breaking deal from China was Alibaba Group’s $25
billion IPO on NYSE, which contributed 86% to the total China
DR capital raised in 2014. The second largest DR IPO of the
year was for JD.com, a Chinese e-commerce company, which
raised over $2 billion in capital on the NASDAQ.
2014 DR Capital Raising
By Type
By Country
By Industry
DR Capital Raisings
ADR
93%
GDR
7%
Value: US$37.3 Billion
Others
6%
Taiwan
2%
Korea
2% Brazil
3%
Colombia
3%
Russia
3%
China
81%
Value: US$37.3 Billion
Others
3%
Technology
3%
Consumer, Non-cyclical
3%
Consumer, Cyclical
4%
Financial
6%
Communications
81%
Value: US$37.3 Billion
Source: Bloomberg Financial Markets and Depositary Data Interchange