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Diving for treasure
For demonstrating the breadth and consistency of its ECM platform, leading a partial recovery in the US IPO market and executing the most follow-on stock sales, JP Morgan is IFR’s North America Equity House of the Year.
Well designed
September’s US$5.2bn IPO of Arm Holdings was the biggest of the year and capitalised on the hot topic of generative artificial intelligence. It gave an opportunity to talk about growth when nearly all smartphones already contain Arm-designed chips.
Flight Risk
General Electric’s US$6.5bn sale of shares in Irish aircraft lessor AerCap via follow-on stock sales alongside concurrent buybacks in March, September and November was a remarkable achievement that contributed to the near doubling of the industrial icon's share price in 2023.
Bridging the divide
In a difficult year for Latin America equity capital markets, BTG Pactual delivered for clients by providing global investor access supported by local know-how. For executing benchmark equity raises for large global corporations as well as critical financings for domestic companies, the bank is IFR’s Latin America Equity House of the Year.
Near and (not so) dear
In a year in which IPOs in Latin America were non-existent, Vesta Real Estate energised its growth prospects and secured access to the world’s deepest capital market by raising US$445.6m in a NYSE listing.
Breaking a sweat
Bank of America massively increased its share of EMEA ECM by leading jumbo accelerated bookbuilds as well as niche transactions as far afield as Oman in a diverse deal roster, making it IFR's EMEA Equity House of the Year.
Test tube baby
In 2023, the losses delivered by nearly all European IPOs made for a tiny shortlist for this award, but German specialist glassmaker Schott Pharma would shine in any year.
Block after block
Even in more buoyant times the idea that shareholders could monetise £10bn of stock in a single company in 12 months with the share price still trading up 30% on the year might seem far-fetched.
Rubber stamped
The Middle East has become a major and consistent source of ECM activity in the wider EMEA region and competition between banks is increasing. For its ability to not only maintain reach but help open new markets and achieve the highest deal count, EFG Hermes is IFR's Middle East Equity House of the Year.
Homecoming
The SR4.57bn (US$1.2bn) IPO of Saudi Arabia's ADES marked a significant development for ECM in the country as investors were persuaded to use more growth-oriented valuation metrics, significant allocations went to international investors and it saw relatively rare use of primary issuance for fundraising.
Broad reach
In a difficult year for ECM in Asia-Pacific, one bank found opportunities to raise funds for its clients by thinking differently and moving quickly. For making the most of short windows with its spot-on judgement, Citigroup is IFR’s Asia-Pacific Equity House of the Year.
Standout success
The HK$4.06bn (US$520m) IPO of WuXi XDC revived Hong Kong's lacklustre new issue market by demonstrating that international interest was still there for the right names.
Weathering the storm
Japan Post Holdings' ¥1.2trn (US$8.13bn) selldown in Japan Post Bank, the largest follow-on globally in 2023, sailed through despite global banking woes at the time.
Leading the pack
Coming out of a slow year for new issues, Stifel proved investors were ready to buy IPOs in 2023 and support them in the aftermarket. For reopening the IPO market and taking more companies public than its competitors, Stifel is IFR’s US Mid-Market Equity House of the Year.
Former ECM banker and self-described origination junkie Craig Coben looks back on the good times, bemoans the present and manages – just about – to be hopeful about the future.
After nearly 40 years in DCM, Chris Tuffey recalls the highs and lows and examines how things have changed. The thrill of the deal is still there, but perhaps not quite what it was.
Rupak Ghose looks back on a banking career in which it felt like everything changed, but some things remained the same.
PR veteran (and former IFR man) Jezz Farr explains what the awards process looks like for the unfortunate souls trying to line up all the egomaniacs involved (and that’s not just the bankers).
PRC institutions take lion's share of Asian investment banking fees, and are steadily expanding into overseas markets.
