Hong Kong’s IPO funds to grow ‘nearly double’ in 2023

It is expected to reach between $180b-$200b, the PwC reported.

The total funds raised from initial public offerings in Hong Kong is expected to “nearly double” in 2023, reaching between $180b-$200b, PwC reported.

This is a projected rebound after IPO fundraising slowed down in 2022. As of 30 November, funds raised stood at $87.9b. It is expected to climb to $105.6b for the entire year.

PwC expected that there will be a total of 80 new IPOs by the end of 2022, representing a drop of 19% year-on-year. These mostly comprised retail, consumer goods & services (23%), followed by industrial and materials (20%) and healthcare (20%).

“Due to many unfavourable factors, the total Fundraising on major global IPO markets in 2022 has been affected to varying degrees,” Benson Wong, PwC Hong Kong Entrepreneur Group Leader, said.

“As an international financial center, Hong Kong is no exception. However, we expect Hong Kong’s IPO market to rebound in 2023 as factors such as major interest rate hikes by central banks are gradually digested.”

Wong added the 2023 rebound will be underpinned by a stable capital market and regulatory reforms and enhancements that will keep the IPO pipeline strong.

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