Offshore IPOs on a five-year high

More than 200 offshore companies, the majority registered in the Cayman Islands, completed their initial public offerings in 2015.

The number of IPOs involving companies incorporated in Bermuda, the British Virgin Islands, Cayman Islands, Hong Kong, Guernsey, Isle of Man, Jersey, Mauritius and Seychelles jumped from 181 in 2015 to 202 last year, according to data compiled by offshore law firm Appleby.

“The number of IPOs and planned IPOs by offshore-incorporated companies increased in 2015, with over 200 IPOs being announced or completed, the highest figure seen in the last five years,” said Cameron Adderley, Global Practice Group Head of the Corporate Department at Appleby. “Seventy-eight offshore companies completed their debuts across a wide range of stock exchanges, with a combined worth of almost US$11 billion and an average size of US$140 million.”

Cayman led the offshore centers with 151 companies either completing their stock market listing or announcing plans to go public.

Cayman led the offshore centers with 151 companies either completing their stock market listing or announcing plans to go public, followed by the BVI with 11 companies, Guernsey with 10, Jersey, eight, and Bermuda, Hong Kong and Mauritius with seven companies each.

Two-thirds of all IPOs, 132 companies, listed on the Hong Kong Stock Exchange, while Nasdaq and the London Stock Exchange each attracted 17 IPOs. The Hong Kong Stock Exchange also saw the four largest IPOs by value, including the listings of Legend Holdings Corporation, Dali Foods Group Co., Ltd and HKBN Ltd.

Most public listing involved offshore companies engaged in manufacturing (53), financial and insurance activities (43), professional, scientific and technical activities (20), construction (19) and information and communication (16).

With US$4.7 billion in deals and valuations in the sector, financial and insurance activities led IPO activity by value.

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