Abstract
This article is investigating the initial public offerings (IPO) activity at world’s largest stock exchanges in 2001–2012. The main goal of the article is to determine the main trends of the IPO process at the world largest Stock Exchanges in 2001—2012. To achieve this goal the the author examines world and regional exchange centers of IPO-activity concentration and dentifies the factors determining the leading position of particular stock exchanges in various countries and regions in different periods of time. The autor coliects and analyses data from annual «IPO Watch Europe» reports provided by PwC Company in 2001—2012. The obtained time-series gives the opportunity to examine the variations of IPO-activity at different world Stock Exchanges along two dimensions: the overall volume and value of IPO deals at various Stock Exchanges. The analysis proves that the IPO-activity was mostly concentrated at European, US and the Greater China stock exchanges during the period under con sideration. The study reveals the shift of the world IPO-activity to Asian equity markets, with high IPO-activity indicators reported in emerging market econo mies. Brazilian, Saudi Arabian, Polish stock exchanges demonstrate the highest offerings indicators in this group. Thus, they are expected to become the new re gional centers of IPO-activity in future. In order to maintain or increase the current IPO-activity indicators ex-leaders had to resort to the consolidation of existing facilities throng M&A processes.
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