IPO proceeds jump 42% as deal count dips in H1 2026

Convertibles generated $25.6b as transactions expanded 10.3%.

Asia-Pacific, excluding Japan, saw initial public offerings (IPO) raising $29.2b in the first half of 2026 (H1 2026), an increase of 41.8% from a year earlier, despite a 7.5% decline in the number of IPOs. 

The region accounted for 16.9% of global IPO proceeds in H1 2026, according to LSEG Data & Analytics’ Asia Pacific excl. Japan Investment Banking Review. 

Follow-on offerings raised $82.9b, up 14.0% YoY, as the number of issues increased by 8.5%.

Equity and equity-linked issuance in Asia-Pacific, excluding Japan, reached a five-year high of $137.7b in H1 2026, according transactions that were arranged and underwritten by investment banks.

The total was 20.5% higher than in the same period last year, whilst the number of equity capital market offerings increased by 4.0%.

China accounted for 56.7% of regional proceeds, raising $78.1b, up 35.1% year-on-year (YoY) in H1 2026. India followed with a 12.0% market share, whilst Australia accounted for 10.3%.

Convertible issuance reached $25.6b, an increase of 22.3% from the same period last year. The number of convertible offerings rose by 10.3% in H1 2026.

The high-technology sector led regional equity capital market activity, raising $42.2b and accounting for 30.6% of the market.

Proceeds from the sector increased by 93.8% YoY.

Industrials raised $21.7b, representing a 15.8% market share and a 0.6% increase from a year earlier.

Materials companies raised $20.1b, accounting for 14.6% of the market. Proceeds from the sector increased by 179.4% YoY in H1 2026. Energy and power issuance rose by 37.2%.

China International Capital Corporation ranked first in the Asia-Pacific equity capital market underwriting league table. It handled $10.5b in related proceeds and held a 7.65% market share.