The annual IPO financing exceeded 440 billion yuan.
Although the number of A-share IPOs in the first three quarters decreased year-on-year, the amount of funds raised increased significantly. According to statistics, taking the listing date as the statistical standard, as of September 14, the number of IPO companies has been ***274 this year, and the initial raised funds are 4439.1800 million yuan. According to Deloitte China's previous forecast, based on the financing amount as of September 30, 2022, 285 new shares will be successfully issued in the A-share market in the first three quarters, with a total financing amount of 464,654.38 billion yuan. Compared with 372 new shares and 369.8 billion yuan of total financing at the end of the third quarter of 2026, the number of IPOs in the first three quarters of this year decreased by 23% year on year, but the amount of financing increased by 26%.
It is worth noting that the activity of the A-share new stock market accelerated in the third quarter. According to statistics, the number of IPOs in July and August was 34 and 49 respectively, ranking fourth and first respectively in the first eight months of this year; The initial raised funds were 38.532 billion yuan and 72.630 billion yuan respectively, ranking fifth and third respectively in the first eight months of this year.
"Since the introduction of the registration system reform, the A-share market has ushered in a strong backing, and many science and technology enterprises have successfully raised IPO funds. The data shows that as of the end of the third quarter of this year, the total amount of new share financing and the number of new shares on the Science and Technology Innovation Board and the Growth Enterprise Market will exceed the two main board markets. " Tong Chuanjiang, managing partner of A-share listing business of Deloitte China Capital Markets Service Department, said.
From the perspective of the industry, the amount of IPO funds raised by the electronics, communications, medicine and biology sectors is in the top. According to statistics, the amount of IPO funds raised by enterprises in the above industries during the year was 86.709 billion yuan, 58.487 billion yuan and 54.9./kloc-0.8 billion yuan respectively, and the amount of IPO funds raised by enterprises in the power equipment, computer, petroleum and petrochemical industries was more than 30 billion yuan, and the amount of IPO funds raised by machinery and equipment, basic chemical industry and national defense and military industry reached 654.38+0 billion yuan during the year.
For the IPO market throughout the year, Fu Lichun, an economist and founding partner of Yuntai Capital, told the Economic Information Daily that the IPO in the A-share market in the fourth quarter will continue the previous marketization trend as a whole, and the number of A-share IPOs will pick up. There will also be some sustained growth in the amount raised, and the specific situation will be affected by the economic cycle and policy development.
Tong Chuanjiang also believes that the A-share IPO market in the fourth quarter will continue the good momentum in the first three quarters. With the reform of the registration system and the steady growth policy, the financing amount of A-share new shares is expected to increase steadily in 2022, or it will exceed the level of 202 1.
According to Deloitte China's forecast, in 2022, about 140 to 160 enterprises will land on the science and technology innovation board, with the financing amount reaching 230 billion to 260 billion yuan; There are 190 to 2 10 newly listed companies on the Growth Enterprise Market, and the financing amount reaches19 billion yuan to 21500 million yuan; There are about 80 to 100 new shares on the main board in Shanghai and Shenzhen, and the financing amount is about14 billion yuan to17 billion yuan; About 50 to 80 cases will be listed on the Beijing Stock Exchange, raising about 654.38+0 billion yuan to 654.38+0.5 billion yuan.
IPO performance differentiation
While the amount of funds raised by IPO increased year-on-year, due to multiple factors such as pricing mechanism and market environment changes, the performance of new shares after listing showed some differences, but the overall performance was good. However, some new shares were abandoned by investors in the fundraising stage. According to industry insiders, from the perspective of IPO market, with the continuous advancement of capital market reform and the continuous improvement of IPO marketization, the differentiation of IPO performance will also be highlighted.
A few days ago, Huabao Xinneng, whose issue price was as high as 237.5 yuan/share, disclosed the issuance results. Although the stock obtained 4678 valid online subscriptions in the early stage, the winning rate was only 0.02%, but it was finally abandoned by online investors for 22 1 000 shares, with a total abandonment amount of 525 million yuan. In the end, all the shares abandoned by Huabao Xinneng online and offline investors were underwritten by Huatai United Securities, the sponsor institution and lead underwriter, and the proportion of underwritten shares in the number of shares issued this time reached 9.0 1%.
Judging from this year's IPO market, it is not uncommon for new shares to be abandoned. The data shows that as of September 14, 275 new shares have been issued this year, of which 238 have been abandoned, accounting for more than 80%. In terms of the amount, * * * has 12 new shares abandoned1over one billion yuan, and 72 new shares abandoned1over one billion yuan.
Specifically, Na Xinwei, whose issue price is 230 yuan/share, has the highest bid rejection amount this year, with the bid rejection amount reaching 778 million yuan, followed by Huabao Xinneng and Jingwei Hengrun -W, with the bid rejection amount of 525 million yuan and 395 million yuan respectively. From the perspective of underwriting ratio, the underwriting ratio of Na Xinwei, Jingwei Hengrun -W, etc. More than 10%.
Judging from the market performance, the performance of new shares has been divided after listing, and most of them have performed well. According to statistics, as of September 14, according to the reporter's press release, among the new shares successfully listed during the year, * * 209 closed up on the first day of listing, 179 still maintained a positive increase since listing, and 27 stocks such as Hongye Futures, Changcheng Technology and Lixin Energy have increased by more than 100% since listing.
It is worth noting that many new shares that have been largely abandoned before have performed well after listing. For example, Yuneng Technology was previously abandoned at 1.2 1 100 million yuan, which has increased by over 300% compared with the issue price so far; Jingwei Hengrun -W was abandoned by investors for 395 million yuan, which is still about 70% higher than the issue price. Puyuan Jingdian -U has been abandoned by investors for more than 58 million yuan, which is nearly 44% higher than the issue price.
"Under the registration system, the price of new shares has become more flexible, and the pricing of new shares is getting closer and closer to the transaction price after listing. Therefore, the current' innovation' is essentially different from the previous one, which is also the most important background factor at present. " Fu Lichun said, on the other hand, the investment value of many stocks is different in the eyes of institutional investors or new individual investors, so market-oriented pricing needs to have a full understanding of the company and professional investment ability. There will also be some differences in the inquiry process, which will lead to the rejection of the bid. In addition, influenced by recent market factors, the demand for new shares is not as strong as before, which is also one of the reasons.
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