Continues to provide access to capital during global health crisis
Exchange executes 10 of the 15 largest U.S. IPOs from January through June
NEW YORK–(BUSINESS WIRE)–The New York Stock Exchange (NYSE), a wholly-owned subsidiary of Intercontinental Exchange (NYSE: ICE), ranked as the leader in U.S. IPO proceeds for the first half of 2020, raising $19.0 billion in new offerings, including a surge of SPAC listings that are increasingly being chosen as an alternative path to the public markets. The NYSE executed 10 of the 15 largest IPOs during the period, including the recent debuts of Albertsons (NYSE: ACI) and Dun & Bradstreet Holdings (NYSE: DNB) on the public markets.
In addition, NYSE Group maintained its position as the leading exchange for Exchange Traded Product (ETP) issuers, welcoming 64 ETPs with $3.0 billion in assets under management (AUM). NYSE Group is home to 67 percent of listed ETPs, representing 75 percent of AUM.
“Beyond the IPO market, the capital markets have provided indispensable value amid the global public health crisis and the NYSE served its critical role of helping issuers navigate the capital markets throughout the first half of the year,” said Stacey Cunningham, President, NYSE Group. “While we proactively closed the NYSE Trading Floor in response to the pandemic, NYSE issuers raised more than $35 billion in both IPOs and follow-on offerings on the NYSE solely during the historic 9-week closure.”
First Half 2020 Highlights
- Leader in IPOs. The NYSE raised $76.2 billion in total capital, which includes IPOs and follow-on offerings. Total capital raised on NYSE increased by 24% over the first half of 2019 and includes an industry-leading $19.0 billion in U.S. IPO proceeds.
- No. 1 in SPACs. As issuers and investors embrace new choices in the public markets, more than half of the IPOs to list on the NYSE were SPACs. The exchange raised 82 percent of U.S. SPAC IPO proceeds totaling $8.8 billion.
- Direct Listings. The NYSE took another step to advance Direct Listings by submitting an amended rule filing, requiring SEC approval, to allow Direct Listings to include a primary capital raise.
- Listing Transfers.Issuers including CONMED Corporation (NYSE: CNMD) and Ambac Financial Group, Inc (NYSE: AMBC) transferred their listings to the NYSE, adding $4 billion in equity market capitalization to the exchange. Since 2000, companies that have transferred their listings to the NYSE represent more than $1 trillion in market value.
- Market Capitalization. The exchange added $107 billion in market capitalization to an industry-leading total of $27 trillion.
“The NYSE has always been a leader in innovation, and the first half of 2020 was no exception, marked by a major resurgence in new SPAC listings and our efforts to enhance Direct Listings though our proposed amended rules allowing these transactions to raise primary capital,” said John Tuttle, Vice Chairman and Chief Commercial Officer, NYSE Group. “We remain focused on supporting the needs of issuers during this period, highlighting the great value of membership in the NYSE community.”
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About NYSE Group
NYSE Group is a subsidiary of Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges and clearing houses, and a provider of data and listings services. NYSE Group’s equity exchanges — the New York Stock Exchange, NYSE American, NYSE Arca, NYSE Chicago and NYSE National — trade more U.S. equity volume than any other exchange group. The NYSE is the premier global venue for capital raising. NYSE Arca Options and NYSE Amex Options are leading equity options exchanges. To learn more, visit www.nyse.com/index.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. As the parent company of the New York Stock Exchange, the company is the premier venue for raising capital in the world, driving economic growth and transforming markets.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 6, 2020.
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