Just when bankers were getting ready to give up, the rally in global equity markets has sparked a recovery in the IPO business. Banks pulled in $2 billion in IPO fees from January to late October, down 16.8 percent from the same period a year ago but a much better result than most would have predicted at this point last year, when capital markets were effectively frozen.
Not surprisingly, China is a big reason for the revival of public offerings. Eight of this years 20 largest IPOs were in China, a fact that helps two of the countrys big firms, Citic Securities and China International Capital Corp., break into the league table. Although New York has lost a big chunk of IPO market share U.S. companies accounted for only four of the top 20 deals American investment banks with their global franchises stay at the top of the table, led by a resurgent Morgan Stanley.