IPOs in Asia, meanwhile, suffered the worst quarter in nearly four years, slumping to $2.9 billion, as Hong Kong deals dried up and mainland offers were curbed as regulators sought to change listing rules to better protect investors.
Still, IPOs in the region are likely to pick up in the next quarter, said Jeff Zajkowski, head of Asia Pacific equity capital markets at JPMorgan.
“There’s been a noticeable recovery in the risk appetite for investors in Asian equities,” said Zajkowski. “The Hong Kong IPO market is recovering and we expect increased IPO issuance in the second quarter.”