Global IPOs reach pre-crisis level

Proceeds from initial public offerings (IPOs) in July soared on a global basis, hitting their highest level since before the 2008 financial meltdown, according to Thomson Reuters data. The $30.5bn (£19.2bn) that new issues raised globally in July was the most since November 2007 and exceeded the amount raised by follow-on issues for the month. Follow-ons, led by Mizuho Financial and INPEX in Japan, raised a total of $30.4bn in July. That was a turnaround from 2009, when IPOs were dwarfed by secondary offerings.