Worldwide: Global IPO Report - July 2018

We are pleased to present this Global IPO Report detailing new listing activity involving Bermuda, BVI and Cayman Islands public companies listed on stock exchanges around the world during H1 2018.

In the first half of 2018, Bermuda, BVI and Cayman companies performed well on the world's major exchanges, with a total of 112 IPOs launched. A number of mega deals were recorded globally. Of particular note was Cayman company PagSeguro Digital Ltd., with its US$2.3 billion IPO - the second largest deal in Q1.

Bermuda also had a successful start to 2018 with the split-off and subsequent launch and listing of Liberty Latin America on the Nasdaq Global Select Market and OTC Market. And BVI finished 2017 on a high note, despite the tremendous challenges brought by a series of devastating natural disasters. A number of landmark transactions closed in 2017, including Despegar's IPO which closed on the day Category 5 Hurricane Irma hit the islands. The deal resulted in Despegar becoming one of the most valuable publicly-listed BVI companies and was a true representation of BVI's resilience and its role as a leading offshore centre for major corporate transactions.

Market Performance and Trends

Global IPO markets witnessed a slight increase in value in the first half of 2018 over the same period last year, raising a total of US$94.3 billion, a 5% increase in value. Volume, conversely, was down 21%, with an overall total of 660 listings.

Deal flow in our jurisdictions ran parallel with activity taking place globally. The most active exchange was the Stock Exchange of Hong Kong, which represented 76% of the listings during this period, followed by the major exchanges in the US and one listing on the Bucharest Stock Exchange - as shown in the graphic on the right.

Recent changes to the Listing Rules in Hong Kong, allowing dual class entities, and relaxing the financial requirements for biotech companies, in particular, are seeing an upsurge in applications from technology, medical and biotech companies looking to list in Hong Kong in the second half of 2018, which should keep deal flows high in this market".
— Richard Hall, Partner, Hong Kong

Early Indicators for an Active Year Ahead

There is a positive outlook for H2 2018 as a result of strong equity markets, high corporate earnings and increasing investor confidence. The pipeline in markets such as the Americas and Asia-Pacific looks healthy, with IPO activity in Brazil and Mexico remaining strong, and an appetite in Asia for small-cap listings and IPOs from high-tech companies. EMEIA is also displaying a positive outlook, notably through regions such as India and the Middle East.

Featured Transactions

PagSeguro Digital Ltd.'s US$2.3 billion IPO

In January, Conyers acted as special legal counsel in the Cayman Islands to PagSeguro Digital Ltd. ("PagSeguro") on its US$2.3 billion IPO. The IPO comprised an offering of 105.4 million shares on the New York Stock Exchange (NYSE: PAGS), and was the largest equity offering on the NYSE since Snap Inc in March 2017. The launch was followed in June by a secondary offering in the amount of US$965.25 million.

PagSeguro, together with its subsidiaries, provides online and in-store payments, including mobile services for small businesses in Brazil. (Cayman Islands: Richard Fear, Partner and Ryan McConvey, Associate)

We were pleased to advise PagSeguro on their launch and subsequent secondary offering. The IPO was significant, as it was the second largest deal in Q1 and represented the largest offer by a Brazilian company since 2011".
— Richard Fear

Hudson Ltd.'s US$748.9 million IPO

Also in January, Conyers advised Hudson Ltd. ("Hudson") on its initial public offering of 39,417,765 Class A common shares that raised US$748.9 million. The shares were sold by Dufry International AG, a wholly owned subsidiary of Dufry AG. Hudson, a travel retailer which started with just five Hudson News stores at a single airport in New York City in 1987, now has 989 stores in North America, most of which are in airports, commuter terminals, hotels and some of the most visited landmarks and tourist destinations in the world. (Bermuda: Guy Cooper, Director). Read about other Bermuda securities offerings on major US exchanges in our companion piece, the Bermuda Public Companies Update.

The major US exchanges continue to see demand for Bermuda issuers. The value of Bermuda public companies listed on the NYSE and Nasdaq exceeds US$230 billion".
— Guy Cooper

Agile Group Holdings' HK$4.1 billion IPO

In February, Conyers provided BVI and Cayman Islands legal advice to Agile Group Holdings Limited ("Agile") in connection with the spin-off and separate HK$4.1 billion global initial public offering of 33,334,000 H shares of its subsidiary, A-Living Services Co. Ltd. on the Main Board of the Stock Exchange of Hong Kong (SEHK: 3319).

Agile is one of the leading property developers in China, focusing primarily on the development and sale of medium to large-scale high-quality residential properties in China. In addition to residential properties, Agile also develops commercial properties, including retail shops that are complementary to its residential properties, shopping malls, office buildings and hotels, providing property management and hotel operation services. (Hong Kong: Paul Lim, Partner)

Agile Group Holdings' HK$4.1 billion IPO is one of many to come out of the region. The Stock Exchange of Hong Kong was recognised as the busiest globally in Q1 2018 and we expect another couple of active quarters driven by reforms designed to attract investor appetite".
— Paul Lim

Other Notable Transactions


  • Bermuda company Liberty Latin America Ltd. (NasdaqGS:LILAK) completed its split-off and subsequent launch and listing of Class A and Class C Common Shares. (January)
  • Bermuda company IBEX Holdings Limited (NasdaqGM:IBEX) announced a US$64 million public offering of 4,000,000 Common Shares at US$14–16 per share. (February)
  • Cayman company iQIYI, Inc. (NasdaqGM:IQ) completed a US$2.25 billion public offering of 125,000,000 American Depositary shares at US$18 per share. (March)
  • Cayman company Bilibili (NasdaqGS:BILI) completed a US$483 million public offering of 42,000,000 American Depositary shares at US$11.50 per share. (March)
  • BVI company AGM Group Holdings Inc. (NasdaqCM:AGMH) completed a US$6.53 million public offering of 1,306,055 Class A Ordinary Shares at US$5 per share. (April)
  • Cayman company CLPS Incorporation (NasdaqCM:CLPS) completed a US$10.5 million public offering of 2,000,000 Common Shares at US$5.25 per share. (May)
  • Bermuda company Kinikska Pharmaceuticals, Ltd. (NasdaqGS:KNSA) completed a US$152.6 million public offering of 8,477,777 Class A Common Shares at US $18 per share. (May)
  • BVI company HL Acquisition Corp. (NasdaqCM:HCCH.U) completed a US$50 million public offering of 5,000,000 Ordinary Shares at US$10 per share. (June)
  • Cayman company MeiraGTx Holdings plc (NasdaqGS:MGTX) completed a US$75 million public offering of 5,000,000 Ordinary Shares at US$15 per share. (June)
  • Cayman company Uxin Limited (NasdaqGS:UXIN) completed a US$225 million public offering of 25,000,000 American Depositary Shares at US$9 per share (June)
  • Cayman company Twelve Seas Investment Company (NasdaqCM:TWLV.U) completed a US$180 million offering of 18,000,000 Ordinary Shares priced at US$10 per share. (June)
  • Cayman company Thunder Bridge Acquisition, Ltd. (NasdaqCM:TBRG.U) completed a US$225 million offering of 22,500,000 Class A Ordinary Shares at US$10 per share. (June)


  • Cayman company Leo Holdings Corp. (NYSE:LHC) completed a US$200 million public offering of 20,000,000 Class A Ordinary Shares at US$10 per share. (February)
  • Cayman company Huami Corporation (NYSE:HMI) completed a US$110 million public offering of 10,000,000 American Depositary Shares at US$11 per share. (February)
  • Cayman company Union Acquisition Corp. (NYSE:LTN) completed a US$100 million public offering of 10,000,000 Ordinary Shares at an undisclosed price per share. (February)
  • Cayman company Green Tree Hospitality Group Ltd. (NYSE:GHG) completed a US$142.8 million public offering of 10,200,000 American Depositary Shares at US$14 per share. (March)
  • Cayman company Sunlands Online Education Group Limited (NYSE:STG) completed a US$149.5 million public offering of 13,000,000 American Depositary Shares at US$11.50 per share. (March)
  • Cayman company OneSmart International Education Group Limited (NYSE:ONE) completed a US$179.3 million public offering of 16,300,000 American Depositary Shares at US$11 per share. (March)
  • Cayman company HUYA Inc. (NYSE:HUYA) completed a US$180 million public offering of 15,000,000 American Depositary Shares at US$12 per share. (May)
  • Cayman company Puxin Limited (NYSE:NEW) completed a US$122.4 million public offering of 7,200,000 American Depositary Shares at US$17 per share. (June)

SEHK (Stock Exchange of Hong Kong)

  • Cayman company C-MER Eye Care Holdings Limited (SEHK:3309) completed a HK$573.44 million (approximately US$73.03 million) public offering of 197,000,000 Ordinary Shares at US$0.37 per share. (January)
  • Cayman company Time Interconnect Technology Limited (SEHK:1729) completed a HK$152.37 million (approximately US$29.41 million) public offering of 460,000,000 Ordinary Shares at US$0.06 per share. (February)
  • Cayman company MECOM Power and Construction Limited (SEHK:1183) completed a HK$376.47 million (approximately US$47.95 million) public offering of 300,000,000 Ordinary Shares at US$0.16 per share. (February)
  • Cayman company CSMall Group Limited (SEHK:1815) completed a HK$462.79 million (approximately US$58.95 million) public offering of 174,763,990 Ordinary Shares at US$0.30 per share. (March)
  • Cayman company China Xinhua Education Group Limited (SEHK:2779) completed a HK$1.3 billion (approximately US$166.21 million) public offering of 400,000,000 Ordinary Shares at US$0.42 per share. (March)
  • Cayman company China 21st Century Education Group Limited (SEHK:1598) completed a HK$406.8 million (approximately US$51.85 million) public offering of 360,000,000 Ordinary Shares at US$.14 per share. (May)
  • Cayman company HPC Holdings Limited (SEHK:1742) completed a HK$180 million (approximately US$22.93 million) of 400,000,000 Ordinary Shares at US$.06 per share. (May)
  • Cayman company Ping An Healthcare and Technology Company Limited (SEHK:1833) completed a HK$8.8 billion (approximately US$1.1 billion) public offering of 160,094,200 Ordinary Shares at US$6.98 per share. (May)
  • Cayman company LH Group Limited ( SEHK:1978) completed a HK$220 million (approximately US$28 million) public offering of 200,000,000 Ordinary Shares at US$.14 per share. (May)
  • Cayman company VCREDIT Holdings Limited (SEHK:2003) completed a HK$1.37 billion (approximately US$175 million) public offering of 61,714,600 Ordinary Shares at US$2.55 per share. (June)
  • Cayman company Wise Talent Information Technology Co., Ltd ( SEHK:6100) completed a HK$2.9 billion (approximately US$370 million) public offering of 88,000,000 Ordinary Shares at US$4.20 per share. (June)
  • Cayman company Huifu Payment Limited (SEHK:1806) completed a HK$1.7 billion (approximately US$215.25 million) public offering of 225,263,600 Ordinary Shares at US$.96 per share. (June)

BVB (Bucharest Stock Exchange)

  • BVI company Purcari Wineries PLC (BVB:WINE) completed a US$48.91 million public offering of 9,800,000 Ordinary Shares at US$4.99 per share. (February)

The IPO of approximately US$50 million and the public listing of Purcari Wineries PLC represents a first by a Moldovan-based company".
— Robert Briant, Partner, BVI

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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