Equity share sales in Q1 reach highest level since 2021
IPO volumes in Q1 flat on same period last year
Bankers hopeful of IPO revival this year

LONDONNEW YORK, March 27 Reuters Dealmaking in global equity capital markets had its strongest start in three years in 2024 as economic uncertainty waned and stocks rallied, but a revival in initial public offerings has lagged.

Bankers carried out 143.9 billion of stock sales worldwide so far this year, the best first quarter since 2021, according to Dealogic data.

However, IPO volumes were flat on the same period last year and less than half the levels seen in early 2022, with 22.4 billion raised in the first quarter so far.

With interest rate cuts forecast, bankers and investors expect more stock listings in the months ahead, building on the success of earlier deals.

The U.S. has had a reasonably strong start, Europe feels like it39;s coming back, and the Middle East will continue to be busy, especially after Eid, said Edward Sankey, global head of equity capital markets at HSBC.

Shares in social media platform Reddit and technology group Astera Labs soared after making their debut in New York last week, tapping into investor enthusiasm for artificial intelligence.

Swiss skincare group Galderma, Europe39;s largest IPO since Porsche in September 2022, had a stellar start, trading 18 above its issue price on its first day.

Not all new stocks have had the same warm welcome. The newly listed shares of German perfume…