Bank of America tied for the top spot in the EMEA IPO rankings in the second quarter; the head of EMEA ECM said the bank was focused on secondary equity sales.
Bank of America (BAC.US), one of the Wall Street commercial banking giants, is looking to expand its equity capital markets operations in continental Europe, the Middle East and Africa, although it has participated in some of the largest initial public offerings (IPO) in Europe this year, and any transactions involved are not strictly small, Zhitong Financial APP has learned. James James Palmer, BofA's head of equity capital markets in Europe, the Middle East and Africa, the EMEA region, said in an interview that the bank made a "very prudent decision" last year to pay special attention to the sale of shares by major shareholders. Bank of America and BNP Paribas tied for the top of the EMEA IPO rankings in the second quarter, according to the latest data
Palmer said in an interview3dpinballonline"it is not only the target listed on the market.3dpinballonlineWe also spend more time cultivating market relationships and striving for exclusive agency in small listed companies with a market capitalization of less than $300 million, which is frankly an area where we need to improve. " He points out that the bank has also brought many first-time sellers to the EMEA market.
In addition, with the sudden shift in European market conditions, heavyweight IPO from companies such as Puig Brands SA and CVC Capital Partners Plc helped BofA tie with BNP Paribas SA to the top of the EMEA IPO rankings so far in the second quarter.
The Wall Street commercial banking giant is looking for positioning and more market share for its future growth in the region. Mr Palmer said it was a "long-term investment in our team". According to the latest data compiled by the agency, BofA accounts for nearly 8 per cent of equity issuance across Europe, the Middle East and Africa (EMEA), compared with less than 6 per cent in 2022.
"We want to be ready for a full recovery in equity capital markets next year," Mr Palmer said. Mr Palmer also said the team's mission was not only to "use active pricing or blind bidding as a strategy to capture more market share", but also to identify the specific needs of investors.
Earlier this month, the Wall Street commercial banking giant made a series of senior management appointments, including three new senior leaders for its UK market operations, equity-related businesses and the ECM management team of the Benelux Economic Union.
The activity of stock capital market rises synchronously with the scale of the whole stock market, and IPO plays a vital role in this trend. According to data compiled by the agency, European companies raised nearly $13 billion through IPO in 2024, more than double that of the same period last year. In addition to participating in two blockbuster transactions, Puig and CVC, Bank of America also participated in the initial public offerings of Galderma Group AG and Planisware SA.
It is understood that Andrew Briscoe, head of Bank of America's EMEA-ECM syndicate division, said: "with the full return of IPO in the region, we expect the actual situation of new share issuance to be more complicated this year."