With a total deal volume of $255.9 billion, 2007 was a record year for equity capital markets in Asia ex-Japan, up 65% from 2006 even though the year lacked a record-breaking transaction like Industrial and Commercial Bank of China's $21.9 billion IPO to boost the numbers. The 2007 volume also significantly exceeded the $166.2 billion worth of transactions in 2009, which thanks to a strong recovery in the final quarter ended up being the second busiest year on record. Excluding A-shares, the ECM volume in 2007 reached $177.8 billion, compared with $131.8 billion last year.
Helping to drive the volume in 2007 was the fact that a rallying secondary market pushed up valuations and resulted in significant size increases for individual deals between mandate and launch. Hong Kong saw 10 IPOs greater than $1 billion and in India there were at least eight IPOs or follow-ons above $400 million - a definite step-up for that country. Notable deals included Alibaba.com's $1.7 billion IPO; China Citic Bank's $5.9 billion dual listing; China Railway Group's $5.85 billion near simultaneous A- and H-share listing; ICICI's $4.9 billion combined domestic and ADR follow-on; and an $875 million convertible bond for Tata Steel.
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