• There are 41 FPI IPOs in our database from 2014 – 2016.
  • We analyzed 10 FPI IPOs in 2016, representing 15% of our overall study.
  • The 10 FPI issuers were headquartered in eight jurisdictions and incorporated in seven jurisdictions.
  • In 2016, the most common headquarter was China (3), and the most common jurisdictions of incorporation were Cayman Islands (3) and the Netherlands (2).



Sectors Represented

  • TMT and health care accounted for a majority of the FPIs in our study.


Deal Value & Over-Allotment

  • The average base deal value for FPI IPOs was $235.4 million in 2016, as compared to $210.8 million for non-FPI IPOs and $196.7 million for FPI IPOs in 2015.*
  • The over-allotment option was partially or fully exercised in eight of 10 (80%) FPI IPOs, compared to 84% for non-FPI IPOs.




Types of Securities Offered

  • Seven of 10 (70%) FPI issuers offered American depositary receipts (ADRs); three of 10 FPI issuers (30%) offered ordinary shares or common stock.
  • Issuers offering ADRs included those incorporated in Argentina, Cayman Islands (3), France, Japan and the Netherlands.
  • Issuers offering ordinary shares included those incorporated in Mauritius, Switzerland and the Netherlands.


  • Two of 10 (20%) FPIs dual listed their shares (NYSE/Tokyo and NYSE/Buenos Aires) in 2016, as compared to one (NYSE/TSX) in 2015 and none in 2014.
  • Seven of 10 (70%) FPIs listed on NASDAQ, compared to 61% for non-FPI IPOs.



*Deal value excludes exercise of the over-allotment option.
**Only includes deals priced before October 1, 2016.

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