U .S. markets are holding their own against foreign competition for initial public offerings (IPOs), says a report by Ernst & Young.
Key among E&Ys findings is the fact that most companies list on exchanges close to home. Even at the height of the dot-com boom, 94% of foreign companies listed their IPOs domestically. E&Y identified only 17 competitive foreign IPOs in the first half of 2006. Of them, U.S. exchanges won 11 (65%). In 2000, U.S. exchanges won 73% of competitive IPOs, according to the same criteria E&Y used in its 2006 analysis. To determine whether an IPO was globally competitive, E&Y looked at, among other factors, the companies market caps and target investors.
Source: Ernst & Young, www.ey.com .