For three years, Hong Kong led the world in initial public offerings and international law firms piled in to get a piece of the action. But the market started slowing down late last year, and things haven’t picked up. So far in 2012, the formerly No. 1 Hong Kong Stock Exchange ranks only ninth in the world in terms of funds raised in IPOs, according to statistics from Dealogic.
But meanwhile, another Asian city has come from far behind to become the region’s IPO champ. Kuala Lumpur’s Bursa Malaysia, 15th in the world last year, so far ranks third this year, behind only the two major U.S. exchanges, the New York Stock Exchange and Nasdaq. The $3.3 billion listing in June of Malaysian palm oil company Felda Global Ventures Holdings Bhd. was 2012′s second-largest after Facebook Inc. Last month Kuala Lumpur also saw the $2 billion IPO of hospital chain IHH Healthcare Bhd. A $1 billion debut for port operator Westports Malaysia is expected later in the year.
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