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U.S. IPOs May Raise $40 Billion in Second Half, Barclays Says

U.S. initial public offerings may raise about $40 billion in the second half of this year, more than double the amount of new equity sold in all of 2009, according to an estimate by Barclays Plc.

American companies may offer as much as $50 billion of new shares in 2010, compared with about $16.5 billion last year, Matthew Johnson, head of the global-equities syndicate for Barclays Capital, said. The investment banking unit of the London-based lender is maintaining its December forecast for deals to reach $50 billion even after initial sales totaled $8.6 billion so far this year, data compiled by Bloomberg show.

The IPO market had sputtered as the European debt crisis sent the Standard & Poor’s 500 Index down as much as 14 percent percent from its 2010 high, spurring at least 16 U.S. companies to postpone or withdraw sales since May. General Motors Co., HCA Inc. and Toys “R” Us Inc. may sell shares as early as this year after the S&P 500 erased its 2010 loss this month.

“There are lots of large, chunky deals that are out there,” Johnson said at a presentation today in New York. “Investors want sizable IPOs, they want liquidity, and they want high-quality companies, and they want it cheap.”

Offerings in emerging countries will “continue to dominate” the IPO market in the second half of the year, according to Johnson, who did not give specific projections. Sales in Europe may increase as governments sell stakes in companies to meet budget requirements, he said.

China IPOs

Barclays estimated in December that IPOs globally would almost double to as much as $200 billion this year, with some of the fastest growth coming from China, India and Brazil.

Agricultural Bank of China Ltd. of Beijing, the nation’s largest lender by number of customers, may sell as much as $28 billion of shares in Hong Kong and Shanghai combined next month, surpassing Beijing-based Industrial & Commercial Bank of China Ltd.’s $22 billion deal in 2006 to become the world’s biggest IPO on record, data compiled by Bloomberg show.

GM, the Detroit-based automaker that’s 61 percent owned by the U.S. government, may raise as much as $12 billion this year in an IPO, according to an estimate by Independent International Investment Research Plc in London.

HCA, the Nashville, Tennessee-based hospital chain, filed with the Securities and Exchange Commission last month to sell as much as $4.6 billion, while Wayne, New Jersey-based Toys “R” Us will seek to raise as much as $800 million.

Barclays ranks fourth this year among underwriters for U.S. IPOs by participating in 9.1 percent of the offerings, or about $783 million. Goldman Sachs Group Inc. leads with 15.2 percent, or $1.3 billion, while Morgan Stanley had $1.1 billion and JPMorgan Chase & Co.’s total reached $1 billion, data compiled by Bloomberg show. All three firms are based in New York.

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