Globally, 2014 was a very strong year with IPOs outperforming global indices by around 12.3% on average.1 Capital raised stood at US$256.5b, up 50% from last year and the highest level since 2010. Deal numbers reached 1,206 IPOs, an increase of 35% on 2013 and more than in any year since 2011. Q4’14 failed to live up to expectations. Historically, IPO activity in Q2 and Q4 are the most active quarters in the year, with Q4 activity being noticeably higher than Q2. There has not been similar increase in activity in 2014.