IPOs Raise $20 Billion in Q1

Pfizer, Goldman Sachs are among the companies selling businesses amid the stock market rally.

Initial public offerings raised almost $20 billion globally in the first quarter, as companies from Pfizer Inc. to Goldman Sachs Group Inc. took advantage of a rally in stock markets to sell businesses.

IPOs generated 18 percent more than in the year-ago period, led by Pfizer’s $2.6 billion sale of its animal-health unit Zoetis Inc. and Goldman Sachs’s offering of shares in German apartment landlord LEG Immobilien AG, according to data compiled by Bloomberg as of March 27. Initial offerings declined to about half the level of the fourth quarter, when companies raised about $37 billion.

Global Growth

Global economic growth will accelerate to 2.4 percent this year from 2.3 percent in 2012, according to economists surveyed by Bloomberg. China, where growth slipped last year, will tick up to 8.1 percent from 7.8 percent, and Europe will move from contraction to expansion, according to the survey data.

Asia Slump

IPOs in Asia, meanwhile, suffered the worst quarter in nearly four years, slumping to $2.9 billion, as Hong Kong deals dried up and mainland offers were curbed as regulators sought to change listing rules to better protect investors.

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