Global IPO Watch Q2 2022 A PwC Global IPO Centre publication Authors: Stuart Newman - PwC Global IPO Centre Leader (PwC UK) Nadja Picard - PwC Europe Capital Markets Leader (PwC Germany)Q2 2022 overview and outlook Q2 2022 overview Outlook for H2 2022 Global IPO issuance reached five year lows in Q2 2022, although meaningful IPO activity was seen in China and the Middle East Inflaton is the biggest risk to equities Whilst inflation remains the biggest risk to equities, combined with slowing global growth, the risk of stagflation may alter investors’ risk appetite and sector positioning leading to a favoring of defensive stocks and sectors that have a positive correlation with inflationary pressures. One of the consequences of the war in Ukraine could also be an acceleration of the pace of clean energy transition and a move away from fossil fuel dependencies driving activity in the renewables sectors. Global IPO markets were caught in the doldrums of inflation, slowing global growth, war in Ukraine and resultant equity market sell-off this quarter. As market conditions deteriorated, global IPO market sentiment remained very fragile in Q2 with volumes significantly d