Bermuda Public Companies Update, Summer 2023

This edition of the Bermuda Public Companies Update summarises significant transactions involving Bermuda companies listed on the New York Stock Exchange and Nasdaq during the first half of 2023.

Global Market Update

After the sluggishness in global markets that continued throughout 2022, the first half of 2023 has been showing signs of new life. Although worldwide financial uncertainty continues, as does the conflict in Ukraine, it appears that the global inflation spike as well as central bank interest rate hikes may be easing.

It looks like the market for US initial public offerings (IPOs) may be starting to revive after last year's record lows. However, IPO performance has varied considerably across sectors. Retail and hospitality companies have recently traded above their IPO pricing, while companies in other sectors, such as energy and insurance, had to cut their price range and have traded below their initial IPO pricing targets.