Initial Public Offerings 2018 - Bermuda

1 Introduction

Bermuda has long served as a gateway to the US capital markets. As of the end of 2017, the combined market capitalisation of Bermuda companies listed on the NYSE and Nasdaq was approximately $240 billion. Elsewhere in the world, Bermuda remains a preferred jurisdiction for companies listed on the main board of the Hong Kong Stock Exchange, with approximately 25% of HKSE-listed companies being incorporated in Bermuda. In addition, Bermuda companies are to be found listed on many other major exchanges across the world including the London Stock Exchange, the Toronto Stock Exchange, the Oslo Børs and the Stock Exchange of Singapore.

Amongst the Bermuda companies accessing capital markets, there has traditionally been strong representation from both shipping companies and insurers, reflecting the underlying strength of Bermuda's ship registry and the island's status as a domicile of choice for the international insurance/reinsurance market. Recent years