Initial public offerings slowed worldwide in the first three months of the year with both the number and value of new listings dropping to a three-year low. According to data from Dealogic, 175 deals raised US$16.4 billion year-to-date, a slide of 43 per cent and 64 per cent respectively compared with 2011. These were the lowest figures since the first quarter of 2009, when world markets only raised US$1.28 billion through 53 new listings in the wake of the global financial crisis. There has been only one mega IPO deal that has raised more than US$1 billion so far this year, the US$1.1 billion listing of Dutch telecommunications company Ziggo on the NYSE Euronext Amsterdam, according to Dealogic. That is the lowest performance since the first quarter of 2009 when the market saw no IPO priced over US$1 billion. Listing activities on stock exchanges in Hong Kong, the mainland and the US also fell to the lowest levels since 2009. Hong Kong has so far raised US$1.29 billion through 18 deals, down 43 per cent in terms of the money raised although the number of deals was slightly higher than last year. Bigger deals of US$500 million or above have been rare in the first quarter. These include China Aluminum International Engineering, Sany Heavy Industry, and XCMG Construction Machinery, which have yet to confirm their listing schedules. Bankers and brokers said issuers were wary of the jitters in both the Hong Kong and mainland stock exchanges as a combined result of the economic slow down in the mainland, the implications of the outcome of chief executive election in Hong Kong, and the recent political crackdown on Chongqing . Complications worldwide, including tension in the Middle East which could affect oil prices has overshadowed investors' sentiments. Hong Kong has only accounted for 7.9 per cent of the global IPO market share so far this year, making it the third-most popular listing destination worldwide. But it was far below the mainland, which accounted for 27.9 per cent of global listings after raising US$4.56 billion through 45 deals. However, listing volumes in the mainland were down 68 per cent from the same time last year, when it raised US$14.05 billion. The US is still the top-grossing destination for new listings, driven mainly by technology companies. It raised US$5.99 billion so far this year through 42 deals, accounting for 36.6 per cent of the global market. Terence Ho, Greater China strategic growth markets leader at Ernst & Young, said Hong Kong and the mainland would remain attractive to issuers from developed markets in consumer products, industrial, materials and technology sectors. He also predicted more overseas companies would list in Hong Kong and Shanghai after the opening up of the Shanghai bourse to international listings.