In the realm of Western equity markets, the dominance of New York, London, Boston and Paris has been unshakable. A contender is moving up the agenda among capital-seeking issuers however.
IR Magazine’s extensive annual survey, involving hundreds of IR professionals globally, determines the world’s favorite destinations for roadshow activity.
In the latest IR Magazine Global Roadshow Report 2023, based on responses from more than 980 IR professionals, Frankfurt took fifth place overall – a significant leap for the German city, which climbed four spots compared to last year. It also emerged as the fourth-most frequented city by European companies, with data indicating that 44 percent of respondents had traveled to the location over the previous 12 months – more than double compared to 2022.
New York, London and Boston have retained their title as the three most-visited cities for in-person roadshows, a ranking they have been maintaining since before the pandemic.
While in 2019, more than 70 percent of companies made the journey to New York, the number dwindled to less than six in 10 companies by 2023.
A similar trend is seen in London, which witnessed an eight percentage-point decrease in roadshow visits over the last four years. The situation in Boston is even more striking, with visitor numbers nearly halved from over 60 percent in 2019 to a mere 37 percent this year.
Paris has held onto its place as the fourth most-visited city for roadshows overall and the third most-visited by European companies. Despite falling one place from third in 2022, the number of companies visiting the city of lights has risen to 52 percent – up from 32 percent in last year’s survey.
New entries and exits
As well as top-spot rankings, the report shows that Hong Kong, Amsterdam, Sydney and Tokyo have re-entered the top 20 after an absence in 2022. Surpassing Beijing, Hong Kong has now become the second-most frequented city by Asian businesses this year, with 55 percent of respondents traveling to this destination in 2023 after the relaxation of travel restrictions. Tokyo has made it to the top five of the most popular destinations for Asian companies, with three in 10 companies visiting Japan’s capital in 2023.
Five cities across Europe, the US and South America have dropped out of the ranks: Oslo, Milan, São Paulo, Munich and Dallas.
As part of the survey, IR professionals were also asked to pick their favorite city destination for in-person roadshows. Globally, London emerged as the most popular option overall, chosen by 36 percent of respondents from North America, Europe and Asia. New York and Singapore ranked second and third, chosen by 23 and 7 percent respectively.
