According to a study by Ernst & Young LLP, the global IPO market in 2018 remained steady despite macroeconomic uncertainty. While 2018 saw a year-over-year decline of 21 per cent in the number of transactions to 1,359 IPOs, the aggregate amount of IPO proceeds raised globally increased by 6 per cent from 2017 to US$204.8 billion in 2018. Although usually a slower quarter, the first quarter of 2019 was particularly quiet owing in part to ongoing geopolitical and trade uncertainty. The government shutdown in the United States in January 2019 seemed to exacerbate the muted beginning to the year in that country. Even though IPO activity increased in the second quarter, year-to-date numbers were down compared to the same period in 2018. However, there are signs that the second half of 2019 could see a rebound.