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The global market for initial public offerings (IPOs) slumped in the first half of 2019, according to a new report from Ernst & Young Global Ltd. (EY).

The firm reported that there were just over 500 global IPOs in the first half of this year, which represents a 28% decline compared with the same period in 2018.

Those deals raised a combined US$71.9 billion, led by the tech sector, which accounted for 41% of the total.

In terms of deal volume, the tech, healthcare and industrial sectors accounted for over half (52%) of the deal activity, and approximately 66% of global deal proceeds.

“The global IPO activity slowdown continued following an unusually quiet Q1 2019 as ongoing geopolitical tensions, trade issues among the U.S., China and the EU, Brexit and the outcome of European elections dampened IPO sentiment,” Martin Steinbach, IPO leader with EY Global, said in a statement.

“The main way for issuers to navigate the shift from old to new realities in unpredictable markets is to remain flexible. So well-prepared companies, with the right equity story, will find their windows of opportunity. We expect higher IPO activity in the second half of 2019,” Steinbach added.