During the 12 months from Q3 2021 to Q3 2022, more than three quarters (77 percent) of companies held a roadshow of some sort. This is higher than the 61 percent that held virtual roadshows the previous year, at the height of the Covid-19 pandemic, but is lower than the 93 percent that went on in-person roadshows in 2019, the last year of reporting before the pandemic hit.
Regionally, the proportion of companies holding roadshows is higher in North America and Europe than in Asia, where just 54 percent of companies have held roadshows from Q3 2021 to Q3 2022. More large and mega-cap companies have held roadshows in this time than have small and mid-cap companies.
Among companies that held roadshows during this period, the average number held was just under six. European and Asian companies that held roadshows typically held more than North American companies, while the typical number of roadshows held increases with cap size.
While the period Q3 2021 to Q3 2022 saw a return to the road as pandemic travel restrictions were lifted, virtual roadshows remain the predominant format. The majority of companies holding roadshows held a mixture of both virtual and in-person events. But three in 10 held only virtual roadshows, compared with just 14 percent that held only in-person roadshows.
A greater proportion of small and mid-cap companies held only virtual roadshows, while for larger companies as many were holding only in-person roadshows as were holding just virtual roadshows. More than half of Asian firms held only virtual roadshows.
Across the board, the ratio of virtual to in-person roadshows held was broadly two to one. The only notable difference is that small and mid-cap companies held a slightly lower proportion of in-person roadshows than did large and mega-cap companies and so were slightly more dependent on the virtual format.
