PwC IPO Centre · 2018. 2. 1. · India, 6% Other, 40%. PwC Q4 2017 • Global IPO activity benefitted from favourable conditions throughout the year. • In Q4 2017, 405 IPOs raised

PwC IPO CentreQ4 2017 Equity Capital Markets Briefing

PwC provides independent guidance to companies in the process of going public and to already listed companies in assessing their position in the equity capital markets.

Edition: 2017, the year in review

Martin [email protected]

Ross [email protected]

Nadja [email protected]

Jan-Willem de [email protected]

mailto:[email protected]




PwC

Q4 2017

2

Quarterly ECM Briefing

Global money raised via IPOs and FOs (10-year overview)

IPO

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Top countries 2017

Source: Dealogic as of 31 December 2017

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.

IPO

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Global money raised via IPOs and FOsThe number of IPOs hit a post-Financial Crisis high in 2017, with 1,483 transactions

$557.4bn

$841.6bn

$641.4bn

$478.3bn $509.3bn$587.3bn $613.5bn

$685.9bn

$550.9bn$613.3bn

1,968

3,550 3,5482,897

2,5083,045 3,178 3,322 3,178

3,529

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

$105.8bn$121.2bn

$299.1bn

$178.8bn$142.5bn

$195.6bn

$274.3bn

$206.6bn

$142.4bn

$204.7bn

570 502

1,2581,041

728864

1,165 1,1821,010

1,483

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

United States,

29%

China, 13%

United Kingdom, 6%Japan, 6%

Hong Kong, 4%

Other, 42%

United States,

25%

China, 15%

United Kingdom, 7%Hong

Kong, 7%

India, 6%

Other, 40%

PwC

Q4 2017

• Global IPO activity benefitted from favourable conditions throughout the year.

• In Q4 2017, 405 IPOs raised $63.5bn, compared to 370 IPOs with proceeds of $54.4bn in Q4 2016.

• The average free float of IPOs in Q4 2017 was considerably higher than in previous quarters and years.

• Worries surrounding equity valuations are being aired more frequently, especially with regard to US technology stocks.

3

Quarterly ECM Briefing Source: Dealogic, Bloomberg as of 31 December 2017

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’.

Global IPO and FO activity 1

2

3

Global indicesIPO pricing dynamics Post-IPO performance (median)

2

1

Overview of global IPO and FO activityThe amount of money raised via IPOs is 44% higher than last year, and just shy of proceeds in 2015

1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full).

2016 2017

3

2015 2016 2017 Q4 2015 Q4 2016 Q4 2017

IPO activity

Number of IPOs 1,182 1,010 1,483 328 370 405

% sponsor-backed 13.6% 9.5% 8.2% 11.0% 7.0% 8.1%

Money raised $206.6bn $142.4bn $204.7bn $71.6bn $54.4bn $63.5bn

% sponsor-backed 29.2% 22.7% 20.6% 26.8% 19.5% 17.8%

Advanced metrics

Free float % 33.0% 31.4% 42.2% 30.7% 30.2% 67.9%

Overallotment exercised (%)1 33.6% 25.3% 24.0% 29.2% 19.7% 22. 3%

% secondary shares 16.3% 15.0% 14.8% 18.0% 12.8% 17.8%

FO activity

Number of FOs 3,322 3,178 3,529 775 862 980


8% 7% 6%

13% 14% 14%

53% 51% 53%

20% 24% 23%

6% 3% 4%

2015 2016 2017

Below range Bottom of range In range Top of range Above range

17.0%16.0%

16.7%17.4%

18.2%20.3% 22.3%

29.8% 30.5%29.1%

1-Day 1-Week 1-Month 3-Month Current 75

100

125

150

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

FTSE 100 Hang Seng S&P 500

4

4

PwC

Q4 2017

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Country indicates the company’s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB). 1) ZhongAn Online P&C Insurance 2) General Insurance Corp of India

4

Quarterly ECM Briefing Source: Dealogic as of 31 December 2017

Leading transactions 2017The largest IPO of the fourth quarter was BAWAG, an Austrian bank that raised almost $2bn on the Vienna Stock Exchange

Top 10 largest IPOs 2017

Top 10 largest FOs 2017

Pricing

dateIssuer name

Issuer

countrySector Exchange Filing range

Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance1-day 1-month Current

1-Mar-17 Snap Technology NYSE 14.00 - 16.00 17.00 Above range $3.9bn 19.9% 27.5% 44.0% 32.5% -14.1%

29-Sep-17 Pirelli & C Consumer Goods Borsa Italiana 6.30 - 8.30 6.50 Bottom of range $2.8bn 36.9% 100.0% -0.5% 6.0% 11.5%

21-Jul-17 Landis & Gyr Holding Industrials SIX Swiss Exchange 70.00 - 82.00 78.00 In range $2.4bn 100.0% 100.0% 0.6% -1.3% -0.5%

21-Apr-17 Netmarble Games Consumer Goods Korea SE 121,000 - 157,000 157,000 Top of range $2.3bn 20.0% 0.0% 3.2% -5.1% 20.1%

21-Jun-17 Altice USA Consumer Services NYSE 27.00 - 31.00 30.00 In range $2.2bn 9.7% 81.1% 9.0% 3.7% -29.2%

24-Oct-17 BAWAG Financials Vienna SE 47.00 - 52.00 48.00 Bottom of range $2.0bn 35.0% 100.0% -3.1% -12.8% -7.4%

7-Apr-17 Galenica Santé Consumer Services SIX Swiss Exchange 31.00 - 39.00 39.00 Top of range $1.9bn 97.5% 100.0% 10.3% 12.8% 28.3%

31-Jan-17 Invitation Homes Financials NYSE 18.00 - 21.00 20.00 In range $1.8bn 29.3% 0.0% 0.0% 9.0% 17.9%

21-Sep-17 ZhongAn Online P&C1 Financials HKEx 53.70 - 59.70 59.70 Top of range $1.8bn 15.9% 0.0% 9.2% 28.8% 16.1%

17-Oct-17 General Insurance Corp2 Financials BSE; NSE 855.00 - 912.00 912.00 Top of range $1.7bn 14.2% 86.2% -4.6% -12.8% -16.1%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)


23-Feb-17 UniCredit Financials Borsa Italiana 8.09 - 8.09 8.09 FO - ABB; Rights Offer $13.7bn 0.0% 50.3% 79.1% 113.7%

25-Sep-17 Japan Post Financials Tokyo SE 1,321 - 1,321 1,322 FO - Fully Marketed $11.7bn 100.0% 3.1% -1.4% -2.3%

7-Apr-17 Deutsche Bank Financials Deutsche Börse 11.65 - 11.65 11.65 FO - Fully Marketed $8.5bn 0.0% 33.3% 49.5% 36.3%

26-Jul-17 Santander Financials BME 4.85 - 4.85 4.85 FO - Rights Offer $8.2bn 0.0% 19.8% 12.8% 13.0%

20-Nov-17 Toshiba Industrials Tokyo SE 262.80 - 268.64 262.80 FO - Accelerated Bookbuild $5.4bn 0.0% 4.6% 21.0% 20.6%

7-Jun-17 Credit Suisse Financials SIX Swiss Exchange 10.80 - 10.80 10.80 FO - Rights Offer $4.4bn 0.0% 22.3% 35.4% 61.1%

28-Mar-17 Electricité de France Utilities Euronext Paris 6.35 - 6.35 6.35 FO - Rights Offer $4.4bn 0.0% 22.5% 20.7% 64.1%

20-Jul-17 Crown Castle International Financials NYSE 96.64 - 96.64 96.00 FO - Accelerated Bookbuild $3.9bn 0.0% 3.3% 8.5% 15.6%

23-Jun-17 Allied Irish Banks plc Financials Irish SE; LSE 3.90 - 4.90 4.40 FO - Fully Marketed $3.8bn 100.0% N/A 9.3% 22.9%

12-Jun-17 Renesas Electronics Corp Technology Tokyo SE 750 - 900 825 FO - Fully Marketed $3.2bn 100.0% 39.4% 21.2% 59.2%

PwC

Q4 2017

5


Americas EMEA Asia-Pacific

IPO

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Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions.


IPO and FO activity per regionAsia-Pacific again accounts for the lion’s share of IPO numbers, with over 3 out of 5 transactions taking place in the region

$250.2bn$230.3bn

$243.3bn$219.7bn $213.2bn

1,162 1,1441,054 1,071

1,228

2013 2014 2015 2016 2017

$160.2bn$182.4bn

$259.8bn

$215.1bn $212.2bn

1,264 1,325 1,479 1,369 1,381

2013 2014 2015 2016 2017

$180.2bn$204.5bn

$190.8bn

$119.5bn

$188.9bn

637737 806 746

930

2013 2014 2015 2016 2017

$40.5bn

$81.7bn$71.7bn

$35.7bn

$54.7bn

181277 269

179290

2013 2014 2015 2016 2017

$97.2bn $109.5bn

$50.7bn

$30.8bn

$65.8bn

322 346246

149261

2013 2014 2015 2016 2017

$58.4bn

$83.1bn $84.3bn$77.3bn

$84.2bn

363

542666 683

932

2013 2014 2015 2016 2017

PwC

Q4 2017

6


Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place on two or more exchanges, the total money raised is attributed to all exchanges. LSE Group includes Borsa Italiana.

Money raised and number of IPOs per Exchange 2015 – 2017 Top Exchanges 2017

Top Exchanges 2017Money raised and number of FOs per Exchange 2015 – 2017

Shanghai SE HKExLSE GroupNASDAQ

OMX

NYSE EuronextNASDAQ

OMXShanghai SELSE Group


Top exchanges globally based on money raised in 2017Thanks to a number of sizeable transactions, NYSE reclaims its position as the dominant exchange for IPO proceeds with ‘only’ 88 transactions in 2017

NYSE

NYSE, 16%

NASDAQ OMX, 9%

LSE Group, 9%

Shanghai SE, 8%

HKEx, 6%

Other, 51%$21bn

$15bn

$35bn

$24bn$21bn $21bn

$26bn

$9bn

$21bn $18bn $16bn $18bn$24bn $21bn

$14bn

59 38

88

174 131

182

97 59

105 89 117

199

116 112 149

2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

NYSE, 18%

NASDAQ OMX, 12%

LSE Group, 9%

Shanghai SE, 7%Euronext,

7%

Other, 48%

$147bn

$118bn$115bn

$83bn$73bn $74bn

$66bn

$40bn$55bn $48bn

$60bn$45bn

$33bn $28bn$42bn

372 348 375

511 524 618

345 311 372

114 150 97 103 96 133

2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

PwC

Q4 2017

7


Money raised and number of IPOs and FOs per sector 2015 – 2017

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Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regionsSector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate.

IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods

Financials Oil & GasConsumer

ServicesTelecom-

municationUtilities

Source: Dealogic, Bloomberg as of 31 December 2017

Global IPO and FO activity per sectorThe dominance of Financials overshadows strong activity levels by Industrials, Consumer Services and Consumer Goods companies, particularly on the IPO front

6.1 3.6 9.7

18.0 14.4 22.4

15.6 11.6

24.1

77.3

51.7

64.3

16.4 14.2 13.3

37.8

25.1 34.5

6.5 3.6 10.0

14.3 7.4

18.6

7.1 0.8 3.7 7.4 10.1

4.1

69 58102

170128

180142

110169

270

204

293

162120

154

220 232

348

23 21 37

98 118162

11 4 12 17 15 26

'15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17

48.6 53.0 50.2 45.6 48.3 46.1 76.5

55.5 50.5

243.6

118.3

202.9

71.2 43.4 54.7

83.6 92.7 101.6

47.6 74.3

40.6 24.6 30.3 32.7 21.6

7.3 9.6 22.9 27.9 24.3

259373 381

291 297 289377

286 326

826

634

840

498 449524 493 531 560

221 267 220 243 240 291

39 38 35 75 63 63

'15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17

PwC

Q4 2017

Sponsor-backed,

23%

Not Sponsor-backed,

77%

Note: included deals > $5m; Country indicates the company’s Country of domicile; Financial sponsor-backed has been abbreviated to FS-backed for practical sake. IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions.

8


Top 10 largest FS-backed IPOs 2017 globally

FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific

IPO

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2016 2017

121 (8%) sponsor-backed IPOs vs 1,362 (92%) non-sponsor-backed IPOs

Global FS-backed IPOs (by money raised)


96 (10%) sponsor-backed IPOs vs 914 (90%) non-sponsor-backed IPOs

Financial sponsor-backed IPO activity globallyThe epicentre of FS-backed IPO activity has shifted to the Americas this year, with half of the top 10 largest FS-backed IPOs taking place on the NYSE

$35.1bn $35.8bn

$15.6bn

$11.5bn

$21.8bn

98 96

52

34

57

2013 2014 2015 2016 2017

$18.1bn

$30.7bn $30.5bn

$16.3bn$14.7bn

35

67 66

40 43

2013 2014 2015 2016 2017

$6.4bn

$17.0bn$14.2bn

$4.5bn $5.6bn

41 48 43

22 21

2013 2014 2015 2016 2017

Sponsor-backed,

21%

Not Sponsor-backed,

79%

Pricing date

Issuer name Exchange PricingMoney raised

Performance

1-day 1-month Current

21-Jun-17 Altice USA NYSE In range $2.2bn 9.0% 3.7% -29.2%

24-Oct-17 BAWAG Vienna SE Bottom of range $2.0bn -3.1% -12.8% -7.4%

31-Jan-17 Invitation Homes NYSE In range $1.8bn 0.0% 9.0% 17.9%

29-Jun-17 Delivery Hero Deutsche Börse Top of range $1.1bn 9.0% 7.5% 29.4%

17-Oct-17 Qudian NYSE Above range $1.0bn 21.6% -11.7% -47.8%

10-Oct-17 Terveystalo NASDAQ OMX H’ki In range $1.0bn 2.5% 4.9% -8.9%

24-Apr-17 ING Life Insurance Korea Korea SE Bottom of range $1.0bn -4.2% -3.5% 61.8%

11-May-17 Gardner Denver NYSE Below range $0.9bn 5.5% 12.5% 69.7%

17-Jul-17 Celltrion Healthcare Korea SE Top of range $0.9bn 22.7% 16.8% 164.9%

3-May-17 Antero Midstream NYSE In range $0.9bn -6.4% -5.2% -16.1%

PwC

Q4 2017

9


Money raised via IPOs versus volatility

Number of IPOs versus volatility

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges.


Volatility versus IPO activityVolatility has been low all year, as jitters surrounding the French election and the Korean peninsula have failed to unnerve investors

25.1

29.5

23.919.9 18.4 19.9 19.0

16.918.6

16.0 16.8

21.6 22.7 23.126.7

23.3

28.425.8

20.7 19.415.5 16.5

14.3 12.8

$0bn

$25bn

$50bn

$75bn

$100bn

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2012 2013 2014 2015 2016 2017

Global money raised via IPOs VIX (average per quarter)

25.1

29.5

23.9

19.918.4

19.9 19.016.9

18.616.0 16.8

21.6 22.7 23.1

26.723.3

28.425.8

20.7 19.4

15.5 16.514.3

12.8

-

100

200

300

400

500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2012 2013 2014 2015 2016 2017

Number of IPOs globally VIX (average per quarter)

PwC

Q4 2017

Americas

10


PwC

Q4 2017

11


Money raised via IPOs and FOs in the Americas (10-year overview)

IPO

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Top countries 2017

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both North and Latin America, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


Money raised via IPOs and FOs in the AmericasThe promise of radical US tax overhaul has driven business sentiment higher and supported US IPO activity, whilst Latin American activity saw a robust rebound

$238.3bn$291.4bn

$257.1bn$184.6bn

$223.2bn $230.9bn $216.0bn $240.8bn $211.6bn $201.1bn

$20.7bn

$16.7bn $87.4bn

$24.1bn$14.0bn $23.5bn

$18.3bn$7.9bn

$8.1bn $12.9bn

773

1,383 1,4661,236

1,031 1,162 1,144 1,054 1,0711,228

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

North America Latin America Number of FO's

United States, 82%

Canada, 12%

Brazil, 4% Other, 2%

United States, 76%

Brazil, 10%

Mexico, 7%

Other, 7%

$32.8bn $33.3bn$61.2bn $54.0bn $63.9bn

$83.1bn$105.8bn

$43.8bn$26.8bn

$54.6bn$7.1bn $14.1bn

$11.8bn$7.0bn

$13.6bn

$14.4bn

$3.7bn

$6.9bn

$4.3bn

$11.7bn

87 116

284 255 231

322 346

246

149

261

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

North America Latin America Number of IPO's

PwC

Q4 2017

IPO and FO activity in the Americas

12


Overview of IPO and FO activity in the AmericasThe Americas ranks second in terms of IPO proceeds, despite having the lowest number of transactions in Q4 as well as the year as a whole

• With three more rate hikes expected in 2018, monetary conditions remain surprisingly loose and encourage investor appetite.

• IPO proceeds totalled $18.4bn via 78 IPOs in the fourth quarter of 2017, compared to $11.6bn via 48 IPOs in Q4 2016.

• The percentage of overallotment options exercised in the Americas far exceeds those in EMEA and Asia-Pacific.

• The median current performance of 2016 IPOs is higher than for 2017 IPOs, partly since they have benefitted longer from a general market hike.



2016 2017


1

2

3

4

1

2

4

3

2015 2016 2017 Q4 2015 Q4 2016 Q4 2017

IPO activity

Number of IPOs 246 149 261 52 48 78

% sponsor-backed 21.1% 22.8% 21.8% 13.5% 22.9% 16.7%


% sponsor-backed 30.8% 37.3% 33.2% 31.6% 45.1% 14.2%

Advanced metrics

Free float % 37.5% 34.0% 40.7% 29.8% 35.4% 39.2%

Overallotment exercised (%)1 80.1% 72.0% 73.7% 69.4% 68.4% 68.6%


FO activity

Number of FOs 1,054 1,071 1,228 169 299 307


26% 26% 20%

9% 11% 15%

41% 40% 44%

8%12% 9%

17% 11% 11%

2015 2016 2017


75

100

125

150

175


Dow Jones NASDAQ 100 S&P 500

0.6%

3.3%

1.9%2.1%

1.9%

3.6%

7.4%

3.3%

5.6%

4.2%

1-Day 1-Week 1-Month 3-Month Current

PwC

Q4 2017

13


Top 10 largest IPOs 2017 in the Americas

Top 10 largest FOs 2017 in the Americas


Leading transactions 2017 in the AmericasWith three cross-border listings in the top 10 largest IPOs of the year, the US again confirms the attractiveness and depth of its financial markets

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Country indicates the company’s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB).

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)


1-Mar-17 Snap Technology NYSE 14.00 - 16.00 17.00 Above range $3.9bn 19.9% 27.5% 44.0% 32.5% -14.1%

21-Jun-17 Altice USA Consumer Services NYSE 27.00 - 31.00 30.00 In range $2.2bn 9.7% 81.1% 9.0% 3.7% -29.2%

31-Jan-17 Invitation Homes Financials NYSE 18.00 - 21.00 20.00 In range $1.8bn 29.3% 0.0% 0.0% 9.0% 17.9%

13-Dec-17 BR Distribuidora Oil & Gas BOVESPA 15.00 - 19.00 15.00 Bottom of range $1.5bn 28.8% 100.0% N/A N/A N/A

19-Jul-17 Grupo Carrefour Brasil Consumer Services BOVESPA 15.00 - 19.00 15.00 Bottom of range $1.4bn 15.0% 30.7% -0.7% -1.3% 1.7%

25-May-17 Kinder Morgan Canada Oil & Gas TSX 19.00 - 22.00 17.00 Below range $1.3bn 29.8% 0.0% -4.5% -6.1% 0.1%

31-Oct-17 Loma Negra CIASA Industrials NYSE 15.00 - 19.00 19.00 Top of range $1.1bn 77.0% 88.1% 12.4% 16.2% 21.3%

17-Oct-17 Qudian Financials NYSE 19.00 - 22.00 24.00 Above range $1.0bn 13.1% 5.0% 21.6% -11.7% -47.8%

23-Mar-17 Silver Run Acquisition Financials NASDAQ 10.00 - 10.00 10.00 In range $1.0bn 115.0% 0.0% 3.6% 3.7% 4.6%

19-Oct-17 Sea Technology NYSE 12.00 - 14.00 15.00 Above range $1.0bn 20.2% 0.0% 8.4% 0.0% -11.1%

Pricing

dateIssuer name

Issuer

CountrySector Exchange Filing range

Offer

priceDeal type

Money

raised

Secondary

shares (%)


20-Jul-17 Crown Castle International Financials NYSE 96.64 - 96.64 96.00 FO - Accelerated Bookbuild $3.9bn 0.0% 3.3% 8.5% 15.6%

10-May-17 Becton Dickinson & Co Health Care NYSE 185.40 - 185.40 176.50 FO - Fully Marketed $2.5bn 0.0% 4.7% 8.8% 21.3%

29-Mar-17 Cenovus Energy Oil & Gas TSX 17.45 - 17.45 16.00 FO - Bought Deal $2.2bn 0.0% -5.9% -14.9% -28.3%

8-Mar-17 Equinix Financials NASDAQ 375.24 - 375.24 360.00 FO - Accelerated Bookbuild $2.2bn 0.0% 4.5% 11.6% 25.9%

9-Jan-17 Williams Companies Oil & Gas NYSE 31.93 - 31.93 29.00 FO - Accelerated Bookbuild $2.2bn 0.0% -1.7% -1.1% 5.1%

8-May-17 Hydro One Utilities TSX 24.03 - 24.03 23.25 FO - Bought Deal $2.0bn 100.0% -0.5% 1.6% -3.7%

25-Jan-17 AltaGas Oil & Gas TSX 33.32 - 33.32 31.00 FO - Bought Deal $2.0bn 0.0% 7.5% -0.2% -7.7%

24-Mar-17 Mylan Health Care NASDAQ 41.61 - 41.61 40.00 FO - Bought Deal $1.8bn 100.0% 2.4% -7.9% 5.8%

13-Sep-17 First Data Corp Industrials NYSE 18.85 - 18.85 17.75 FO - Accelerated Bookbuild $1.7bn 100.0% 0.3% -0.7% -5.9%

8-Aug-17 Thermo Fisher Scientific Health Care NYSE 177.35 - 177.35 171.00 FO - Accelerated Bookbuild $1.7bn 0.0% 1.3% 12.1% 11.0%

PwC

Q4 2017

14


Money raised and number of IPOs and FOs per sector 2015 – 2017 in the Americas

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Sector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate.

IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


IPO and FO activity per sector in the AmericasFinancials dominate the rankings in terms of overall IPO activity and FO proceeds, whilst Health Care is the most active sector in terms of number of FOs

9.9 16.2 12.8 11.8 11.2 12.1

32.6

20.9 24.6

61.5

41.1

56.1 49.5

26.1

37.4

18.0 13.8

25.9 33.0

60.2

28.5

11.3 13.1 9.6 8.7 1.6 0.7

6.9 15.5

5.4

61128 130

39 37 55109

75 96

226 214290 301

261330

83 87124 133

177106

65 55 7510 7 7 27 30 15

'15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17

1.1 0.7 2.5 4.4 3.4 2.0 2.6 1.8

7.2

17.9

12.2

22.4

6.5 3.7 4.8

7.2 3.5

6.4 5.0 1.8

7.9 3.4 3.4

9.4

- -2.2 2.5

0.3 1.0

3 2 11 13 11 10 17 728

96

49

102

6640 45

19 11 17 9 6 16 19 20 281 4 3 3

'15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17

PwC

Q4 2017

15


IPO activity of top countries in the Americas 2013 – 2017

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more countries, the total money raised and number of IPOs is attributed to all countries. Top countries have been selected based on money raised in 2017.


Top countries in terms of IPO activity in the AmericasAs Brazil climbs out of its recession, IPO activity rebounds with 11 deals raising $6.4bn

$77.8bn

$100.5bn

$38.9bn

$26.1bn

$51.4bn

254302

188

122

210

2013 2014 2015 2016 2017

$5.9bn $3.5bn $6.7bn $3.6bn $5.0bn

13 12

2315 14

2013 2014 2015 2016 2017

$8.4bn$0.2bn $0.2bn $0.2bn

$6.4bn

101 1 1

11

2013 2014 2015 2016 2017

$5.5bn $5.4bn $4.9bn$0.7bn $4.2bn

44

30 34

8

23

2013 2014 2015 2016 2017

PwC

Q4 2017

EMEA

16


PwC

Q4 2017

17


Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2017

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both Europe and Middle East & Africa, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


Money raised via IPOs and FOs in EMEAThough Brexit has somewhat reduced IPO activity in the UK, it remains dominant in terms of both IPO and FO proceeds in 2017

United Kingdom,

25%

Italy, 11%

Switzerland, 8%Spain, 7%Germany,

6%

Other, 43%

United Kingdom,

20%

Germany, 14%

France, 14%Italy, 9%

Spain, 7%

Other, 36%

$21.0bn$8.0bn

$40.4bn $33.3bn$15.9bn

$37.2bn

$69.4bn $68.8bn

$33.4bn$48.0bn$15.6bn

$2.5bn

$5.2bn$2.0bn

$2.1bn

$3.3bn

$12.8bn $3.5bn

$2.3bn

$6.7bn

180

60

215167

101181

277 269179

290

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Europe Middle East & Africa Number of IPO's

$226.3bn

$318.8bn

$134.6bn $131.6bn $115.1bn$174.2bn $192.4bn $179.1bn

$110.2bn$176.6bn

$28.8bn

$9.7bn

$12.4bn $10.0bn$9.3bn

$6.8bn$13.9bn

$12.2bn

$10.1bn

$12.5bn

572813 763

626521

637 737 806 746930

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Europe Middle East & Africa Number of FO's

PwC

Q4 2017

IPO and FO activity in EMEA

3

18


Overview of IPO and FO activity in EMEAIPO proceeds in EMEA are lowest of the three regions, yet the number of transactions has exceeded the Americas all year

• From January 2018 onwards, the ECB will reduce the amount of assets it buys from $60bn to $30bn per month.

• In the fourth quarter of 2017, 85 IPOs raised a total of $18.0bn, compared to 57 deals raising $12.5bn in Q4 2016.

• The relative share of FS-backed IPOs in 2017 is below levels seen in previous years.

• With over 96% of IPOs pricing within the initial price range, and 68% in the middle segment of their range, pricing volatility is lowest in EMEA.



2016 2017


1

2

3

4

1

4

2015 2016 2017 Q4 2015 Q4 2016 Q4 2017

IPO activity

Number of IPOs 269 179 290 77 57 85

% sponsor-backed 24.5% 22.3% 14.8% 20.8% 12.3% 16.5%


% sponsor-backed 42.5% 45.6% 26.9% 35.0% 27.6% 39.5%

Advanced metrics

Free float % 43.1% 39.2% 43.7% 41.0% 36.7% 40.0%



FO activity

Number of FOs 806 746 930 221 223 255


5% 2% 3%

24% 24% 18%

57% 64% 68%

13% 10% 11%1% 2%

2015 2016 2017


75

100

125

150


CAC 40 DAX FTSE 100

2

3.3%3.1%

4.4%

2.0%

4.0%

1.5%

6.0%

2.2%

9.8%

1.4%


PwC

Q4 2017

19


Top 10 largest IPOs 2017 in EMEA

Top 10 largest FOs 2017 in EMEA


Leading transactions 2017 in EMEANot a single FO transaction in the fourth quarter of 2017 managed to break into the top 10 largest transactions of the year

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Country indicates the company’s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB).

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)Performance


29-Sep-17 Pirelli & C Consumer Goods Borsa Italiana 6.30 - 8.30 6.50 Bottom of range $2.8bn 36.9% 100.0% -0.5% 6.0% 11.5%

21-Jul-17 Landis & Gyr Industrials SIX Swiss Exchange 70.00 - 82.00 78.00 In range $2.4bn 100.0% 100.0% 0.6% -1.3% -0.5%

24-Oct-17 BAWAG Financials Vienna SE 47.00 - 52.00 48.00 Bottom of range $2.0bn 35.0% 100.0% -3.1% -12.8% -7.4%

7-Apr-17 Galenica Santé Consumer Services SIX Swiss Exchange 31.00 - 39.00 39.00 Top of range $1.9bn 97.5% 100.0% 10.3% 12.8% 28.3%

3-Nov-17 EN+ Basic Materials LSE; Moscow SE 14.00 - 17.00 14.00 Bottom of range $1.5bn 18.8% 33.3% -1.8% -8.6% -1.4%

16-Nov-17 Emaar Development Financials Dubai Financial Market 5.70 - 6.90 6.03 In range $1.3bn 20.0% 100.0% -4.3% N/A -4.6%

15-Jun-17 ALD Industrials Euronext Paris 14.20 - 17.40 14.30 Bottom of range $1.3bn 20.2% 100.0% 0.0% 8.4% -9.7%

15-Sep-17 Steinhoff Africa Retail Consumer Services Johannesburg SE 18.00 - 23.00 20.50 In range $1.2bn 23.2% 0.0% 5.0% 20.3% -22.2%

5-Oct-17 J2 Acquisition Financials LSE 10.00 - 10.00 10.00 In range $1.2bn 100.0% 0.0% 7.0% -1.0% 0.0%

29-Jun-17 Delivery Hero Consumer Services Deutsche Börse 22.00 - 25.50 25.50 Top of range $1.1bn 22.5% 44.2% 9.0% 7.5% 29.4%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)


23-Feb-17 UniCredit Financials Borsa Italiana 8.09 - 8.09 8.09 FO - ABB; Rights Offer $13.7bn 0.0% 50.3% 79.1% 113.7%

7-Apr-17 Deutsche Bank Financials Deutsche Börse 11.65 - 11.65 11.65 FO - ABB; Rights Offer $8.5bn 0.0% 33.3% 49.5% 36.3%

26-Jul-17 Santander Financials Madrid Stock Exchange 4.85 - 4.85 4.85 FO - Rights Offer $8.2bn 0.0% 19.8% 12.8% 13.0%

7-Jun-17 Credit Suisse Financials SIX Swiss Exchange 10.80 - 10.80 10.80 FO - Rights Offer $4.4bn 0.0% 22.3% 35.4% 61.1%

28-Mar-17 Electricité de France Utilities Euronext Paris 6.35 - 6.35 6.35 FO - Rights Offer $4.4bn 0.0% 22.5% 20.7% 64.1%

23-Jun-17 Allied Irish Banks Financials Irish SE; LSE 3.90 - 4.90 4.40 FO - Fully Marketed $3.8bn 100.0% N/A 9.3% 22.9%

1-Jun-17 Barclays Africa Financials Johannesburg SE 139.00 - 139.00 132.00 FO - Accelerated Bookbuild $2.9bn 100.0% 8.8% 8.9% 37.9%

19-Sep-17 Heineken Consumer Goods Euronext Amsterdam 87.59 - 87.59 84.50 FO - Accelerated Bookbuild $2.3bn 100.0% -0.3% 2.3% 2.9%

10-May-17 Lonza Group Health Care SIX Swiss Exchange 136.00 - 136.00 136.00 FO - ABB; Rights Offer $2.2bn 0.0% 45.9% 49.4% 93.6%

4-May-17 BNP Paribas Financials Euronext Paris 66.15 - 66.15 65.10 FO - Accelerated Bookbuild $2.2bn 100.0% 2.0% -2.6% -4.4%

PwC

Q4 2017

20


Money raised and number of IPOs and FOs per sector 2015 – 2017 in EMEA

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


IPO and FO activity per sector in EMEAFO activity in EMEA is very much dominated by Financials, as numerous European banks raised additional capital in 2017

1.8 0.0 1.7

5.3 2.8

8.5 7.6 4.4

7.6

24.3

9.9

18.7

3.9 3.3 2.8

17.4

5.3

9.7

0.2 0.7 1.5 3.6

0.2 2.2

6.9

0.5 1.3 0.7

8.5

0.7

8 210

3319

27 3222

34

89

48

92

32 2636

4530

46

5 6 10 15 1928

7 2 2 3 5 5

'15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17

10.6 14.2 10.4 7.7 9.4 11.7

24.6

10.9 11.6

90.6

39.3

92.5

6.6 5.1 11.0

28.2 23.9 23.9

2.5 8.4 5.2 4.2 4.6 5.9

11.7 1.1 3.6 4.2 2.4

13.2

46 52 57 52 52 6498

75111

289226

276

89 93 113 110 123 141

44 53 61 51 5377

14 9 9 13 10 21

'15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17

PwC

Q4 2017

21


IPO activity of top countries in EMEA 2013 – 2017



Top countries in terms of IPO activity in EMEAThe rollout of individual savings accounts with favourable tax treatment has created a new pool of investment capital and supported a surge in Italian IPOs

$21.1bn

$27.9bn

$19.8bn

$7.6bn

$14.7bn

77

112

74

52

79

2013 2014 2015 2016 2017

$1.7bn$3.8bn

$6.2bn

$1.6bn

$6.2bn

1020 23

926

2013 2014 2015 2016 2017

$1.2bn $1.7bn $2.6bn$0.9bn

$4.6bn

2 6 2 3 4

2013 2014 2015 2016 2017

-

$6.5bn

$9.5bn

$1.5bn

$4.3bn

8 10 3 5

2013 2014 2015 2016 2017

PwC

Q4 2017

Asia-Pacific

22


PwC

Q4 2017

23


Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries 2017

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both Asia and Australasia, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


Money raised via IPOs and FOs in Asia-PacificFinancial deleveraging and stricter regulatory oversight in China have not (yet) substantially dampened investor enthusiasm

China, 37%

Hong Kong, 17%

India, 14%

South Korea, 8%

Japan, 7%

Other, 17%

China, 38%

Japan, 18%

Hong Kong, 13%

Australia, 11%

India, 9%

Other, 11%

$30.2bn

$68.3bn

$175.3bn

$91.0bn

$51.3bn $48.2bn$66.2bn $77.8bn $71.5bn $80.7bn

$1.6bn

$2.5bn

$8.0bn

$1.5bn

$1.5bn $10.2bn

$17.0bn $6.5bn $5.8bn$3.4bn

301 326 761

620

397 363542

666 683

932

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Asia Australasia Number of IPO's

$65.6bn

$183.5bn $206.9bn

$114.3bn $135.1bn $139.6bn $160.1bn$218.3bn $197.7bn $188.7bn$35.4bn

$63.5bn $23.5bn

$23.5bn$17.6bn $20.7bn

$22.3bn

$41.5bn

$17.9bn $23.4bn

650

1,381 1,3511,075 978

1,264 1,3251,479 1,369 1,381

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Asia Australasia Number of FO's

PwC

Q4 2017

IPO pricing dynamics

IPO and FO activity in Asia-Pacific

24


• The China Securities Regulatory Commission pipeline of IPO candidates remains filled, whilst similarly a large number of companies is waiting to list in Hong Kong.

• With 242 IPOs raising $27.2bn, Q4 2017 activity levels are below those seen in the final quarter of 2016.

• The opposite holds for FOs, as proceeds rose by 31% and the number of transactions by 24% compared to Q4 2016.

• The median performance of IPOs in Asia-Pacific tops those in EMEA and the Americas, largely driven by Chinese IPOs.

Overview of IPO and FO activity in Asia-PacificThe dominance of IPO activity in Asia-Pacific continues into the fourth quarter, placing the region solidly in the lead at year end

2016 2017



Global indicesPost-IPO performance (median)

1

2

3

4

4

1

3

2015 2016 2017 Q4 2015 Q4 2016 Q4 2017

IPO activity

Number of IPOs 666 683 932 199 265 242

% sponsor-backed 6.5% 3.2% 2.3% 6.5% 3.0% 2.5%


% sponsor-backed 16.9% 5.9% 6.7% 19.1% 6.4% 5.8%

Advanced metrics

Free float % 27.6% 29.0% 42.2% 27.0% 28.1% 85.4%



FO activity

Number of FOs 1,479 1,369 1,381 388 342 425


3% 3% 2%10% 13% 12%

56% 50% 50%

27% 32% 34%

3% 2% 2%

2015 2016 2017


75

100

125

150


Hang Seng Nikkei 225 SENSEX

2

44.0%44.0% 50.9%

75.1%

50.8%

85.4%

55.0%

90.4%

45.4%

71.6%


PwC

Q4 2017

25


Top 10 largest IPOs 2017 in Asia-Pacific

Top 10 largest FOs 2017 in Asia-Pacific

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Country indicates the company’s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB). 1) ZhongAn Online P&C Insurance 2) General Insurance Corp of India 3) HDFC Standard Life Insurance 4) Guangzhou Rural Commercial Bank


Leading transactions 2017 in Asia-PacificThe three largest Asia-Pacific IPOs of the fourth quarter were Indian Insurance companies, encouraged by regulatory changes in 2016

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance


21-Apr-17 Netmarble Games Consumer Goods Korea SE 121,000 - 157,000 157,000 Top of range $2.3bn 20.0% 0.0% 3.2% -5.1% 20.1%

21-Sep-17 ZhongAn Online P&C1 Financials HKEx 53.70 - 59.70 59.70 Top of range $1.8bn 15.9% 0.0% 9.2% 28.8% 16.1%

17-Oct-17 General Insurance Corp2 Financials BSE; NSE 855.00 - 912.00 912.00 Top of range $1.7bn 14.2% 86.2% -4.6% -12.8% -16.1%

10-Jul-17 Netlink NBN Trust Technology Singapore SE 0.80 - 0.93 0.81 Bottom of range $1.7bn 75.9% 0.0% 0.0% -0.6% 3.1%

6-Nov-17 New India Assurance Financials BSE; NSE 770.00 - 800.00 800.00 Top of range $1.5bn 14.6% 80.0% -9.4% -27.7% -24.0%

10-Nov-17 HDFC Standard Life3 Financials BSE; NSE 275.00 - 290.00 290.00 Top of range $1.3bn 15.0% 100.0% 18.7% 31.4% 34.4%

26-Sep-17 SBI Life Insurance Financials BSE; NSE 685.00 - 700.00 700.00 Top of range $1.3bn 12.0% 100.0% 1.1% -8.1% -0.4%

31-Oct-17 China Literature Consumer Services HKEx 48.00 - 55.00 55.00 Top of range $1.2bn 19.2% 10.2% 86.2% 39.5% 51.6%

13-Jun-17 Guangzhou Rural4 Financials HKEx 4.99 - 5.27 5.10 In range $1.2bn 19.0% 9.1% 0.2% 0.4% 20.0%

12-Jul-17 Zhongyuan Bank Financials HKEx 2.42 - 2.53 2.45 In range $1.2bn 19.3% 9.1% 1.6% 0.4% 4.9%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)

Performance


25-Sep-17 Japan Post Holdings Financials Tokyo SE 1,321 - 1,321 1,322 FO - Fully Marketed $11.7bn 100.0% 3.1% -1.4% -2.3%

20-Nov-17 Toshiba Industrials Tokyo SE 262 - 268 262 FO - ABB $5.4bn 0.0% 4.6% 21.0% 20.6%

12-Jun-17 Renesas Electronics Japan Technology Tokyo SE 750 - 900 825 FO - Fully Marketed $3.2bn 100.0% 39.4% 21.2% 59.2%

17-Oct-17 Irico Display Devices China Industrials Shanghai SE N/A 6.74 FO - Cash Placing $2.9bn 0.0% 34.1% 8.5% 9.6%

13-Jan-17 Jinan Diesel Engine Industrials Shenzhen SE 10.81 - 10.81 10.81 FO - Cash Placing $2.7bn 0.0% 83.0% 67.9% 38.8%

26-Jul-17 China Molybdenum Basic Materials Shanghai SE N/A 3.82 FO - Cash Placing $2.7bn 0.0% 72.8% 72.3% 80.1%

13-Nov-17 Woodside Petroleum Oil & Gas ASX 32.14 - 32.14 31.10 FO - ABB $2.7bn 100.0% 0.1% 3.4% 6.4%

28-Aug-17 Yancoal Australia Basic Materials ASX 0.10 - 0.10 0.10 FO - Rights Offer $2.3bn 0.0% N/A N/A N/A

8-Jun-17 State Bank of India Financials BSE; NSE 275.76 - 287.25 287.25 FO - ABB $2.3bn 0.0% 0.4% -2.5% 6.9%

20-Nov-17 Guangzhou Automobile Consumer Goods Shanghai SE 25.92 - 25.92 19.91 FO - Cash Placing $2.3bn 0.0% 25.0% 19.5% 23.9%

PwC

Q4 2017

26


Money raised and number of IPOs and FOs per sector 2015 – 2017 in Asia-Pacific

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


IPO and FO activity per sector in Asia-PacificIndustrials, Consumer Goods, Consumer Services and Technology companies are most active in Asia-Pacific in terms of the number of IPO transactions

3.2 2.8 5.5

8.2 8.2 11.9

5.4 5.4 9.4

35.2 29.7

23.1

6.0 7.2 5.7

13.2 16.4 18.4

1.3 1.1 0.6

7.3 5.1 7.0

0.2 0.3 0.3 4.2

1.2 2.5

58 5481

12498

14393 81

10784

107 9964 54 73

156191

285

9 9 1164 80

106

4 2 9 10 7 18

'15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17

28.2 25.7 27.7 26.1 27.8 22.3 20.0 23.7

14.3

98.3

37.9

54.3

15.6 12.2 6.6

37.4

55.2 51.9

12.1 5.7 6.9 9.2 12.5

17.2

1.2 4.5 5.3 11.7 10.0

5.6

156196 199 201 209

170 172136 119

315

194

274

113 95 83

301 322 296

44 39 54

127 133 140

15 22 19 35 23 27

'15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17

PwC

Q4 2017

27


IPO activity of top countries in Asia-Pacific 2013 – 2017



Top countries in terms of IPO activity in Asia-PacificChina and Hong Kong continue to dominate Asia-Pacific IPO activity, whilst countries such as India and South-Korea also benefit from robust IPO market conditions

-

$12.9bn

$25.8bn $24.3bn

$31.6bn126

220252

412

2013 2014 2015 2016 2017

$18.9bn

$28.7bn

$23.7bn$21.3bn

$14.1bn

92 108 116 112149

2013 2014 2015 2016 2017

$0.2bn $0.2bn$2.1bn

$4.0bn

$11.5bn

3 5 22 28 44

2013 2014 2015 2016 2017

$1.2bn$4.0bn $3.5bn

$5.5bn $6.9bn

32 3762 69 73

2013 2014 2015 2016 2017

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Documents

PwC IPO Centre · 2018. 2. 1. · India, 6% Other, 40%. PwC Q4 2017 • Global IPO activity benefitted from favourable conditions throughout the year. • In Q4 2017, 405 IPOs raised