Подход к IR с позиции специалиста по рынкам акционерного капитала

©STJ Advisors LLP 2012

Capital Markets Approach to IR

20 March 2012

STJ Advisors LLP is a limited liability partnership registered in England and Wales,

registered number OC340440. The registered office of the company is Charles House, 5-11, Regent Street, London SW1Y 4LR.

STJ Advisors is authorised and regulated by the Financial Services Authority


“London IPO market is close to seizure” (City A.M., 8 June 2011)

2

X Single 1 hour roadshow meeting not enough (produces lack of familiarity with management and education around the equity story)

X Too high valuations with no IPO discount (expect discount to peer group to reflect lack of public trading record)

X Appointing advisors based on unrealistic valuations; large syndicates do not benefit process of price formation

X Incentive fees structured around price achieved on first date rather than sustained aftermarket (leading to aggressive syndicate behaviour)

X Equity risk premium must take account of many factors (e.g. governance standards and balance sheet)

Luke Chappell, James Macpherson Blackrock UK Letter to: leading ECM bankers (May 2011)

Balanced approach: issuer/investor interests

Recognition that beauty parade process produces conditions for “bait and switch”

Appoint syndicate primarily on research quality and complementary distribution.

Right-size syndicate to meet aligned objectives

Use investor mapping/account prioritisation to broaden investor universe; reduce coverage overlap of top investors

Focus on early investor education; bank education; active/recurring investor dialogue throughout process

Analyse transparent investor feedback to:

“Optimise” price range in line with investor feedback and issuer’s expectations

Address investor concerns around the investment case or reflect in valuation feedback

Syndicate incentive fees structured to take into real performance (education of accounts, consistent valuation, optimal pricing and delivery of orders throughout a range).

Incentives paid at least 30 days after pricing

A qualified independent advice can help address inadequacies in the standard IPO process

More accurate pricing

Broader/deeper marketing

Greater liquidity

Wider research coverage

Better research quality

Improved market

transparency

Combined Issuer/Investor objectives


Concentration of bank coverage on a few overlapping investors

3

Offering A - €750m 8 syndicate banks

Offering B - €1.44bn 12 syndicate banks

Offering C - c. €1bn 10 syndicate banks

Total universe: 749 investors

Total universe: 1,755 investors

Total universe: 1,064 investors

616 investors (60% of investors /sole bank coverage)

Top 50 investors (4% of investors / 67% of syndicate)


1,114 investors (63% of investors / sole bank coverage)


363 investors (49% of investors / sole bank coverage)

Banks focus on a limited number of key clients/investors - e.g. normally c.70% of syndicate banks seek to cover the top 50 accounts

Engaging with a broad range of banks and understanding their distribution platforms is the key to accessing the widest possible range of investors

Top 50 investors Top 150 investors Entire universe of identified investors

Key



298 investors (28% of investors, more than one bank)





Example IPO

How to achieve an improved result? Broadening and deepening investor access and empowering syndicate

4

Breadth and depth of marketing process

Time / marketing process

Investor mapping

Syndicate priority account responsibility allocated

Pre-marketing / investor education meetings

Roadshow 1-on-1s

Bookbuilding/ Order-taking

Allocation & Pricing

Price range setting

Stan

dar

d p

roce

ss

Breadth of market / education dictated by number of investors 1-on-1s and therefore by size of syndicate and efficiency of coverage

Overlap must be minimised – tendency by all banks to cover same big accounts only

Ad

viso

r’s

val

ue

ad

d

? Price

345 420 232 320 1,041 1,700 2,200

Banks' priorities

382 vs.

* The 382 list represents the list submitted by the JGCs as the investor universe for the Offering

Number of investors

382 280 150 100 100 120 80

Investor Mapping

© STJ Advisors LLP 2012

No. Investor name Country

Total

touches MS DB UBS HSBC Nomura ABN Amro Rabo SocGen

1 Amundi / Credit Agricole France 8 2 2 1 2 1* 1* 4* 1*

2 APG Netherlands 8 1 1 1 2* 1* 1* 1* 1*

3 Blackrock UK 8 1 1 1 1* 1* 1* 1* 1*

4 Fidelity UK 8 1 1 1 1* 1* 4* 1* 1*

5 Fidelity US 8 1 1 1 1* 1* 4* 1* 1*

6 Henderson UK 8 2 1 1 3* 2* 1* 2* 1*

7 ING Netherlands 8 2 1 1 1* 1* 1* 1* 1*

8 Invesco UK 8 2 1 3 1* 1* 1* 1* 4*

9 Schroders UK 8 2 1 1 1* 2* 1* 2 2*

10 TT UK 8 1 1 1 2* 1* 3* 5 3*

11 Union Germany 8 1 1 2 2* 2* 2* 2* 3*

12 Allianz Global Investors Germany 7 2 1 1 1* 2* 1* 1*

13 Arrowgrass UK 7 1 2 3 1* 1* 2* 2*

14 Deka Germany 7 2 1 2 1* 4* 2 3*

15 Delta Lloyd Netherlands 7 1 1 2 2 1* 1* 2*

16 Deutsche Dws Germany 7 2 1 1 1* 1* 2* 2*

17 Dexia Belgium 7 3 1 5* 2 3* 4 2

18 GLG UK 7 1 1 4 1 1* 2* 1*

19 JP Morgan UK 7 1 1 2* 1* 1* 1* 1*

20 MFS US 7 2 2 2 2 2* 3 3*

21 Norges UK 7 1 1 1 1* 1* 3* 2*

22 Och Ziff UK 7 1 1 1 1 1* 3* 1*

23 Robeco Netherlands 7 2 1 1 1* 1* 1* 3*

24 Swedbank Robur Sweden 7 1 2 3 1 3* 5 4*

25 Threadneedle UK 7 2 1 4 3* 1* 2* 1*

26 TIAA CREF US 7 1 1 3 4 1* 3 3*

27 Wellington US 7 1 1 1 1* 1* 5 2*

28 Alliance Bernstein UK 7 1 1 2 4 1* 2 1*

29 Artio US 6 2 2 1 3* 1* 3*

30 Blackrock US 6 1 1 1 1 1* 3

31 Citadel UK 6 1 1 2 3 1* 1*

32 Edoma UK 6 1 2 4 5 2* 2*

33 Eton Park UK 6 1 1 1 5 2 2*

34 Exane France 6 2 2 2 2* 1* 2*

35 Goldman Sachs AM UK 6 2 3 1* 1* 2* 2*

36 Jabre Switzerland 6 1 1 1 3* 2* 1*

37 M&G UK 6 3 3 2 2* 5 2*

38 Marshall Wace UK 6 2 2 3 4 1 1*

39 Meditor UK 6 1 1 3 1 2 1*

40 Scottish Widows UK 6 1 1 4 2 1* 5*

41 Standard Life UK 6 1 3 4 1* 4 5*

42 T Rowe Price US 6 2 1 1 5 1* 2*

43 York UK 6 2 2 2 3* 2 1*

44 Capital International US / UK 5 1 1 1 1 1*

45 George Weiss US 5 4 2 4 4 1*

46 Highbridge US 5 1 5 2 4* 5

47 Janus US 5 2 2 5 2* 3

48 Millennium UK 5 4 1 2 1* 2*

49 Moore UK 5 1 1 3 1 1*

50 Newton UK 5 2 2 2 1* 1

51 Pictet Switzerland 6 2 1 1 1 1* 2*

52 SAC UK 6 2 1 2 5 1* 3*

53 TPG Axon UK / US 5 2 1 2 1* 1*

54 Brummer Sweden 4 1 3 5 1

55 Carlson UK / US 6 1 2 3 4 1* 3*

56 Goldman Sachs IP UK 4 1 2 1 1*

57 Kingdon US 4 1 2 5 1

58 Lazard Freres UK 4 2 3 1* 2*

59 Norges Norway 4 1 1 1 1

60 Putnam UK / US 4 2 2 1 2*

61 SAC US 4 2 2 1 3*

62 Saemor Netherlands 4 1 4 1 4*

63 Tiger Global US 4 3 4 3 1*

64 UBS Global UK 4 2 2 1* 3*

65 UBS O'Connor UK 4 4 2 1* 1*

66 Viking US 4 2 4 4 1

67 BNP Paribas AM France 3 2 1* 1*

68 Egerton UK 3 1 2 1*

69 Franklin Mutual US 3 1 2 1*

70 GIC UK 4 1 1 1 1*

71 Highfields US 4 5 2 5 1

72 Paulson US 4 2 1 4 2

73 Pelham UK 3 1 1 1

74 Surveyor Capital US 3 1 1 1

75 Capital Research US 3 2 2 5

5

Investor Mapping (cont’d)



Total


76 Cyrte Netherlands 2 2 2

77 Morgan Stanley US / UK 4 - 2 4 3*

78 Soros US 2 1 2

79 Third Point US 2 2 1

80 Scout US 1 2

81 Soros UK 2 1 3

82 Capital World US / UK 3 1 1 1*

83 Pictet UK 0

84 PIMCO US 1 3

85 AXA France 8 1 1 2 2* 1 2* 2* 1*

86 JO Hambro UK 7 4 2 4 3* 1* 3 4*

87 Odey UK 7 3 2 5 3 2 5 4*

88 Groupama France 7 4 3 3 1* 1* 5 1*

89 KBC Belgium 7 4 3 1 2 3* 5 3*

90 Lansdowne UK 7 1 2 3 4 2 3* 2*

91 Natixis France 7 3 3 2 2* 1* 2 2*

92 Artisan US 6 2 1 4* 1* 3 3*

93 Azimut Italy 6 1 2 4 1* 4* 4*

94 Banque Postale France 6 2 4 2* 1* 3 1*

95 Brevan Howard UK 6 2 1 5 5 2 2*

96 Danske Denmark 6 2 1 1 2* 2* 4*

97 Eurizon Italy 6 4 2 1 1* 4 4*

98 F&C UK 6 1 3 3* 2* 1* 3*

99 Lazard Freres France 7 2 2 3 4 2 4 3*

100 Generali France 6 3 1 5* 1* 2* 1*

101 Grantham Mayo US 6 2 2 4 2 2 2*

102 Legal & General UK 6 3 3 2* 2 4* 2*

103 Lombard Odier Switzerland 6 3 4 2 2 3* 3*

104 Morgan Stanley UK 6 - 4 1* 1* 2 3*

105 PGGM Netherlands 6 3 2 3 2 2* 2

106 Santander Spain 6 3 4 4 2* 1 5

107 Vontobel Switzerland 6 5 3 4 1* 5* 2

108 Boston Company US 5 3 2 5 2 3

109 American Century US 6 2 1 4 2* 2 3*

110 BBVA Spain 6 4 2 5 2* 2 5

111 Franklin Templeton US 6 1 2 4 1* 2 3*

112 Anima Italy 5 3 5 1* 4 5*

113 Dabroes US 5 3 2 4 5 1*

114 Frankfurt Trust Germany 5 3 1 2 5 5*

115 Handelsbanken Sweden 5 2 1 5* 4 5*

116 Ignis UK 5 1 2 5 3* 5

117 Marble Bar UK 5 4 4 5 4 1*

118 Metzler Germany 5 4 3 5 2 1*

119 Petercam Belgium 5 3 4* 2 2* 1*

120 Tudor UK 5 4 3 2 3 1*

121 Aegon UK 4 2 2 2 3

122 Alecta Sweden 4 2 3 5 1

123 Aviva UK 4 1 1 1* 3*

124 Banque Degroof Belgium 4 3 4* 4 5*

125 Boussaard & Gavaudan France 4 1 1 2* 1*

126 Brandes US 4 2 2 3 5

127 Carmignac France 4 4 3 3 1*

128 CIC China 4 1 1 1 2

129 DnB Nor Norway 4 3 3 1 5

130 Dodge & Cox US 4 3 3 2* 3

131 Duquesne US 4 4 2 5 3

132 Eaton Vance US 4 4 4 3 1

133 GAM UK 4 3 2 5 4

134 Credit Suisse Switzerland 5 2 1* 2* 2 2*

135 James Caird UK 4 1 1 3 2

136 Jupiter UK 4 2 2 2 5

137 KBC Netherlands 5 4 3 1 3* 5

138 Kempen Netherlands 4 1 2 2* 1*

139 LBBW Germany 5 4 1 4* 1* 5*

140 Magnetar UK 5 4 1 4 1* 2*

141 Prima Italy 5 3 1 1 5 5

142 AMF Sweden 4 3 1 5 1

143 BankInvest Denmark 4 5 4 2 2*

144 Maverick US 4 2 1 4 1*

145 Covea Finance France 4 1 4 2 1*

146 DUET UK 4 4 2 2 2*

147 MN Services Netherlands 4 3 2 2* 5

148 Nordea Denmark 4 1 1 1* 2

149 Shell Pensions Netherlands 4 3 2 2* 2

150 SNS Reaal Netherlands 4 3 3 3* 1*

6




Total


151 Varma Finland 4 5 4 2* 2

152 Alliance Bernstein US 3 1 1 2

153 Arca Italy 3 3 5 2

154 Artemis UK 3 4 2 3

155 Banca Fideuram Italy 3 2 5 4

156 Bank Insinger de Beaufort Netherlands 3 3 2 2*

157 Brookside US 3 3 3 2

158 Calypso US 3 3 5 2*

159 CCR France 3 5 3 3*

160 Clariden Leu Switzerland 3 5 1 5*

161 DE Shaw UK 3 2 2 2

162 Diamondback US 3 2 4 1*

163 Fonditel Spain 3 4 3 2

164 Gartmore UK 3 4 1 2*

165 Halbis France 3 2 3* 1*

166 Invercaixa Spain 3 3 4* 5*

167 Aegon Netherlands 4 2 2* 3 2

168 Alken UK 4 4 3* 1* 1*

169 Allianz Global Investors Netherlands 4 2 2 1* 1*

170 Aviva France 4 2 3* 1* 2*

171 Barings UK 4 4 2* 2* 5

172 Cazenove UK 4 4 2 1* 2

173 Dexia Netherlands 4 3 3 5 2

174 Local government pension Finland 4 3 1 4 1

175 Lupus Alpha Germany 4 1 4 2* 5*

176 Martin Currie UK 4 3 3 5 4*

177 MEAG Germany 4 4 3 2* 5*

178 Oddo France 4 5 2 4 2*

179 Neuberger Berman US 3 2 1 2

180 Oppenheim Germany 4 4 1* 4* 2

181 Polygon UK 4 2 3 2 2

182 Pyramis US 4 2 3 1 4

183 RBC Canada 4 3 1* 1 3*

184 SEB Sweden 4 2 1 2 5*

185 Swisscanto Switzerland 4 5 3 3 4*

186 T Rowe Price UK 4 1 5 1* 2*

187 Waddell & Reed US 4 2 3 1 2

188 William Blair US 4 3 4 2 1*

189 1 AP Fonden Sweden 3 1 5 5*

190 DePutron UK 3 4 2 5

191 Ontario Teachers Canada 3 3 3 1*

192 SEB Denmark 3 4 5 1*

193 SPF Netherlands 3 3 2 5

194 Thornburg US 3 4 4 1*

195 Trafalgar UK 3 4 1 4

196 Amber US 2 3 1*

197 ATP Denmark 2 1 1

198 Baillie Gifford UK 2 2 3

199 BNP Fortis France 2 1 5

200 Cheyne UK 2 1 1*

201 Julius Baer Switzerland 2 3 3*

202 Majedie UK 2 5 5

203 Aberdeen UK 3 4 5 3

204 Nykredit Denmark 2 5 5

205 Banque Privee Edmond de Rothschild France 3 3 5 2*

206 Banque Syz & Co Switzerland 3 4 3 4

207 Causeway US 3 5 4 2*

208 CM CIC France 3 2 3* 3*

209 Deutsche Germany 3 1 2* 1*

210 Elliot Advisors UK 3 3 2 4

211 Hermes UK 3 5 4 2*

212 Ibercaja Spain 3 3 3* 2

213 Kairos Italy 3 4 3 2*

214 Lazard US 3 - 2 5

215 Lord Abbett US 3 4 4 2

216 Oppenheimer US 2 4 3*

217 Marsico US 3 2 4 2

218 Pictet Germany 3 3 1* 5

219 Pioneer Austria 3 5 3* 4

220 Pohjola Finland 3 3 1* 3

221 Polar UK 3 5 1* 5

222 Royal London UK 3 3 1* 4*

223 Sarasin Switzerland 3 4 4 5*

224 Swiss & Global Switzerland 3 2 3 5

225 Tapiola Finland 3 3 1* 4

7




Total


226 UBI Pramerica Italy 3 5 1* 5

227 UBS GAM Switzerland 3 1 1 4*

228 Perry UK 2 4 1

229 Wellington UK 3 1 1 1*

230 PFA Denmark 2 3 1

231 Pioneer Ireland 2 4 1

232 Deutsche Bank Private Wealth Mgmt Germany 2 1 2*

233 Investor Sweden 2 1 3

234 Lone Pine US 2 3 3

235 Mason US 2 5 2*

236 Nordea Sweden 2 1 1

237 Occitan UK 2 5 1*

238 Storebrand Norway 2 3* 5*

239 Universities Superannuation Scheme UK 2 2* 1*

240 ADIA UAE 1 1

241 ASR Netherlands 1 1*

242 Balthazar UK 1 4

243 Banco Popular UK 1 5

244 Banque Delen Belgium 1 1*

245 Batterymarch US 1 4

246 BBVA Gestion Spain 1 5*

247 Bipiemme Italy 1 3

248 BNP Paribas US 1 2

249 British Columbia Canada 1 4

250 CCP Canada 1 2

251 CDC Canada 1 5

252 Credit Suisse UK 1 2

253 GesMadrid Spain 1 5

254 Industriens Pension Denmark 1 4

255 Kuwait Investment Office UK/Kuwait 1 2*

256 LD Denmark 1 5

257 Lyxor France 1 5

258 One Investments Switzerland 1 5

259 3 AP Fonden Sweden 2 5 5*

260 4 AP Fonden Sweden 2 1 5

261 Adage US 2 5 2*

262 Adelphi UK 2 2 3

263 Aequitas Germany 2 1 1*

264 Antaurus Netherlands 2 1* 1*

265 Aster X Netherlands 2 2 3*

266 Avenir Finland 2 4 5

267 AXA UK 2 1* 3*

268 BA Pension UK 2 4 3*

269 Balyasny US 2 3 5

270 Bawag Austria 2 4 2*

271 BNP Fortis UK 2 4 5

272 BNP Paribas Netherlands 2 1 1*

273 BNP Paribas IM France 2 2 1*

274 BNY Mellon US 2 4 5

275 Broad Peak Singapore 2 2 3

276 Cantillon UK 2 5 2*

277 Capital Research UK 2 2 2

278 Carnegie Denmark 2 1 3*

279 Carnegie Luxembourg 2 1 5*

280 Carnegie Norway 2 1 5*

281 Carnegie Sweden 2 1 5*

282 CDC France 2 5 2

283 CECA Spain 2 5 2

284 Centaurus UK 2 2 5

285 Citadel US 2 1 3

286 Coudree Switzerland 2 4 3

287 Davidson Kempner US 2 4 1

288 DE Shaw US 2 2 3

289 Deutsche US 2 1 2*

290 Dexia Denmark 2 3 5

291 Dexia France 2 3 5

292 DNCA France 2 4 3*

293 EEA UK 2 5 3

294 Eminence US 2 5 5

295 Erste Sparinvest Austria 2 3 2*

296 Evaluation Netherlands 2 1* 1*

297 Farringdon Netherlands 2 1* 1*

298 FIM Finland 2 3 2*

299 Franklin Advisers US 2 2 2*

300 Franklin Templeton UK 2 3* 2

8




Total


301 GE US 2 4 1

302 Go Capital Netherlands 2 2 1*

303 Halbis UK 2 3 1*

304 HSBC Trinkaus Germany 2 2 5

305 Ilmarinen Finland 2 1 1

306 Indus US 2 3 2

307 Lone Pine UK 2 2 4

308 MACIF Gestion France 2 3 4*

309 Miura Global US 2 3 5

310 Navitas Netherlands 2 2* 1*

311 Oechsle US 2 4 1

312 Old Lane UK 2 2 3

313 Old Mutual UK 2 2 1*

314 Petercam Netherlands 2 4 4*

315 Pioneer Italy 2 2 1*

316 Project Holland Fonds Netherlands 2 2* 1*

317 Pyrford International UK 2 2* 5

318 Raiffeisen Austria 2 2 3*

319 RCM Germany 2 3 1*

320 Richelieu Finance France 2 3 4*

321 Robeco France 2 1 4

322 Rothschild Luxembourg 2 1* 5*

323 Ruffer UK 2 4 5*

324 Sirios US 2 5 2

325 Sloane Robinson UK 2 3 3

326 Societe Generale France 2 1* 2

327 Sparinvest Denmark 2 2* 5*

328 Sycomore France 2 5 3*

329 Syntrus Netherlands 2 4 1

330 TCI UK 2 4 3

331 Tosca UK 2 3 3

332 Tradewinds US 2 1 2*

333 Tyrus UK 2 4 2

334 UBS PWM Switzerland 2 1 1*

335 Uniqa Austria 2 3 1*

336 Vanguard US 2 3 5

337 WestLB Germany 2 2 4*

338 Ziff Brothers UK 2 5 5

339 Zurich Life Insurance Switzerland 2 5 5

340 Bramshott Capital UK 1 1*

341 CMA France 1 4

342 CQS UK 1 4

343 Temasek Singapore 1 2

344 Ivaldi UK 1 4

345 Kadora France 1 2

346 THS UK 1 5

347 PointState (ex Duquesne) US 1 1*

348 Universal Germany 1 3

349 Van Lanschot Netherlands 1 4

350 2 AP Fonden Sweden 1 5

351 3G Capital US 1 4

352 7 AP Fonden Sweden 1 5

353 ABN Amro Private Wealth Management Netherlands 1 1*

354 Acadian AM US 1 2*

355 Advent Capital US 1 5

356 Aerion UK 1 2*

357 AFA Sweden 1 4

358 Southeastern US 0

359 Ahorro Spain 1 4

360 AKO UK 1 3*

361 Aktia Finland 1 5

362 Alandsbanken Finland 1 4

363 Aldersgate UK 1 5

364 Aletti Gestielle Italy 1 5

365 Alfred Berg Denmark 1 4

366 Alfred Berg Finland 1 4

367 Alfred Berg Norway 1 4

368 Alfred Berg Sweden 1 4

369 Algebris UK 1 5

370 Alkimis Italy 1 5

371 Allianz Belgium 1 2

372 Allianz France 1 2

373 Alpine Woods US 1 2

374 Amber France 1 2*

375 Amorim UK 1 3

9




Total


376 AP Fond Sweden 1 2

377 Aphilion Belgium 1 5*

378 AQR Capital US 1 4

379 Arkos Switzerland 1 3

380 Artesia Netherlands 1 5*

381 Assurances du Credit France 1 4

382 AXA Rosenberg UK 1 5

383 Axiom US 1 5

384 AZ Fund Luxembourg 1 5

385 Banca Albertini Syz Italy 1 5

386 Banca Aletti Italy 1 5

387 Banca Fideuram Ireland 1 3

388 Banco de Sabadell Spain 1 5

389 Banco Espirito Santo Portugal 1 5

390 Banco Popular Spain 1 5

391 Bankhaus Neelmeyer Germany 1 5

392 Bankinter Spain 1 4

393 Bankpyme Spain 1 2

394 Banque de Luxembourg Luxembourg 1 3

395 Banque et Caisse dEpargne de lEtat Canada 1 4

396 Banque Privee 1818 France 1 4

397 Banque Syz & Co UK 1 1

398 Barclays Wealth UK 1 3

399 BB&T US 1 1

400 BBT/Bass US 1 1*

401 BCM Partners UK 1 4

402 BCM Partners US 1 4

403 Bestinver Gestion Spain 1 2*

404 BlueBay UK 1 2

405 BNP Fortis Spain 1 1

406 BNP Paribas IM Netherlands 1 1*

407 Bordier Switzerland 1 3

408 BPI Portugal 1 5

409 Brandes Investment Partners US 1 2

410 BWM Switzerland 1 4*

411 Caisse Des Depots (fonds Propres) France 1 2*

412 Caja de Cataluna Gestion Spain 1 5

413 Caje Madrid Spain 1 3

414 CamGestion France 1 1*

415 Canada Life UK 1 4

416 Canada Pension Plan Canada 1 2

417 Capfi Delen Belgium 1 4

418 Capital Finance Belgium 1 4*

419 Capital Global UK 1 1*

420 Cartesio Inversiones Spain 1 2

421 Casperian UK 1 2*

422 Catella Sweden 1 5*

423 Caxton US 1 2

424 CCLA UK 1 4

425 Cdp Capital Canada 1 4*

426 Cdp Capital US 1 4

427 Children's Investment Fund UK 1 4

428 Chuo Mitsui Asset Management Japan 1 2

429 CI Canada 1 1*

430 CIBC US 1 3

431 Citigroup UK 1 5*

432 CM-CIC Asset Management France 1 2

433 Cogefi France 1 4

434 Compania Switzerland 1 3

435 Conatus Capital US 1 5

436 CPP Canada 1 4

437 CPR France 1 4

438 Credit Suisse France 1 2

439 Credit Suisse Spain 1 2

440 Credit Suisse PB Switzerland 1 2

441 Cube Invest Austria 1 4

442 Daiwa Japan 1 2

443 Danske Norway 1 2

444 Davis Selected US 1 5

445 DE Shaw Germany 1 1

446 Delaware US 1 3

447 Deutsche Postbank Germany 1 1

448 Dr Jens Ehrhardt Germany 1 2

449 Dupont US 1 2

450 Eagle Star Ireland 1 4

10




Total


451 EBN Spain 1 2

452 Ecureuil France 1 5

453 EFG France 1 3

454 EFG Switzerland 1 3

455 EFG UK 1 3

456 Elliot Advisors US 1 4

457 Emirates UAE 1 5

458 Epoch US 1 4

459 Evergreen US 1 5

460 Evli Finland 1 5

461 Evli Sweden 1 5

462 Farallon US 1 5

463 Farema Capital Services UK 1 4

464 Federal Finance Gestion France 1 2

465 Federis France 1 3*

466 Fidelity Canada 1 5

467 Fidessa Belgium 1 3*

468 Fideuram Italy 1 2

469 Financiere Lamartine France 1 4

470 First Eagle US 1 1

471 First New York US 1 5

472 FrontPoint US 1 5

473 Futuris Sweden 1 5

474 GAMCO US 1 2

475 Generali Italy 1 4

476 Generali Germany 1 4*

477 Geode Capital US 1 4

478 Gesbankinter Spain 1 2

479 Gestion Netherlands 1 1*

480 Glenview US 1 2

481 Global Thematic US 1 1

482 Goldman Sachs AM US 1 2

483 Goodman Canada 1 2

484 Governance For Owners UK 1 3*

485 Handelsbanken Denmark 1 1

486 Hansberger Canada 1 5

487 Harbinger UK 1 5

488 Hauck & Aufhaeuser Germany 1 4

489 Haywood UK 1 2

490 Highbridge UK 1 4

491 Hof Hoorneman Netherlands 1 4*

492 HSBC UK 1 2*

493 HSBC Private Banking UK 1 3

494 Independent UK 1 5

495 Index Finance UK 1 5*

496 Industrivarden Sweden 1 3

497 Invest AD UAE 1 5

498 Invus US 1 3

499 Irish Life Ireland 1 4

500 IVI UK 1 3*

501 Ivory US 1 5

502 J Safra UK 1 3*

503 Jana US 1 3

504 Janivo Netherlands 1 2*

505 JB Capital Spain 1 2

506 Jennison US 1 4

507 JP Morgan Germany 1 1

508 Julius Baer Germany 1 4

509 Jupiter Norway 1 3

510 Kadora Switzerland 1 3

511 Kaufman US 1 2

512 Keijser Netherlands 1 2*

513 Kempen UK 1 3*

514 Keyser Netherlands 1 5

515 KLP Norway 1 4*

516 Kuntien Elakevakuutus Finland 1 3*

517 Laegernes Pensionskasse Denmark 1 3

518 Lancaster UK 1 3

519 Lazard Freres Germany 1 4

520 Lehaussien Gestion Switzerland 1 5

521 Lincoln UK 1 3*

522 Lingohr & Partner Germany 1 2*

523 Liverpool Victoria UK 1 5

524 Long Oar US 1 5

525 Mac Capital (Nijenburgh) Netherlands 1 1*

11




Total


526 Mackay Shields US 1 5

527 Macquarie Netherlands 1 1

528 Main First Germany 1 1*

529 Mandatum Life Finland 1 4

530 Manning & Napier US 1 2

531 Mapfre Spain 1 5*

532 Marathon UK 1 5

533 Mediobanca Italy 1 2

534 Mediolanum Italy 1 5

535 Mercator US 1 4

536 Metzler Switzerland 1 1

537 MFC Global UK 1 2*

538 MFS UK 1 2*

539 Millennium Switzerland 1 2

540 Mirabaud Switzerland 1 4

541 Mitsubishi UFJ Trust and Banking Japan 1 3

542 Mizuho Asset Management Co. Ltd. Japan 1 2

543 MMA Insurance France 1 5

544 Mondrian UK 1 3

545 Moneta France 1 3

546 Montepío Loreto Spain 1 2

547 Moore US 1 1

548 Mutuactivos Gestora Spain 1 2

549 Nevsky UK 1 1

550 NFU UK 1 1*

551 Nikko Japan 1 5

552 Nissay Asset Management Co. Japan 1 2

553 Nomura Asset Management Japan 1 2

554 Nordea Norway 1 4

555 Nyenburgh Netherlands 1 2

556 Oceanwood UK 1 4

557 Ohman Sweden 1 5*

558 Ontario Municipal Employees Retirement SystemCanada 1 2

559 Oppenheimer Germany 1 2

560 Optimix Netherlands 1 2

561 Orbis UK 1 3

562 Orkla Pension Norway 1 2

563 Owl Creek US 1 4

564 Oxburgh UK 1 4

565 Palatine France 1 5

566 Parvus UK 1 4

567 Pensato UK 1 5

568 Pension Fennia Finland 1 5

569 PensionDanmark Denmark 1 5*

570 Philadelphia International Advisors LP US 1 2

571 Picton Mahoney Asset Management Canada 1 2

572 Pioneer Alternative Switzerland 1 1*

573 Popular Gestion France 1 3*

574 Popular Gestion Netherlands 1 3

575 Porter Orlin US 1 5

576 Principal Global Investors UK 1 1*

577 Progress Netherlands 1 2*

578 Ptarmigan UK 1 5*

579 Puila et co Belgium 1 3*

580 Quest for Growth Belgium 1 3*

581 R C Brown UK 1 3

582 Ram Capital Switzerland 1 5

583 Ratio Netherlands 1 1*

584 RBS UK 1 5

585 Rothschild France 1 2

586 Russell US 1 5

587 RWC UK 1 4

588 Salus Alpha Austria 1 4

589 SAM Denmark 1 4

590 SAM Finland 1 4

591 SAM UK 1 4

592 Sampo Finland 1 2

593 Seneca US 1 5

594 SG Private Banking Belgium 1 2

595 SG Tourmaline UK 1 1*

596 SG-Ivory Fund France 1 4

597 Shumway US 1 5

598 Siemens Germany 1 4

599 Sinfonia Spain 1 5

600 Singer & Friedlander UK 1 4

12




Total


601 SMA Gestion France 1 5

602 SRM Monaco 1 5

603 State of New Jersey US 1 3*

604 State of Wisconsin US 1 5

605 Sumitomo Mitsui Japan 1 2

606 Suttonbrook US 1 4

607 SUVA Switzerland 1 4

608 SVM UK 1 4*

609 Swiss Life Switzerland 1 5*

610 Tay Capital Netherlands 1 4*

611 TCS US 1 4

612 Tecnicas Gestao Fundos Portugal 1 5

613 Teslin Netherlands 1 1*

614 Texas Teachers US 1 5

615 The State Pension Fund Finland 1 4

616 Theleme Partners UK 1 5

617 Theorema UK 1 5

618 Theorema Italy 1 5

619 TI Group UK 1 3

620 Tiedemann Boltres US 1 5

621 Tocqueville France 1 5

622 Torreal Spain 1 2

623 Tradewinds Netherlands 1 2*

624 Tungsten Germany 1 4

625 Turner US 1 2

626 UB Finland 1 4

627 UBS Switzerland 1 3*

628 UBS UK 1 1

629 UBS AM France 1 2

630 Unicredit Italy 1 4

631 Unigestion Switzerland 1 4

632 Union Bancaire Privee Switzerland 1 4

633 Unipension Denmark 1 5

634 Unipol Italy 1 4

635 United Nations US 1 4

636 Universities Superannuation Scheme US 1 4

637 Valartis Switzerland 1 4

638 Valorica Spain 1 5

639 Van Herk Netherlands 1 1

640 Van Kampen Netherlands 1 4

641 Veritas UK 1 1*

642 Volksbank Austria 1 4*

643 Waterland Netherlands 1 2

644 Weisenhorn & Partner Austria 1 5

645 Wickham UK 1 5

646 Wijs & van Oostveen Effectenkantoor Netherlands 1 5

647 Wilhelm von Finck Germany 1 1

648 Wolfacre US 1 5

649 WWK Germany 1 5

650 Zadig UK 1 2*

651 Zenit Sweden 1 2

652 Ziff Brothers US 1 5

653 Zuercher Kantonalbank (ZKB) Switzerland 1 3

654 Zug Switzerland 1 5

655 Zwitserleven Netherlands 1 5*

656 ZZ Vermogensverwaltung Austria 1 5

13

Market based syndicate selection

We survey the key buy-side institutions identified by the banks to assess their ranking of potential syndicate banks

Primary focus on research and subsequently specialist sales and general distribution

Consistent and real feedback allows pitch promises to be put in perspective

14

Tier 1 IPO Research / Sales Franchise

Additional banks to consider

° Identified by the relevant bank as a key account of theirs

An advisor can conduct a unique syndicate bank selection process through investor calls

Bank A Bank B Bank C Bank D Bank E Bank F Bank G Bank H

Tier 1 UK Long °

Tier 1 FR. Long °

Tier 1 FR. Long ° °

Tier 1 UK Long ° ° ° ° ° ° ° °

Tier 1 CH Long ° ° ° °

Tier 1 UK Hedge ° ° ° ° °

Tier 1 GER Long ° °

Tier 1 UK Hedge ° ° ° ° °

Tier 1 UK Long ° ° ° ° ° ° ° °

Tier 1 UK Hedge // Long

° ° ° ° °

Tier 1 UK Long ° °

Tier 1 UK Long ° ° ° ° ° ° °

Tier 1 UK Hedge ° ° ° ° ° ° °


Tail investors key to the success of the transaction

15

Investors met on the Roadshow generated the bulk of demand but…

The investor “tail” was vital to the success of the deal and the “books covered” message on 1st day book

opened

By number of shares By number of investors By number of shares By number of investors

Roadshow investors

32%

Other investors

68%

Roadshow investors

71%

Other investors

29%

Final book of demand Book of demand (Day 1)

Tier 1 investors

22%

Outside "Tier 1"

78%

Tier 1 investors

57%

Outside "Tier 1"

43%

Identification of, and pre-marketing to, tail accounts was vital to success

Example IPO



www.stjadvisors.com

Economy & Finance

Подход к IR с позиции специалиста по рынкам акционерного капитала