Global IPO Watch Q2 2018PwC 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.
David [email protected]
Derek [email protected]
Kennedy [email protected]
Geoffrey [email protected]
Martin [email protected]
Jan-Willem de [email protected]
Ross [email protected]
Nadja [email protected]
Basis of preparationThe Global IPO Watch analyses IPO and FO trends on a quarterly basis, both at a global and regional level. It is based on data extracted from Dealogic, whereby only transactions with a minimum of $5 million money raised have been included. Transaction proceeds include the overallotment option (if exercised). The data excludes PIPO’s and transactions on Over-The-Counter exchanges. In case IPOs or FOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges. If a transaction is executed in two or more regions, the money raised is also attributed to all regions. Industry classification is based on the FTSE Russell Industry Classification Benchmark. Index performance is based on pricing data extracted from Bloomberg.
PwC
Q2 2018
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Global IPO Watch
Global money raised via IPOs and FOs (10-year overview)
IPO
mo
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y r
ais
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of
de
als
FO
mo
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y r
ais
ed
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of
de
als
Top countries 2018YTD
Source: Dealogic as of 30 June 2018
Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2018YTD. 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 FOsDespite geopolitical headwinds, IPOs raised a total of $58.1bn in the second quarter and $110.3bn YTD. FO activity experienced a relatively weak second quarter
$841.8bn
$642.0bn
$479.9bn $509.3bn$588.2bn $613.5bn
$685.8bn
$551.1bn$620.1bn
$272.2bn
3,554 3,5622,902
2,5083,046 3,178 3,322 3,185
3,561
1,630
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD
$121.2bn
$299.1bn
$178.8bn$142.5bn
$195.6bn
$274.3bn
$206.9bn
$142.5bn
$208.6bn
$110.3bn
502
1,2581,041
728865
1,167 1,1841,013
1,516
589
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD
United States,
36%
China, 8%
Hong Kong, 8%United Kingdom, 8%
Germany, 6%
Other, 34%
United States,
32%
China, 12%
Hong Kong, 10%Germany, 8%
United Kingdom, 5%
Other, 33%
PwC
Q2 2018
• In Q2 2018, 300 IPOs raised $58.1bn, compared to 398 IPOs with proceeds of $54.1bn in Q2 2017.
• FS-backed IPOs accounted for 17.9% of global IPO proceeds in Q2 2018, compared to 28.4% in the same period last year.
• The performance of IPOs YTD is lower than last year’s IPOs, especially due to the significant drop in number of IPOs in China, where transactions have historically performed extremely well.
4
Global IPO Watch Source: Dealogic, Bloomberg as of 30 June 2018
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 activityQuarterly IPO proceeds were up by 7% compared to Q2 2017 as a result of the listing of some jumbo IPOs. The number of IPOs however dropped by 25% in the same period
1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full).
3
2017 2018YTD
2016 2017 2016YTD 2017YTD 2018YTD Q2 2016 Q2 2017 Q2 2018
IPO activity
Number of IPOs 1,013 1,516 400 738 589 253 398 300
% sponsor-backed 9.5% 9.0% 12.0% 10.2% 9.3% 15.8% 10.6% 9.0%
Money raised $142.5bn $208.6bn $49.8bn $92.0bn $110.3bn $35.2bn $54.1bn $58.1bn
% sponsor-backed 22.7% 21.9% 29.5% 28.5% 16.8% 35.6% 28.4% 17.9%
Advanced metrics
Free float % 31.3% 41.6% 32.0% 31.6% 33.3% 32.9% 31.8% 32.2%
Overallotment exercised (%)1 25.3% 25.2% 29.8% 26.1% 25.7% 28.6% 27.1% 22.9%
% secondary shares 15.1% 14.5% 18.7% 14.0% 16.4% 19.2% 13.8% 16.8%
FO activity
Number of FOs 3,185 3,561 1,451 1,829 1,630 891 908 796
Money raised $551.1bn $620.1bn $273.1bn $332.3bn $272.2bn $155.9bn $164.1bn $131.3bn
16.5%
4.8%
17.9%
5.0%
20.4%
4.0%
24.7%
3.0%
12.9%
3.0%
1-Day 1-Week 1-Month 3-Month Current 75
100
125
150
175
Jan-16 Jul-16 Jan-17 Jul-17 Jan-18
FTSE 100 Hang Seng S&P 500
7% 6% 7% 7% 6%
14% 14% 17% 14% 14%
51% 53% 48% 55% 51%
24% 22% 27% 19% 24%
3% 4% 1% 4% 6%
2016 2017 2016YTD 2017YTD 2018YTD
Below range Bottom of range In range Top of range Above range
PwC
Q2 2018
1) Fibra E - Grupo Aeroportuario de la Ciudad de Mexico, 2) Fideicomiso CIB/2919 CFE Fibra E. 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).
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Global IPO Watch
Top 10 largest IPOs 2018YTD
Top 10 largest FOs 2018YTD
Source: Dealogic, Bloomberg as of 30 June 2018
Leading transactions 2018YTDChinese smartphone maker Xiaomi was the largest Q2 IPO raising $4.7bn on HKEX, closely followed by the $4.3bn Foxconn Industrial Internet listing on Shanghai SE
Pricing
dateIssuer name
Issuer
countrySector Exchange Filing range
Offer
pricePricing
Money
raised
Free
float
Secondary
shares (%)
Performance1-day 1-month Current
15-Mar-18 Siemens Healthineers Health Care Deutsche Börse 26.00 - 31.00 28.00 In range $5.2bn 15.0% 100.0% 7.9% 16.2% 26.3%
29-Jun-18 Xiaomi Technology HKEX 17.00 - 22.00 17.00 Bottom of range $4.7bn 9.7% 34.2% N/A N/A N/A
23-May-18 Foxconn Industrial Internet Technology Shanghai SE N/A 13.77 N/A $4.3bn 10.0% 0.0% 44.0% N/A 33.9%
9-May-18 AXA Equitable Financials NYSE 24.00 - 27.00 20.00 Below range $3.2bn 28.1% 100.0% 1.7% 5.3% 1.3%
23-Jan-18 PagSeguro Digital Industrials NYSE 17.50 - 20.50 21.50 Above range $2.6bn 38.0% 46.3% 35.8% 50.6% 29.4%
28-Mar-18 iQIYI Consumer Services NASDAQ 17.00 - 19.00 18.00 In range $2.4bn 19.0% 0.0% -13.6% -0.1% 77.5%
22-Mar-18 DWS Financials Deutsche Börse 30.00 - 36.00 32.50 In range $1.6bn 20.5% 100.0% 1.8% -4.5% -20.7%
23-Mar-18 Grupo Aeroportuario1 Industrials Mexican SE 100.00 - 100.00 100.00 In range $1.5bn 15.4% 0.0% 0.0% 0.0% 0.0%
18-Jan-18 ADT Industrials NYSE 17.00 - 19.00 14.00 Below range $1.5bn 14.0% 0.0% -11.5% -17.3% -39.9%
7-May-18 Vinhomes Financials Ho Chi Minh SE 100,500 - 114,700 114,700 Top of range $1.3bn 10.0% 100.0% -3.7% 1.6% -2.0%
Pricing
dateIssuer name
Issuer
countrySector Exchange Filing range
Offer
priceDeal type
Money
raised
Secondary
shares (%)
Performance1-day 1-month Current
22-Mar-18 Tencent Technology HKEX 439.40 - 439.40 405.00 FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% -1.2% -2.8%
20-Jun-18 Bayer Health Care Deutsche Börse 81.00 - 81.00 81.00 FO - Rights Offer $7.0bn 0.0% 19.0% N/A 16.5%
10-Apr-18 Hilton Worldwide Consumer Services NYSE 77.51 - 77.51 73.00 FO - Accelerated Bookbuild $4.8bn 100.0% 9.1% 13.4% 7.2%
5-Jun-18 RBS Financials LSE 2.81 - 2.81 2.71 FO - Accelerated Bookbuild $3.3bn 100.0% -1.9% N/A -6.1%
8-May-18 Canadian Nat. Resources Oil & Gas NYSE 35.11 - 35.11 34.10 FO - Bought Deal $3.3bn 100.0% 0.5% -0.6% 2.3%
4-Jan-18 Sempra Energy Utilities NYSE 105.35 - 105.35 107.00 FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 7.6%
1-May-18 Centene Health Care NYSE 110.17 - 110.17 107.50 FO - Accelerated Bookbuild $2.9bn 0.0% 6.3% 9.4% 15.1%
18-Apr-18 Renesas Electronics Technology Tokyo SE 987.00 - 987.00 1083.00 FO - Fully Marketed $2.7bn 100.0% 3.4% -2.0% 0.3%
4-May-18 Covestro Basic Materials Deutsche Börse 76.48 - 76.48 75.50 FO - Accelerated Bookbuild $2.6bn 100.0% -1.3% 4.6% 1.2%
20-Feb-18 Cineworld Consumer Services LSE 1.57 - 1.57 1.57 FO – Acc’d Bookbuild; RO $2.5bn 0.0% 53.4% 51.7% 68.2%
PwC
Q2 2018
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Global IPO Watch
Americas EMEA Asia-Pacific
IPO
mo
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& #
of
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als
FO
mo
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y r
ais
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& #
of
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als
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.
Source: Dealogic as of 30 June 2018
IPO and FO activity per regionAsia-Pacific retook the lead in terms of IPO activity in Q2 2018, whilst the Americas still has the highest amount of IPO proceeds on a year-to-date basis
$109.5bn
$50.9bn
$30.8bn
$67.2bn
$43.5bn
346246
149
262
153
2014 2015 2016 2017 2018YTD
$81.7bn$71.7bn
$35.7bn
$55.1bn
$29.0bn
279 269181
297
141
2014 2015 2016 2017 2018YTD
$83.1bn $84.3bn$77.3bn
$86.1bn
$37.9bn
542668 684
951
294
2014 2015 2016 2017 2018YTD
$230.3bn$243.3bn
$219.7bn $214.7bn
$108.7bn
1,1441,054 1,071
1,235
590
2014 2015 2016 2017 2018YTD
$182.4bn
$259.7bn
$215.1bn $216.8bn
$91.4bn
1,325 1,477 1,369 1,393
607
2014 2015 2016 2017 2018YTD
$204.5bn$190.8bn
$119.7bn
$189.7bn
$72.4bn
737 808 753943
440
2014 2015 2016 2017 2018YTD
PwC
Q2 2018
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Global IPO Watch
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 2016 – 2018YTD Top Exchanges 2018YTD
Top Exchanges 2018YTDMoney raised and number of FOs per Exchange 2016 – 2018YTD
Deutsche Börse
Shanghai SEHKEXNASDAQ (Global)
NYSEDeutsche
BörseNASDAQ (Global)
HKEXLSE Group
Source: Dealogic as of 30 June 2018
Top exchanges globally based on money raised in 2018YTDNYSE and NASDAQ are the leading exchanges for IPO and FO proceeds in 2018YTD
NYSE
$15bn
$35bn
$20bn $21bn $21bn $19bn $21bn$14bn $11bn
$6bn $3bn$9bn
$16bn $18bn$9bn
38
88 40
131
184
112 112 155
94
6 11 13
117
199
33
2016 2017 2018YTD
2016 2017 2018YTD
2016 2017 2018YTD
2016 2017 2018YTD
2016 2017 2018YTD
$118bn$115bn
$64bn$73bn $75bn
$40bn $40bn$55bn
$24bn $20bn $27bn $22bn$9bn
$27bn$17bn
348 375
160
526 620
335 311 372
177 246 272
108 59 87 41
2016 2017 2018YTD
2016 2017 2018YTD
2016 2017 2018YTD
2016 2017 2018YTD
2016 2017 2018YTD
NYSE, 17%
NASDAQ (Global),
17%
HKEX, 10%
Deutsche Börse, 8%
Shanghai SE, 8%
Other, 41%
NYSE, 23%
NASDAQ (Global),
14%
LSE Group, 8%
HKEX, 8%Deutsche Börse, 6%
Other, 41%
PwC
Q2 2018
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Global IPO Watch
Money raised and number of IPOs and FOs per sector 2016 – 2018YTD
IPO
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of
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FO
mo
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als
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 30 June 2018
Global IPO and FO activity per sectorTechnology had a strong quarter with three IPOs raising more than $1bn, ensuring 2018YTD proceeds already surpassed the 2017FY amount
2.9 9.3
2.8
15.1 24.4
6.2 15.2
26.1
12.1
49.6
66.9
37.9
14.2 13.3 13.0 23.1
35.0
17.2
4.5 10.3
2.4 7.5
17.5 17.6
0.5 1.6 0.2 9.9
4.0 0.9
59101
29
136200
62102
154
75
199
306
151120
157
66
235
376
111
24 36 12
121153
702 8 4 15 24 9
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
51.1 50.9 19.4
48.4 46.7 22.9
54.1 50.9 31.1
118.3
208.6
63.5 45.2 54.3
37.3
94.2 101.4
32.3
74.4 41.0
16.8 31.0 32.6 31.3
6.7 9.6 3.3 27.9 24.0 14.3
369 386
177303 297
130274 333
156
635
851
338447 524
305
540 557
243 270 224101
247 290132
37 37 15 63 62 33
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
PwC
Q2 2018
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.
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Global IPO Watch
Top 10 largest FS-backed IPOs 2018YTD globally
FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific
IPO
mo
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& #
of
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als
2017 2018YTD
55 (9%) sponsor-backed IPOs vs 534 (91%) non-sponsor-backed IPOs
Global FS-backed IPOs (by money raised)
Source: Dealogic as of 30 June 2018
136 (9%) sponsor-backed IPOs vs 1,380 (91%) non-sponsor-backed IPOs
Financial sponsor-backed IPO activity globallyFS-backed IPOs accounted for 17% of global IPO proceeds in 2018YTD of which 63% were raised in the Americas
Pricing date
Issuer name Exchange PricingMoney raised
Performance
1-day 1-month Current
18-Jan-18 ADT NYSE Below range $1.5bn -11.5% -17.3% -39.9%
12-Jun-18 Adyen Euronext Amsterdam Top of range $1.1bn 89.6% N/A 96.3%
23-May-18 GreenSky NASDAQ Top of range $1.0bn 1.6% 5.0% -7.9%
24-Jan-18 Gates Industrial NYSE In range $0.8bn -2.6% -10.2% -13.9%
18-Jan-18 Americold Realty Trust NYSE Top of range $0.8bn 11.1% 12.4% 39.1%
3-May-18 CEVA Logistics SIX Swiss Exchange Bottom of range $0.8bn -5.8% -7.9% -16.0%
4-May-18 Vivo Energy LSE; JSE In range $0.8bn 4.6% 3.0% -9.7%
10-May-18 Avast LSE Bottom of range $0.8bn -1.6% -13.8% -16.7%
19-Apr-18 Notre Dame Intermedica BOVESPA In range $0.8bn 22.7% 30.2% 31.5%
27-Jun-18 BJ's Wholesale Club NYSE Top of range $0.7bn 29.4% N/A 29.4%
$35.8bn
$15.6bn
$11.5bn
$23.5bn
$11.6bn
96
52
34
64
31
2014 2015 2016 2017 2018YTD
$17.0bn$14.2bn
$4.5bn$6.9bn
$0.8bn
48 43
22 22 6
2014 2015 2016 2017 2018YTD
$30.7bn $30.7bn
$16.3bn $15.3bn
$6.1bn
67 67
40 50
18
2014 2015 2016 2017 2018YTD
Sponsor-backed,
17%
Not Sponsor-backed,
83%
Sponsor-backed,
22%
Not Sponsor-backed,
78%
PwC
Q2 2018
10
Global IPO Watch
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.
Source: Dealogic, Bloomberg as of 30 June 2018
Volatility versus IPO activityVolatility came down in Q2 2018, despite a small uptick late May due to uproar in Italian politics, nerves around trade tariffs and talks between US and North Korea
18.419.9 19.0
16.918.6
16.0 16.8
21.6 22.7 23.1
26.7
23.3
28.425.8
20.719.4
15.5 16.514.3
12.8
17.014.9
$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
2013 2014 2015 2016 2017 2018
Global money raised via IPOs VIX (average per quarter)
18.419.9 19.0
16.918.6
16.0 16.8
21.6 22.7 23.1
26.7
23.3
28.425.8
20.719.4
15.5 16.514.3
12.8
17.014.9
-
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
2013 2014 2015 2016 2017 2018
Number of IPOs globally VIX (average per quarter)
PwC
Q2 2018
Americas
11
Global IPO Watch
PwC
Q2 2018
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Global IPO Watch
Money raised via IPOs and FOs in the Americas (10-year overview)
IPO
mo
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ais
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& #
of
de
als
FO
mo
ne
y r
ais
ed
& #
of
de
als
Top countries 2018YTD
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 2018YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.
Source: Dealogic as of 30 June 2018
Money raised via IPOs and FOs in the AmericasQ2 2018 IPO activity in the Americas increased year-on-year with 85 IPOs raising $22.2bn, bringing total YTD IPO proceeds to $43.5bn
$33.3bn$61.2bn $54.0bn $63.9bn
$83.1bn$105.8bn
$43.8bn$26.8bn
$54.7bn$36.7bn
$14.1bn
$11.8bn$7.0bn
$13.6bn
$14.4bn
$3.7bn
$7.1bn
$4.3bn
$14.2bn
$6.8bn
116
284 255 231
322 346
246
149
262
153
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD
North America Latin America Number of IPO's
$291.4bn$257.1bn
$184.6bn$223.3bn $230.9bn $216.0bn $240.8bn $211.6bn $202.1bn
$105.9bn
$16.7bn $87.4bn
$24.1bn$14.0bn $23.5bn
$18.3bn$7.9bn
$8.1bn $13.3bn
$2.8bn
1,383 1,4691,237
1,032 1,162 1,144 1,054 1,0711,235
590
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD
North America Latin America Number of FO's
United States, 89%
Canada, 9%Other, 2%
United States, 81%
Mexico, 11%
Brazil, 5%Other, 3%
PwC
Q2 2018
IPO and FO activity in the Americas
13
Global IPO Watch Source: Dealogic, Bloomberg as of 30 June 2018
Overview of IPO and FO activity in the AmericasThe Americas continue to experience a year-on-year uptick in both IPO volume and proceeds, supported by healthy valuation and a robust pipeline
• IPO proceeds totaled $22.2bn in Q2 2018, compared to $18.9bn in Q2 2017.
• Despite that the Americas saw the most FS-backed IPOs YTD globally, sponsor-backed activity decreased significantly as compared to the same period last year.
• IPO pricing in 2018 YTD has been more optimistic than in previous years with only 12% of the IPOs pricing below range.
• Post-IPO performance in 2018YTD is less positive than it was in 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’.
1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full).
Global indicesIPO pricing dynamics Post-IPO performance (median)
1
2
3
1
2
4
2017 2018YTD
2016 2017 2016YTD 2017YTD 2018YTD Q2 2016 Q2 2017 Q2 2018
IPO activity
Number of IPOs 149 262 53 119 153 41 80 85
% sponsor-backed 22.8% 24.4% 22.6% 31.9% 20.3% 26.8% 26.3% 18.8%
Money raised $30.8bn $67.2bn $9.0bn $34.8bn $43.5bn $7.6bn $18.9bn $22.2bn
% sponsor-backed 37.2% 35.0% 39.9% 47.8% 26.7% 44.9% 47.0% 25.1%
Advanced metrics
Free float % 33.6% 37.3% 32.5% 36.0% 37.4% 29.8% 36.7% 34.8%
Overallotment exercised (%)1 72.8% 76.8% 70.2% 80.0% 65.2% 73.0% 74.3% 62.5%
% secondary shares 8.2% 10.0% 6.5% 9.3% 7.2% 8.3% 7.7% 7.9%
FO activity
Number of FOs 1,071 1,235 497 692 590 311 316 286
Money raised $219.7bn $214.7bn $113.7bn $118.2bn $108.7bn $64.3bn $54.2bn $56.7bn
3.3%
1.7%
2.8%
1.6%
3.5%
2.4%
3.9%
1.3%
3.5%
2.4%
1-Day 1-Week 1-Month 3-Month Current 75
100
125
150
175
Jan-16 Jul-16 Jan-17 Jul-17 Jan-18
Dow Jones NASDAQ 100 S&P 500
26% 20% 27% 21%12%
11%15%
14%16%
16%
40% 46% 39% 44%48%
12% 9%18%
8% 11%
11% 11%2%
12% 13%
2016 2017 2016YTD 2017YTD 2018YTD
Below range Bottom of range In range Top of range Above range
2
3
4
PwC
Q2 2018
14
Global IPO Watch
Top 10 largest IPOs 2018YTD in the Americas
Top 10 largest FOs 2018YTD in the Americas
Leading transactions 2018YTD in the AmericasAXA Equitable, the US business of French insurer AXA, is the largest US IPO YTD raising $3.2bn on the NYSE in May
1) Fibra E - Grupo Aeroportuario de la Ciudad de Mexico, 2) Hapvida Participacoes e Investimentos SA, 3) Fideicomiso CIB/2919 CFE Fibra E. 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
countrySector Exchange Filing range
Offer
pricePricing
Money
raised
Free
float
Secondary
shares (%)
Performance1-day 1-month Current
9-May-18 AXA Equitable Holdings Financials NYSE 24.00 - 27.00 20.00 Below range $3.2bn 28.1% 100.0% 1.7% 5.3% 1.3%
23-Jan-18 PagSeguro Digital Industrials NYSE 17.50 - 20.50 21.50 Above range $2.6bn 38.0% 46.3% 35.8% 50.6% 29.4%
28-Mar-18 iQIYI Consumer Services NASDAQ 17.00 - 19.00 18.00 In range $2.4bn 19.0% 0.0% -13.6% -0.1% 77.5%
23-Mar-18 Grupo Aeroportuario1 Industrials Mexican SE 100.00 - 100.00 100.00 In range $1.5bn 15.4% 0.0% 0.0% 0.0% 0.0%
18-Jan-18 ADT Industrials NYSE 17.00 - 19.00 14.00 Below range $1.5bn 14.0% 0.0% -11.5% -17.3% -39.9%
23-Apr-18 Hapvida Participacoes2 Health Care BOVESPA 20.41 - 25.66 23.50 In range $1.0bn 23.2% 23.3% 22.8% 29.8% 28.9%
23-May-18 GreenSky Industrials NASDAQ 21.00 - 23.00 23.00 Top of range $1.0bn 23.0% 0.0% 1.6% 5.0% -7.9%
22-Mar-18 Dropbox Technology NASDAQ 16.00 - 18.00 21.00 Above range $0.9bn 10.6% 25.5% 35.6% 37.7% 59.1%
7-Feb-18 Fideicomiso CIB/29193 Financials Mexican SE 19.00 - 22.00 19.00 Bottom of range $0.9bn 85.3% 0.0% -0.1% 2.1% -6.8%
24-Jan-18 Gates Industrial Industrials NYSE 18.00 - 21.00 19.00 In range $0.8bn 15.6% 0.0% -2.6% -10.2% -13.9%
Pricing
dateIssuer name
Issuer
CountrySector Exchange Filing range
Offer
priceDeal type
Money
raised
Secondary
shares (%)
Performance1-day 1-month Current
10-Apr-18 Hilton Worldwide Consumer Services NYSE 77.51 - 77.51 73.00 FO - Accelerated Bookbuild $4.8bn 100.0% 9.1% 13.4% 7.2%
8-May-18 Canadian Nat. Resources Oil & Gas NYSE 35.11 - 35.11 34.10 FO - Bought Deal $3.3bn 100.0% 0.5% -0.6% 2.3%
4-Jan-18 Sempra Energy Utilities NYSE 105.35 - 105.35 107.00 FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 7.6%
1-May-18 Centene Health Care NYSE 110.17 - 110.17 107.50 FO - Accelerated Bookbuild $2.9bn 0.0% 6.3% 9.4% 15.1%
8-May-18 PPL Utilities NYSE 27.45 - 27.45 27.00 FO - Bought Deal $1.7bn 0.0% 3.3% -4.5% 6.0%
6-Mar-18 Duke Energy Utilities NYSE 75.86 - 75.86 75.00 FO - Bought Deal $1.6bn 0.0% 0.3% 4.2% 5.6%
27-Feb-18 General Motors Consumer Goods NYSE 40.17 - 40.17 39.80 FO - Bought Deal $1.6bn 100.0% -1.1% -12.4% 1.8%
27-Mar-18 Dominion Energy Utilities NYSE 69.22 - 69.22 67.85 FO - Bought Deal $1.5bn 0.0% -0.1% -2.2% 0.9%
3-Apr-18 SS&C Technologies Technology NASDAQ 51.84 - 51.84 47.50 FO - Accelerated Bookbuild $1.4bn 0.0% 3.1% 1.0% 9.2%
31-Jan-18 VICI Properties Financials NYSE 19.00 - 21.00 20.00 FO - Fully Marketed $1.4bn 0.0% 4.5% -2.3% 2.4%
Source: Dealogic, Bloomberg as of 30 June 2018
PwC
Q2 2018
15
Global IPO Watch
Money raised and number of IPOs and FOs per sector 2016 – 2018YTD 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
Financials Oil & GasConsumer
ServicesTelecom-
municationUtilities
Source: Dealogic, Bloomberg as of 30 June 2018
IPO and FO activity per sector in the AmericasFinancials continue to lead in 2018 YTD with $15.6bn IPO proceeds raised, whilst the Industrials and Consumer Services industries complete the top three
0.1 2.5
-3.4 2.1 0.5 1.8
9.4 6.6
11.9
23.7
15.6
3.7 4.7 5.5 3.6 6.1
9.4
2.6
8.4
1.7 3.3
9.4 4.2
- - - 0.3 0.8 -
3 13 11 11 5 828 16
45
104
5640 44 40
11 18 14 9 17 7 19 25 15 3 2
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
16.2 12.8 3.3
11.3 12.3 6.8
20.9 24.8 16.6
41.0
56.9
21.2 26.0
37.4
21.8 13.8
26.0
8.4
60.2
28.6
9.6 13.7
9.6 8.3 1.1 0.7 0.3
15.5
5.5 12.3
125 13053 42 57 25
75 9959
211289
107
260330
199
88123
43
178109
37 56 75 466 7 3 30 16 18
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
PwC
Q2 2018
16
Global IPO Watch
IPO activity of top countries in the Americas 2014 – 2018YTD
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 2018YTD.
Source: Dealogic as of 30 June 2018
Top countries in terms of IPO activity in the AmericasMexican IPO proceeds in 2018YTD are up by 89% compared to the same period last year, whereas Canadian IPO proceeds are down by 51%
$100.5bn
$38.9bn
$26.1bn
$51.5bn
$35.7bn
302
188
122
211
125
2014 2015 2016 2017 2018YTD
$3.5bn $6.9bn $3.6bn $6.4bn $4.7bn
12
2315 18
12
2014 2015 2016 2017 2018YTD
$0.2bn $0.2bn $0.2bn$6.4bn
$2.0bn
1 1 111
3
2014 2015 2016 2017 2018YTD
$5.4bn $4.9bn$0.7bn $4.2bn $1.4bn
30 34
8
24
12
2014 2015 2016 2017 2018YTD
PwC
Q2 2018
EMEA
17
Global IPO Watch
PwC
Q2 2018
18
Global IPO Watch
Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2018YTD
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 2018YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.
Source: Dealogic as of 30 June 2018
Money raised via IPOs and FOs in EMEAGermany and the UK both feature in the top five countries globally in terms of IPO proceeds, with German activity being driven by a smaller number of larger deals
$8.0bn
$40.4bn $33.3bn$15.9bn
$37.2bn
$69.4bn $68.8bn
$33.4bn$48.0bn
$27.2bn$2.5bn
$5.2bn$2.0bn
$2.1bn
$3.3bn
$12.9bn $3.5bn
$2.4bn
$7.1bn
$2.9bn
60
215167
101182
279 269181
297
141
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD
Europe Middle East & Africa Number of IPO's
$318.8bn
$135.2bn $132.4bn $115.1bn$174.2bn $192.4bn $179.1bn
$110.2bn$176.7bn
$64.4bn
$9.9bn
$12.4bn $10.0bn$9.3bn
$6.8bn$13.9bn
$12.2bn
$10.3bn
$13.1bn
$8.0bn
817 774628
521637 737 808 753
943
440
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD
Europe Middle East & Africa Number of FO's
United Kingdom,
30%
Germany, 24%
France, 8%
South Africa, 4%
Finland, 4%
Other, 30%
Germany, 29%
United Kingdom, 19%
The Netherlands, 7%
Italy, 6%
Switzerland, 5%
Other, 34%
PwC
Q2 2018
IPO and FO activity in EMEA
3
19
Global IPO Watch Source: Dealogic, Bloomberg as of 30 June 2018
Overview of IPO and FO activity in EMEAAfter a strong start to the year, IPO activity in EMEA slowed down slightly in Q2 2018 with IPO proceeds down by 25% year-on-year
• Mixed messages emanated from the ECB as inflation remains below target yet economic growth is strong.
• FO proceeds are down 39% in 2018YTD compared to H1 2017 whilst the number of FOs has only decreased by 14%.
• Post-IPO performance remains under some pressure in general. A notable exception was Adyen, which soared in the aftermarket. The shares finished up 89.6% at the close of the first trading day, making it the largest one day pop for a European $50m+ IPO with an open price range since ARC International in September 2000 (up 103.8%).
1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full).
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 indicesIPO pricing dynamics Post-IPO performance (median)
1
2
3
1
2
2017 2018YTD
2016 2017 2016YTD 2017YTD 2018YTD Q2 2016 Q2 2017 Q2 2018
IPO activity
Number of IPOs 181 297 103 149 141 73 90 80
% sponsor-backed 22.1% 16.8% 28.2% 17.4% 12.8% 32.9% 18.9% 11.3%
Money raised $35.7bn $55.1bn $18.3bn $22.0bn $29.0bn $13.6bn $15.5bn $11.6bn
% sponsor-backed 45.6% 27.8% 54.8% 30.2% 21.0% 59.7% 30.7% 39.0%
Advanced metrics
Free float % 38.9% 43.7% 37.6% 42.0% 43.1% 38.4% 39.1% 41.2%
Overallotment exercised (%)1 29.5% 26.4% 35.0% 30.9% 15.4% 34.7% 36.6% 10.4%
% secondary shares 36.8% 32.9% 39.7% 33.2% 32.2% 39.3% 33.2% 30.1%
FO activity
Number of FOs 753 943 364 509 440 230 274 227
Money raised $119.7bn $189.7bn $65.3bn $118.3bn $72.4bn $43.5bn $67.6bn $39.7bn
3.1%
1.7% 2.0%2.0% 2.0%
0.9%
2.4%
0.5%
-3.5%
1.4%
1-Day 1-Week 1-Month 3-Month Current 75
100
125
150
Jan-16 Jul-16 Jan-17 Jul-17 Jan-18
CAC 40 DAX FTSE 100
2% 3% 1% 3% 7%
24% 17% 27% 19% 15%
65% 68%60%
64% 69%
10% 10% 11% 11% 7%2% 2% 2%
2016 2017 2016YTD 2017YTD 2018YTD
Below range Bottom of range In range Top of range Above range
PwC
Q2 2018
20
Global IPO Watch
Top 10 largest IPOs 2018YTD in EMEA
Top 10 largest FOs 2018YTD in EMEA
Leading transactions 2018YTD in EMEAThe IPO of Dutch payment processor Adyen was the largest European IPO in Q2 2018 and saw a staggering 89.6% first day performance
1) Orange Egypt for Telecommunications. 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
countrySector Exchange Filing range
Offer
pricePricing
Money
raised
Free
float
Secondary
shares (%)
Performance1-day 1-month Current
15-Mar-18 Siemens Healthineers Health Care Deutsche Börse 26.00 - 31.00 28.00 In range $5.2bn 15.0% 100.0% 7.9% 16.2% 26.3%
22-Mar-18 DWS Financials Deutsche Börse 30.00 - 36.00 32.50 In range $1.6bn 20.5% 100.0% 1.8% -4.5% -20.7%
12-Jun-18 Adyen Industrials Euronext Amsterdam 220.00 - 240.00 240.00 Top of range $1.1bn 13.4% 100.0% 89.6% N/A 96.3%
21-Mar-18 ELKEM Basic Materials Oslo Børs 29.00 - 35.00 29.00 Bottom of range $0.9bn 41.8% 19.2% -4.1% 7.2% 31.0%
3-May-18 CEVA Logistics Industrials SIX Swiss Exchange 27.50 - 52.50 27.50 Bottom of range $0.8bn 72.2% 0.0% -5.8% -7.9% -16.0%
4-May-18 Vivo Energy Consumer Services LSE; JSE 1.55 - 1.80 1.65 In range $0.8bn 30.5% 100.0% 4.6% 3.0% -9.7%
10-May-18 Avast Technology LSE 2.50 - 3.20 2.50 Bottom of range $0.8bn 25.3% 75.5% -1.6% -13.8% -16.7%
2-Feb-18 Metrovacesa Financials BME 18.00 - 19.50 16.50 Below range $0.8bn 25.8% 100.0% -3.0% -9.1% -9.1%
29-Jan-18 SPAXS Financials Borsa Italiana 10.00 - 10.00 10.00 In range $0.7bn 100.0% 0.0% 2.0% 3.6% -1.6%
14-Jun-18 Kojamo Financials NASDAQ Helsinki 8.50 - 10.00 8.50 Bottom of range $0.6bn 23.0% 68.9% 0.6% N/A 7.7%
Pricing
dateIssuer name
Issuer
countrySector Exchange Filing range
Offer
priceDeal type
Money
raised
Secondary
shares (%)
Performance1-day 1-month Current
20-Jun-18 Bayer Health Care Deutsche Börse 81.00 - 81.00 81.00 FO - Rights Offer $7.0bn 0.0% 19.0% N/A 16.5%
5-Jun-18 RBS Financials LSE 2.81 - 2.81 2.71 FO - Accelerated Bookbuild $3.3bn 100.0% -1.9% N/A -6.1%
4-May-18 Covestro Basic Materials Deutsche Börse 76.48 - 76.48 75.50 FO - Accelerated Bookbuild $2.6bn 100.0% -1.3% 4.6% 1.2%
20-Feb-18 Cineworld Group Consumer Services LSE 1.57 - 1.57 1.57 FO – Acc’d Bookbuild; FO $2.5bn 0.0% 53.4% 51.7% 68.2%
11-Jan-18 Covestro Basic Materials Deutsche Börse 88.46 - 88.46 86.25 FO - Accelerated Bookbuild $2.2bn 100.0% 2.6% -3.0% -11.4%
11-Jun-18 Dubai Islamic Bank Financials Dubai FM 3.11 - 3.11 3.11 FO - Rights Offer $1.4bn 0.0% 66.9% N/A 56.6%
3-May-18 Vonovia Financials Deutsche Börse 39.49 - 39.49 38.30 FO - Accelerated Bookbuild $1.2bn 0.0% 7.1% 4.2% 6.4%
8-Feb-18 Umicore Basic Materials Euronext Brussels 40.90 - 40.90 39.80 FO - Accelerated Bookbuild $1.1bn 0.0% 10.8% N/A 18.5%
21-Mar-18 UbiSoft Entertainment Consumer Goods Euronext Paris 68.56 - 68.56 66.00 FO - Accelerated Bookbuild $1.1bn 100.0% 7.8% 19.9% 40.9%
13-Jun-18 Neste Oil & Gas NASDAQ Helsinki 69.18 - 69.18 67.30 FO - Accelerated Bookbuild $1.0bn 100.0% -1.1% N/A -0.2%
Source: Dealogic, Bloomberg as of 30 June 2018
PwC
Q2 2018
21
Global IPO Watch
Money raised and number of IPOs and FOs per sector 2016 – 2018YTD in EMEA
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
Financials Oil & GasConsumer
ServicesTelecom-
municationUtilities
Source: Dealogic, Bloomberg as of 30 June 2018
IPO and FO activity per sector in EMEAFinancials dominate activity levels yet again, whilst Health Care and Industrials complete the top three largest sectors by IPO proceeds
0.2 1.7 1.1 2.9
8.6
1.5 4.4
7.6
2.7
7.5
18.9
10.5
3.2 2.8 6.4 7.5
9.7
3.7 1.0 1.4 0.6 0.3
2.2 1.9 0.5 1.5 0.1
8.2
0.7 0.5
4 8 3
23 2913
2234
16
47
94
49
2537
9
29
51
237 10 3
1829
212 3 1 4 2 3
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
12.6 10.5 8.2 9.6 12.4 4.4
10.1 11.6 9.7
39.4
93.0
23.7
7.2 11.0 9.7
24.0 23.8
6.7 8.5 5.2 3.5 4.8 5.9 3.2 1.1 3.7 2.4 2.4 12.8
1.0
50 5929
56 7126
69112
54
229282
12395 114
60
122 138
59 55 61 40 58 7634
9 11 8 10 19 7
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
PwC
Q2 2018
22
Global IPO Watch
IPO activity of top countries in EMEA 2014 – 2018YTD
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 2018YTD.
Source: Dealogic as of 30 June 2018
Top countries in terms of IPO activity in EMEAUK was the most active in terms of IPO numbers YTD, whereas Germany leads in terms of IPO proceeds with Siemens Healthineers being the largest IPO YTD globally
$4.7bn
$7.9bn$5.8bn
$3.2bn
$8.9bn
816
6 11 14
2014 2015 2016 2017 2018YTD
$9.1bn$7.5bn
$3.2bn$0.8bn
$2.2bn
6 8 5 2 5
2014 2015 2016 2017 2018YTD
$27.9bn
$19.8bn
$7.6bn
$14.8bn
$5.8bn
112
74
52
80
37
2014 2015 2016 2017 2018YTD
3.8 $6.2bn
$1.6bn
$6.2bn
$1.9bn
20 239
2711
2014 2015 2016 2017 2018YTD
PwC
Q2 2018
Asia-Pacific
23
Global IPO Watch
PwC
Q2 2018
24
Global IPO Watch
Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries 2018YTD
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 2018YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.
Source: Dealogic as of 30 June 2018
Money raised via IPOs and FOs in Asia-PacificAlmost two thirds of IPO proceeds in Asia-Pacific YTD were raised in China and Hong Kong; regional proceeds were up by 8% despite a 37% drop in the number of IPOs
$68.3bn
$175.3bn
$91.0bn
$51.3bn $48.2bn$66.2bn $77.8bn $71.5bn $81.3bn
$36.2bn
$2.5bn
$8.0bn
$1.5bn
$1.5bn $10.2bn
$17.0bn $6.5bn $5.8bn$4.8bn
$1.7bn
326
761620
397 363542
668 684
951
294
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD
Asia Australasia Number of IPO's
$183.4bn $206.8bn
$115.1bn $135.1bn $140.5bn $160.1bn$218.3bn $197.7bn $194.7bn
$81.3bn
$63.5bn $23.6bn
$23.5bn$17.6bn $20.7bn
$22.3bn
$41.5bn
$17.9bn $22.1bn
$10.1bn
1,381 1,3521,077 978
1,265 1,3251,477 1,369 1,393
607
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD
Asia Australasia Number of FO's
Hong Kong, 24%
China, 24%
Japan, 13%
Australia, 10%
South Korea, 9%
Other, 20%
China, 35%
Hong Kong, 30%
India, 10%
Japan, 8%
Vietnam, 6%
Other, 11%
PwC
Q2 2018
IPO pricing dynamics
IPO and FO activity in Asia-Pacific
25
Global IPO Watch Source: Dealogic, Bloomberg as of 30 June 2018
• The number of IPOs has dropped by 41% compared to Q2 2017.
• IPO proceeds totalled $24.2bn in Q2 2018 compared to $19.7bn in the same period last year.
• Pricing dynamics have been positive for Asian-Pacific IPOs YTD with 40% of the IPOs pricing at the top of their initial pricing range.
• Post-IPO performance in 2018 YTD is down compared to last year but still significantly higher than in other regions.
Overview of IPO and FO activity in Asia-PacificThe average deal size of Asian Pacific IPOs has more than doubled from $87m in Q2 2017 to $182m in Q2 2018
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’.
1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full).
Global indicesPost-IPO performance (median)
1
2
3
4
1
3
2
2017 2018YTD
2016 2017 2016YTD 2017YTD 2018YTD Q2 2016 Q2 2017 Q2 2018
IPO activity
Number of IPOs 684 951 244 465 294 139 227 133
% sponsor-backed 3.2% 2.3% 2.9% 2.4% 2.0% 3.6% 1.8% 1.5%
Money raised $77.3bn $86.1bn $22.4bn $35.2bn $37.9bn $14.0bn $19.7bn $24.2bn
% sponsor-backed 5.9% 8.0% 4.7% 8.4% 2.2% 7.2% 8.9% 1.2%
Advanced metrics
Free float % 28.9% 42.0% 29.6% 27.6% 26.8% 30.9% 27.5% 25.0%
Overallotment exercised (%)1 15.6% 12.6% 19.7% 12.5% 11.1% 13.2% 8.6% 6.2%
% secondary shares 10.9% 10.1% 12.5% 9.2% 13.8% 11.9% 8.4% 14.8%
FO activity
Number of FOs 1,369 1,393 594 631 607 352 319 285
Money raised $215.1bn $216.8bn $97.2bn $96.1bn $91.4bn $51.3bn $42.3bn $34.9bn
44.0%
13.9%
77.0%
14.8%
77.2%
13.3%
71.0%
14.0%
37.3%
5.2%
1-Day 1-Week 1-Month 3-Month Current
3% 2% 3% 3% 1%13% 13% 13% 12% 13%
50% 50% 46% 56%44%
32% 33% 36%27%
40%
2% 2% 2% 2% 3%
2016 2017 2016YTD 2017YTD 2018YTD
Below range Bottom of range In range Top of range Above range
75
100
125
150
175
Jan-16 Jul-16 Jan-17 Jul-17 Jan-18
Hang Seng Nikkei 225 SENSEX
4
PwC
Q2 2018
26
Global IPO Watch
Top 10 largest IPOs 2018YTD in Asia-Pacific
Top 10 largest FOs 2018YTD in Asia-Pacific
1) Ping An HealthCare & Technology Co Ltd, 2) Vietnam Technological & Commercial Joint Stock Bank – Techcombank, 3) Contemporary Amperex Technology Co Ltd. 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).
Leading transactions 2018YTD in Asia-PacificThe IPO of Chinese phone maker Xiaomi raised $4.7bn on the last trading day of the quarter, making it the largest IPO YTD globally
Pricing
dateIssuer name
Issuer
countrySector Exchange Filing range
Offer
pricePricing
Money
raised
Free
float
Secondary
shares (%)
Performance
1-day 1-month Current
29-Jun-18 Xiaomi Technology HKEX 17.00 - 22.00 17.00 Bottom of range $4.7bn 9.7% 34.2% N/A N/A N/A
23-May-18 Foxconn Industrial Internet Technology Shanghai SE N/A 13.77 N/A $4.3bn 10.0% 0.0% 44.0% N/A 33.9%
7-May-18 Vinhomes Financials Ho Chi Minh SE 100,500 - 114,700 114,700 Top of range $1.3bn 10.0% 100.0% -3.7% 1.6% -2.0%
26-Apr-18 Ping An HealthCare & Tech.1 Consumer Services HKEX 50.80 - 54.80 54.80 Top of range $1.1bn 26.1% 0.0% 0.0% -18.5% -8.8%
11-Jun-18 Mercari Technology TSE 2,700 - 3,000 3,000 Top of range $1.1bn 30.1% 55.4% 76.7% N/A 51.2%
20-Apr-18 L1 Long Short Fund Financials ASX 2.00 - 2.00 2.00 In range $1.0bn 0.0% 0.0% -0.5% 2.5% -6.0%
19-Jun-18 Jiangxi Bank Financials HKEX 5.94 - 6.66 6.39 In range $1.0bn 20.0% 0.0% 0.3% N/A 0.2%
28-Apr-18 Vietnam Techcombank2 Financials Ho Chi Minh SE 120,000 - 128,000 128,000 Top of range $0.9bn N/A 60.8% -20.0% N/A -28.4%
11-Jan-18 Bank of Gansu Financials HKEX 2.61 - 2.77 2.69 In range $0.9bn 26.1% 0.0% 7.1% 5.6% -3.4%
29-May-18 Contemporary Amperex Tech. Consumer Goods Shenzhen SE N/A 25.14 N/A $0.9bn 10.0% 0.0% 44.0% N/A 186.2%
Pricing
dateIssuer name
Issuer
countrySector Exchange Filing range
Offer
priceDeal type
Money
raised
Secondary
shares (%)
Performance
1-day 1-month Current
22-Mar-18 Tencent Technology HKEX 439.40 - 439.40 405.00 FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% -1.2% -2.8%
18-Apr-18 Renesas Electronics Technology Tokyo SE 987.00 - 987.00 1,083 FO - Fully Marketed $2.7bn 100.0% 3.4% -2.0% 0.3%
6-Mar-18 Blackcow Food Consumer Goods Shenzhen SE N/A 16.70 FO - Cash Placing $2.4bn 0.0% -0.3% -9.2% -35.6%
29-Jan-18 Shenwan Hongyuan Financials Shenzhen SE N/A 4.84 FO - Cash Placing $1.9bn 0.0% 13.2% 4.1% -9.7%
14-May-18 Digital Telecom. Infra. Technology Thailand SE 13.60 - 13.90 13.90 FO - Grntd Pref. Allocation $1.7bn 0.0% 4.3% 5.0% 4.3%
12-Mar-18 Tata Consultancy Services Technology BSE; NSE 2,872 - 2,925 2,872 FO - Accelerated Bookbuild $1.4bn 100.0% 0.7% 9.2% -35.7%
5-Mar-18 Yakult Honsha Consumer Goods Tokyo SE 7,940 - 7,940 7,032 FO - Fully Marketed $1.3bn 100.0% 9.1% 14.2% 5.2%
13-Apr-18 Samsung Heavy Industries Industrials Korea Exchange 6,510 - 6,510 5,870 FO - Rights Offer $1.3bn 0.0% 30.8% 36.1% 21.6%
19-Feb-18 Woodside Petroleum Oil & Gas ASX 27.00 - 27.00 27.00 FO – Acc’d Bookbuild; RO $1.2bn 0.0% 6.0% 5.8% 31.3%
14-Mar-18 Tata Steel Basic Materials BSE; NSE 510.00 - 510.00 510.00 FO - Rights Offer $1.2bn 0.0% 19.9% 16.7% 11.3%
Source: Dealogic, Bloomberg as of 30 June 2018
PwC
Q2 2018
27
Global IPO Watch
Money raised and number of IPOs and FOs per sector 2016 – 2018YTD in Asia-Pacific
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
Financials Oil & GasConsumer
ServicesTelecom-
municationUtilities
Source: Dealogic, Bloomberg as of 30 June 2018
IPO and FO activity per sector in Asia-PacificFinancials remained the most active industry in terms of IPO activity, whilst H1 IPO proceeds in the Technology industry rose more than fivefold year-on-year
2.6 5.1
1.7
8.8 13.7
4.3 9.0 9.2
2.8
30.1
24.2
11.8 7.2 5.8
1.1
12.0
19.3
4.1 0.9 0.4 0.2
5.3 5.8 11.5
- 0.1 0.1 1.3 2.5 0.3
5280
26
102160
4572 92
43
107 10245 55 76
16
195
307
74
8 9 2
85 99
340 5 3 8 20 6
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
25.4 28.4
7.9
27.5 22.0
11.7 23.1
14.6 4.7
37.9
58.7
18.6 12.0
6.1 6.0
56.5 51.7
17.3 5.7 7.1 3.8
12.5 17.2 19.8
4.5 5.3 0.7 10.0 5.6 1.0
197 202
100
206169
79130 122
43
195
280
108 92 8247
331 297
141
39 5525
134 140
5222 19 4 23 27 8
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
'16 '17 '18YTD
PwC
Q2 2018
28
Global IPO Watch
IPO activity of top countries in Asia-Pacific 2014 – 2018YTD
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 2018YTD.
Source: Dealogic as of 30 June 2018
Top countries in terms of IPO activity in Asia-PacificA stricter admission process and long waiting lists for Chinese IPOs have resulted in the number of Chinese IPOs to drop by 75%, whereas proceeds are down by 19% YTD
12.9
$25.8bn $24.3bn
$31.6bn
$13.2bn
126
220252
411
57
2014 2015 2016 2017 2018YTD
$0.2bn$2.1bn
$4.0bn
$11.5bn
$3.8bn
5 22 28 45 29
2014 2015 2016 2017 2018YTD
$11.6bn$15.6bn
$10.6bn
$6.0bn$3.0bn
75 78 73 8038
2014 2015 2016 2017 2018YTD
$28.7bn
$23.7bn$21.3bn
$14.3bn$11.2bn
108 116 112155
94
2014 2015 2016 2017 2018YTD
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