Nadja Picard Carsten Stäcker Stephan Wyrobisch - pwc.de · Japan, 4% Other, 32%. PwC Q1 2018 •...

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PwC IPO CentreQ1 2018 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.

Martin [email protected]

Ross [email protected]

Nadja [email protected]

Jan-Willem de [email protected]





PwC

Q1 2018

Basis of preparation

2

Quarterly ECM Briefing

The Global Equity Capital Markets Briefing 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

Q1 2018

3


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

IPO

mo

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& #

of

de

als

FO

mo

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& #

of

de

als

Top countries 2018YTD

Source: Dealogic as of 31 March 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

mo

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y r

ais

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& #

of

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als

Global money raised via IPOs and FOsA strong start to the year with IPOs almost reaching the $50bn proceeds mark, however with FO activity slightly down year-on-year

United States,

35%

Germany, 15%China, 11%

Hong Kong, 6%

Mexico, 5%

Other, 28%

$841,8bn

$642,0bn

$479,9bn $509,3bn$588,2bn $613,5bn

$685,8bn

$551,1bn$620,1bn

$137,5bn

3.554 3.5622.902

2.5083.046 3.178 3.320 3.184

3.561

813

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

$121,2bn

$299,1bn

$178,8bn$142,5bn

$195,6bn

$274,3bn

$206,7bn

$142,5bn

$207,1bn

$49,7bn

502

1.2581.041

728865

1.167 1.1831.012

1.507

281

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

United States,

34%

Hong Kong, 13%

China, 10%

United Kingdom, 7%

Japan, 4%

Other, 32%

PwC

Q1 2018

• In Q1 2018, 281 IPOs raised $49.7bn, compared to 336 IPOs with proceeds of $37.8bn in Q1 2017.

• The average deal size of non financial sponsor-backed IPOs has almost doubled year-on-year, whereas the average amount of money raised by sponsor-backed IPOs has fallen to its lowest point since Q3 2015.

• Post-IPO performance is under pressure as global equity indices are down and the number of (usually well-performing) Chinese IPOs is constrained by regulatory scrutiny.

4

Quarterly ECM Briefing Source: Dealogic, Bloomberg as of 31 March 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 activityThe amount of money raised via IPOs in Q1 2018 is 32% higher compared to the same period last year, despite a 16% drop in the number of deals

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

2016 2017 Q1 2016 Q1 2017 Q1 2018

IPO activity

Number of IPOs 1,012 1,507 147 336 281

% sponsor-backed 9.5% 8.9% 5.4% 9.8% 9.6%

Money raised $142.5bn $207.1bn $14.6bn $37.8bn $49.7bn

% sponsor-backed 22.7% 21.5% 14.8% 28.7% 15.9%

Advanced metrics

Free float % 31.3% 41.6% 30.5% 31.4% 33.5%

Overallotment exercised (%)1 25.3% 25.2% 31.9% 25.2% 20.0%

% secondary shares 15.0% 14.7% 17.7% 14.4% 16.0%

FO activity

Number of FOs 3,184 3,561 560 922 813


3

2017 2018YTD

75

100

125

150

175

Jan-16 Jul-16 Jan-17 Jul-17 Jan-18

FTSE 100 Hang Seng S&P 500

7% 6% 5% 7% 6%

14% 14% 17% 10% 16%

51% 53%42% 54% 50%

24% 23% 37% 23% 24%

3% 4% 5% 4%

2016 2017 2016YTD 2017YTD 2018YTD

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

15,7%

3,8%

17,2%

4,2%

19,2%

2,4%

24,2%

0,0%

23,6%

2,2%

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

N/A

PwC

Q1 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).

5


Top 10 largest IPOs 2018YTD

Top 10 largest FOs 2018YTD

Source: Dealogic, Bloomberg as of 31 March 2018

Leading transactions 2018YTDThe number of jumbo IPOs doubled compared to Q1 2017, with six billion dollar + IPOs

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 $4.5bn 13.0% 100.0% 7.9% N/A 19.3%

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% 78.2%

28-Mar-18 iQIYI Consumer Services NASDAQ 17.00 - 19.00 18.00 In range $2.3bn 17.7% 0.0% -13.6% N/A -13.6%

22-Mar-18 DWS Financials Deutsche Börse 30.00 - 36.00 32.50 In range $1.6bn 20.0% 100.0% 1.8% N/A -3.1%

23-Mar-18 Grupo Aeroportuario1 Industrials Mexican SE 100.00 - 100.00 100.00 In range $1.5bn 100.0% 0.0% 0.0% N/A 0.2%

18-Jan-18 ADT Industrials NYSE 17.00 - 19.00 14.00 Below range $1.5bn 14.0% 0.0% -11.5% -17.3% -43.4%

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% 4.8%

22-Mar-18 Dropbox Technology NASDAQ 16.00 - 18.00 21.00 Above range $0.9bn 10.5% 25.5% 35.6% N/A 48.8%

7-Feb-18 Fideicomiso CIB/29192 Financials Mexican SE 19.00 - 22.00 19.00 Bottom of range $0.9bn 85.3% 0.0% N/A 2.1% 0.3%

24-Jan-18 Gates Industrial Corp Industrials NYSE 18.00 - 21.00 19.00 In range $0.8bn 15.6% 0.0% -2.6% -10.2% -7.8%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)


22-Mar-18 Tencent Holdings Technology HKEx 439.40 - 439.40 405.00 FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% N/A 1.1%

4-Jan-18 Sempra Energy Utilities NYSE 105.35 - 105.35 107.00 FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 3.9%

20-Feb-18 Cineworld Group Consumer Services LSE 1.57 - 1.57 1.57 FO – Acc’d Bookbuild; RO $2.5bn 0.0% 53.4% 51.7% 50.2%

6-Mar-18 Blackcow Food Consumer Goods Shenzhen SE N/A 16.70 FO - Cash Placing $2.4bn 0.0% -0.3% N/A -6.5%

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% -7.4%

29-Jan-18 Shenwan Hongyuan Group Financials Shenzhen SE N/A 4.84 FO - Cash Placing $1.9bn 0.0% 13.2% 4.1% 2.7%

6-Mar-18 Duke Energy Utilities NYSE 75.86 - 75.86 75.00 FO - Bought Deal $1.6bn 0.0% 0.3% N/A 3.3%

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% -8.7%

31-Jan-18 VICI Properties Financials NYSE 19.00 - 21.00 20.00 FO - Fully Marketed $1.4bn 0.0% 4.5% -2.3% -8.4%

12-Mar-18 Tata Consultancy Services Technology BSE; NSE 2,872 - 2,925 2872.00 FO - Accelerated Bookbuild $1.4bn 100.0% 0.7% N/A -0.8%

PwC

Q1 2018

6


Americas EMEA Asia-Pacific

IPO

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of

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FO

mo

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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.


IPO and FO activity per regionAsia-Pacific comes in last in terms of IPO proceeds in Q1 2018, even though it ranks first in terms of the number of transactions

$109,5bn

$50,7bn

$30,8bn

$65,8bn

$20,3bn

346246

149

258

63

2014 2015 2016 2017 2018YTD

$83,1bn $84,3bn$77,3bn

$86,1bn

$13,2bn

542668 683

952

160

2014 2015 2016 2017 2018YTD

$81,7bn$71,7bn

$35,7bn

$55,1bn

$16,3bn

279 269181

297

59

2014 2015 2016 2017 2018YTD

$230,3bn$243,3bn

$219,7bn $214,6bn

$51,3bn

1.1441.054 1.071

1.235

298

2014 2015 2016 2017 2018YTD

$182,4bn

$259,7bn

$215,1bn $216,9bn

$54,0bn

1.325 1.477 1.369 1.394

312

2014 2015 2016 2017 2018YTD

$204,5bn$190,8bn

$119,6bn

$189,7bn

$32,5bn

737 806 752942

208

2014 2015 2016 2017 2018YTD

PwC

Q1 2018

7


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

LSE Group HKExDeutsche

BörseNASDAQ (Global)

NYSE Shenzhen SENASDAQ (Global)

LSE GroupHKEx


Top exchanges globally based on money raised in 2018YTDListing regime reforms are expected to drive a burst of activity on HKEx going forward

NYSE

$15bn

$35bn

$10bn

$21bn $21bn

$8bn $6bn $3bn$8bn $9bn

$21bn

$3bn

$21bn$14bn

$3bn

38

88

21

131

183

42 6 11 7

59 107

20

112 155

56

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

$118bn$115bn

$31bn

$73bn $75bn

$19bn $20bn $27bn$18bn

$40bn$55bn

$11bn

$80bn

$37bn

$9bn

348 375

80

526 620

163 246 274

55

311 373

85

306 182

34

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

NYSE, 20%

NASDAQ (Global),

15%

Deutsche Börse, 15%LSE Group,

6%

HKEx, 6%

Other, 39%

NYSE, 21%

NASDAQ (Global),

13%

HKEx, 12%

LSE Group, 7%

Shenzhen SE, 6%

Other, 39%

PwC

Q1 2018

8


Money raised ($bn) and number of IPOs and FOs per sector 2016 – 2018YTD

IPO

mo

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ed

& #

of

de

als

FO

mo

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& #

of

de

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


Global IPO and FO activity per sectorFinancials continue to dominate in terms of IPO and FO activity, whilst Health Care has also seen a strong quarter in terms of IPO and FO proceeds

51,1 50,9

9,5

48,3 46,7 14,1

54,1 50,8

16,5

118,3

208,6

32,0 45,8 54,3

15,0

94,2 101,5

12,5

73,8 41,0

8,0 31,0 32,6

18,3 6,7 9,6 2,5 27,9 24,0

9,2

369 386

92

302 297

60

274 332

87

635

854

173

448 524

153

540 556

106269 225

49

247 289

68 37 36 6 63 62 19

'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

2,9 9,3

1,8

15,1 24,4

2,8

15,2 26,1

6,7

49,6

65,3

17,4 14,2 13,3 7,0

23,1

35,0

9,4 4,5

10,3 2,2

7,5 17,5

1,8 0,5 1,6 0,1 9,9

4,0 0,5

59102

15

135200

33102

154

46

199

296

70120

157

26

235

376

49 24 36 9

121153

28 2 8 2 15 24 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

PwC

Q1 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.

9


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

27 (10%) sponsor-backed IPOs vs 254 (90%) non-sponsor-backed IPOs

Global FS-backed IPOs (by money raised)


134 (9%) sponsor-backed IPOs vs 1,373 (91%) non-sponsor-backed IPOs

Financial sponsor-backed IPO activity globally74% of global FS-backed IPO proceeds were raised in the Americas, with 7 of the top 10 largest FS-backed IPOs being executed on the NYSE

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% -43.4%

24-Jan-18 Gates Industrial Corp NYSE In range $0.8bn -2.6% -10.2% -7.8%

18-Jan-18 Americold Realty Trust NYSE Top of range $0.8bn 11.1% 12.4% 19.3%

7-Feb-18 Cactus NYSE Top of range $0.5bn 6.6% 34.1% 41.7%

1-Feb-18 FTS International NYSE Top of range $0.4bn 14.5% 12.8% 2.2%

23-Mar-18 NIBC Euronext Amsterdam Bottom of range $0.4bn -2.9% N/A -7.8%

17-Jan-18 One Madison Corp NYSE In range $0.3bn 0.0% -0.5% 0.0%

9-Mar-18 JTC LSE N/A $0.3bn 9.3% N/A 5.5%

7-Feb-18 MLP Saglik Hizmetleri Istanbul SE Below range $0.3bn -1.3% 0.0% -7.1%

11-Jan-18 Liberty Oilfield Services NYSE Above range $0.2bn 27.9% 10.7% -0.7%

Sponsor-backed;

16%

Not Sponsor-backed;

84%

$35,8bn

$15,6bn

$11,5bn

$23,5bn

$5,8bn

96

52

34

63

14

2014 2015 2016 2017 2018YTD

$30,7bn $30,7bn

$16,3bn $15,3bn

$1,6bn

67 67

40 50

9

2014 2015 2016 2017 2018YTD

$17,0bn$14,2bn

$4,5bn $5,7bn

$0,5bn

48 43

22 21

4

2014 2015 2016 2017 2018YTD

Sponsor-backed;

21%

Not Sponsor-backed;

79%

PwC

Q1 2018

10


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 displays a quarterly uptick, as inflation worries caused a market sell-off in the first week of February

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

17,0

$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

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

17,0

-

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

2013 2014 2015 2016 2017 2018

Number of IPOs globally VIX (average per quarter)

PwC

Q1 2018

Americas

11


PwC

Q1 2018

12


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.


Money raised via IPOs and FOs in the AmericasIPO activity in the Americas was up year-on-year with 63 IPOs raising $20.3bn, reaching its highest level since Q4 2014

$33,3bn$61,2bn $54,0bn $63,9bn

$83,1bn$105,8bn

$43,8bn$26,8bn

$54,7bn

$17,5bn

$14,1bn

$11,8bn$7,0bn

$13,6bn

$14,4bn

$3,7bn

$6,9bn

$4,3bn

$12,8bn

$2,7bn

116

284 255 231

322 346

246

149

258

63

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

$50,6bn

$16,7bn $87,4bn

$24,1bn$14,0bn $23,5bn

$18,3bn$7,9bn

$8,1bn $13,3bn

$0,7bn

1.383 1.4691.237

1.032 1.162 1.144 1.054 1.0711.235

298

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

North America Latin America Number of FO's

United States, 91%

Canada, 8%Other, 1%

United States, 85%

Mexico, 13%

Other, 2%

PwC

Q1 2018

IPO and FO activity in the Americas

13


Overview of IPO and FO activity in the AmericasThe Americas rank first in terms of IPO proceeds as it experienced a year-on-year uptick in both IPO volume and proceeds

• The Americas had a strong start to 2018 for IPOs, whilst seeing a decrease in FOs.

• IPO proceeds totaled $20.3bn via 63 IPOs in the first quarter of 2018, compared to $15.8bn via 39 IPOs in Q1 2017.

• IPO pricing has been cautious, with more IPOs pricing within the initial range (and especially more IPOs pricing at the bottom of the range) than in Q1 2017.

• Investors feared inflation and interest rates would rise in tandem with US wage growth, causing a market sell-off in early February.




1

2

3

4

1

2

43

2016 2017 Q1 2016 Q1 2017 Q1 2018

IPO activity

Number of IPOs 149 258 12 39 63

% sponsor-backed 22.8% 24.4% 8.3% 43.6% 22.2%


% sponsor-backed 37.3% 35.7% 12.8% 48.9% 28.8%

Advanced metrics

Free float % 33.6% 37.3% 42.8% 34.7% 39.1%



FO activity

Number of FOs 1,071 1,235 186 376 298


2017 2018YTD

75

100

125

150

175


Dow Jones NASDAQ 100 S&P 500

26% 20% 25% 20% 13%

11%15%

17%

6% 24%

40% 45%50%

46%

44%

12% 9%

8%

11%10%

11% 11% 17% 10%

2016 2017 2016YTD 2017YTD 2018YTD


3,4%

0,2%

2,9%

0,4%

3,5%

1,3%

3,9%

0,0%

4,0%

0,5%


N/A

PwC

Q1 2018

14


Top 10 largest IPOs 2018YTD in the Americas

Top 10 largest FOs 2018YTD in the Americas

Leading transactions 2018YTD in the AmericasThe two largest IPOs in the Americas are cross-border listings from Brazil and China, raising a total of $4.9bn on US exchanges

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).

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)


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% 78.2%

28-Mar-18 iQIYI Consumer Services NASDAQ 17.00 - 19.00 18.00 In range $2.3bn 17.7% 0.0% -13.6% N/A -13.6%

23-Mar-18 Grupo Aeroportuario1 Industrials Mexican SE 100.00 - 100.00 100.00 In range $1.5bn 100.0% 0.0% 0.0% N/A 0.2%

18-Jan-18 ADT Industrials NYSE 17.00 - 19.00 14.00 Below range $1.5bn 14.0% 0.0% -11.5% -17.3% -43.4%

22-Mar-18 Dropbox Technology NASDAQ 16.00 - 18.00 21.00 Above range $0.9bn 10.5% 25.5% 35.6% N/A 48.8%

7-Feb-18 Fideicomiso CIB/29192 Financials Mexican SE 19.00 - 22.00 19.00 Bottom of range $0.9bn 85.3% 0.0% N/A 2.1% 0.3%

24-Jan-18 Gates Industrial Corp Industrials NYSE 18.00 - 21.00 19.00 In range $0.8bn 15.6% 0.0% -2.6% -10.2% -7.8%

18-Jan-18 Americold Realty Trust Financials NYSE 14.00 - 16.00 16.00 Top of range $0.8bn 37.7% 36.0% 11.1% 12.4% 19.3%

31-Jan-18 Hudson Consumer Services NYSE 19.00 - 21.00 19.00 Bottom of range $0.7bn 42.6% 100.0% -7.4% -17.8% -16.3%

7-Feb-18 Cactus Oil & Gas NYSE 16.00 - 19.00 19.00 Top of range $0.5bn 27.0% 0.0% 6.6% 34.1% 41.7%

Pricing

dateIssuer name

Issuer

CountrySector Exchange Filing range

Offer

priceDeal type

Money

raised

Secondary

shares (%)


4-Jan-18 Sempra Energy Utilities NYSE 105.35 - 105.35 107.00 FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 3.9%

6-Mar-18 Duke Energy Corp Utilities NYSE 75.86 - 75.86 75.00 FO - Bought Deal $1.6bn 0.0% 0.3% N/A 3.3%

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% -8.7%

31-Jan-18 VICI Properties Financials NYSE 19.00 - 21.00 20.00 FO - Fully Marketed $1.4bn 0.0% 4.5% -2.3% -8.4%

27-Mar-18 Dominion Energy Utilities NYSE 69.22 - 69.22 67.85 FO - Bought Deal $1.4bn 0.0% -0.1% N/A -0.6%

4-Jan-18 ONEOK Oil & Gas NYSE 56.20 - 56.20 54.50 FO - Bought Deal $1.2bn 0.0% 2.9% 6.0% 4.4%

5-Mar-18 TransUnion Industrials NYSE 57.98 - 57.98 57.80 FO - Bought Deal $1.1bn 100.0% -1.3% N/A -1.8%

27-Feb-18 Norwegian Cruise Line Consumer Services NYSE 56.27 - 56.27 56.00 FO - Bought Deal $1.1bn 100.0% 1.6% -5.6% -5.4%

14-Mar-18 Hilton Grand Vacations Consumer Services NYSE 45.80 - 45.80 46.25 FO - Accelerated Bookbuild $1.0bn 100.0% -5.1% N/A -7.0%

6-Mar-18 Park Hotels & Resorts Financials NYSE 24.42 - 24.42 25.75 FO - Accelerated Bookbuild $1.0bn 100.0% 4.1% N/A 4.9%


PwC

Q1 2018

15


Money raised ($bn) 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


ServicesTelecom-

municationUtilities


IPO and FO activity per sector in the AmericasIndustrials are leading the Americas’ IPO proceeds in Q1 2018, fuelled by three jumbo IPOs in the sector

0,1 2,5

-3,4 2,1 0,2 1,8

9,4 4,7

11,9

22,2

5,1 3,7 4,7 1,1

3,6 6,1 6,5

2,6

8,4

1,6 3,3

9,4

1,1 - - - 0,3 0,8 -

3 13 11 11 3 828

1145

100

2240 44

13 11 18 5 9 17 6 19 253 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

0,8

11,3 12,3 5,1

20,9 24,7

5,3

41,0

56,9

11,4

26,6

37,4

10,4 13,8

26,0

4,1

59,7

28,7

3,5

13,7 9,6

3,0 1,1 0,7 -

15,5

5,5 7,6

125 130

27 42 5715

75 9829

211289

56

261330

102 88123

20

177110

1756 75

23 6 7 30 16 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

PwC

Q1 2018

16


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.


Top countries in terms of IPO activity in the AmericasAhead of Mexico’s presidential elections, the Mexican IPO market is heating up with three IPOs raising a total of $2.6bn in the first quarter

$3,5bn $6,7bn $3,6bn $5,0bn $2,6bn

12

2315 14

3

2014 2015 2016 2017 2018YTD

$100,5bn

$38,9bn

$26,1bn

$51,5bn

$17,2bn

302

188

122

211

54

2014 2015 2016 2017 2018YTD

$5,4bn $4,9bn$0,7bn $4,2bn

$0,3bn

30 34

8

24

5

2014 2015 2016 2017 2018YTD

- - $0,2bn $0,3bn $0,1bn

1 2 1

2014 2015 2016 2017 2018YTD

PwC

Q1 2018

EMEA

17


PwC

Q1 2018

18


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.


Money raised via IPOs and FOs in EMEAAccounting for almost half of EMEA IPO proceeds, Germany had a strong first quarter and is poised for an active year as political turmoil fades to the background

United Kingdom,

28%

Germany, 16%

France, 13%

South Africa, 7%

Sweden, 4%

Other, 32%

Germany, 46%

United Kingdom, 12%

Italy, 7%

Norway, 7%

Netherlands, 6%

Other, 22%

$8,0bn

$40,4bn $33,3bn$15,9bn

$37,2bn

$69,4bn $68,8bn

$33,4bn$48,0bn

$15,8bn$2,5bn

$5,2bn$2,0bn

$2,1bn

$3,3bn

$12,9bn $3,5bn

$2,4bn

$7,1bn

$0,5bn

60

215167

101182

279 269181

297

59

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

$28,3bn

$9,9bn

$12,4bn $10,0bn$9,3bn

$6,8bn$13,9bn

$12,2bn

$10,3bn

$13,1bn

$4,3bn

817 774628

521637 737 806 752

942

208

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

Europe Middle East & Africa Number of FO's

PwC

Q1 2018

IPO and FO activity in EMEA

3

19


Overview of IPO and FO activity in EMEAIPO proceeds in EMEA rose by a massive 152% compared to last year, on the back of a few jumbo transactions in the second half of the quarter

• Monetary conditions will likely remain very loose for the remainder of 2018 in Europe, stimulating IPO activity.

• The share of FS-backed IPO proceeds is trending downwards, despite FS-backed IPO numbers representing a steady share of the total number of deals.

• The share of overallotment options exercised is considerably lower this quarter, yet the % is expected to increase since many IPOs were executed in the second half of March.

• Post-IPO performance of 2018YTD deals is lowest in EMEA compared to other regions.




1

2

3

4

1

4

2

2016 2017 Q1 2016 Q1 2017 Q1 2018

IPO activity

Number of IPOs 181 297 30 59 59

% sponsor-backed 22.1% 16.8% 16.7% 15.3% 15.3%


% sponsor-backed 45.6% 27.8% 40.6% 29.1% 9.6%

Advanced metrics

Free float % 38.9% 43.7% 35.6% 46.5% 44.3%



FO activity

Number of FOs 752 942 134 235 208


2017 2018YTD

75

100

125

150


CAC 40 DAX FTSE 100

2% 3% 6% 4% 8%24% 17%

25%16%

17%

65% 68% 44% 66% 64%

10% 10%25% 10% 8%

2% 4% 4%

2016 2017 2016YTD 2017YTD 2018YTD


3,1%

1,5%2,0%2,0% 2,0%

0,5%

2,4%

0,0%

-1,9%

0,0%


N/A

PwC

Q1 2018

20


Top 10 largest IPOs 2018YTD in EMEA

Top 10 largest FOs 2018YTD in EMEA

Leading transactions 2018YTD in EMEAThe top 3 IPOs in EMEA are all carve-outs, raising a total of $7.0bn

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


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)


15-Mar-18 Siemens Healthineers Health Care Deutsche Börse 26.00 - 31.00 28.00 In range $4.5bn 13.0% 100.0% 7.9% N/A 19.3%

22-Mar-18 DWS Financials Deutsche Börse 30.00 - 36.00 32.50 In range $1.6bn 20.0% 100.0% 1.8% N/A -3.1%

21-Mar-18 ELKEM Basic Materials Oslo Børs 29.00 - 35.00 29.00 Bottom of range $0.8bn 38.2% 19.2% -4.1% N/A 4.0%

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% 2.4%

13-Feb-18 Instone Real Estate Financials Deutsche Börse 21.50 - 25.50 21.50 Bottom of range $0.5bn 49.0% 59.6% -2.3% -5.6% -14.0%

28-Mar-18 Godewind Immobilien Financials Deutsche Börse 4.00 - 4.00 4.00 In range $0.5bn 86.2% 0.0% N/A N/A N/A

16-Mar-18 Energean Oil & Gas Oil & Gas LSE 5.00 - 5.90 4.55 Below range $0.5bn 47.5% 0.0% -4.0% N/A -5.9%

22-Mar-18 B&S Consumer Services Euronext Amsterdam 14.50 - 17.75 14.50 Bottom of range $0.4bn 29.3% 100.0% N/A N/A N/A

8-Feb-18 Dermapharm Health Care Deutsche Börse 26.00 - 30.00 28.00 In range $0.4bn 21.7% 67.2% -7.1% -8.0% -14.1%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)


20-Feb-18 Cineworld Group Consumer Services LSE 1.57 - 1.57 1.57 FO – Acc’d Bookbuild; RO $2.5bn 0.0% 53.4% 51.7% 50.2%

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% -7.4%

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% N/A 3.8%

30-Jan-18 Orange Egypt1 Telecommunications Egyptian Exchange 10.01 - 10.01 10.01 FO - Rights Offer $0.9bn 0.0% 240.9% 170.0% 90.7%

15-Mar-18 Creval Financials Borsa Italiana 0.10 - 0.10 0.10 FO - Rights Offer $0.9bn 0.0% 12.4% N/A 15.2%

15-Mar-18 Tesco Consumer Services LSE 2.10 - 2.14 2.10 FO - Accelerated Bookbuild $0.8bn 100.0% -0.2% N/A -2.1%

9-Mar-18 Aroundtown Financials Deutsche Börse 6.63 - 6.63 6.38 FO - Accelerated Bookbuild $0.7bn 0.0% -0.9% N/A -1.3%

16-Jan-18 Israel Chemicals Basic Materials Tel Aviv SE 15.12 - 15.12 13.60 FO - Accelerated Bookbuild $0.7bn 100.0% 12.1% 6.7% 8.8%

15-Feb-18 PRISA Consumer Services BME 1.20 - 1.20 1.20 FO - Rights Offer $0.7bn 0.0% 48.3% 40.3% 41.3%


PwC

Q1 2018

21


Money raised ($bn) 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


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


IPO and FO activity per sector in EMEAThough Financials dominate activity levels yet again, the Health Care sector makes an appearance in the top 3 of IPO proceeds, followed by the Consumer Services sector

0,2 1,7 0,8 2,9

8,6

0,5 4,4

7,6

1,0

7,5

18,9

7,0 3,2 2,8

5,4 7,5

9,7

0,5 1,0 1,4 0,5 0,3 2,2

0,1 0,5 1,5 -

8,2

0,7 0,5

4 8 2

23 29

522

34

10

47

94

25 2537

5

29

51

3 7 101

1829

6 2 3 4 2 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

12,6 10,5 4,6 9,6 12,4

1,9 10,1 11,6 7,4

39,4

93,0

9,6 7,2 11,0 1,0

24,0 23,8

3,1 8,5 5,2 1,1 4,8 5,9 1,2 1,1 3,6 1,9 2,4

12,8 0,8

50 5915

55 71

9

69112

29

229283

5995 114

25

122 137

3155 61

1758 76

13 9 10 4 10 19 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

PwC

Q1 2018

22


IPO activity of top countries in EMEA 2014 – 2018YTD



Top countries in terms of IPO activity in EMEAWith IPO proceeds of $7.6bn, Germany leads EMEA IPO activity whilst ranking second on a global level

$4,7bn

$7,9bn$5,8bn

$3,2bn

$7,6bn

816

6 11 7

2014 2015 2016 2017 2018YTD

$27,9bn

$19,8bn

$7,6bn

$14,8bn

$1,9bn

112

74

52

80

15

2014 2015 2016 2017 2018YTD

$3,8bn$6,2bn

$1,6bn

$6,2bn

$1,2bn

20 239

27

5

2014 2015 2016 2017 2018YTD

1,7 $1,1bn $0,2bn$1,3bn $1,1bn

10 6 210 3

2014 2015 2016 2017 2018YTD

PwC

Q1 2018

Asia-Pacific

23


PwC

Q1 2018

24


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.


Money raised via IPOs and FOs in Asia-PacificStricter regulatory oversight in China is putting a break on the number of IPOs, yet the Chinese exchanges are still leading in terms of IPO proceeds

Hong Kong, 33%

China, 25%

Japan, 11%

Australia, 10%

India, 8%

Other, 13%

China, 41%

Hong Kong, 23%

India, 17%

Japan, 8%

South Korea, 3%

Other, 8%

$68,3bn

$175,3bn

$91,0bn

$51,3bn $48,2bn$66,2bn $77,8bn $71,5bn $81,3bn

$13,1bn

$2,5bn

$8,0bn

$1,5bn

$1,5bn $10,2bn

$17,0bn $6,5bn $5,8bn$4,8bn

$0,1bn

326

761620

397 363542

668 683

952

160

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

$48,6bn

$63,5bn $23,6bn

$23,5bn$17,6bn $20,7bn

$22,3bn

$41,5bn

$17,9bn $22,2bn

$5,4bn

1.381 1.3521.077 978

1.265 1.3251.477 1.369 1.394

312

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

Asia Australasia Number of FO's

PwC

Q1 2018

IPO pricing dynamics

IPO and FO activity in Asia-Pacific

25


• With 160 IPOs raising $13.2bn in Q1 2018, the number of IPOs dropped by 33% while proceeds fell by 15% compared to Q1 2017.

• On the FO front, activity levels are largely in line with previous years, as 312 transactions raised $54.0bn.

• Despite the return of volatility in markets, demand for IPOs remains high in Asia-Pacific, reflected by the large share of deals pricing at the top of their initial price range.

• Asian markets are left directionless as a potential trade war unnerves investors.

Overview of IPO and FO activity in Asia-PacificA trend towards smaller deal sizes could endanger Asia-Pacific’s usual dominance of IPO activity in 2018



Global indicesPost-IPO performance (median)

1

2

3

4

4

1

3

2

2016 2017 Q1 2016 Q1 2017 Q1 2018

IPO activity

Number of IPOs 683 952 105 238 160

% sponsor-backed 3.2% 2.2% 1.9% 2.9% 2.5%


% sponsor-backed 5.9% 6.6% 0.7% 7.8% 3.8%

Advanced metrics

Free float % 29.0% 42.0% 27.9% 27.6% 28.2%



FO activity

Number of FOs 1,369 1,394 242 313 312


2017 2018YTD

3% 2% 1% 5% 2%13% 13% 15% 10% 12%

50% 50% 40%52% 46%

32% 33% 44% 31% 38%

2% 2% 3% 2%

2016 2017 2016YTD 2017YTD 2018YTD


75

100

125

150

175


Hang Seng Nikkei 225 SENSEX

44,0%

11,5%

74,2%

16,0%

74,6%

12,5%

70,2%

0,0%

60,7%

13,7%


N/A

PwC

Q1 2018

26


Top 10 largest IPOs 2018YTD in Asia-Pacific

Top 10 largest FOs 2018YTD in Asia-Pacific

1) Hebei Yangyuan ZhiHui Beverage Co. 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 largest FO this quarter was Naspers’ sell-down of a 2% stake in Tencent

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance


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% 4.8%

23-Jan-18 Huaxi Securities Financials Shenzhen SE N/A 9.46 N/A $0.8bn 20.0% 0.0% 44.0% 54.4% 42.2%

20-Mar-18 Bandhan Bank Financials BSE; NSE 370.00 - 375.00 375.00 Top of range $0.7bn 10.0% 18.1% 27.3% N/A 24.9%

30-Jan-18 Hebei Yangyuan ZhiHui1 Consumer Goods Shanghai SE N/A 78.73 N/A $0.7bn 9.8% 20.0% 44.0% 4.7% -8.6%

6-Feb-18 Jiangsu Financial Leasing Financials Shanghai SE N/A 6.25 N/A $0.6bn 21.4% 0.0% 44.0% N/A 58.1%

21-Mar-18 Hindustan Aeronautics Industrials BSE; NSE 1,215 - 1,240 1215.00 Bottom of range $0.6bn 10.2% 100.0% -7.1% N/A -7.1%

9-Jan-18 Zhenro Properties Financials HKEx 3.40 - 4.08 3.99 Top of range $0.6bn 28.1% 0.0% 0.3% 18.1% 23.3%

3-Feb-18 A-Living Services Financials HKEx 10.80 - 14.20 12.30 In range $0.5bn 25.0% 0.0% -23.1% -13.5% -7.2%

12-Feb-18 Huabao Flavours & Fragrances Basic Materials Shenzhen SE N/A 38.60 N/A $0.4bn 10.0% 0.0% 44.0% N/A 18.1%

21-Mar-18 Sasseur REIT Financials Singapore SE 0.80 - 0.80 0.80 In range $0.3bn 35.0% 0.0% 0.6% N/A 0.0%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)

Performance


22-Mar-18 Tencent Technology HKEx 439.40 - 439.40 405.00 FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% N/A 1.1%

6-Mar-18 Blackcow Food Consumer Goods Shenzhen SE N/A 16.70 FO - Cash Placing $2.4bn 0.0% -0.3% N/A -6.5%

29-Jan-18 Shenwan Hongyuan Financials Shenzhen SE N/A 4.84 FO - Cash Placing $1.9bn 0.0% 13.2% 4.1% 2.7%

12-Mar-18 Tata Consultancy Services Technology BSE; NSE 2,872 - 2,925 2,872 FO - Accelerated Bookbuild $1.4bn 100.0% 0.7% N/A -0.8%

5-Mar-18 Yakult Honsha Consumer Goods Tokyo SE 7,940 - 7,940 7,032 FO - Fully Marketed $1.3bn 100.0% 9.1% N/A 11.9%

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% 7.9%

6-Mar-18 Hyundai Heavy Industries Industrials Korea Exchange 103,000 - 103,000 98,800 FO - Rights Offer $1.1bn 0.0% 49.3% N/A 33.6%

17-Jan-18 Country Garden Financials HKEx 17.13 - 17.13 17.13 FO - Top-Up Placement $1.0bn 0.0% -1.9% -19.1% -5.7%

18-Jan-18 Kakao Corp Technology Singapore SE 121.04 - 121.97 121.04 FO - Fully Marketed $1.0bn 0.0% N/A N/A N/A

15-Jan-18 China Hongqiao Basic Materials HKEx 9.60 - 9.60 9.60 FO - Top-Up Placement $0.8bn 0.0% 4.1% -0.8% -10.7%


PwC

Q1 2018

27


Money raised ($bn) 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


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


IPO and FO activity per sector in Asia-PacificLargely as a result of the significant Tencent sell-down transaction in March, the Technology sector takes the lead in terms of FO proceeds in Q1 2018

2,6 5,1

0,9

8,8 13,7

2,1

9,0 9,2

1,0

30,1

24,2

5,3 7,2 5,8 0,4

12,0

19,3

2,5 0,9 0,4 0,2 5,3 5,8

0,7 - 0,1 0,1 1,3 2,5 0,0

5281

13

101160

2672 92

25

107 102

2355 76

8

195

307

418 9 2

85 99

19 0 5 2 8 20 1

'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

4,2

27,5 22,0

7,0

23,1 14,6

3,8

37,9

58,8

11,0 12,0 6,1 3,7

56,5 51,8

5,3 5,7 7,1 3,4 12,5

17,2 14,1 4,5 5,3 0,7

10,0 5,6 0,7

197 202

54

206169

36

130 122

29

195

282

5892 82

27

331 297

55 39 5515

134 139

32 22 19 2 23 27 4

'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

Q1 2018

28


IPO activity of top countries in Asia-Pacific 2014 – 2018YTD



Top countries in terms of IPO activity in Asia-PacificThe Indian IPO market is expected to remain active as demand is high and the government continues to divest state-owned enterprises

$11,6bn$15,6bn

$10,6bn

$6,0bn

$1,1bn

75 78 73 80

18

2014 2015 2016 2017 2018YTD

$28,7bn

$23,7bn$21,3bn

$14,3bn

$3,0bn

108 116 112155

56

2014 2015 2016 2017 2018YTD

12,9

$25,8bn $24,3bn

$31,6bn

$5,4bn

126

220252

412

33

2014 2015 2016 2017 2018YTD

$0,2bn$2,1bn

$4,0bn

$11,5bn

$2,2bn

5 22 28 4517

2014 2015 2016 2017 2018YTD

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Nadja Picard Carsten Stäcker Stephan Wyrobisch - pwc.de · Japan, 4% Other, 32%. PwC Q1 2018 •...

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