Sehr geehrte Damen und Herren,

Transcription

1 Sehr geehrte Damen und Herren, für Rückfragen zu der beigefügten Publikation IPO Centre Equity Capital Markets Briefing stehen Ihnen folgende Ansprechpartner gerne zur Verfügung: Nadja Picard Tel Dr. Rüdiger Loitz Tel Dirk Menker Tel

2 IPO Centre Equity Capital Markets Briefing 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 Coenen Ross Hunter Nadja Picard Jan-Willem de Groot

3 FO money raised & # of deals IPO money raised & # of deals Global money raised via IPOs and FOs Compared to last year, 2017 got off to a relatively good start with IPO and FO proceeds of $37.0bn and $165.6bn, respectively Global money raised via IPOs and FOs (10-year overview) Top countries $295,8bn $274,3bn Other, 23% United States, 38% $105,3bn $120,1bn $178,3bn $142,5bn $195,6bn $206,5bn $141,9bn Hong Kong, 5% Japan, 5% $37,0bn United Kingdom, 6% China, 23% $557,4bn $841,6bn $641,4bn $470,7bn $509,3bn $685,6bn $586,4bn $612,9bn $550,6bn 904 Other, 33% United States, 30% $165,6bn France, 5% Canada, 5% Italy, 9% China, 18% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. Source: Dealogic as of 31 March

4 Overview of global IPO and FO activity The number of IPOs and FOs was higher in the first quarter of 2017 than in the same quarter of the previous two years, despite proceeds being lower than in Q Global IPO and FO activity Q Q IPO activity Number of IPOs 1, % sponsor-backed 13.7% 9.6% 15.8% 5.5% 8.7% Money raised $206.5bn $141.9bn $42.5bn $14.5bn $37.0bn % sponsor-backed 29.2% 22.7% 35.2% 14.7% 23.4% 3 Advanced metrics Free float % 33.0% 31.4% 33.5% 30.0% 31.5% Overallotment exercised (%) % 25.3% 33.6% 31.4% N/M % secondary shares 16.4% 15.1% 17.1% 17.8% 14.6% FO activity Number of FOs 3,317 3, Money raised $685.6bn $550.6bn $206.1bn $117.1bn $165.6bn 1 On the back of a global economic recovery, IPO and FO activity improved. 2 IPO proceeds increased by 155%, whereas the number of IPOs rose 120% compared to the first quarter in The improvement was also pronounced in terms of FO activity, where proceeds rose by 41% and the number of deals by 61% compared to Q The median current performance of IPOs in 2017 and 2016 is strong, at 41.6% and 35.7%, respectively, driven by returns in Asia- Pacific, and the recent equity market hike. IPO pricing dynamics 6% 3% 6% 4% 20% 24% 18% 53% 51% 60% 37% 25% 41% 52% 13% 15% 11% 17% 11% 8% 7% 5% 5% 7% Q Q Below range Bottom of range In range Top of range Above range 4 10,4% Post-IPO performance (median) 38,2% 15,3% 44,0% 11,4% 31,4% 16,5% n/a 41,6% 35,7% 1-Day 1-Week 1-Month 3-Month Current Global indices 75 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 FTSE 100 Hang Seng S&P 500 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). Source: Dealogic, Bloomberg as of 31 March

5 Leading transactions 2017 The highly anticipated IPO of Snapchat s parent company Snap is the largest transaction of the first quarter of 2017, raising $3.9bn on NYSE Top 10 largest IPOs 2017 Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 1-Mar-17 Snap Technology NYSE Above range $3.9bn 19.9% 27.5% 44.0% N/A 30.8% 31-Jan-17 Invitation Homes Financials NYSE In range $1.8bn 29.3% 0.0% 0.0% 9.0% 8.8% 23-Mar-17 Silver Run Acquisition II Financials NASDAQ In range $1.0bn 115.0% 0.0% 3.6% N/A 4.3% 8-Feb-17 Becle Consumer Goods Mexican SE Top of range $0.9bn 15.3% 0.0% 4.2% -8.5% -5.6% 15-Mar-17 Prosegur Cash Industrials BME Bottom of range $0.8bn 25.0% 100.0% 3.0% N/A 7.0% 28-Mar-17 Neinor Homes Consumer Services BME In range $0.8bn 54.5% 85.9% 3.2% N/A 0.0% 23-Mar-17 BioPharma Credit Financials LSE In range $0.8bn 100.0% 0.0% 3.3% N/A 2.8% 26-Jan-17 JELD-WEN Industrials NYSE Top of range $0.7bn 27.4% 10.9% 13.6% 33.7% 43.7% 21-Mar-17 Sushiro Global Consumer Services Tokyo SE 3,600-3,900 3,600 Bottom of range $0.6bn 69.6% 100.0% -5.3% N/A -2.9% 19-Jan-17 Keane Group Oil & Gas NYSE Top of range $0.6bn 29.8% 41.3% 14.0% 2.5% -23.6% Top 10 largest FOs 2017 Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 23-Feb-17 UniCredit Financials Borsa Italiana Acc d Bookbuild; Rights Offer $13.7bn 0.0% 50.3% N/A 73.1% 28-Mar-17 Electricite de France Utilities Euronext Paris Rights Offer $4.4bn 0.0% 22.5% N/A 23.6% 13-Jan-17 Jinan Diesel Engine Industrials Shenzhen SE Cash Placing $2.7bn 0.0% 83.0% 67.9% 78.3% 29-Mar-17 Cenovus Energy Oil & Gas TMX Bought Deal $2.2bn 0.0% -5.9% N/A -5.9% 8-Mar-17 Equinix Financials NASDAQ Accelerated Bookbuild $2.2bn 0.0% 4.5% N/A 10.3% 24-Jan-17 Kingray New Materials S&T Basic Materials Shanghai SE Cash Placing $2.2bn 0.0% 32.6% 37.5% 47.0% 23-Jan-17 SAIC Motor Consumer Goods Shanghai SE N/A Cash Placing $2.2bn 0.0% 9.4% 14.5% 8.5% 9-Jan-17 Williams Companies Oil & Gas NYSE Accelerated Bookbuild $2.2bn 0.0% -1.7% -1.1% 0.2% 31-Mar-17 Guotai Junan Securities Financials HKEx Fully Marketed $2.1bn 0.0% N/A N/A N/A 24-Mar-17 Mylan Health Care NASDAQ Bought Deal $1.8bn 100.0% 2.4% N/A -1.0% 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). Source: Dealogic as of 31 March

6 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per region The Americas overtook Asia-Pacific in terms of IPO proceeds in, whereas the largest number of IPOs were still executed in Asia-Pacific Americas EMEA Asia-Pacific $97,2bn $109,5bn 246 $50,7bn 148 $30,6bn 41 $15,8bn 181 $40,5bn $81,7bn $71,7bn 179 $35,7bn 52 $6,1bn 363 $58,4bn $83,1bn $84,2bn $76,9bn 228 $15,2bn $250,2bn $230,3bn $243,2bn $219,6bn $179,3bn $203,9bn $190,5bn 233 $160,2bn $182,4bn $259,8bn $215,2bn 310 $119,2bn $62,0bn $50,6bn $53,2bn 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 31 March

7 Top exchanges globally based on money raised in 2017 NYSE is the dominant exchange for both IPO and FO proceeds, resulting from a few jumbo IPO transactions and a robust amount of FO deals Money raised and number of IPOs per Exchange Top Exchanges Other, 33% NYSE, 27% $21bn $15bn $10bn $18bn $16bn $5bn $24bn $21bn $4bn $8bn $8bn $4bn $26bn $9bn $2bn NYSE Shanghai SE NASDAQ OMX Shenzhen SE LSE Group LSE Group, 7% Shenzhen SE, 10% NASDAQ OMX, 11% Shanghai SE, 12% $147bn $118bn Money raised and number of FOs per Exchange $33bn $66bn $40bn $22bn $83bn $73bn 173 $21bn $48bn $60bn $17bn 186 $38bn 307 $80bn 58 $12bn Other, 37% Top Exchanges 2017 NYSE, 20% LSE Group, 13% NYSE LSE Group NASDAQ OMX Shanghai SE Shenzhen SE Shenzhen SE, 7% Shanghai SE, 10% NASDAQ OMX, 12% 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. Source: Dealogic as of 31 March

8 FO money raised & # of deals IPO money raised & # of deals Global IPO and FO activity per sector Financials (including real estate) strongly dominate IPO and FO activity in, despite Industrials being more active in terms of IPO numbers Money raised and number of IPOs and FOs per sector ,3 3,5 1, ,0 14,4 4, ,6 11, , , ,4 14,2 32 1, ,7 24, ,7 6,6 3,6 1, ,3 7,4 5,7 7,1 7,4 0,8 10,0 0,0 0, , ,7 53,0 15,1 45,5 48,3 11,5 75,5 55,4 12,1 118,0 55,9 71,8 43,4 11,8 83,7 92,8 23,8 47,6 74,4 17,8 25,1 30,2 6,4 21,6 7,3 1,7 22,9 27,7 9,3 Basic Consumer Consumer Health Telecommunication Financials Industrials Oil & Gas Technology Utilities Materials Goods Services Care 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. Sector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate. Source: Dealogic, Bloomberg as of 31 March

9 IPO money raised & # of deals Financial sponsor-backed IPO activity globally The epicentre of FS-backed IPO activity shifted from the EMEA region to the Americas, where 14 transactions raised $5.9bn FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific $35,1bn $35,8bn $30,7bn $30,5bn $15,6bn $11,5bn $18,1bn $16,3bn $17,0bn $14,2bn $5,9bn $1,5bn $6,4bn $4,5bn $1,2bn Top 10 largest FS-backed IPOs 2017 globally Global FS-backed IPOs (by money raised) Pricing date Issuer name Exchange Pricing Money raised 1-day Performance 1-month Current 31-Jan-17 Invitation Homes NYSE In range $1.8bn 0.0% 9.0% 8.8% 28-Mar-17 Neinor Homes BME In range $0.8bn 3.2% N/A 0.0% 26-Jan-17 JELD-WEN NYSE Top of range $0.7bn 13.6% 33.7% 43.7% 21-Mar-17 Sushiro Global Tokyo SE Bottom of range $0.6bn -5.3% N/A -2.9% 19-Jan-17 Keane Group NYSE Top of range $0.6bn 14.0% 2.5% -23.6% 31-Jan-17 Laureate Education NASDAQ Below range $0.5bn -5.4% -7.0% 0.3% 26-Jan-17 Jagged Peak Energy NYSE Below range $0.5bn -4.5% -6.9% -14.3% 13-Mar-17 Macromill Tokyo SE In range $0.4bn -13.9% N/A -6.6% 16-Mar-17 ProPetro NYSE Below range $0.4bn 3.6% N/A -6.6% 26-Jan-17 REV Group NYSE Above range $0.3bn 13.6% 26.1% 26.8% 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. Not Sponsorbacked; 77% Sponsorbacked; 23% (10%) sponsor-backed IPOs vs 903 (90%) non-sponsor-backed IPOs Not Sponsorbacked; 77% Sponsorbacked; 23% 28 (9%) sponsor-backed IPOs vs 293 (91%) non-sponsor-backed IPOs Source: Dealogic as of 31 March

10 Volatility versus IPO activity Volatility fell again this quarter, as economic fundamentals improved and certain equity markets reached record heights Money raised via IPOs versus volatility Global money raised via IPOs VIX (average per quarter) $100bn $75bn $50bn 25,1 29,5 23,9 19,9 18,4 19,9 19,0 16,9 18,6 16,0 16,8 21,6 22,7 23,1 26,7 23,3 28,4 25,8 20,7 19,4 15,5 $25bn $0bn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Number of IPOs versus volatility Number of IPOs globally VIX (average per quarter) ,1 29,5 23,9 19,9 18,4 19,9 19,0 16,9 18,6 16,0 16,8 21,6 22,7 23,1 26,7 23,3 28,4 25,8 20,7 19,4 15, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Source: Dealogic, Bloomberg as of 31 March

11 Americas 10

12 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in the Americas The US was the most active country in the Americas and globally in terms of both IPO and FO proceeds in, with money raised of $14bn and $50bn, respectively Money raised via IPOs and FOs in the Americas (10-year overview) Top countries Mexico, 6% Canada, 3% Other, 4% $3,7bn $14,4bn $8,5bn $13,6bn $6,5bn $105,8bn $83,1bn $6,9bn $7,1bn $13,2bn $61,2bn $54,0bn $63,9bn $4,1bn $32,8bn $33,3bn $43,8bn $1,5bn $26,8bn $14,2bn North America Latin America Number of IPO's United States, 87% 773 $20,7bn $238,3bn $16,7bn $87,4bn $291,4bn $257,1bn $24,1bn $184,6bn $14,0bn $23,5bn $18,3bn $7,9bn $8,0bn $223,2bn $230,9bn $216,0bn $240,8bn $211,6bn 363 $2,8bn $59,2bn Brazil, 4% Other, 1% Canada, 14% North America Latin America Number of FO's 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 If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. United States, 81% Source: Dealogic as of 31 March

13 Overview of IPO and FO activity in the Americas With proceeds of $15.8bn via 41 IPOs in, the Americas region was radically more active than the same quarter last year IPO and FO activity in the Americas Q Q IPO activity Number of IPOs % sponsor-backed 21.1% 23.0% 17.8% 8.3% 34.1% Money raised $50.7bn $30.6bn $8.2bn $1.4bn $15.8bn % sponsor-backed 30.8% 37.4% 20.5% 12.8% 37.5% Advanced metrics Free float % 37.5% 34.0% 38.5% 42.8% 38.1% Overallotment exercised (%) % 70.4% 71.1% 60.0% N/M % secondary shares 6.2% 8.2% 3.3% 0.0% 11.9% FO activity Number of FOs 1,054 1, Money raised $243.2bn $219.6bn $87.4bn $49.4bn $62.0bn 1 Trump s promises on tax reform not materialising could potentially put a brake on activity in the Americas. 2 At 34.1% of the number of IPOs and 37.5% of proceeds, FS-backed activity was high in the first quarter of The current performance of 2017 IPOs is good at 6.1%, but even better for 2016 IPOs that benefited from the overall market hike. 4 The NASDAQ 100 outperformed its US counterparts, as the appetite for Technology stock returns. 17% 8% 11% 12% 41% 40% 9% 11% IPO pricing dynamics 8% 21% 17% 7% 40% 7% 50% 17% 11% 47% 6% 26% 26% 24% 25% 19% Q Q Below range Bottom of range In range Top of range Above range Post-IPO performance (median) 3 4 3,9% 0,0% 0,0% 3,7% 3,3% 1,5% 2,5% N/A 36,1% 1-Day 1-Week 1-Month 3-Month Current ,1% Global indices 75 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Dow Jones NASDAQ 100 S&P 500 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). Source: Dealogic, Bloomberg as of 31 March

14 Leading transactions 2017 in the Americas The only three billion-dollar + transactions of the quarter took place in the US Top 10 largest IPOs 2017 in the Americas Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 1-Mar-17 Snap Technology NYSE Above range $3.9bn 19.9% 27.5% 44.0% N/A 30.8% 31-Jan-17 Invitation Homes Financials NYSE In range $1.8bn 29.3% 0.0% 0.0% 9.0% 8.8% 23-Mar-17 Silver Run Acquisition II Financials NASDAQ In range $1.0bn 115.0% 0.0% N/A N/A N/A 8-Feb-17 Becle Consumer Goods Mexican SE Top of range $0.9bn 15.3% 0.0% 4.2% -8.5% -5.6% 26-Jan-17 JELD-WEN Industrials NYSE Top of range $0.7bn 27.4% 10.9% 13.6% 33.7% 43.7% 19-Jan-17 Keane Group Oil & Gas NYSE Top of range $0.6bn 29.8% 41.3% 14.0% 2.5% -23.6% 31-Jan-17 Laureate Education Consumer Services NASDAQ Below range $0.5bn 20.8% 0.0% -5.4% -7.0% 0.3% 26-Jan-17 Jagged Peak Energy Oil & Gas NYSE Below range $0.5bn 14.8% 10.0% -4.5% -6.9% -14.3% 16-Mar-17 ProPetro Oil & Gas NYSE Below range $0.4bn 34.6% 47.0% 3.6% N/A -6.6% 12-Jan-17 Gores II Financials NASDAQ In range $0.4bn 82.8% 0.0% 2.5% 2.6% 4.0% Top 10 largest FOs 2017 in the Americas Pricing date Issuer name Issuer Country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 29-Mar-17 Cenovus Energy Oil & Gas TMX Bought Deal $2.2bn 0.0% -5.9% N/A -5.9% 8-Mar-17 Equinix Financials NASDAQ Accelerated Bookbuild $2.2bn 0.0% 4.5% N/A 10.3% 9-Jan-17 Williams Companies Oil & Gas NYSE Accelerated Bookbuild $2.2bn 0.0% -1.7% -1.1% 0.2% 24-Mar-17 Mylan Health Care NASDAQ Bought Deal $1.8bn 100.0% 2.4% N/A -1.0% 25-Jan-17 AltaGas Oil & Gas TMX Bought Deal $1.7bn 0.0% 7.5% -0.2% -0.3% 28-Mar-17 Athene Financials NYSE Accelerated Bookbuild $1.5bn 100.0% 2.8% N/A 2.6% 23-Feb-17 Plains GP Oil & Gas NYSE Bought Deal $1.5bn 0.0% 2.7% 0.6% 0.4% 9-Feb-17 CCR Industrials BOVESPA Fully Marketed $1.3bn 0.0% 8.0% 8.5% 13.9% 7-Feb-17 Parsley Energy Oil & Gas NYSE Accelerated Bookbuild $1.3bn 0.0% 0.1% 1.5% 2.9% 25-Jan-17 US Foods Consumer Goods NYSE Fully Marketed $1.1bn 100.0% 2.2% 7.0% 6.9% 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). Source: Dealogic as of 31 March

15 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Americas The second most active industry this quarter in terms of IPO proceeds was the Technology industry, raising almost $4.6bn Money raised and number of IPOs and FOs per sector in the Americas ,1 0,7 0,1 4,4 3,4 1,2 2,6 1,8 1,1 17,9 12,6 5,1 6,5 3,7 0,6 7,2 2,9 1,5 5,0 1,8 1,6 3,4 3,3 4, ,5 0, ,6 9,9 16,2 20,9 11,8 11,1 4,7 2,9 5, ,5 41,1 18,5 49,0 26, ,2 32,9 18,0 13,8 15,8 11,8 13,1 7,0 6, ,5 1,2 8,7 1,6 0,2 6,9 1 0,1 Basic Consumer Consumer Health Telecommunication Financials Industrials Oil & Gas Technology Utilities Materials Goods Services Care 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. Source: Dealogic, Bloomberg as of 31 March

16 Top countries in terms of IPO activity in the Americas Brazil is among the top four most active countries in the Americas after several years of relative drought IPO activity of top countries in the Americas $77,8bn 302 $100,5bn $38,9bn $26,1bn $14,0bn $5,9bn $3,5bn $6,7bn $3,4bn $0,9bn $5,5bn $5,4bn $4,9bn $0,7bn $0,5bn $8,4bn $0,2bn $0,2bn $0,2bn $0,4bn 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 the money raised in Source: Dealogic as of 31 March

17 EMEA 16

18 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in EMEA As the Brexit procedures officially commence, the United Kingdom is the most active country in the EMEA region in terms of IPO proceeds and numbers Money raised via IPOs and FOs in EMEA (10-year overview) Top countries Other, 22% United Kingdom, 36% $12,8bn $3,5bn $5,2bn $15,5bn $2,0bn $3,3bn $69,4bn $68,8bn $2,3bn $2,5bn $40,4bn $33,3bn $2,1bn $37,2bn $33,4bn $20,9bn $0,7bn $8,0bn $15,9bn $5,4bn Europe Middle East & Africa Number of IPO's South Africa, 5% Russia, 5% Sweden, 7% Spain, 25% $9,7bn Other, 25% Italy, 29% $28,8bn $226,3bn $318,8bn $12,4bn $10,0bn $9,3bn $134,6bn $124,4bn $115,1bn $6,8bn $13,9bn $12,2bn $173,3bn $191,9bn $178,9bn $10,1bn $109,9bn $1,4bn $49,3bn Europe Middle East & Africa Number of FO's Sweden, 4% Germany, 10% United Kingdom, 16% 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 If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. France, 16% Source: Dealogic as of 31 March

19 Overview of IPO and FO activity in EMEA IPO and FO proceeds and numbers in are an improvement on activity levels seen in Q1 2016, despite falling short of activity in Q IPO and FO activity in EMEA Q Q IPO activity Number of IPOs % sponsor-backed 24.5% 22.3% 33.3% 16.7% 13.5% Money raised $71.7bn $35.7bn $20.5bn $4.7bn $6.1bn 1 % sponsor-backed 42.5% 45.6% 56.5% 40.4% 25.1% Advanced metrics Free float % 43.4% 39.1% 45.1% 35.6% 47.3% Overallotment exercised (%) % 29.3% 46.2% 32.1% N/M % secondary shares 33.0% 36.1% 35.2% 40.7% 35.1% FO activity Number of FOs Money raised $190.5bn $119.2bn $63.0bn $21.8bn $50.6bn 1 At 25.1% of proceeds, a smaller share of IPO proceeds were driven by FS-backed transactions compared to previous quarters. 2 Compared to other regions, a smaller share of IPOs are pricing at the top or above the initial pricing range, reflecting cautious investor appetite in Europe. 3 Similar to the picture in the Americas, IPO performance in EMEA is especially strong for 2016 IPOs that experienced the market hike. 4 The healthy performance of equity markets in Europe is still overshadowed by elections in France, Germany and potentially Italy. 2 IPO pricing dynamics 3 Post-IPO performance (median) 4 Global indices 1% 13% 10% 6% 20% 25% 12% 22,0% % 64% 49% 44% 65% 11,0% 11,9% 9,8% 5,7% 3,2% 2,5% 3,3% 100-0,5% N/A 24% 25% 24% 25% 19% 5% 2% 6% 5% Q Q Day 1-Week 1-Month 3-Month Current Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Below range Bottom of range In range Top of range Above range CAC 40 DAX FTSE 100 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). Source: Dealogic, Bloomberg as of 31 March

20 Leading transactions 2017 in EMEA As part of its turnaround plan, UniCredit undertook a $13.7bn FO transaction in February to shore up its capital position Top 10 largest IPOs 2017 in EMEA Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 15-Mar-17 Prosegur Cash Industrials BME Bottom of range $0.8bn 25.0% 100.0% 3.0% N/A 7.0% 28-Mar-17 Neinor Homes Consumer Services BME In range $0.8bn 54.5% 85.9% 3.2% N/A 0.0% 23-Mar-17 BioPharma Credit Financials LSE In range $0.8bn 100.0% 0.0% 3.3% N/A 2.8% 8-Mar-17 Ocelot Partners Financials LSE N/A N/A $0.4bn 98.3% 0.0% 2.0% N/A -1.3% 8-Feb-17 Detsky Mir Consumer Services Moscow SE Bottom of range $0.3bn 30.5% 100.0% 0.0% -0.5% 2.9% 23-Mar-17 Aumann Industrials Deutsche Börse Top of range $0.3bn 42.7% 71.2% 20.7% N/A 31.0% 14-Feb-17 Xafinity Financials LSE N/A 1.39 N/A $0.2bn 94.4% 71.4% 10.8% 10.8% 14.4% 31-Mar-17 Ambea Health Care NASDAQ OMX S holm In range $0.2bn 39.3% 90.0% 10.0% N/A 10.0% 2-Mar-17 Impact Healthcare REIT Financials LSE In range $0.2bn 91.2% 0.0% 3.5% N/A 3.0% 23-Feb-17 LXI REIT Financials LSE In range $0.2bn 100.0% 0.0% 0.0% N/A 3.6% Top 10 largest FOs 2017 in EMEA Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 23-Feb-17 UniCredit Financials Borsa Italiana Acc d Bookbuild; Rights Offer $13.7bn 0.0% 50.3% N/A 73.1% 28-Mar-17 Electricite de France Utilities Euronext Paris Rights Offer $4.4bn 0.0% 22.5% N/A 23.6% 1-Mar-17 Covestro Basic Materials Deutsche Börse Accelerated Bookbuild $1.6bn 100.0% -0.3% N/A 6.5% 3-Feb-17 Millennium Financials Euronext Lisbon Rights Offer $1.4bn 0.0% 84.5% 69.2% 110.5% 17-Mar-17 E.ON Utilities Deutsche Börse Accelerated Bookbuild $1.4bn 0.0% 5.3% N/A 8.7% 29-Mar-17 ConvaTec Group Health Care LSE Accelerated Bookbuild $1.2bn 100.0% 5.0% N/A 5.1% 11-Jan-17 ENGIE Utilities Euronext Paris Accelerated Bookbuild $1.2bn 100.0% 1.5% -2.0% 14.0% 6-Feb-17 CaixaBank Financials BME Accelerated Bookbuild $1.2bn 100.0% 1.2% 3.5% 20.0% 3-Feb-17 Dong Energy Utilities NASDAQ OMX C gen Accelerated Bookbuild $0.9bn 100.0% 2.9% 5.1% 7.2% 1-Feb-17 Lonza Group Health Care SIX Swiss Exchange Accelerated Bookbuild $0.9bn 0.0% 1.0% 7.0% 9.5% 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). Source: Dealogic as of 31 March

21 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in EMEA Financials dominate in all aspects of equity capital markets transactions, accounting for 44% of IPO and 51% of FO proceeds, which is in line with previous quarters Money raised and number of IPOs and FOs per sector in EMEA , ,4 2,0 0,0 0,1 5,3 2,8 0,2 7,6 4, , ,9 3,3 0,6 5,3 1,2 0,2 0,7 0,1 3,6 0,3 0,0 6,9 0,5-0,7 8,5 0, , ,5 14,2 2,5 7,7 9,4 1,3 24,5 10,8 2,3 39,2 25,6 6,6 5,1 3,3 28,2 23,8 5,3 2,5 8,5 1,3 4,1 4,6 0,5 11,7 1,2 0,3 4,2 2,3 8,3 Basic Consumer Consumer Health Telecommunication Financials Industrials Oil & Gas Technology Utilities Materials Goods Services Care 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. Source: Dealogic, Bloomberg as of 31 March

22 Top countries in terms of IPO activity in EMEA As the two largest IPOs of the quarter took place on BME, Spain takes the second spot in terms of IPO proceeds in EMEA IPO activity of top countries in EMEA $27,9bn $21,1bn $19,8bn $7,6bn $6,5bn $9,5bn $2,3bn - $1,5bn $1,6bn $0,7bn $4,0bn $5,9bn $2,8bn $0,4bn $0,5bn $1,0bn $0,5bn $0,7bn $0,3bn 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 the money raised in Source: Dealogic as of 31 March

23 Asia-Pacific 22

24 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in Asia-Pacific As the China Securities Regulatory Commission speeded up the approval of IPO candidates, China remains the most active country in the region Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries $8,0bn Thailand, 5% Malaysia, 5% Other, 9% $175,3bn $1,5bn $2,4bn $17,0bn $6,4bn $5,8bn $91,0bn $1,5bn $10,2bn $68,1bn $51,3bn $66,2bn $77,7bn $1,5bn $71,2bn $48,2bn $0,2bn $30,0bn $15,0bn Hong Kong, 12% Japan, 13% China, 56% Asia Australasia Number of IPO's $63,5bn $23,5bn $35,4bn $183,5bn $206,8bn $65,6bn $22,3bn $23,5bn $17,6bn $20,7bn $113,8bn $135,1bn $139,6bn $160,1bn $41,6bn 310 $17,9bn $218,3bn $197,8bn $2,6bn $50,7bn Australia, 5% Hong Kong, 13% India, 5% Japan, 14% Other, 8% China, 55% Asia Australasia Number of FO's 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 If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. Source: Dealogic as of 31 March

25 Overview of IPO and FO activity in Asia-Pacific Despite the number of IPOs being considerably higher than in previous years, IPO proceeds in Asia-Pacific are only marginally higher than in Q IPO and FO activity in Asia-Pacific Q Q IPO activity Number of IPOs % sponsor-backed 6.5% 3.3% 7.0% 1.9% 3.1% Money raised $84.2bn $76.9bn $13.8bn $8.4bn $15.2bn % sponsor-backed 16.9% 5.9% 12.1% 0.7% 7.9% 2 Advanced metrics Free float % 27.6% 29.0% 26.8% 27.2% 27.1% Overallotment exercised (%) % 15.8% 17.7% 28.4% N/M % secondary shares 13.4% 11.1% 12.9% 13.3% 10.4% FO activity Number of FOs 1,480 1, Money raised $259.8bn $215.2bn $57.5bn $45.9bn $53.2bn 1 IPO proceeds and numbers increased in Q compared to previous years, with 228 deals raising $15.2bn. 2 Despite strong investor appetite, only 2% of IPOs are pricing above the initial pricing range, compared to 17% in the Americas. 3 IPOs in Asia-Pacific in 2017 experienced an astounding median performance of 132.3%. 4 The Hang Seng and SENSEX equity indices are catching up to the NIKKEI 225 in IPO pricing dynamics 3% 2% 1% 2% 27% 32% 21% 44% 33% 56% 50% 70% 39% 50% 11% 13% 15% 10% 3% 3% 7% 1% 1% 5% Q Q Below range Bottom of range In range Top of range Above range 3 Post-IPO performance (median) 44,0% 35,5% 26,9% 110,8% 26,3% 221,6% 25,8% N/A 40,9% 1-Day 1-Week 1-Month 3-Month Current ,3% Global indices 75 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Hang Seng Nikkei 225 SENSEX 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). Source: Dealogic, Bloomberg as of 31 March

26 Leading transactions 2017 in Asia-Pacific Sushiro Global, operator of a chain of sushi restaurants, was the largest IPO of the first quarter of 2017 in Asia-Pacific, raising $611m on the Tokyo Stock Exchange in March Top 10 largest IPOs 2017 in Asia-Pacific Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 21-Mar-17 Sushiro Global Consumer Services Tokyo SE 3,600-3,900 3,600 Bottom of range $0.6bn 69.6% 100.0% -5.3% N/A -2.9% 22-Mar-17 Eco World International Financials Bursa Malaysia Top of range $0.6bn 35.7% 0.0% N/A N/A N/A 24-Mar-17 TPI Polene Power Industrials Thailand SE Top of range $0.5bn 29.8% 0.0% N/A N/A N/A 5-Jan-17 Jilin Jiutai Rural Com. Bank Financials HKEx Bottom of range $0.4bn 19.5% 9.1% 6.8% 13.4% 14.5% 13-Mar-17 Macromill Consumer Services Tokyo SE 1,900-2,100 1,950 In range $0.4bn 66.0% 98.1% -13.9% N/A -6.6% 27-Jan-17 Mori Trust Hotel REIT Financials Tokyo SE 133, , ,000 Top of range $0.4bn 63.2% 100.0% 1.8% 3.9% 3.8% 15-Mar-17 Oppein Home Group Consumer Goods Shanghai SE N/A N/A $0.3bn 10.0% 0.0% 44.0% N/A 74.2% 14-Mar-17 Avenue Supermarts Consumer Services BSE; NSE Top of range $0.3bn 10.0% 0.0% 114.6% N/A 111.3% 2-Mar-17 Yealink Network Technology Technology Shenzhen SE In range $0.2bn 25.0% 0.0% 44.0% N/A 239.6% 16-Mar-17 Guangzhou Port Industrials Shanghai SE N/A 2.29 N/A $0.2bn 11.3% 0.0% 44.1% N/A 58.5% Top 10 largest FOs 2017 in Asia-Pacific Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 13-Jan-17 Jinan Diesel Engine Industrials Shenzhen SE Cash Placing $2.7bn 0.0% 83.0% 67.9% 78.3% 24-Jan-17 Kingray New Materials S&T Basic Materials Shanghai SE Cash Placing $2.2bn 0.0% 32.6% 37.5% 47.0% 23-Jan-17 SAIC Motor Consumer Goods Shanghai SE N/A Cash Placing $2.2bn 0.0% 9.4% 14.5% 8.5% 31-Mar-17 Guotai Junan Securities Financials HKEx Fully Marketed $2.1bn 0.0% N/A N/A N/A 19-Jan-17 CRRC Industrials Shanghai SE Cash Placing $1.8bn 0.0% 16.7% 20.5% 21.2% 14-Mar-17 Air China Consumer Services Shanghai SE N/A 7.79 Cash Placing $1.6bn 0.0% 5.8% N/A 6.8% 13-Mar-17 Sumitomo Mitsui Financial Financials Tokyo SE 4,453-4,453 4,231 Fully Marketed $1.6bn 100.0% 3.0% N/A -2.8% 26-Jan-17 BDO Unibank Financials Philippines SE Rights Offer $1.2bn 0.0% 36.7% 40.9% 41.5% 6-Jan-17 Ningbo Joyson Electronic Consumer Goods Shanghai SE N/A Cash Placing $1.2bn 0.0% 3.9% -1.7% 2.1% 12-Feb-17 HKT Telecommunications HKEx Accelerated Bookbuild $1.1bn 100.0% -2.3% N/A -1.3% 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). Source: Dealogic as of 31 March

27 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in Asia-Pacific Industrials were the most active industry in terms of both IPO and FO activity, while Consumer Services rank second in terms of IPO proceeds and the number of deals Money raised and number of IPOs and FOs per sector in Asia-Pacific ,1 29, ,2 2,8 1,1 8,2 8,2 2,7 5,4 5,4 3,2 1,9 6,0 7,2 0,7 13,2 16,1 4,0 1,4 1,1 0,2 7,3 5,1 1,0 0,2 0,3 0,0 4,2 1,2 0, , , ,3 25,7 8,1 26,0 27,8 7,3 19,0 23,7 4,8 37,7 11,9 16,6 12,2 1,6 37,4 12,0 12,1 5,7 0,7 9,2 12,5 4,6 1,2 4,5 1,3 11,7 10,0 0,9 Basic Consumer Consumer Health Telecommunication Financials Industrials Oil & Gas Technology Utilities Materials Goods Services Care 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. Source: Dealogic, Bloomberg as of 31 March

28 Top countries in terms of IPO activity in Asia-Pacific China is dominant in terms of the number of IPOs globally, accounting for a massive 38% of transactions IPO activity of top countries in Asia-Pacific $25,8bn $24,1bn $12,9bn $8,5bn $10,2bn $11,6bn $15,6bn $10,6bn - $1,9bn $18,9bn $28,7bn $23,7bn $21,3bn $1,8bn $2,8bn $1,9bn $1,1bn $0,3bn $0,8bn 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 the money raised in Source: Dealogic as of 31 March

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