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 Carsten Stäcker 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 IPO activity in 2017 has nearly outpaced last year s levels, as listing conditions have been favourable all year Global money raised via IPOs and FOs (10-year overview) Top countries United States, 26% $299,1bn $274,3bn $195,6bn $206,6bn $178,8bn $142,5bn $142,4bn $139,1bn $105,8bn $121,2bn Other, 41% India, 4% United Kingdom, 6% China, 17% Hong Kong, 6% $841,6bn United States, 30% $557,4bn $641,4bn $478,3bn $509,3bn $587,2bn $613,5bn $685,7bn $550,8bn $470,8bn Other, 41% China, 12% United Kingdom, 6% 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. France, 5% Japan, 6% Source: Dealogic as of 30 September

4 1 2 Overview of global IPO and FO activity With proceeds of $47.1bn via 329 IPOs, the third quarter of 2017 was much stronger than in the last two years Global IPO and FO activity 1 As political uncertainties in Europe have largely disappeared and tax reform is on the agenda in the US, the typically strong fourth quarter looks promising Q Q IPO activity Number of IPOs 1,182 1, , % sponsor-backed 13.6% 9.5% 14.6% 10.9% 8.2% 14.9% 9.2% 5.2% Money raised $206.6bn $142.4bn $135.0bn $88.0bn $139.1bn $24.5bn $38.3bn $47.1bn % sponsor-backed 29.2% 22.7% 30.5% 24.6% 21.9% 28.7% 18.3% 11.5% Advanced metrics Free float % 33.0% 31.4% 33.8% 32.1% 32.4% 38.9% 32.1% 33.1% Overallotment exercised (%) 32.6% 25.1% 34.0% 28.4% 21.0% 36.8% 26.8% 12.7% % secondary shares 16.3% 15.0% 15.7% 16.2% 13.6% 16.7% 12.2% 12.4% FO activity Number of FOs 3,316 3,172 2,543 2,315 2, Money raised $685.6bn $550.6bn $547.9bn $424.9bn $470.8bn $117.4bn $152.0bn $140.6bn 2 IPO activity in was 23% higher in terms of proceeds and 37% higher in terms of the number of IPOs compared to Q The global median current performance stands at 33.5% for 2017 IPOs. This is almost entirely driven by Asia-Pacific, where the performance stands at 91.6%, compared to 3% in EMEA and the Americas. IPO pricing dynamics 3 Post-IPO performance (median) Global indices 6% 3% 8% 3% 4% 20% 24% 20% 27% 21% 29,4% 38,1% 33,5% % 51% 54% 48% 55% 20,0% 15,0% 15,3% 21,2% 15,7% 23,0% 17,8% % 14% 11% 15% 13% 8% 7% 7% 7% 7% Below range Bottom of range In range Top of range Above range 1-Day 1-Week 1-Month 3-Month Current Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-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 3o September

5 Leading transactions 2017 Despite a number of jumbo IPOs in the second and third quarters, Snap remains the largest IPO of the year with proceeds of nearly $4bn 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% 32.5% -14.5% 29-Sep-17 Pirelli & C Consumer Goods Borsa Italiana Bottom of range $2.7bn 35.0% 100.0% N/A N/A N/A 21-Jul-17 Landis & Gyr Industrials SIX Swiss Exchange In range $2.4bn 100.0% 100.0% 0.6% -1.3% -8.7% 21-Apr-17 Netmarble Games Consumer Goods Korea SE 121, , ,000 Top of range $2.3bn 20.0% 0.0% 3.2% -5.1% -3.5% 21-Jun-17 Altice USA Telecommunications NYSE In range $2.2bn 9.7% 81.1% 9.0% 3.7% -9.0% 7-Apr-17 Galenica Santé Consumer Services SIX Swiss Exchange Top of range $1.9bn 97.5% 100.0% 10.3% 12.8% 18.3% 31-Jan-17 Invitation Homes Financials NYSE In range $1.8bn 29.3% 0.0% 0.0% 9.0% 13.3% 10-Jul-17 Netlink NBN Trust Technology Singapore SE Bottom of range $1.7bn 75.9% 0.0% 0.0% -0.6% 1.9% 21-Sep-17 ZhongAn Online P & C 1 Financials HKEx Top of range $1.5bn 13.8% 0.0% 9.2% N/A 6.3% 19-Jul-17 Atacadao Consumer Services BOVESPA Bottom of range $1.4bn 15.0% 30.7% -0.7% -1.3% 3.4% 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 FO ABB; Rights Offer $13.7bn 0.0% 50.3% N/A 63.3% 25-Sep-17 Japan Post Financials Tokyo SE 1,321-1, FO - Fully Marketed $10.8bn 100.0% 3.1% N/A 0.5% 7-Apr-17 Deutsche Bank Financials Deutsche Börse FO - ABB; Rights Offer $8.5bn 0.0% 33.3% 49.5% 25.6% 26-Jul-17 Santander Financials BME FO - Rights Offer $8.2bn 0.0% 19.8% 12.8% 21.4% 7-Jun-17 Credit Suisse Financials SIX Swiss Exchange FO - Rights Offer $4.4bn 0.0% 22.3% 35.4% 41.9% 28-Mar-17 Electricité de France Utilities Euronext Paris FO - Rights Offer $4.4bn 0.0% 22.5% 20.7% 61.8% 20-Jul-17 Crown Castle International Financials NYSE FO - Accelerated Bookbuild $3.9bn 0.0% 3.3% 8.5% 4.2% 23-Jun-17 Allied Irish Banks Financials Irish SE; LSE FO - Fully Marketed $3.8bn 100.0% N/A 9.3% 15.2% 12-Jun-17 Renesas Electronics Technology Tokyo SE FO - Fully Marketed $3.2bn 100.0% 39.4% 21.2% 48.6% 1-Jun-17 Barclays Africa Financials Johannesburg SE FO - Accelerated Bookbuild $2.9bn 100.0% 8.8% 8.9% 3.9% 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). 1) ZhongAn Online P&C Insurance Source: Dealogic as of 30 September

6 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per region While Asia-Pacific s IPO market powers ahead, the other two regions battle for second place Americas EMEA Asia-Pacific $97,2bn $109,5bn 246 $50,7bn $30,8bn $46,2bn 181 $40,5bn $81,7bn $71,7bn $35,7bn $36,4bn 363 $58,4bn 542 $83,1bn $84,3bn $77,3bn $56,5bn $250,2bn $243,3bn $230,3bn $219,7bn 910 $168,1bn 635 $180,1bn $204,5bn $190,6bn $155,7bn $119,4bn $259,8bn $215,1bn $182,4bn $160,2bn 934 $147,3bn Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions. Source: Dealogic as of 30 September

7 Top exchanges globally based on money raised in 2017 NYSE remains dominants in terms of IPO and FO proceeds, displaying the still unparalleled depth of US financial markets Money raised and number of IPOs per Exchange Top Exchanges NYSE, 17% $21bn $15bn $26bn NYSE $18bn $16bn $13bn $24bn $21bn $13bn $26bn Shanghai SE NASDAQ OMX $9bn $13bn LSE Group $8bn $8bn $10bn Shenzhen SE Other, 49% Shenzhen SE, 7% Shanghai SE, 9% NASDAQ OMX, 9% LSE Group, 9% Money raised and number of FOs per Exchange Top Exchanges $147bn 280 $118bn $94bn $83bn $73bn $57bn $66bn $40bn $45bn $48bn $60bn $33bn $37bn $28bn $32bn Other, 46% NYSE, 19% NASDAQ OMX, 12% NYSE NASDAQ OMX LSE Group Euronext Shanghai SE 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. Shanghai SE, 7% LSE Group, 9% Euronext, 7% Source: Dealogic as of 30 September

8 FO money raised & # of deals IPO money raised & # of deals Global IPO and FO activity per sector The dominance of Financials overshadows strong activity levels by Industrials, Consumer Services and Consumer Goods companies, particularly on the IPO front Money raised and number of IPOs and FOs per sector ,3 3,6 5, ,0 14,4 16,2 15,6 11,6 18, ,3 52,3 38, ,4 14,2 9,7 37,8 24,5 26, ,6 3,6 6, ,3 7,4 12, ,1 0,8 3,6 7,4 10,0 1, ,7 53,0 40,2 45,6 48,3 31,1 75,5 55,5 38, ,3 169,8 118, ,8 43,4 41,2 83,7 92,6 71, ,6 74,4 29,8 25,1 30,3 22,2 21,6 7,3 7,1 22,9 27,8 19,3 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 30 September

9 IPO money raised & # of deals Financial sponsor-backed IPO activity globally The epicentre of FS-backed IPO activity is shifting to the Americas this year 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 $18,8bn $18,1bn $16,3bn $7,6bn $6,4bn $17,0bn $14,2bn $4,5bn $4,1bn 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 21-Jun-17 Altice USA NYSE In range $2.2bn 9.0% 3.7% -9.0% 31-Jan-17 Invitation Homes NYSE In range $1.8bn 0.0% 9.0% 13.3% 29-Jun-17 Delivery Hero Deutsche Börse Top of range $1.1bn 9.0% 7.5% 31.4% 23-Mar-17 Silver Run Acquisition NASDAQ In range $1.0bn 3.6% 3.7% 7.2% 24-Apr-17 ING Life Insurance Korea Korea SE Bottom of range $1.0bn -4.2% -3.5% 43.8% 11-May-17 Gardner Denver Holdings NYSE Below range $0.9bn 5.5% 12.5% 37.6% 17-Jul-17 Celltrion Healthcare Korea SE Top of range $0.9bn 22.7% 16.8% 35.4% 3-May-17 Antero Midstream GP LP NYSE In range $0.9bn -6.4% -5.2% -12.9% 28-Mar-17 Neinor Homes SAU BME In range $0.8bn 3.2% 10.0% 9.9% 13-Sep-17 Social Capital Hedosophia NYSE In range $0.7bn 3.1% N/A 5.5% 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 914 (90%) non-sponsor-backed IPOs Not Sponsorbacked; 78% Sponsorbacked; 22% 87 (8%) sponsor-backed IPOs vs 978 (92%) non-sponsor-backed IPOs Source: Dealogic as of 30 September

10 Volatility versus IPO activity Despite recent exchanges of threats between Trump and Kim Jong-un, market volatility is setting new record lows 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 16,5 14,3 $25bn $0bn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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 15,5 16,5 14, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Source: Dealogic, Bloomberg as of 30 September

11 Americas 10

12 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in the Americas As always, the United States is the most active country in terms of IPO and FO proceeds in the Americas, whilst IPO activity in Brazil is finally picking up after years of drought Money raised via IPOs and FOs in the Americas (10-year overview) Top countries Mexico, 7% Other, 7% $3,7bn $14,4bn $11,8bn $13,6bn $7,0bn $105,8bn $83,1bn $6,9bn $7,8bn $7,1bn $14,1bn $61,2bn $54,0bn $63,9bn $4,3bn $32,8bn $33,3bn $43,8bn $26,8bn $39,0bn North America Latin America Number of IPO's Brazil, 9% United States, 77% 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 $8,1bn $223,2bn $230,9bn $216,0bn $240,8bn $211,6bn 910 $8,8bn $160,1bn Canada, 11% Brazil, 3% Other, 2% North America Latin America Number of FO's United States, 84% 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. Source: Dealogic as of 30 September

13 Overview of IPO and FO activity in the Americas Despite the US displaying a promising pipeline of companies all year, the Americas ranks third this quarter in terms of IPO proceeds 2 IPO and FO activity in the Americas Q Q IPO activity Number of IPOs % sponsor-backed 21.1% 22.8% 23.2% 22.8% 24.6% 20.0% 22.9% 16.1% Money raised $50.7bn $30.8bn $38.8bn $19.2bn $46.2bn $11.9bn $10.2bn $11.4bn % sponsor-backed 30.8% 37.3% 30.6% 32.5% 40.6% 22.5% 25.9% 28.4% Advanced metrics Free float % 37.5% 34.0% 39.1% 33.3% 41.3% 42.5% 33.7% 46.6% Overallotment exercised (%) 74.6% 70.4% 76.4% 73.6% 65.4% 77.8% 80.0% 47.9% % secondary shares 6.2% 8.2% 6.1% 7.9% 9.6% 6.6% 9.4% 10.3% FO activity Number of FOs 1,054 1, Money raised $243.2bn $219.7bn $208.6bn $170.9bn $168.1bn $36.7bn $57.1bn $50.9bn 1 Proceeds totalled $11.4bn via 56 IPOs in Q3 2017, compared to $10.2bn via 48 IPOs in Q and $11.9bn via 55 IPOs in Q The average free float of IPOs this quarter is higher than in previous years, at 46.6%. 3 The median performance of 2016 IPOs is much higher than 2017 IPOs, partly since they have benefitted longer from a general market hike. 4 The tech-heavy NASDAQ 100 is strongly outperforming the other leading US indices, as some of its constituents have become the largest companies in the world. IPO pricing dynamics 17% 11% 11% 10% 21% 12% 8% 15% 10% 9% 41% 40% 39% 47% 41% Post-IPO performance (median) ,3% ,0% Global indices 9% 11% 8% 11% 13% 26% 26% 22% 24% 21% 2,1% 2,9% 3,7% 2,1% 3,5% 2,5% 3,6% 3,0% Below range Bottom of range In range Top of range Above range 1-Day 1-Week 1-Month 3-Month Current Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-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 30 September

14 Leading transactions 2017 in the Americas The largest IPO of the third quarter in the Americas took place in Brazil, as supermarket operator Atacadao raised more than $1.4bn on the BOVESPA 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% 32.5% -14.5% 21-Jun-17 Altice USA Telecommunications NYSE In range $2.2bn 9.7% 81.1% 9.0% 3.7% -9.0% 31-Jan-17 Invitation Homes Financials NYSE In range $1.8bn 29.3% 0.0% 0.0% 9.0% 13.3% 19-Jul-17 Atacadao Consumer Services BOVESPA Bottom of range $1.4bn 15.0% 30.7% -0.7% -1.3% 3.4% 25-May-17 Kinder Morgan Canada Oil & Gas BMX Below range $1.3bn 29.8% 0.0% -4.5% -6.1% 1.9% 23-Mar-17 Silver Run Acquisition Financials NASDAQ In range $1.0bn 115.0% 0.0% 3.6% 3.7% 7.2% 11-May-17 Gardner Denver Industrials NYSE Below range $0.9bn 25.0% 0.0% 5.5% 12.5% 37.6% 8-Feb-17 Jose Cuervo Consumer Goods Mexican SE Top of range $0.9bn 15.3% 0.0% 4.2% -8.5% -10.0% 3-May-17 Antero Midstream GP LP Oil & Gas NYSE In range $0.9bn 20.0% 100.0% -6.4% -5.2% -12.9% 13-Sep-17 Social Capital Hedosophia Financials NYSE In range $0.7bn 115.0% 0.0% 3.1% N/A 5.5% 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 20-Jul-17 Crown Castle International Financials NYSE FO - Accelerated Bookbuild $3.9bn 0.0% 3.3% 8.5% 4.2% 10-May-17 Becton Dickinson & Co Health Care NYSE FO - Fully Marketed $2.5bn 0.0% 4.7% 8.8% 11.0% 29-Mar-17 Cenovus Energy Oil & Gas BMX FO - Bought Deal $2.2bn 0.0% -5.9% -14.9% -21.8% 8-Mar-17 Equinix Financials NASDAQ FO - Accelerated Bookbuild $2.2bn 0.0% 4.5% 11.6% 24.0% 9-Jan-17 Williams Companies Oil & Gas NYSE FO - Accelerated Bookbuild $2.2bn 0.0% -1.7% -1.1% 3.5% 8-May-17 Hydro One Utilities BMX FO - Bought Deal $2.0bn 100.0% -0.5% 1.6% -2.3% 24-Mar-17 Mylan Health Care NASDAQ FO - Bought Deal $1.8bn 100.0% 2.4% -7.9% -21.6% 13-Sep-17 First Data Industrials NYSE FO - Accelerated Bookbuild $1.7bn 100.0% 0.3% N/A 1.6% 8-Aug-17 Thermo Fisher Scientific Health Care NYSE FO - Accelerated Bookbuild $1.7bn 0.0% 1.3% 12.1% 10.6% 25-Jan-17 AltaGas Oil & Gas BMX FO - Bought Deal $1.7bn 0.0% 7.5% -0.2% -7.3% 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 30 September

15 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Americas The Technology sector ranks second in terms of IPO proceeds in 2017, and could challenge Financials in Q4 and 2018 if a few more unicorns follow Snap s path to an IPO Money raised and number of IPOs and FOs per sector in the Americas ,9 1,1 0,7 1,4 4,4 3,4 1,7 2,6 1,8 5,3 12,8 16,0 6,5 3,7 3,5 7,2 2,9 4,4 5,0 1,8 5,5 3,4 3,3 5, ,2 2,5 0,3 0, ,9 16,2 9,4 11,8 11,1 9, ,5 41,1 47,6 49,0 32,6 26,1 20,9 28,4 20,1 18,0 19,8 13, , ,0 22,9 11,8 13,1 15,5 6,3 8,7 6,9 1,6 1,0 3,2 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 30 September

16 Top countries in terms of IPO activity in the Americas Brazil and Mexico rank second and third in the Americas in terms of IPO proceeds thanks to a few large IPOs taking place in the third quarter IPO activity of top countries in the Americas $77,8bn 302 $100,5bn $38,9bn $26,1bn $29,0bn $8,4bn $0,2bn $0,2bn $0,2bn $4,1bn $5,9bn $3,5bn $6,7bn $3,6bn $2,5bn $5,5bn $5,4bn $4,9bn $0,7bn $2,9bn 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 Source: Dealogic as of 30 September

17 EMEA 16

18 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in EMEA With political risks fading, and the economy growing faster than in the US, EMEA IPO and FO activity should remain strong in the fourth quarter and onwards Money raised via IPOs and FOs in EMEA (10-year overview) Top countries United Kingdom, 21% Other, 38% $12,8bn $3,5bn $5,2bn $15,6bn $2,0bn $3,3bn $69,4bn $68,8bn $2,3bn $3,8bn $40,4bn $33,3bn $2,1bn $37,2bn $33,4bn $21,0bn $32,5bn $8,0bn $2,5bn $15,9bn Europe Middle East & Africa Number of IPO's Sweden, 6% Spain, 10% Switzerland, 12% Italy, 13% 572 $28,8bn $226,3bn $9,7bn $318,8bn $12,4bn $10,0bn $9,3bn $134,6bn $131,6bn $115,1bn $6,8bn $13,9bn $12,2bn $10,5bn $174,1bn $192,4bn $178,9bn $10,1bn $110,1bn $145,4bn Other, 36% United Kingdom, 18% France, 14% Europe Middle East & Africa Number of FO's Spain, 8% Italy, 10% 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. Germany, 14% Source: Dealogic as of 30 September

19 Overview of IPO and FO activity in EMEA The share of FS-backed IPO transactions fell sharply in the third quarter IPO and FO activity in EMEA Q Q IPO activity Number of IPOs % sponsor-backed 24.5% 22.3% 26.0% 27.0% 14.4% 18.2% 21.1% 7.3% Money raised $71.7bn $35.7bn $46.6bn $23.1bn $36.4bn $5.3bn $4.9bn $14.4bn % sponsor-backed 42.5% 45.6% 46.5% 55.3% 20.9% 38.2% 57.6% 7.7% 2 Advanced metrics Free float % 43.1% 39.1% 44.0% 40.2% 44.7% 48.7% 54.1% 52.6% Overallotment exercised (%) 38.2% 29.3% 40.3% 32.8% 23.5% 25.8% 26.3% 9.8% % secondary shares 33.0% 36.1% 34.4% 38.4% 32.7% 26.9% 31.3% 30.1% FO activity Number of FOs Money raised $190.6bn $119.4bn $138.6bn $89.8bn $155.7bn $29.8bn $24.6bn $37.6bn 1 IPO activity was strong in. The number of IPOs increased by 189% and proceeds by 197%, compared to Q The same applies to FO activity, where 170 deals raised $37.6bn in. 3 With 95% of IPOs pricing within the initial pricing range, and 67% in the middle segment of their range, pricing volatility is lowest in EMEA IPOs are outperforming their 2017 counterparts by more than 20%, a trend which is also visible in the Americas. 3 IPO pricing dynamics 4 Post-IPO performance (median) Global indices 1% 2% 13% 10% 10% 2% 15% 11% 23,5% % 64% 58% 62% 67% % 24% 22% 27% 17% 5% 2% 3% 1% 3% Below range Bottom of range In range Top of range Above range 4,5% 3,3% 4,8% 1,6% 4,3% 2,0% 5,0% 2,4% 1-Day 1-Week 1-Month 3-Month Current 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). 3,0% Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 CAC 40 DAX FTSE 100 Source: Dealogic, Bloomberg as of 30 September

20 Leading transactions 2017 in EMEA On the last trading day of the quarter, tyre manufacturer Pirelli raises nearly $2.7bn to become the biggest EMEA IPO of the year 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 29-Sep-17 Pirelli & C Consumer Goods Borsa Italiana Bottom of range $2.7bn 35.0% 100.0% N/A N/A N/A 21-Jul-17 Landis & Gyr Industrials SIX Swiss Exchange In range $2.4bn 100.0% 100.0% 0.6% -1.3% -8.7% 7-Apr-17 Galenica Santé Consumer Services SIX Swiss Exchange Top of range $1.9bn 97.5% 100.0% 10.3% 12.8% 18.3% 15-Jun-17 ALD Industrials Euronext Paris Bottom of range $1.3bn 20.2% 100.0% 0.0% 8.4% -4.6% 15-Sep-17 Steinhoff Africa Retail Consumer Services Johannesburg SE In range $1.2bn 21.7% 0.0% 5.0% N/A 4.9% 29-Jun-17 Delivery Hero Consumer Services Deutsche Börse Top of range $1.1bn 22.5% 44.2% 9.0% 7.5% 31.4% 13-Jul-17 Play Communications Telecommunications Warsaw SE Bottom of range $1.1bn 44.2% 100.0% -1.4% 0.0% 2.9% 5-Apr-17 Gestamp Automocion Consumer Goods BME Bottom of range $0.9bn 27.2% 100.0% -4.5% 1.1% -4.1% 7-Jul-17 Sherborne Investors Financials LSE In range $0.9bn 100.0% 0.0% 2.0% 5.0% 5.5% 15-Mar-17 Prosegur Cash Industrials BME Bottom of range $0.9bn 27.5% 100.0% 3.0% 9.9% 28.3% 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 FO - ABB; Rights Offer $13.7bn 0.0% 50.3% N/A 63.3% 7-Apr-17 Deutsche Bank Financials Deutsche Börse FO - ABB; Rights Offer $8.5bn 0.0% 33.3% 49.5% 25.6% 26-Jul-17 Santander Financials Madrid Stock Exchange FO - Rights Offer $8.2bn 0.0% 19.8% 12.8% 21.4% 7-Jun-17 Credit Suisse Financials SIX Swiss Exchange FO - Rights Offer $4.4bn 0.0% 22.3% 35.4% 41.9% 28-Mar-17 Electricité de France SA Utilities Euronext Paris FO - Rights Offer $4.4bn 0.0% 22.5% 20.7% 61.8% 23-Jun-17 Allied Irish Banks Financials Irish SE; LSE FO - Fully Marketed $3.8bn 100.0% N/A 9.3% 15.2% 1-Jun-17 Barclays Africa Financials Johannesburg SE FO - Accelerated Bookbuild $2.9bn 100.0% 8.8% 8.9% 3.9% 19-Sep-17 Heineken Consumer Goods Euronext Amsterdam FO - Accelerated Bookbuild $2.3bn 100.0% -0.3% N/A -1.0% 10-May-17 Lonza Health Care SIX Swiss Exchange FO - ABB; Rights Offer $2.2bn 0.0% 45.9% 49.4% 86.8% 4-May-17 BNP Paribas Financials Euronext Paris FO - Accelerated Bookbuild $2.2bn 100.0% 2.0% -2.6% 4.8% 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 30 September

21 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in EMEA FO activity in EMEA is very much dominated by Financials, as numerous European banks are raising capital this year Money raised and number of IPOs and FOs per sector in EMEA , ,4 2,0 0,0 0,2 5,3 2,8 5,3 7,6 4,4 7,6 9,9 9,7 3,9 3,3 1,3 5,3 8,6 0,2 0,7 0,6 3,6 0,3 1,5 6,9 0,5 1,3 0,7 8,5 0, ,4 80, ,5 14,2 9,2 7,7 9,4 7,0 24,6 10,9 7,9 39,2 6,6 5,1 9,6 28,2 23,8 19,8 2,5 8,5 3,5 4,2 4,6 3,3 11,7 1,2 3,2 4,2 2,3 11,8 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 30 September

22 Top countries in terms of IPO activity in EMEA With the largest global IPO of the third quarter taking place on Borsa Italiana, Italy becomes the second most active country in EMEA in terms of IPO proceeds 2017 IPO activity of top countries in EMEA $27,9bn $21,1bn $19,8bn $7,6bn $7,9bn $1,7bn $3,8bn $6,2bn $1,6bn $4,7bn $1,2bn $1,7bn $2,6bn $0,9bn $4,6bn - $6,5bn $9,5bn $1,5bn $3,5bn 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 Source: Dealogic as of 30 September

23 Asia-Pacific 22

24 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in Asia-Pacific Asia-Pacific accounted for 45% ($21.3bn) of global IPO proceeds and 66% (218) of the number of transactions, making it the most active region for IPOs yet again Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries $8,0bn Other, 16% Japan, 6% China, 42% $175,3bn $1,5bn $2,5bn $17,0bn $6,5bn $5,8bn $91,0bn $1,5bn $10,2bn $2,1bn $68,3bn $51,3bn $66,2bn $77,8bn $1,6bn $71,5bn $48,2bn $54,3bn $30,2bn Asia Australasia Number of IPO's South Korea, 10% India, 10% Hong Kong, 16% 650 $35,4bn $65,6bn $63,5bn $183,5bn $23,5bn $206,9bn $23,5bn $114,3bn $17,6bn $135,1bn $20,7bn $139,6bn $22,3bn $160,1bn $41,5bn $218,3bn 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. $17,9bn $197,7bn 934 $12,3bn $135,0bn Asia Australasia Number of FO's Australia, 8% India, 8% Hong Kong, 13% Other, 11% Japan, 19% China, 41% Source: Dealogic as of 30 September

25 Overview of IPO and FO activity in Asia-Pacific Unlike the other two regions and despite healthy activity levels, IPO and FO proceeds fell short of levels seen in Q IPO and FO activity in Asia-Pacific Q Q IPO activity Number of IPOs % sponsor-backed 6.5% 3.2% 6.4% 3.3% 2.2% 10.8% 4.0% 1.8% Money raised $84.3bn $77.3bn $49.6bn $47.0bn $56.5bn $7.3bn $24.6bn $21.3bn % sponsor-backed 16.9% 5.9% 15.3% 5.6% 7.2% 31.7% 6.3% 5.1% 2 Advanced metrics Free float % 27.6% 29.0% 27.9% 29.5% 27.0% 33.5% 29.3% 25.8% Overallotment exercised (%) 17.5% 15.6% 16.2% 17.7% 10.3% 19.5% 15.0% 5.6% % secondary shares 13.4% 10.9% 12.0% 11.8% 9.1% 19.1% 10.8% 8.5% FO activity Number of FOs 1,479 1,369 1,091 1, Money raised $259.8bn $215.1bn $203.5bn $167.5bn $147.3bn $51.0bn $70.3bn $52.1bn 1 The number of IPOs and the amount of money raised 2017 exceeds levels in 2016, as investor appetite is strong and the Chinese government is determined to reduce the IPO pipeline. 2 The free float of IPOs in Asia-Pacific is well below the level seen in the other two regions. 3 33% of IPOs are pricing at the top or above their initial pricing range, compared to 20% in the Americas and 13% in EMEA. 4 The 1-day median performance of IPOs in Asia-Pacific stands at the Chinese maximum permissible of 44% for 2017 IPOs, yet again. 3 IPO pricing dynamics 4 Post-IPO performance (median) Global indices 3% 2% 4% 2% 3% % 32% 28% 35% 30% 92,0% 97,6% 94,0% 91,6% % 50% 59% 47% 53% 43,9% 44,0% 40,0% 40,0% 41,2% 52,6% % 13% 13% 3% 3% 8% 12% 1% 3% 3% Below range Bottom of range In range Top of range Above range 1-Day 1-Week 1-Month 3-Month Current Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-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 30 September

26 Leading transactions 2017 in Asia-Pacific With 6 new entries in the top 10 largest IPOs of the year, the third quarter provided fertile ground for large transactions in Asia-Pacific 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-Apr-17 Netmarble Games Corp Consumer Goods Korea SE 121, , ,000 Top of range $2.3bn 20.0% 0.0% 3.2% -5.1% -3.5% 10-Jul-17 Netlink NBN Trust Technology Singapore SE Bottom of range $1.7bn 75.9% 0.0% 0.0% -0.6% 1.9% 21-Sep-17 ZhongAn Online P&C 1 Financials HKEx Top of range $1.5bn 13.8% 0.0% 9.2% N/A 6.3% 26-Sep-17 SBI Life Insurance Financials BSE; NSE Top of range $1.3bn 12.0% 100.0% N/A N/A N/A 13-Jun-17 Guangzhou Rural Bank Financials HKEx In range $1.2bn 19.0% 9.1% 0.2% 0.4% -0.2% 12-Jul-17 Zhongyuan Bank Financials HKEx In range $1.2bn 19.3% 9.1% 1.6% 0.4% -1.2% 24-Apr-17 ING Life Insurance Korea Financials Korea SE 31,500-40,000 33,000 Bottom of range $1.0bn 40.9% 100.0% -4.2% -3.5% 43.8% 17-Jul-17 Celltrion Healthcare Health Care Korea SE 32,500-41,000 41,000 Top of range $0.9bn 18.0% 0.0% 22.7% 16.8% 35.4% 21-Sep-17 ICICI Lombard General 2 Financials BSE; NSE Top of range $0.9bn 19.0% 100.0% N/A N/A N/A 4-Jul-17 Lotte Chemical Titan Basic Materials Bursa Malaysia Below range $0.9bn 25.1% 0.0% -1.9% -32.8% -19.1% 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 25-Sep-17 Japan Post Financials Tokyo SE 1,321-1,321 1,322 FO - Fully Marketed $10.8bn 100.0% 3.1% N/A 0.5% 12-Jun-17 Renesas Electronics Technology Tokyo SE FO - Fully Marketed $3.2bn 100.0% 39.4% 21.2% 48.6% 13-Jan-17 Jinan Diesel Engine Industrials Shenzhen SE FO - Cash Placing $2.7bn 0.0% 83.0% 67.9% 55.9% 26-Jul-17 China Molybdenum Basic Materials Shanghai SE N/A 3.82 FO - Cash Placing $2.7bn 0.0% 72.8% 72.3% 105.2% 28-Aug-17 Yancoal Australia Basic Materials Australian SE FO - Rights Offer $2.3bn 0.0% N/A N/A N/A 8-Jun-17 State Bank of India Financials BSE; NSE FO - ABB $2.3bn 0.0% 0.4% -2.5% -11.7% 31-Mar-17 Guotai Junan Securities Financials HKEx FO - Fully Marketed $2.2bn 0.0% 0.0% -3.4% 6.3% 24-Jan-17 Kingray New Materials 3 Basic Materials Shanghai SE FO - Cash Placing $2.2bn 0.0% 32.6% 37.5% 36.1% 23-Jan-17 SAIC Motor Consumer Goods Shanghai SE N/A FO - Cash Placing $2.2bn 0.0% 9.4% 14.5% 32.4% 27-Jul-17 PT Bumi Resources Basic Materials Indonesia SE FO - Rights Offer $2.0bn 0.0% -61.4% -71.5% -78.5% 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). 1) ZhongAn Online P&C Insurance, 2) ICICI Lombard General Insurance, 3) Kingrav New Materials Science & Technology Source: Dealogic as of 30 September

27 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in Asia-Pacific Unlike the global trend, Industrials take the lead in Asia-Pacific in terms of both the number of IPOs and total proceeds Money raised and number of IPOs and FOs per sector in Asia-Pacific ,2 29, ,2 2,9 4,2 8,2 8,2 9,1 5,4 5,4 5,7 12,8 6,0 7,2 4,9 13,2 16,3 13,6 1,4 1,1 0,3 7,3 5,1 4,8 0,2 0,3 0,1 4,2 1,2 1, ,3 25,7 21,8 26,1 27,8 14, ,0 23,7 10,4 99, ,9 41, ,6 12,2 3, ,2 37,4 32, ,1 5,7 3, ,2 12,5 12,7 1,2 4,5 2, ,7 10,0 4,3 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 30 September

28 Top countries in terms of IPO activity in Asia-Pacific With a government determined to reduce the number of companies in the IPO pipeline, China looks set to continue dominating the rankings in Asia-Pacific IPO activity of top countries in Asia-Pacific $25,8bn $24,3bn $23,7bn $18,9bn $28,7bn $23,7bn $21,3bn $12,9bn $8,7bn $0,2bn $0,2bn $2,1bn $4,0bn $5,8bn $1,2bn $4,0bn $3,5bn $5,5bn $5,8bn 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 money raised in Source: Dealogic as of 30 September

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