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 Carsten Stäcker Tel Dirk Menker Tel Stephan Wyrobisch 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 Basis of preparation 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. 2

4 FO money raised & # of deals IPO money raised & # of deals Global money raised via IPOs and FOs A strong start to the year with IPOs almost reaching the $50bn proceeds mark, however with FO activity slightly down year-on-year Global money raised via IPOs and FOs (10-year overview) Top countries $299,1bn $274,3bn Other, 28% United States, 35% $121,2bn $178,8bn $142,5bn $195,6bn $206,7bn $142,5bn $207,1bn Mexico, 5% $49,7bn Hong Kong, 6% China, 11% Germany, 15% $841,8bn $642,0bn $479,9bn $509,3bn $588,2bn $613,5bn $685,8bn $551,1bn $620,1bn 813 Other, 32% United States, 34% $137,5bn Japan, 4% United Kingdom, 7% China, 10% Hong Kong, 13% 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

5 1 2 Overview of global IPO and FO activity The amount of money raised via IPOs in is 32% higher compared to the same period last year, despite a 16% drop in the number of deals IPO pricing dynamics Global IPO and FO activity 1 In, 281 IPOs raised $49.7bn, Q Q compared to 336 IPOs with proceeds of $37.8bn in Q IPO activity Number of IPOs 1,012 1, % 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 (%) % 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, Money raised $551.1bn $620.1bn $117.1bn $168.3bn $137.5bn 3% 4% 5% 4% 24% 23% 51% 53% 37% 23% 24% 42% 54% 50% 14% 14% 17% 10% 16% 7% 6% 5% 7% 6% Below range Bottom of range In range Top of range Above range 3 15,7% Post-IPO performance (median) 3,8% 17,2% 4,2% 19,2% 2,4% 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 Q 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. Global indices 75 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 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). 24,2% 0,0% N/A 23,6% 1-Day 1-Week 1-Month 3-Month Current 2,2% FTSE 100 Hang Seng S&P 500 Source: Dealogic, Bloomberg as of 31 March

6 Leading transactions 2018 The number of jumbo IPOs doubled compared to Q1 2017, with six billion dollar + IPOs Top 10 largest IPOs 2018 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-18 Siemens Healthineers Health Care Deutsche Börse In range $4.5bn 13.0% 100.0% 7.9% N/A 19.3% 23-Jan-18 PagSeguro Digital Industrials NYSE Above range $2.6bn 38.0% 46.3% 35.8% 50.6% 78.2% 28-Mar-18 iqiyi Consumer Services NASDAQ In range $2.3bn 17.7% 0.0% -13.6% N/A -13.6% 22-Mar-18 DWS Financials Deutsche Börse In range $1.6bn 20.0% 100.0% 1.8% N/A -3.1% 23-Mar-18 Grupo Aeroportuario 1 Industrials Mexican SE In range $1.5bn 100.0% 0.0% 0.0% N/A 0.2% 18-Jan-18 ADT Industrials NYSE Below range $1.5bn 14.0% 0.0% -11.5% -17.3% -43.4% 11-Jan-18 Bank of Gansu Financials HKEx In range $0.9bn 26.1% 0.0% 7.1% 5.6% 4.8% 22-Mar-18 Dropbox Technology NASDAQ Above range $0.9bn 10.5% 25.5% 35.6% N/A 48.8% 7-Feb-18 Fideicomiso CIB/ Financials Mexican SE Bottom of range $0.9bn 85.3% 0.0% N/A 2.1% 0.3% 24-Jan-18 Gates Industrial Corp Industrials NYSE In range $0.8bn 15.6% 0.0% -2.6% -10.2% -7.8% Top 10 largest FOs 2018 Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 22-Mar-18 Tencent Holdings Technology HKEx FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% N/A 1.1% 4-Jan-18 Sempra Energy Utilities NYSE FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 3.9% 20-Feb-18 Cineworld Group Consumer Services LSE 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 FO - Cash Placing $2.4bn 0.0% -0.3% N/A -6.5% 11-Jan-18 Covestro Basic Materials Deutsche Börse 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 FO - Bought Deal $1.6bn 0.0% 0.3% N/A 3.3% 27-Feb-18 General Motors Consumer Goods NYSE FO - Bought Deal $1.6bn 100.0% -1.1% -12.4% -8.7% 31-Jan-18 VICI Properties Financials NYSE 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, FO - Accelerated Bookbuild $1.4bn 100.0% 0.7% N/A -0.8% 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). Source: Dealogic, Bloomberg as of 31 March

7 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per region Asia-Pacific comes in last in terms of IPO proceeds in, even though it ranks first in terms of the number of transactions Americas EMEA Asia-Pacific $109,5bn 246 $50,7bn 149 $30,8bn 258 $65,8bn 63 $20,3bn $81,7bn $71,7bn 181 $35,7bn 297 $55,1bn 59 $16,3bn 542 $83,1bn $84,3bn $77,3bn $86,1bn 160 $13,2bn $259,7bn $230,3bn $243,3bn $219,7bn $214,6bn 298 $204,5bn $190,8bn $189,7bn 208 $182,4bn $215,1bn $216,9bn 312 $119,6bn $51,3bn $32,5bn $54,0bn 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

8 Top exchanges globally based on money raised in 2018 Listing regime reforms are expected to drive a burst of activity on HKEx going forward Money raised and number of IPOs per Exchange Top Exchanges $35bn $15bn $10bn $21bn $21bn $21bn $8bn $6bn $8bn $9bn $3bn $3bn $21bn $14bn $3bn Other, 39% NYSE, 20% NASDAQ (Global), 15% NYSE NASDAQ (Global) Deutsche Börse LSE Group HKEx HKEx, 6% LSE Group, 6% Deutsche Börse, 15% Money raised and number of FOs per Exchange Top Exchanges $118bn$115bn NYSE, 21% $73bn $75bn $80bn Other, 39% NYSE $31bn NASDAQ (Global) $19bn $20bn $27bn $18bn HKEx $40bn $55bn $11bn LSE Group Shenzhen 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. $37bn $9bn Shenzhen SE, 6% LSE Group, 7% HKEx, 12% NASDAQ (Global), 13% Source: Dealogic as of 31 March

9 FO money raised & # of deals IPO money raised & # of deals Global IPO and FO activity per sector Financials 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 Money raised ($bn) and number of IPOs and FOs per sector ,3 2,9 1, ,1 24,4 2, ,1 15,2 6, , , ,0 23,1 17,4 14,2 13,3 7,0 9, ,5 10,3 2, ,5 7,5 9,9 1,8 0,5 1,6 0,1 4,0 0, , ,1 50,9 9,5 48,3 46,7 14,1 54,1 50,8 16,5 118,3 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 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

10 IPO money raised & # of deals Financial sponsor-backed IPO activity globally 74% 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 FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific 96 $35,8bn $23,5bn $30,7bn $30,7bn $15,6bn $11,5bn $16,3bn $15,3bn $17,0bn $14,2bn $5,8bn $1,6bn $4,5bn $5,7bn $0,5bn Top 10 largest FS-backed IPOs 2018 globally Global FS-backed IPOs (by money raised) Pricing date Issuer name Exchange Pricing Money raised 1-day Performance 1-month Current Sponsorbacked; 21% Sponsorbacked; 16% 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% Not Sponsorbacked; 79% (9%) sponsor-backed IPOs vs 1,373 (91%) non-sponsor-backed IPOs Not Sponsorbacked; 84% 27 (10%) sponsor-backed IPOs vs 254 (90%) non-sponsor-backed IPOs 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. Source: Dealogic as of 31 March

11 Volatility versus IPO activity Volatility displays a quarterly uptick, as inflation worries caused a market sell-off in the first week of February Money raised via IPOs versus volatility Global money raised via IPOs VIX (average per quarter) $100bn $75bn $50bn 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 12,8 17,0 $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) ,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 12,8 17, 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

12 Americas 11

13 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in the Americas IPO activity in the Americas was up year-on-year with 63 IPOs raising $20.3bn, reaching its highest level since Q Money raised via IPOs and FOs in the Americas (10-year overview) Top countries Mexico, 13% Other, 2% $3,7bn $14,4bn $11,8bn $13,6bn $7,0bn $12,8bn $105,8bn $83,1bn $6,9bn $14,1bn $61,2bn $54,0bn $63,9bn $4,3bn $33,3bn $43,8bn $54,7bn $2,7bn $26,8bn $17,5bn North America Latin America Number of IPO's United States, 85% Canada, 8% Other, 1% $16,7bn $291,4bn $87,4bn $257,1bn $24,1bn $184,6bn $14,0bn $23,5bn $18,3bn $7,9bn $223,3bn $230,9bn $216,0bn $240,8bn $8,1bn $211,6bn $13,3bn $202,1bn 298 $0,7bn $50,6bn North America Latin America Number of FO's United States, 91% 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 31 March

14 Overview of IPO and FO activity in the Americas The Americas rank first in terms of IPO proceeds as it experienced a year-on-year uptick in both IPO volume and proceeds IPO and FO activity in the Americas Q Q IPO activity Number of IPOs % sponsor-backed 22.8% 24.4% 8.3% 43.6% 22.2% 2 Money raised $30.8bn $65.8bn $1.4bn $15.8bn $20.3bn % 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% Overallotment exercised (%) % 76.8% 60.0% 91.4% 61.7% % secondary shares 8.2% 10.2% 0.0% 12.5% 6.8% FO activity Number of FOs 1,071 1, Money raised $219.7bn $214.6bn $49.4bn $64.0bn $51.3bn 1 The Americas had a strong start to 2018 for IPOs, whilst seeing a decrease in FOs. 2 IPO proceeds totaled $20.3bn via 63 IPOs in the first quarter of 2018, compared to $15.8bn via 39 IPOs in Q 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 Q Investors feared inflation and interest rates would rise in tandem with US wage growth, causing a market sell-off in early February. 3 IPO pricing dynamics 11% 11% 8% 17% 12% 9% 11% 50% 40% 45% 46% 11% 15% 17% 26% 20% 25% 20% 10% 10% 44% 6% 24% 13% Below range Bottom of range In range Top of range Above range 3,4% Post-IPO performance (median) 0,2% 2,9% 0,4% 3,5% Global indices 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). 1,3% 3,9% 0,0% N/A 4,0% 1-Day 1-Week 1-Month 3-Month Current 0,5% Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Dow Jones NASDAQ 100 S&P 500 Source: Dealogic, Bloomberg as of 31 March

15 Leading transactions 2018 in the Americas The two largest IPOs in the Americas are cross-border listings from Brazil and China, raising a total of $4.9bn on US exchanges Top 10 largest IPOs 2018 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 23-Jan-18 PagSeguro Digital Industrials NYSE Above range $2.6bn 38.0% 46.3% 35.8% 50.6% 78.2% 28-Mar-18 iqiyi Consumer Services NASDAQ In range $2.3bn 17.7% 0.0% -13.6% N/A -13.6% 23-Mar-18 Grupo Aeroportuario 1 Industrials Mexican SE In range $1.5bn 100.0% 0.0% 0.0% N/A 0.2% 18-Jan-18 ADT Industrials NYSE Below range $1.5bn 14.0% 0.0% -11.5% -17.3% -43.4% 22-Mar-18 Dropbox Technology NASDAQ Above range $0.9bn 10.5% 25.5% 35.6% N/A 48.8% 7-Feb-18 Fideicomiso CIB/ Financials Mexican SE Bottom of range $0.9bn 85.3% 0.0% N/A 2.1% 0.3% 24-Jan-18 Gates Industrial Corp Industrials NYSE In range $0.8bn 15.6% 0.0% -2.6% -10.2% -7.8% 18-Jan-18 Americold Realty Trust Financials NYSE Top of range $0.8bn 37.7% 36.0% 11.1% 12.4% 19.3% 31-Jan-18 Hudson Consumer Services NYSE Bottom of range $0.7bn 42.6% 100.0% -7.4% -17.8% -16.3% 7-Feb-18 Cactus Oil & Gas NYSE Top of range $0.5bn 27.0% 0.0% 6.6% 34.1% 41.7% Top 10 largest FOs 2018 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 4-Jan-18 Sempra Energy Utilities NYSE FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 3.9% 6-Mar-18 Duke Energy Corp Utilities NYSE FO - Bought Deal $1.6bn 0.0% 0.3% N/A 3.3% 27-Feb-18 General Motors Consumer Goods NYSE FO - Bought Deal $1.6bn 100.0% -1.1% -12.4% -8.7% 31-Jan-18 VICI Properties Financials NYSE FO - Fully Marketed $1.4bn 0.0% 4.5% -2.3% -8.4% 27-Mar-18 Dominion Energy Utilities NYSE FO - Bought Deal $1.4bn 0.0% -0.1% N/A -0.6% 4-Jan-18 ONEOK Oil & Gas NYSE FO - Bought Deal $1.2bn 0.0% 2.9% 6.0% 4.4% 5-Mar-18 TransUnion Industrials NYSE FO - Bought Deal $1.1bn 100.0% -1.3% N/A -1.8% 27-Feb-18 Norwegian Cruise Line Consumer Services NYSE FO - Bought Deal $1.1bn 100.0% 1.6% -5.6% -5.4% 14-Mar-18 Hilton Grand Vacations Consumer Services NYSE FO - Accelerated Bookbuild $1.0bn 100.0% -5.1% N/A -7.0% 6-Mar-18 Park Hotels & Resorts Financials NYSE FO - Accelerated Bookbuild $1.0bn 100.0% 4.1% N/A 4.9% 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). Source: Dealogic, Bloomberg as of 31 March

16 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Americas Industrials are leading the Americas IPO proceeds in, fuelled by three jumbo IPOs in the sector Money raised ($bn) and number of IPOs and FOs per sector in the Americas ,2 0,1 2,5-3,4 2,1 0,2 1,8 9,4 4,7 11,9 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, ,3 0, , , ,2 12,8 0,8 11,3 12,3 5,1 20,9 24,7 5,3 41,0 11,4 37,4 26,6 10,4 13,8 26,0 4,1 28,7 3,5 13,7 9,6 3,0 1,1 0,7-15,5 5,5 7,6 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

17 Top countries in terms of IPO activity in the Americas Ahead 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 IPO activity of top countries in the Americas $100,5bn $51,5bn $38,9bn $26,1bn $17,2bn $3,5bn $6,7bn $3,6bn $5,0bn $2,6bn $5,4bn $4,9bn $0,7bn $4,2bn $0,3bn - - $0,2bn $0,3bn $0,1bn 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 31 March

18 EMEA 17

19 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in EMEA Accounting 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 Money raised via IPOs and FOs in EMEA (10-year overview) Top countries Other, 22% $12,9bn $3,5bn $7,1bn $5,2bn $2,0bn $3,3bn $69,4bn $68,8bn $2,4bn $2,5bn $40,4bn $33,3bn $37,2bn $48,0bn $2,1bn $33,4bn $0,5bn $8,0bn $15,9bn $15,8bn Netherlan ds, 6% Norway, 7% Italy, 7% Germany, 46% Europe Middle East & Africa Number of IPO's United Kingdom, 12% $9,9bn Other, 32% United Kingdom, 28% $318,8bn $12,4bn $10,0bn $9,3bn $135,2bn $132,4bn $115,1bn $6,8bn $13,9bn $12,2bn $174,2bn $192,4bn $179,1bn $10,3bn $110,2bn Sweden, 4% South Africa, 7% France, 13% 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. $13,1bn $176,7bn $4,3bn $28,3bn Europe Middle East & Africa Number of FO's Germany, 16% Source: Dealogic as of 31 March

20 Overview of IPO and FO activity in EMEA IPO 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 3 IPO and FO activity in EMEA Q Q IPO activity Number of IPOs % sponsor-backed 22.1% 16.8% 16.7% 15.3% 15.3% Money raised $35.7bn $55.1bn $4.7bn $6.5bn $16.3bn % 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% Overallotment exercised (%) % 26.3% 35.7% 22.2% 7.7% % secondary shares 36.2% 32.9% 40.7% 33.3% 36.1% FO activity Number of FOs Money raised $119.6bn $189.7bn $21.8bn $50.7bn $32.5bn 1 Monetary conditions will likely remain very loose for the remainder of 2018 in Europe, stimulating IPO activity. 2 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. 3 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. 4 Post-IPO performance of 2018 deals is lowest in EMEA compared to other regions. IPO pricing dynamics 4 Post-IPO performance (median) Global indices 2% 10% 4% 4% 10% 25% 10% 8% 65% 68% 44% 66% 64% 3,1% 1,5% 2,0% 2,0% 2,0% 0,5% 2,4% 0,0% N/A 0,0% ,9% % 24% 17% 17% 16% 2% 3% 6% 4% 8% Day 1-Week 1-Month 3-Month Current 75 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 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

21 Leading transactions 2018 in EMEA The top 3 IPOs in EMEA are all carve-outs, raising a total of $7.0bn Top 10 largest IPOs 2018 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-18 Siemens Healthineers Health Care Deutsche Börse In range $4.5bn 13.0% 100.0% 7.9% N/A 19.3% 22-Mar-18 DWS Financials Deutsche Börse In range $1.6bn 20.0% 100.0% 1.8% N/A -3.1% 21-Mar-18 ELKEM Basic Materials Oslo Børs Bottom of range $0.8bn 38.2% 19.2% -4.1% N/A 4.0% 2-Feb-18 Metrovacesa Financials BME Below range $0.8bn 25.8% 100.0% -3.0% -9.1% -9.1% 29-Jan-18 SPAXS Financials Borsa Italiana In range $0.7bn 100.0% 0.0% 2.0% 3.6% 2.4% 13-Feb-18 Instone Real Estate Financials Deutsche Börse Bottom of range $0.5bn 49.0% 59.6% -2.3% -5.6% -14.0% 28-Mar-18 Godewind Immobilien Financials Deutsche Börse In range $0.5bn 86.2% 0.0% N/A N/A N/A 16-Mar-18 Energean Oil & Gas Oil & Gas LSE Below range $0.5bn 47.5% 0.0% -4.0% N/A -5.9% 22-Mar-18 B&S Consumer Services Euronext Amsterdam Bottom of range $0.4bn 29.3% 100.0% N/A N/A N/A 8-Feb-18 Dermapharm Health Care Deutsche Börse In range $0.4bn 21.7% 67.2% -7.1% -8.0% -14.1% Top 10 largest FOs 2018 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 20-Feb-18 Cineworld Group Consumer Services LSE FO Acc d Bookbuild; RO $2.5bn 0.0% 53.4% 51.7% 50.2% 11-Jan-18 Covestro Basic Materials Deutsche Börse FO - Accelerated Bookbuild $2.2bn 100.0% 2.6% -3.0% -7.4% 8-Feb-18 Umicore Basic Materials Euronext Brussels FO - Accelerated Bookbuild $1.1bn 0.0% 10.8% N/A 18.5% 21-Mar-18 UbiSoft Entertainment Consumer Goods Euronext Paris FO - Accelerated Bookbuild $1.1bn 100.0% 7.8% N/A 3.8% 30-Jan-18 Orange Egypt 1 Telecommunications Egyptian Exchange FO - Rights Offer $0.9bn 0.0% 240.9% 170.0% 90.7% 15-Mar-18 Creval Financials Borsa Italiana FO - Rights Offer $0.9bn 0.0% 12.4% N/A 15.2% 15-Mar-18 Tesco Consumer Services LSE FO - Accelerated Bookbuild $0.8bn 100.0% -0.2% N/A -2.1% 9-Mar-18 Aroundtown Financials Deutsche Börse FO - Accelerated Bookbuild $0.7bn 0.0% -0.9% N/A -1.3% 16-Jan-18 Israel Chemicals Basic Materials Tel Aviv SE FO - Accelerated Bookbuild $0.7bn 100.0% 12.1% 6.7% 8.8% 15-Feb-18 PRISA Consumer Services BME FO - Rights Offer $0.7bn 0.0% 48.3% 40.3% 41.3% 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). Source: Dealogic, Bloomberg as of 31 March

22 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in EMEA Though 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 Money raised ($bn) and number of IPOs and FOs per sector in EMEA ,9 0,2 1,7 0,8 2,9 8,6 0,5 4,4 7,6 1,0 7,5 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, , ,6 10,5 4,6 9,6 12,4 1,9 10,1 11,6 7,4 39,4 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 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

23 Top countries in terms of IPO activity in EMEA With IPO proceeds of $7.6bn, Germany leads EMEA IPO activity whilst ranking second on a global level IPO activity of top countries in EMEA $27,9bn $19,8bn 15 $14,8bn $4,7bn $7,9bn $5,8bn $3,2bn $7,6bn $7,6bn $1,9bn $3,8bn $6,2bn $1,6bn $6,2bn $1,2bn 1,7 $1,1bn $0,2bn $1,3bn $1,1bn 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 31 March

24 Asia-Pacific 23

25 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in Asia-Pacific Stricter 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 Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries $8,0bn $175,3bn $1,5bn $2,5bn $17,0bn $6,5bn $5,8bn $4,8bn $68,3bn $91,0bn $1,5bn $10,2bn $51,3bn $66,2bn $77,8bn $71,5bn $81,3bn $48,2bn $0,1bn $13,1bn Asia Australasia Number of IPO's Other, 8% South Korea, 3% Japan, 8% India, 17% Hong Kong, 23% China, 41% $63,5bn $183,4bn $23,6bn $206,8bn $23,5bn $115,1bn $17,6bn $135,1bn $20,7bn $140,5bn $22,3bn $160,1bn $41,5bn $218,3bn $17,9bn $197,7bn China, 25% 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. $22,2bn $194,7bn $5,4bn $48,6bn Asia Australasia Number of FO's 312 India, 8% Australia, 10% Japan, 11% Other, 13% Hong Kong, 33% Source: Dealogic as of 31 March

26 Overview of IPO and FO activity in Asia-Pacific A trend towards smaller deal sizes could endanger Asia-Pacific s usual dominance of IPO activity in 2018 IPO and FO activity in Asia-Pacific Q Q IPO activity Number of IPOs % sponsor-backed 3.2% 2.2% 1.9% 2.9% 2.5% Money raised $77.3bn $86.1bn $8.4bn $15.5bn $13.2bn % sponsor-backed 5.9% 6.6% 0.7% 7.8% 3.8% 2 Advanced metrics Free float % 29.0% 42.0% 27.9% 27.6% 28.2% Overallotment exercised (%) % 12.6% 28.2% 16.1% 8.2% % secondary shares 10.9% 10.2% 13.2% 10.0% 12.5% FO activity Number of FOs 1,369 1, Money raised $215.1bn $216.9bn $45.9bn $53.9bn $54.0bn 1 With 160 IPOs raising $13.2bn in, the number of IPOs dropped by 33% while proceeds fell by 15% compared to Q On the FO front, activity levels are largely in line with previous years, as 312 transactions raised $54.0bn. 3 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. 4 Asian markets are left directionless as a potential trade war unnerves investors. 3 IPO pricing dynamics Post-IPO performance (median) 4 Global indices 2% 2% 3% 2% 32% 33% 44% 31% 38% 44,0% 74,2% 74,6% 70,2% 60,7% % 50% 40% 52% 46% 13% 13% 15% 10% 12% 3% 2% 1% 5% 2% Below range Bottom of range In range Top of range Above range 11,5% 16,0% 12,5% Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 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). 0,0% N/A 1-Day 1-Week 1-Month 3-Month Current 13,7% Hang Seng Nikkei 225 SENSEX Source: Dealogic, Bloomberg as of 31 March

27 Leading transactions 2018 in Asia-Pacific The largest FO this quarter was Naspers sell-down of a 2% stake in Tencent Top 10 largest IPOs 2018 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 11-Jan-18 Bank of Gansu Financials HKEx 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 Top of range $0.7bn 10.0% 18.1% 27.3% N/A 24.9% 30-Jan-18 Hebei Yangyuan ZhiHui 1 Consumer Goods Shanghai SE N/A 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, Bottom of range $0.6bn 10.2% 100.0% -7.1% N/A -7.1% 9-Jan-18 Zhenro Properties Financials HKEx Top of range $0.6bn 28.1% 0.0% 0.3% 18.1% 23.3% 3-Feb-18 A-Living Services Financials HKEx 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 N/A $0.4bn 10.0% 0.0% 44.0% N/A 18.1% 21-Mar-18 Sasseur REIT Financials Singapore SE In range $0.3bn 35.0% 0.0% 0.6% N/A 0.0% Top 10 largest FOs 2018 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 22-Mar-18 Tencent Technology HKEx FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% N/A 1.1% 6-Mar-18 Blackcow Food Consumer Goods Shenzhen SE N/A 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 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 98,800 FO - Rights Offer $1.1bn 0.0% 49.3% N/A 33.6% 17-Jan-18 Country Garden Financials HKEx FO - Top-Up Placement $1.0bn 0.0% -1.9% -19.1% -5.7% 18-Jan-18 Kakao Corp Technology Singapore SE FO - Fully Marketed $1.0bn 0.0% N/A N/A N/A 15-Jan-18 China Hongqiao Basic Materials HKEx FO - Top-Up Placement $0.8bn 0.0% 4.1% -0.8% -10.7% 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). Source: Dealogic, Bloomberg as of 31 March

28 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in Asia-Pacific Largely as a result of the significant Tencent sell-down transaction in March, the Technology sector takes the lead in terms of FO proceeds in Money raised ($bn) and number of IPOs and FOs per sector in Asia-Pacific ,1 2,6 0, ,7 8,8 26 2, ,0 9,2 1, ,1 24,2 23 5, ,2 5,8 8 0, ,3 12, ,5 0,9 0,4 0, ,3 5,8 0,7-0,1 0,1 1,3 2,5 0, , ,5 51, ,4 28,4 4,2 27,5 22,0 7,0 23,1 14,6 3,8 37,9 11,0 12,0 6,1 3,7 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 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

29 Top countries in terms of IPO activity in Asia-Pacific The Indian IPO market is expected to remain active as demand is high and the government continues to divest state-owned enterprises IPO activity of top countries in Asia-Pacific $25,8bn 252 $24,3bn $31,6bn $28,7bn $23,7bn $21,3bn ,9 $14,3bn $5,4bn $3,0bn $0,2bn $2,1bn $4,0bn $11,5bn $2,2bn $11,6bn $15,6bn $10,6bn $6,0bn $1,1bn 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 31 March

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