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 Christoph Gruss Tel Dirk Menker Tel Dr. Rüdiger Loitz 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 Clifford Tompsett Nadja Picard Jan-Willem de Groot

3 FO money raised & # of deals IPO money raised & # of deals Global money raised via IPOs and FOs The number of IPOs in 2015 is slightly above the level of 2014, while the total amount of money via IPOs raised decreased by 33% Global money raised via IPOs and FOs (10-year overview) Top countries $295,8bn $371,2bn $295,8bn $272,5bn 830 Other, 34% US, 24% $105,7bn $120,3bn $178,3bn $140,6bn $194,6bn $131,5bn Spain, 7% China, 18% Hong Kong, 8% UK, 9% $841,6bn Other, 33% US, 33% $429,1bn $569,4bn $557,3bn $641,2bn $470,7bn $509,2bn $586,4bn $612,6bn $541,1bn Australia, 5% UK, 7% 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 Hong Kong, 10% China, 12% Source: Dealogic as of 1 October

4 Overview of global IPO and FO activity IPO issuance hampered by increased levels of volatility, which resulted in the weakest quarterly IPO activity of the past three years Global IPO and FO activity Q Q IPO activity Number of IPOs 857 1, % sponsor-backed 20.3% 18.1% 19.6% 20.2% 14.7% 19.9% 15.8% 15.9% Money raised $194.6bn $272.5bn $117.1bn $197.3bn $131.5bn $28.4bn $69.5bn $20.3bn % sponsor-backed 30.5% 31.4% 25.3% 36.6% 29.1% 28.4% 23.3% 28.6% 4 Advanced metrics Free float % 35.8% 33.1% 36.6% 34.1% 33.9% 35.9% 32.0% 39.4% Overallotment exercised (%) 42.9% 40.2% 44.0% 41.8% n/a 42.9% 34.6% n/a % secondary shares 14.9% 18.5% 13.8% 19.0% 15.9% 11.6% 14.9% 17.5% FO activity Number of FOs 3,038 3,168 2,131 2,432 2, Money raised $586.4bn $612.6bn $428.8bn $482.4bn $541.1bn $119.7bn $149.5bn $112.9bn 1 Global money raised stood at $131.5bn via 830 IPOs in 2015 versus $197.3bn via 812 IPOs in Increased market volatility, due to a combination of fears over economic development in the emerging markets and the Fed s policy change, led to a thin summer market 3 Global sponsor-backed IPO activity slowed down with 122 deals raising $38.2bn versus 164 deals raising $72.2bn in Global FO activity in 2015 outpaces 2014 with 2,510 FOs raising $541.1bn (2014: 2,432 FOs raising $482.4bn) 49% IPO pricing dynamics 8% 7% 9% 7% 8% 20% 18% 18% 16% 20% 50% 51% 51% 54% 12% 13% 12% 14% 11% 10% 13% 10% 12% 7% Post-IPO performance (median) 29,9% 18,9% 20,1% 15,0% 7,5% 9,1% 8,0% 10,3% 11,6% 6,3% 1-Day 1-Week 1-Month 3-Month Current Global indices Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Below range Bottom of range In range Top of range Above range 2014 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 2015 FTSE 100 Hang Seng S&P 500 Source: Dealogic, Bloomberg as of 1 October

5 Leading transactions 2015 Global IPO and FO league tables 2015 are dominated by Q1 and Q2 activity Top 10 largest IPOs 2015 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 17-Jun-15 Guotai Junan Securities Financials Shanghai SE N.A Fixed price $4.9bn 20.0% 0.0% 44.0% 44.1% -5.6% 10-Feb-15 Aena Industrials BME Above range $4.8bn 48.9% 100.0% 20.7% 43.1% 70.3% 05-Feb-15 Sunrise Communications Telecommunications SIX Swiss Exchange In range $2.5bn 74.3% 31.8% 11.8% 11.9% -17.8% 05-May-15 Cellnex Telecom Telecommunications BME Top of range $2.4bn 66.0% 100.0% 10.1% 14.3% 8.6% 19-Mar-15 Auto Trader Consumer Services LSE In range $2.4bn 67.9% 66.8% 8.9% 16.1% 44.3% 01-Jun-15 China National Nuclear P. Utilities Shanghai SE N.A Fixed price $2.2bn 25.0% 0.0% 44.0% 166.1% 167.6% 19-Jun-15 Legend Holdings Technology HKEx Top of range $2.0bn 15.0% 0.0% -0.1% -18,9% -37.7% 03-Feb-15 Jasmine Br. Int. Gr. Fund Technology Thailand SE Bottom of range $1.7bn 54.3% 0.0% -3.0% -4.5% 5.0% 10-Mar-15 Orient Securities Financials Shanghai SE N.A Fixed price $1.6bn 18.9% 0.0% 44.0% 237.6% 63.2% 09-Jun-15 Seritage Growth Prop. Financials NYSE N.A Fixed price $1.6bn n/a 0.0% 25.4% 25.%% 25.9% Top 10 largest FOs 2015 Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 08-Jan-15 Santander Financials BME Accelerated Bookbuild $8.9bn 0.0% -4.7% -0.6% -23.2% 27-Apr-15 Telefonica Brasil Telecommunications NYSE; BOVESPA Rights Offer $5.5bn 0.0% 6.1% -6.0% -22.0% 27-Mar-15 Danske Bank Financials NASDAQ OMX C gen Guaranteed Pref. Alloc. $5.3bn 100.0% 3.1% 10.7% 13.7% 22-May-15 Huatai Securities Financials HKEx Fully Marketed $5.0bn 0.0% 4.8% -11.7% -38.5% 28-May-15 Inn. Mon. Baotou St. Un. Basic Materials Shanghai SE Cash Placing $4.9bn 0.0% 252.8% 195.6% 97.2% 14-May-15 Haitong Securities Financials HKEx Cash Placing $4.2bn 0.0% 32.7% 39.7% -35.0% 24-Feb-15 Actavis Health Care NYSE Fully Marketed $4.2bn 0.0% 0.8% 7.3% 3.8% 31-Mar-15 GF Securities Financials HKEx Fully Marketed $4.1bn 0.0% 34.8% 27.3% -25.7% 25-Mar-15 Citizens Financial Group Financials NYSE Fully Marketed $3.7bn 100.0% 1.6% 7.7% 0.5% 30-Jan-15 Coal India Basic Materials BSE; NSE Accelerated Bookbuild $3.7bn 100.0% -0.6% 10.7% -8.6% 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 1 October

6 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per region Asia-Pacific is the leading region 2015 in terms of IPO activity, while the Americas dominate FO activity in terms of money raised Americas EMEA Asia-Pacific $60,5bn $71,5bn $96,2bn $107,8bn 184 $36,7bn 167 $35,3bn 101 $18,0bn 180 $40,5bn 277 $81,7bn 187 $45,5bn 620 $92,5bn 397 $52,8bn 362 $58,3bn 539 $83,1bn 459 $49,2bn $202,8bn $235,0bn $250,2bn $230,2bn 874 $204,2bn 624 $133,9bn 518 $122,4bn 631 $179,3bn 728 $203,7bn 567 $136,8bn $137,4bn $182,4bn $202,9bn $152,6bn $160,2bn 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 1 October

7 Top exchanges globally based on money raised 2015 NASDAQ OMX and NYSE were the leading exchanges globally in terms of both IPO and FO activity during market slowdown period Money raised and number of IPOs per Exchange Top Exchanges $19bn 202 $31bn $19bn NASDAQ OMX $60bn $76bn $17bn NYSE 0 43 $17bn $0bn $6bn Shanghai SE $32bn $23bn $15bn LSE Group $29bn $19bn $10bn HKEx Other, 42% HKEx, 7% NASDAQ OMX, 15% LSE, 11% NYSE, 13% Shanghai, 12% Money raised and number of FOs per Exchange Top Exchanges $159bn $134bn $126bn NYSE, 22% Other, 40% $69bn $65bn $73bn $33bn $38bn $57bn $48bn $64bn $50bn $26bn $29bn $40bn NASDAQ OMX, 12% NYSE NASDAQ HKEx LSE Group Shanghai SE Shanghai SE, 7% LSE Group, 9% HKEx, 10% OMX 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 1 October

8 FO money raised & # of deals IPO money raised & # of deals Global IPO and FO activity per sector Financials continue to dominate both IPO and FO activity with a total amount of money raised of $228.3bn Money raised and number of IPOs and FOs per sector (in $bn and #) , ,5 87, ,8 8,0 4,1 16,6 18,7 11,3 26,4 12,3 37,9 11,3 19,4 13,2 32,1 20,7 23,8 16,9 17,1 5,9 12,3 11,9 10,4 1,9 4,1 7,0 6,2 11,2 5, ,4 215,6 190, ,0 30,8 39,0 44,7 41,2 35,1 68,8 59,0 60,3 61,6 71,2 94,4 63,7 30,3 32,8 52,5 68,6 37,4 29,9 24,7 19,8 13,9 21,4 16,6 22,8 24,0 17,3 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication Utilities 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 1 October

9 IPO money raised & # of deals Financial sponsor-backed IPO activity globally Despite a slight slowdown as compared to 2014, Financial sponsor-backed activity continues to be a strong driver of IPO issuance in the Americas and EMEA regions FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific $30,3bn 68 $35,3bn $35,6bn $33,1bn $16,0bn $18,1bn $20,2bn $16,9bn $10,5bn $3,1bn $3,2bn $6,4bn $4,8bn $6,4bn $7,5bn Top 10 largest FS-backed IPOs 2015 globally Global FS-backed IPOs (by money raised) Pricing date Issuer name Exchange Pricing Money raised Performance 1-day 1-month Current 5-Feb-15 Sunrise Communications SIX Swiss Exchange In range $2.5bn 11.8% 11.9% -17.8% 19-Mar-15 Auto Trader Group LSE In range $2.4bn 8.9% 16.1% 44.3% 5-Feb-15 GrandVision Euronext A dam In range $1.3bn 1.8% 2.8% 14.7% 9-Jun-15 SPIE Euronext Paris In range $1.1bn 5.8% 6.5% -9.9% 25-Jun-15 Europcar Groupe Euronext Paris Bottom of range $1.0bn -1.6% 1.7% -2.0% 10-Feb-15 Elis Euronext Paris Bottom of range $1.obn 0.0% 11.2% 7.2% 29-Jun-15 Euskaltel BME In range $0.9bn 5.8% 20.2% 8.4% 19-Jun-15 Red Star Macalline Group HKEx Top of range $0.9bn -4.1% -16.4% -25.5% 17-Jun-15 Univar NYSE Top of range $0.9bn 15.5% 13.7% -17.5% 5-Mar-15 HKBN HKEx Top of range $0.9bn 0.0% 8.7% -0.7% 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; 69% 2014 Sponsorbacked; 31% 209 (18%) sponsor-backed IPOs vs 1,154 non-sponsor-backed IPOs Not Sponsorbacked; 71% 2015 Sponsorbacked; 29% 122 (15%) sponsor-backed IPOs vs 830 non-sponsor-backed IPOs Source: Dealogic as of 1 October

10 Volatility versus IPO activity High volatility hampered IPO activity in Q3, resulting in the lowest amount of money raised of the past three years Money raised via IPOs versus volatility $150bn $125bn $100bn $75bn $50bn $25bn $0bn Global money raised via IPOs VIX (average per quarter) 37,3 37,5 34,2 31,4 29,5 27,2 23,9 25,1 23,1 22,9 23,9 22,0 19,9 18,4 19,9 21,6 22,7 23,1 19,0 18,6 16,9 16,0 16,8 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 ,9 31,4 27,2 23,1 22,9 22,0 Number of IPOs globally 37,3 37,5 29,5 25,1 23,9 19,9 VIX (average per quarter) 18,4 19,9 19,0 16,9 18,6 16,0 16,8 21,6 22,7 23,1 34, 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 1 October

11 Americas 10

12 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in the Americas IPO money raised in 2015 unlikely to outpace total money raised during 2014 after three consecutive years of growth Money raised via IPOs and FOs in the Americas (10-year overview) Top countries $9,7bn $70,5bn 523 $38,7bn $106,2bn $7,1bn $13,2bn $32,8bn $33,3bn $8,5bn $11,7bn $6,5bn $61,2bn $54,0bn $63,9bn $1,9bn $13,5bn $105,8bn $83,1bn 184 $1,9bn $34,8bn Canada, 9% Mexico, 5% Brazil, 0% North America Latin America Number of IPO's United States, 86% $8,0bn $10,2bn $143,3bn $163,1bn 773 $20,7bn $238,3bn $16,7bn $87,4bn $291,4bn $256,9bn $24,1bn $184,6bn $14,0bn $23,5bn $18,3bn $7,4bn $223,2bn $230,9bn $215,9bn $202,3bn Canada, 10% Brazil, 3% Other, 1% 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, 86% Source: Dealogic as of 1 October

13 Overview of global IPO and FO activity While IPO activity slowed down across the Americas, FO activity 2015 remained at its highest level since 2010, particularly as a result of a strong first half of the year IPO and FO activity in the Americas Q Q IPO activity Number of IPOs % sponsor-backed 31.2% 28.1% 27.2% 27.1% 24.5% 29.5% 23.7% 22.9% Money raised $96.2bn $107.8bn $65.8bn $86.1bn $36.7bn $15.4bn $44.6bn $9.2bn % sponsor-backed 36.6% 33.1% 27.8% 30.9% 28.7% 33.3% 9.1% 28.5% 2 Advanced metrics Free float % 35.1% 32.6% 35.9% 33.1% 39.3% 32.2% 34.3% 42.6% Overallotment exercised (%) 75.9% 77.7% 74.6% 79.6% n/a 68.1% 76.5% n/a % secondary shares 8.5% 9.4% 8.9% 8.6% 6.5% 8.1% 9.2% 7.6% FO activity Number of FOs 1,162 1, Money raised $250.2bn $230.2bn $184.4bn $185.5bn $204.2bn $54.5bn $52.1bn $34.2bn 3 IPO pricing dynamics Post-IPO performance (median) 1 After strong activity in Q2, American IPO activity slowed down in Q3, resulting in 48 IPOs, raising a total of $9.2bn in. This represents half of the money raised in the previous quarter 2 In contrast, FO activity in the Americas peaked in 2015 and the amount of money raised via FOs reached its highest level since IPO performance indicators display a negative current return as a result of decreased overall equity prices Main indices in the Americas 17% 16% 16% 16% 21% 11% 10% 11% 11% 9% 28% 25% 39% 43% 40% 13% 13% 12% 11% 8% 21% 34% 20% 34% 22% ,8% 4,8% 5,1% 5,3% 6,0% 7,2% 7,2% 1,7% -1,6% -8,7% 1-Day 1-Week 1-Month 3-Month Current Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Below range Bottom of range In range Top of range Above range 2014 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 Dow Jones NASDAQ 100 S&P 500 Source: Dealogic, Bloomberg as of 1 October

14 Leading transactions year-to-date in the Americas During 2015, the Americas saw only three IPOs with a total value of over $1bn, being Seritage Growth Properties, Tallgrass Energy GP and Columbia Pipeline Top 10 largest IPOs 2015 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 09-Jun-15 Seritage Growth Prop. Financials NYSE N.A Fixed price $1.6bn n/a 0.0% 25.4% 25.3% 25.9% 06-May-15 Tallgrass Energy GP Oil & Gas NYSE Above range $1.4bn 30.4% 0.0% 9.5% 7.2% -31.5% 05-Feb-15 Columbia Pipeline Oil & Gas NYSE Above range $1.2bn 57.5% 0.0% 16.5% 22.7% -45.0% 17-Jun-15 Univar Basic Materials NYSE Top of range $0.9bn 29.2% 42.9% 15.5% 13.7% -17.5% 17-Jun-15 Fitbit Consumer Goods NYSE Above range $0.8bn 20.4% 38.8% 48.4% 135.9% 88.5% 21-Jul-15 Blue Buffalo Pet Products Consumer Goods NASDAQ Above range $0.8bn 19.8% 100.0% 36.0% 34.6% -10.5% 24-Jun-15 TransUnion Industrials NYSE Top of range $0.8bn 19.1% 0.0% 12.9% 10.4% 11.6% 30-Jun-15 Tenedora Nemak Consumer Goods Mexican SE Bottom of range $0.8bn 99.7% 0.0% 0.0% -1.0% 2.3% 11-May-15 EQT GP Holdings Oil & Gas NYSE Above range $0.7bn 9.9% 100.0% 21.9% 20.7% -15.8% 11-Feb-15 Inovalon Holdings Industrials NASDAQ Above range $0.7bn 17.6% 0.0% 0.0% 1.9%% -22.9% Top 10 largest FOs 2015 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 27-Apr-15 Telefonica Brasil Telecommunications NYSE; BOVESPA Rights Offer $5.5bn 0.0% 6.1% -6.0% -22.0% 24-Feb-15 Actavis Health Care NYSE Fully Marketed $4.2bn 0.0% 0.8% 7.3% 3.8% 25-Mar-15 Citizens Financial Group Financials NYSE Fully Marketed $3.7bn 100.0% 1.6% 7.7% 0.5% 03-Jun-15 AerCap Holdings Financials NYSE Accelerated Bookbuild $3.5bn 100.0% -1.0% -6.9% -22.0% 11-May-15 Hilton Worldwide Hold. Consumer Services NYSE Bought Deal $2.7bn 100.0% -0.5% -4.0% -23.2% 07-Apr-15 General Motors Consumer Goods NYSE Bought Deal $2.6bn 100.0% -0.5% -3.2% -16.4% 28-Jul-15 Citizens Financial Group Financials NYSE Fully Marketed $2.6bn 100.0% 0.0% -5.0% -8.2% 25-Feb-15 American Tower Corp Financials NYSE Accelerated Bookbuild $2.5bn 0.0% 1.9% -1.6% -9.3% 31-Mar-15 Mylan Health Care NASDAQ Accelerated Bookbuild $2.3bn 100.0% -0.7% 23.8% -31.0% 04-Jun-15 Endo International Health Care NASDAQ Accelerated Bookbuild $2.3bn 0.0% 0.3% -1.5% -16.8% 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 1 October

15 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Americas Financials prove the most active sector in terms of both IPO and FO activity in 2015, followed by Health care Money raised and number of IPOs and FOs per sector in the Americas , ,3 31, ,2 3,4 1,1 5,4 2,6 3,4 14,2 2,4 12,7 8,8 9,9 5,7 3,9 2,4 4,1 12,5 14,0 5,0 9,1 6,3 1,4 0,7 0,5 1,2 2,4 0, ,9 11,0 9,6 13,1 9,7 10, ,0 26,5 27,0 73,6 63,1 48,8 19,7 21,9 42, ,6 36,8 26,1 22,8 26,7 15, ,1 13,5 11,0 2,4 4,0 7,9 7,5 7,0 5,1 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication 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. Utilities Source: Dealogic, Bloomberg as of 1 October

16 Top countries in terms of IPO activity in the Americas IPO activity in 2015 in the United States is down by over 60% in terms of money raised relative to the same period last year IPO activity of top countries in the Americas $77,8bn 302 $100,5bn $48,2bn $61,0bn $31,7bn $6,0bn $3,0bn $5,5bn $5,4bn $3,2bn $0,7bn $6,8bn $5,0bn $1,7bn $1,7bn $4,4bn $2,6bn $8,4bn $0,2bn $0,2bn Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more 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 1 October

17 EMEA 16

18 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in EMEA IPO activity in Europe slowed down substantially on the back of increased uncertainty, resulting in the weakest quarter in terms of IPO activity since Q Money raised via IPOs and FOs in EMEA (10-year overview) Top countries $9,0bn 675 $17,5bn Other, 29% United Kingdom, 26% $12,8bn $118,4bn $118,9bn $5,2bn $15,6bn $2,0bn $3,3bn $2,8bn $69,4bn $2,5bn $40,4bn $33,3bn $2,1bn $37,2bn $43,2bn $21,0bn $8,0bn $15,9bn Europe Middle East & Africa Number of IPO's Germany, 8% France, 8% Sweden, 8% Spain, 21% 805 $9,4bn $171,2bn $16,7bn $216,1bn 572 $28,8bn $226,3bn $9,7bn $318,8bn $12,4bn $10,0bn $9,3bn $134,6bn $124,4bn $115,1bn $6,8bn $173,3bn $13,8bn $191,8bn $7,1bn $129,9bn Europe Middle East & Africa Number of FO's Other, 29% Italy, 7% France, 10% Germany, 11% United Kingdom, 28% 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 Spain, 15% Source: Dealogic as of 1 October

19 Overview of IPO and FO activity in EMEA Although an agreement was reached in the Greek debt crisis, equity markets in the EMEA region displayed elevated levels of volatility IPO and FO activity in EMEA Q Q IPO activity Number of IPOs % sponsor-backed 19.4% 24.2% 20.0% 27.0% 25.7% 16.7% 21.4% 16.7% Money raised $40.5bn $81.7bn $19.1bn $62.4bn $45.5bn $4.4bn $9.8bn $4.2bn 2 % sponsor-backed 44.6% 40.5% 48.3% 49.4% 44.4% 37.8% 50.0% 21.4% 3 Advanced metrics Free float % 43.0% 40.0% 43.2% 41.3% 44.5% 47.0% 33.9% 50.6% Overallotment exercised (%) 16.3% 30.2% 13.8% 31.0% n/a 10.7% 17.1% n/a % secondary shares 31.4% 31.9% 28.5% 32.1% 34.9% 23.8% 24.1% 27.1% FO activity Number of FOs Money raised $179.3bn $203.7bn $124.6bn $160.3bn $136.8bn $31.3bn $44.6bn $28.2bn 4 IPO pricing dynamics Post-IPO performance (median) 1 IPO activity in the EMEA region in 2015 significantly lags activity during Financial sponsor-backed activity continues to be a major driver with 44.4% of total money raised via IPOs relating to sponsorbacked transactions 3 Although the number of FOs is up by 7% relative to 2014, the amount of money raised in 2015 is below last year s level (minus 15%) 4 IPO pricing dynamics slightly improved during 2015 with 18% of all IPOs being prices above or in the top of the filing range Main indices in the EMEA 1% 1% 3% 1% 2% 12% 11% 8% 12% 16% 70% 63% 70% 61% 56% 13% 22% 16% 22% 24% 4% 4% 4% 3% 2% ,0% 6,5% 5,2% 4,8% 2,5%3,8% 3,6%4,2% 2,6% 2,9% 1-Day 1-Week 1-Month 3-Month Current Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Below range Bottom of range In range Top of range Above range 2014 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 CAC 40 DAX FTSE 100 Source: Dealogic, Bloomberg as of 1 October

20 Leading transactions year-to-date in EMEA EMEA IPO markets freezed during Q3 as reflected in the league tables; of the top 10 IPOs in 2015, only 1 was executed during the 3 rd quarter Top 10 largest IPOs 2015 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 10-Feb-15 Aena Industrials BME Above range $4.8bn 48.9% 100.0% 20.7% 43.1% 70.3% 05-Feb-15 Sunrise Communications Telecommunications SIX Swiss Exchange In range $2.5bn 74.3% 31.8% 11.8% 11.9% -17.8% 05-May-15 Cellnex Telecom Telecommunications BME Top of range $2.4bn 66.0% 100.0% 10.1% 14.3% 8.6% 19-Mar-15 Auto Trader Consumer Services LSE In range $2.4bn 67.9% 66.8% 8.9% 16.1% 44.3% 15-Jul-15 Deutsche Pfandbriefbank Financials Deutsche Börse Bottom of range $1.3bn 80.0% 100.0% 6.5% 10.2% -3.3% 05-Feb-15 GrandVision Health Care Euronext Amsterdam In range $1.3bn 20.9% 100.0% 1.8% 2.8% 14.7% 20-Apr-15 Woodford Patient Capital Financials LSE In range $1.2bn n/a 0.0% 6.0% 5.5% 5.0% 09-Jun-15 SPIE Industrials Euronext Paris In range $1.1bn 41.7% 25.5% 5.8% 6.5% -9.9% 25-Jun-15 Europcar Groupe Consumer Services Euronext Paris Bottom of range $1.0bn 51.3% 46.0% -1.6% 1.7% -2.0% 17-Jun-15 Infrastrutture Wireless Telecommunications Borsa Italiana In range $0.9bn 40.0% 100.0% 11.5% 17.8% 20.0% Top 10 largest FOs 2015 in EMEA Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Secondary shares (%) Performance 1-day 1-month Current 08-Jan-15 Santander Financials BME Accelerated Bookbuild $8.9bn 0.0% -4.7% -0.6% -23.2% 27-Mar-15 Danske Bank Financials NASDAQ OMX C gen Guaranteed Pref. Alloc. $5.3bn 100.0% 3.1% 10.7% 13.7% 16-Jun-15 Monte dei Paschi Financials Borsa Italiana Acc. Book.;Rights Offer $3.4bn 0.0% 52.6% 51.6% 36.1% 04-Aug-15 Royal Bank of Scotland Financials LSE Accelerated Bookbuild $3.2bn 100.0% 2.7% 1.3% -4.6% 17-Apr-15 Telefonica Telecommunications BME Rights Offer $3.2bn 0.0% 24.3% 19.9% -0.1% 16-Sep-15 Glencore Basic Materials LSE Acc. Book.;Cash Placing $2.5bn 0.0% 7.8% 0.0% -26.8% 01-Jul-15 Deutsche Annington Im. Financials Deutsche Börse Rights Offer $2.5bn 0.0% 24.4% 35.9% 37.5% 26-Feb-15 ENEL Utilities Borsa Italiana Accelerated Bookbuild $2.4bn 100.0% 0.8% 7.3% -0.3% 19-Jun-15 Dufry Consumer Services SIX Swiss Exchange Rights Offer $2.4bn 0.0% 3.1% -0.8% -16.3% 26-Mar-15 LSE Group Financials LSE Accelerated Bookbuild $2.0bn 100.0% 6.4% 13.6% 7.5% 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 1 October

21 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in EMEA In 2015, Financials proved the most active sector in terms of both IPO and FO activity, followed by Industrials Money raised and number of IPOs and FOs per sector in EMEA , ,8 1,0 0,3 2,6 2,9 3,0 4,1 18,5 6,4 17,1 11,6 0,8 3,0 3,0 9,5 14,6 11,4 1,5 2,1 0,2 0,4 0,7 2,1 1,3 3,5 6,8 1,5 1,0 0, ,6 94, ,6 9,3 6,9 7,0 8,6 16,9 6,0 16,8 22,5 18,9 2,7 5,7 5,5 25,3 25,3 21,0 7,9 7,3 1,5 6,7 2,8 2,6 10,7 11,2 7,8 5,8 10,5 4,1 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication 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. Utilities Source: Dealogic, Bloomberg as of 1 October

22 Top countries in terms of IPO activity in EMEA The relatively active Spanish IPO market did not see any IPOs during the 3 rd quarter, nonetheless in 2015 eight companies raised a combined total of $9.5bn on BME IPO activity of top countries in EMEA $19,2bn 77 $21,1bn $27,9bn $6,6bn $12,1bn $5,3bn $6,5bn $9,5bn $0,3bn $0,7bn $4,0bn $3,7bn $0,2bn $0,3bn $2,4bn $6,2bn $3,6bn 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 1 October

23 Asia-Pacific 22

24 FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in the Asia-Pacific region IPO activity in the Asia-Pacific region was relatively weak in Q3, with money raised being only 7.0bn as compared to 28.5bn in Q2 Money raised via IPOs and FOs in the Asia-Pacific region (10-year overview) Top countries $8,0bn Japan, 5% Thailand, 7% Other, 11% $6,5bn $89,6bn $8,0bn $85,2bn $1,6bn $30,2bn $2,5bn $68,3bn $175,2bn $1,5bn $91,0bn $1,5bn $51,3bn $10,2bn $48,2bn $17,0bn $66,1bn $4,1bn $45,1bn Australia, 8% China, 49% Asia Australasia Number of IPO's Hong Kong, 20% $28,8bn $101,1bn $37,8bn $148,1bn 650 $35,4bn $63,7bn $63,5bn $183,5bn $23,5bn $206,8bn $23,5bn $113,8bn $17,6bn $135,1bn $20,7bn $139,6bn $22,3bn $160,1bn $29,8bn $173,1bn Asia Australasia Number of FO's India, 8% Japan, 9% Australia, 14% Other, 9% 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 Hong Kong, 28% China, 32% Source: Dealogic as of 1 October

25 Overview of IPO and FO activity in the Asia-Pacific region Though major indices plunged in the APAC region, Asian companies accounted for half of the global top 10 IPOs in terms of money raised IPO and FO activity in the Asia-Pacific region Q Q IPO activity Number of IPOs % sponsor-backed 11.3% 8.7% 11.2% 11.0% 6.3% 11.0% 9.3% 11.6% Money raised $58.3bn $83.1bn $32.7bn $48.7bn $49.2bn $8.5bn $15.1bn $7.0bn % sponsor-backed 10.9% 20.4% 7.8% 30.3% 15.1% 14.6% 48.1% 33.1% 3 Advanced metrics Free float % 32.8% 29.8% 34.1% 30.4% 27.8% 35.0% 30.2% 33.6% Overallotment exercised (%) 30.7% 23.0% 29.1% 22.7% n/a 31.5% 17.6% n/a % secondary shares 12.3% 17.4% 12.1% 18.5% 12.0% 10.3% 15.4% 19.7% FO activity Number of FOs 1,263 1, , Money raised $160.2bn $182.4bn $122.0bn $137.8bn $202.9bn $34.2bn $53.3bn $50.4bn 1 The Chinese government reinstated the suspension of IPOs in order to safeguard market liquidity 2 The amount of money raised was at its highest level since 2011, while the number of IPOs stood at its highest level in a decade with post-ipo performance skyrocketing in FO activity stood at $202.9bn during 2015, exceeding the total money raised in 2014 IPO pricing dynamics 3% 3% 3% 3% 4% 31% 25% 29% 21% 28% 49% 60% 50% 64% 59% 12% 9% 13% 11% 8% 4% 3% 4% 1% 1% ,0% 28,9% Post-IPO performance (median) 26,6% 79,0% 26,2% 102,8% 29,7% 164,4% 20,5% 1-Day 1-Week 1-Month 3-Month Current 60,3% Main indices in the APAC Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Below range Bottom of range In range Top of range Above range 2014 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 Hang Seng Nikkei 225 SENSEX Source: Dealogic, Bloomberg as of 1 October

26 Leading transactions year-to-date in the Asia-Pacific region Chinese companies listing on Shanghai Stock Exchange or HKEx dominate IPO league tables with six of the top seven transactions Top 10 largest IPOs 2015 in the Asia-Pacific region 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 17-Jun-15 Guotai Junan Securities Financials Shanghai SE N.A Fixed price $4.9bn 20.0% 0.0% 44.0% 44.1% -5.6% 01-Jun-15 China National Nuclear P. Utilities Shanghai SE N.A Fixed price $2.2bn 25.0% 0.0% 44.0% 166.1% 167.6% 19-Jun-15 Legend Holdings Technology HKEx Top of range $2.0bn 15.1% 0.0% -0.1% -18.9% -37.7% 03-Feb-15 Jasmine Br. Int. Gr. Fund Technology Thailand SE Bottom of range $1.7bn 54.3% 0.0% -3.0% -4.5% 5.0% 10-Mar-15 Orient Securities Financials Shanghai SE N.A Fixed price $1.6bn 18.9% 0.0% 44.0% 237.6% 63.2% 31-Jul-15 China Railway S. & C. Industrials HKEx Bottom of range $0.9bn 20.5% 0.0% 0.3% -6.4% -1.0% 19-Jun-15 Red Star Macalline Group Financials HKEx Top of range $0.9bn 15.0% 0.0% -4.1% -16.4% -25.5% 05-Mar-15 HKBN Technology HKEx Top of range $0.9bn 73.7% 100.0% 0.0% 8.7% -0.7% 05-Jun-15 3SBio Health Care HKEx Top of range $0.8bn 28.8% 20.0% 2.8% 2.8% -13.6% 29-Apr-15 Malakoff Corp Utilities Bursa Malaysia N.A Fixed price $0.9bn 31.2% 34.3% 0.0% 0.6% -10.0% Top 10 largest FOs 2015 in the Asia-Pacific region 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-May-15 Huatai Securities Financials HKEx Fully Marketed $5.0bn 0.0% 4.8% -11.7% -38.5% 28-May-15 Inn. Mon. Baotou St. Un. Basic Materials Shanghai SE Cash Placing $4.9bn 0.0% 252.8% 195.6% 97.2% 15-May-15 Haitong Securities Financials HKEx Cash Placing $4.2bn 0.0% 32.7% 39.7% -35.0% 31-Mar-15 GF Securities Financials HKEx Fully Marketed $4.1bn 0.0% 34.8% 27.3% -25.7% 30-Jan-15 Coal India Basic Materials BSE; NSE Accelerated Bookbuild $3.7bn 100.0% -0.6% 10.7% -8.6% 30-Mar-15 Caltex Australia Oil & Gas ASX Bought Deal $3.7bn 100.0% -1.6% 2.1% -10.6% 15-Jun-15 CITIC Securities Financials HKEx Cash Placing $3.5bn 0.0% 19.1% -9.2% -43.9% 21-Apr-15 Sun Pharmaceutical Ind. Health Care BSE; NSE , Accelerated Bookbuild $3.2bn 100.0% 4.1% 5.5% -6.6% 27-Apr-15 China Galaxy Securities Financials HKEx Cash Placing $3.1bn 0.0% 2.9% 14.1% -54.6% 12-May-15 Industrial Bank Co Ltd Financials Shanghai SE Accelerated Bookbuild $2.8bn 100.0% 3.9% 13.4% -17.7% 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 1 October

27 FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Asia-Pacific region Multi-billion FOs spur money raised by Financials; Technology companies display increasing activity in terms of money raised since 2013 Money raised and number of IPOs and FOs per sector in the Asia-Pacific region ,2 22, ,2 13,6 15,1 1,2 3,6 2,7 8,7 4,8 8,1 8,7 3,4 1,7 6,5 4,5 7,3 8,2 2,9 1,0 0,7 2,8 4,9 6,9 0,2 0,2 3,5 7,9 4, ,6 55,5 58, , ,4 23,1 13,8 13,8 15,7 19,1 15,0 15,1 10,0 8,0 6,5 14,2 19,8 27,0 8,5 10,7 9,3 6,1 8,4 6,3 0,9 6,2 0,9 9,6 6,6 8,0 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunication 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. Utilities Source: Dealogic, Bloomberg as of 1 October

28 Top countries in terms of IPO activity in the Asia-Pacific region After China was set for a record year in terms of IPO activity, the government halted IPO activity in order to stabilise the falling equity market IPO activity of top countries in the Asia-Pacific region $42,0bn 142 $14,5bn 126 $12,9bn 192 $24,0bn 77 $31,5bn 55 $8,0bn 92 $18,9bn 108 $28,7bn 66 $9,9bn $16,7bn $1,4bn $1,5bn $10,0bn $4,1bn $0,3bn $1,8bn $6,7bn $2,8bn $3,2bn Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more 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 1 October

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