4Q15 Global IPO update. January-December 2015

Transcription

1 January-December 215

2 Table of contents Section Content Slides January-December highlights Global IPO activity trends u Global analysis u Regional analysis u Industry analysis u Stock exchange analysis PE-backed IPO activity Appendices 21-3 Page 2

3 Table of contents Section Content Slides January-December highlights Global IPO activity trends u Global analysis u Regional analysis u Industry analysis u Stock exchange analysis PE-backed IPO activity Appendices 21-3 Page 3

4 4Q15 YTD* saw a 25% decrease in global proceeds and 2% decrease in deal numbers compared with 4Q14 YTD. Global IPO activity summary Financial sponsored (PE/VC backed) Non-financial sponsored By number of deals By proceeds raised (US$b) By number of deals 1, % % -25% 1, , 129, , 66, Q14 YTD 4Q15 YTD* 4Q14 YTD 4Q15 YTD* 4Q14 4Q15* Top three IPO deals (by capital raised) during 4Q15 YTD* By proceeds raised (US$b) % ,5 46,5 2,2 19,7 4Q14 4Q15* Issuer name Domicile country Industry Exchange Proceeds (US$m) % of global capital Japan Post Holdings Co., Ltd. Japan Consumer products Tokyo (TSE) 5, % Japan Post Bank Co., Ltd. Japan Financials Tokyo (TSE) 5, % Huatai Securities Co., Ltd. China Financials Hong Kong (HKEx) 4, % Top three PE-backed IPOs (by capital raised) during 4Q15 YTD* Issuer name Domicile country Industry Exchange Proceeds (US$m) % of global capital Worldpay Group plc United Kingdom Technology London (LSE) 3, % First Data Corp. United States Technology New York (NYSE) 2, % China Huarong Asset Management Co., Ltd. China Financials Hong Kong (HKEx) 2, % Top three VC-backed IPOs (by capital raised) during 4Q15 YTD* Issuer name Domicile country Industry Exchange Proceeds (US$m) % of global capital Fitbit Inc. United States Industrials New York (NYSE) % Blue Buffalo Pet Products Inc. United States Consumer products NASDAQ % Inovalon Holdings, Inc. United States Technology NASDAQ % Financial sponsor-backed IPOs refers to deals that are backed by PE or VC investors or both. *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. Page 4

5 Global IPO activity To access this infographic in PDF format, please go to EY s IPO website (ey.com/ipo) to access the EY Global IPO Trends: 215 4Q report. Page 5

6 Asia-Pacific 1 and Greater China 2 IPO activity To access this infographic in PDF format, please go to EY s IPO website (ey.com/ipo) to access the EY Global IPO Trends: 215 4Q report. 1 Based on IPO activity on Asia-Pacific stock exchanges. 2 Based on IPO activity on Greater China stock exchanges (i.e., Shanghai Stock Exchange, Shenzhen Stock Exchange the Mainboard, SME and ChiNext, Hong Kong Stock Exchange Main Board, GEM and Taiwanese Stock Exchange). Page 6

7 EMEIA 1 and UK 2 IPO activity To access this infographic in PDF format, please go to EY s IPO website (ey.com/ipo) to access the EY Global IPO Trends: 215 4Q report. 1 Based on IPO activity on EMEIA stock exchanges. 2 Based on IPO activity on London Main Market and Alternative Investment Market (AIM). Page 7

8 US IPO activity 1 To access this infographic in PDF format, please go to EY s IPO website (ey.com/ipo) to access the EY Global IPO Trends: 215 4Q report. 1 Based on IPO activity on US stock exchanges: NYSE, NASDAQ. Page 8

9 Table of contents Section Content Slides January-December highlights Global IPO activity trends u Global analysis u Regional analysis u Industry analysis u Stock exchange analysis PE-backed IPO activity Appendices 21-3 Page 9

10 Global IPO activity trends IPO activity in 4Q15* decreased by 15% and 9% in terms of deal number and proceeds, respectively, compared with 4Q14. Global IPO activity (211-4Q15 YTD*) % of cross-border listings $284,6 $17,2 $128,6 $171,1 $259,2 $195, % 1% 8% 6% 4% 2% 9,2% 1,2% 7,8% % Q15 YTD* Cross-border listing Quarterly IPO activity (1Q11-4Q15*) $46.9 $65,4 $28,7 $29,2 $18, $43,8 $29,6 $37,2 $24,4 $46,3 $25,6 $74,9 $47,2 $72,7 $67,4 $71,9 $39,9 $7,3 $19,3 $66, Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15* Number of IPOs Number of deals 4Q15 YTD* Number of IPOs Number of deals *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. Page 1

11 Rapid-growth markets and developed markets IPO activity In line with the trend, China led IPO volume in the rapid-growth markets with 46% IPOs and the share increased by 4% when compared with 4Q14. Lower volume in the US and Europe resulted in a 14% decline in developed markets IPOs Annual IPO activity in rapid-growth markets 853 $13 $62 $66 $18 $ Q15 YTD* Number of deals Number of IPOs $3 $36 $17 $19 $9 $18 $16 $19 $9 $19 $9 $29 $17 $15 $41 $34 $15 $38 $7 $21 1Q11 2Q11 3Q11 4Q11 Quarterly IPO activity in rapid-growth markets 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q Q Q14 2Q14 3Q Q14 Number of deals 154 1Q Q Q Q15 YTD* Number of IPOs Annual IPO activity in developed markets $67 $67 $15 $152 $ Q15 YTD* Number of deals Number of IPOs Quarterly IPO activity in developed markets $17 $29 $11 $1 $9 $26 $14 $18 $16 $27 $16 $46 $31 $57 $26 $38 $25 $32 $12 $45 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Number of deals 4Q15 YTD* Number of IPOs *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. Please see the Appendix for the definition of rapid-growth markets. Rapid-growth and developed markets are based on the listed company domicile. Page 11

12 Industry analysis Average deal size in most industries is lower in 4Q15 YTD* compared with 4Q14 YTD; health care and industrials sectors led global activity in 4Q15 YTD* by deal number while financials led by proceeds. Number of IPOs Average deal size (US$m) Financials Industrials Consumer products 4Q15 YTD* 4Q14 YTD 43,8 43,3 31,8 19,9 23,5 13,8 4Q15 YTD* Financials Industrials Consumer products 4Q14 YTD Q14 YTD 4Q15 YTD* Technology 23,1 5,6 Technology Health care 15,7 22,6 Health care Energy 13,9 31,4 Energy Materials 9,9 11,9 Materials Telecommunications 9, 1,3 Telecommunications Consumer staples 7,8 9,4 Consumer staples Retail 7, 16,8 Retail Real estate Media and entertainment 4,2 5,8 11,5 27,5 Real estate Media and entertainment *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. Page 12

13 Exchange analysis summary Asia-Pacific exchanges dominated global IPO landscape in terms of capital raised and deal volume in 4Q15 YTD*. Regional share by capital raised (US$b) Americas EMEIA Asia-Pacific 4Q14 YTD 4Q15 YTD* 39% 2% 46% 32% 29% 34% US Canada $2,4 $33,3 UK Spain $9,6 $15, Greater China Japan $15,6 $59,5 4Q14 4Q15* 28% 14% 5% 5% 22% 36% Mexico Trinid Brazil $2, $,2 $,2 Germany Netherlands Sweden $7,8 $6,9 $5,8 Australia Thailand South Korea $4,7 $4, $4, Americas Asia-Pacific EMEIA Regional share by number of IPOs 4Q14 YTD 25% 45% 29% US Canada UK India Greater China Japan Q15 YTD* 16% 55% 28% Mexico 8 Sweden 55 Australia 86 4Q14 21% 59% 2% Trinidad and 1 France 24 South Korea 69 4Q15* 13% 65% 22% Brazil 1 Italy 23 Thailand 34 Greater China 1 exchanges led in terms of total proceeds raised (US$59.5b); US (US$33.3) and Japan (US$15.6b) ranked second and third, respectively. There were 35 deals with capital raised above US$1b in 4Q15 YTD. Sixteen of these deals listed on Asia-Pacific exchanges while 15 listed on EMEIA exchanges. US exchanges accounted for only three deals. Greater China 1 exchanges (344 deals) led globally in terms of deal number, followed by the US (173 deals) and Japan (98 deals), which ranked second and third, respectively. *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. 1 Greater China exchanges includes Mainland China exchanges (22 deals raised US$25.7b), Hong Kong Main Market and Growth Enterprise Market (117 deals raised US$33.5b) and Taiwan exchange (7 deals raised US$.2b). Based on the listed company exchange. Page 13

14 Stock exchange analysis Hong Kong Main Market led global IPO activity in 4Q15 YTD* by proceeds, while Shenzhen Stock Exchange led by number of deals. 4Q15 YTD* ** 4Q14 YTD Hong Kong Main and GEM $33,5 New York (NYSE) $73,9 New York (NYSE) $19,5 Hong Kong Main and GEM $3, Shanghai (SSE) $17,6 London Main and AIM $23,9 London Main and AIM $15, NASDAQ $22,2 Tokyo (TSE) $14,5 Australia (ASX) $16, NASDAQ $13,8 Euronext $12,3 Euronext $12,8 Tokyo (TSE) $1,5 Bolsa de Madrid $9,4 Shenzhen (SZSE) $7,3 All other exchanges $59,7 All other exchanges $64,1 Shenzhen (SZSE) NASDAQ Number of IPOs** NASDAQ New York (NYSE) Hong Kong Main and GEM 117 London Main and AIM 114 Shanghai (SSE) 89 Hong Kong Main and GEM 19 Australia (ASX) 86 Shenzhen (SZSE) 82 London Main and AIM 62 Australia (ASX) 7 Tokyo MOTHERS New York (NYSE) All other exchanges Tokyo MOTHERS Shanghai (SSE) All other exchanges *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. **Data. based on domicile of the exchange, regardless of the listed company domicile. Euronext includes Euronext (Amsterdam, Paris, Brussels and Lisbon); Shenzhen (SZSE) includes the Main Board, SME Board and ChiNext. Page 14

15 Table of contents Section Content Slides January-December highlights Global IPO activity trends u Global analysis u Regional analysis u Industry analysis u Stock exchange analysis PE-backed IPO activity Appendices 21-3 Page 15

16 Global PE-backed IPO activity trends Market volatility makes IPO exits challenging in 3Q15 and 4Q15 and PE firms are willing to wait for better valuations for exit opportunity. Annual global PE-backed IPOs by region (capital raised) Annual global PE-backed IPOs by region (number of deals) $12 Americas Asia-Pacific EMEA* 25 Americas Asia-Pacific EMEA* $1 $8 $6 $4 $2 $ $21 $2 $8 $14 $7 $8 $3 $16 $1 $4 $2 $1 $1 $6 $7 $7 $15 $21 $23 $1 $21 $3 $4 $3 $1 $9 $1 $6 $1 $16 $3 $6 $3 $2 $4 $15 $34 $43 $18 $6 $35 $33 $29 $13 $16 Number of deals Quarterly PE-backed IPO activity (212-4Q15**) Number of deals $5 $4 $3 $2 $1 $ $6 $7 $4 $5 $8 $15 $8 $28 $17 $37 $41 $14 $14 $18 $7 $17 *EMEA refers to Europe, Middle East and African exchanges. India is included in Asia-Pacific. **4Q15 YTD (the first 11 months of 215) and 4Q15 shows IPOs that have been priced by 3 November and excludes expected IPOs in December Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15** Number of deals Page 16

17 Global PE exit trends Activity by strategic acquirers declines 7% year-over-year, but remains a key exit route for PE. Annual global PE exits by deal volume (24-4Q15 YTD) IPOs as % of PE exits Annual global PE exits by deal value (US$m) (24-4Q15 YTD) IPOs as % of PE exits 4Q15 YTD** % 4Q15 YTD** $265,1 $66, $57,3 14.7% % 214 $335,7 $34.7 $11, 21.3% % 213 $15,1 $58,7 $58,5 21.9% % 212 $148,8 $7,6 $22, 9.1% % 211 $181,7 $53,8$38,8 14.1% % 21 $155,1 $12.8 $65,9 $35,5 13.8% % 29 $51,9 $16,8 $ % % % % % % Strategic sales Secondary sales IPOs $111,6 $9,9 $143,6 $158,2 $57,7 $89,5 $92,3 $5, $143,3 $75, $6,3 $68,1 $38,4 $31,6 $ $1 $2 $3 $4 $5 $6 Strategic sales Secondary sales IPOs 6.6% 16.1% 21.6% 15.4% 18.9% Strategic sales are sales to corporations (i.e., M&A) while secondary sales are sales to other PE firms. * 4Q15 YTD shows 215 IPOs that have been priced between January to 3 November and excludes expected December IPOser. Page 17

18 PE exit trends by region IPO exits see slight drop in the Americas and EMEA in the first nine months of 215. Americas PE exits by deal volume (24-4Q15 YTD) IPOs as % of PE exits Americas PE exits by deal value (US$m) (24-4Q15 YTD) IPOs as % of PE exits 4Q15 YTD* % 15.4% 21.7% 14.% 15.3% 19.9% 2.3% 5.% 2.3% 24.4% 23.7% 26.5% 4Q15 YTD* ,3 148,3 99,7 91,8 76,9 77,2 15,3 73,4 73, 29,8 84,1 84,1 16,2 23,7 $2.5 1,1 59,1 $4.1 2,8 59,8 59,8 21,3 43,4 43,4 23,4 76,3 76,3 21,2 33,3 33,3 15,3 168,1 $ ,6 15,8 32,7 4.8% 9.9% 15.3% 9.1% 16.9% 8.8% 17.5% 2.3% 15.1% 21.2% 12.2% 18.7% Strategic sales Secondary sales IPOs Strategic sales Secondary sales IPOs EMEA 1 PE exits by deal volume (24-4Q15 YTD) IPOs as % of PE exits EMEA 1 PE exits by deal value (US$m) (24-4Q15 YTD) IPOs as % of PE exits 4Q15 YTD* Strategic sales Secondary sales IPOs 13.9% 12.9% 7.6% 1.6% 2.7% 5.3% 1.6% 1.1% 9.8% 1.9% 9.9% 11.6% 4Q15 YTD* 69,8 37,8 28,9 $ ,1 34, ,2 28,4 17, ,8 21,4 2, ,5 31,9 3, ,1 34,5 1,2 29 2,9 $8.9, ,5 21,8 3, , 83,8 2,9 26 4,9 66, 2, ,7 4,6 14, ,9 28,9 8, Strategic sales Secondary sales IPOs 21.2% 19.4% 19.9% 2.8% 2.8% 1.1% 2.6% 4.4% 11.9% 15.8% 13.5% 11.6% 1 EMEA refers to Europe, Middle East and African exchanges. India is included within Asia-Pacific Strategic sales are sales to corporations (i.e., M&A) while secondary sales are sales to other PE firms. 4Q15 YTD shows IPOs that have been priced by 3 November. Page 18

19 PE exit trends by region IPO exits saw significant decrease in Asia-Pacific in 215; China investors plan for IPOs delayed by suspension of IPO activity on mainland China exchanges between July and September Asia-Pacific PE exits by deal volume (24-4Q15 YTD) IPOs as % of PE exits Asia-Pacific PE exits by deal value (US$m) (24-4Q15 YTD) IPOs as % of PE exits 4Q15 YTD % 31.7% 26.3% 22.2% 22.8% 32.5% 21.4% 34.6% 36.5% 32.% 31.5% 46.2%.3 4Q15 YTD 27,2 12, ,1 13,8 15, 69,8 1,7 2, 6,1 4,4,4 32,2 7,2 5,9 1,7 9,1 29 7,3 1,4 5,8 28 6, 2,6 3, ,8 6,3 15,6 26 5,2 1, 6, ,3,5 2,8 24 7,8,48, % 37.4% 26.1% 19.7% 13.% 35.4% 4.2% 31.3% 44.8% 51.2% 15.1% 49.7% Strategic sales Secondary sales IPOs Strategic sales Secondary sales IPOs Strategic sales are sales to corporations (i.e., M&A) while secondary sales are sales to other PE firms. 1 EMEA refers to Europe, Middle East and African exchanges. India is included within Asia-Pacific. 3Q15 YTD shows IPOs that have been priced by 15 September. Page 19

20 Table of contents Section Content Slides January-December highlights Global IPO activity trends u Global analysis u Regional analysis u Industry analysis u Stock exchange analysis PE-backed IPO activity Appendices 21-3 Page 2

21 Asia-Pacific 1 IPO activity trends IPO activity increased by 2% in 4Q15 YTD* in terms of volume and 8% in terms of value when compared with levels seen during the same period in 214. Asia-Pacific IPO activity (27-4Q15 YTD*) $125 $32 $72 $179 $88 $56 $59 $84 $ Number of deals Q15 YTD* Number of IPOs 4Q15 YTD* Asia-Pacific IPOs by sector Sectors Number of deals Proceeds (US$m) Industrials 132 1,882. Technology 121 7,124.9 Health care 73 5,53.7 Consumer products 66 1,146. Materials 64 5,134.7 Consumer staples 43 4,774.7 Retail 38 2,624.7 Energy 35 5,863.1 Financials 33 31,171.9 Real estate 32 2,799.2 Media and entertainment 27 2,142.6 Telecommunications 9 1,978.8 Grand total 673 9,173.2 Former state-owned enterprise (SOE) IPO activity in Asia- Pacific (27-4Q15 YTD*) $65 $14 $22 $54 $1 $12 $11 $16 $ Q15 YTD* Number of IPOs IPO pricing and performance: 4Q15 YTD* IPOs Measures 4Q15 YTD* IPOs % of IPOs priced within or above initial pricing range 98.4% First-day average return +2.6% % change of offer price vs. 4 Dec % Median post-ipo market cap US$139.8m Hang Seng Index 215 YTD returns -5.8% Shanghai SE Composite Index 215 YTD returns +9.% Nikkei YTD returns +11.8% Number of deals 1 Based on IPO activity on Asia-Pacific stock exchanges. For more information on 4Q15 YTD*, please see the Asia-Pacific infographic on slide 6. *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. Page 21

22 EMEIA 1 IPO activity trends EMEIA IPO activity declined in 4Q15 YTD*, both in terms of number of deals and capital raised by 5% and 1% respectively, compared with the same period in 214. Annual EMEIA IPO activity (27-4Q15 YTD*) $126 $36 $14 $48 $33 $16 $34 $75 $67 EMEIA financial sponsor-backed IPO activity (27-4Q15 YTD*) Number of deals 346 4Q15 YTD* $22 $3 $2 $11 $4 $3 $17 $36 $ Q15 YTD* Number of deals Number of IPOs Number of IPOs 4Q15 YTD* EMEIA IPOs by sector Sectors IPO pricing and performance: 4Q15 YTD* IPOs Measures Number of deals 4Q15 YTD* IPOs % of IPOs priced within or above initial pricing range 96.7% EMEIA main market IPOs first-day average return +8.% EMEIA main market IPO % change of offer price vs. 4 Dec. EMEIA main markets IPO median post-ipo market cap Proceeds (US$m) Industrials 6 16,474.8 Health care 53 2,875.3 Consumer products 4 9,995.8 Financials 3 1,944.6 Consumer staples 29 2,37.7 Technology 28 7,63.1 Materials 25 2,676. Real estate 21 1,491.6 Media and entertainment 19 1,527.9 Retail 18 3,41.1 Energy 14 1,135. Telecommunications 9 6,958.1 Grand total , % US$312.8m FTSE YTD returns -5.% DAX 215 YTD returns +9.7% CAC YTD returns +1.3% 1 Based on IPO activity on EMEIA stock exchanges. See Appendix for definitions of main market and junior market. *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. Page 22

23 US 1 IPO activity trends IPO activity in the US decreased considerably (41% and 65% in terms of deal numbers and proceeds, respectively) in 4Q15 YTD* compared with the same period in 214. Annual US IPO activity (27-4Q15 YTD*) $5 $27 $27 $43 $4 $47 $62 $96 $ US financial sponsor-backed IPO activity (27-4Q15 YTD*) Number of deals 173 4Q15 YTD* Number of IPOs 4Q15 YTD* US IPOs by sector Sectors Number of deals Proceeds (US$m) Health care 78 7,269.2 Technology 25 8,135.4 Financials 13 1,213.6 Energy 1 5,25. Industrials 1 3,449.4 Real estate 7 1,49.8 Consumer products 7 2,53.3 Retail 7 1,199.9 Materials 7 1,713.6 Consumer staples Media and entertainment Telecommunications 2 9. Grand total ,335.8 IPO pricing and performance: 4Q15 YTD* IPOs $24 $3 $1 $17 $3 $32 $41 $7 $ Q15 YTD* Number of IPOs Measures 4Q15 YTD* IPOs % of IPOs priced within or above initial filing range 62.4% First-day average return +16.9% % change of offer price vs. 4 Dec. -.7% Median post-ipo market cap US$429.m S&P YTD returns -.5% DJIA 215 YTD returns -1.9% CBOE Volatility Index (VIX ) - change from 1 Jan % Number of deals 1 Based on IPO activity on US stock exchanges: NYSE, NASDAQ and NYSE AMEX. *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. Page 23

24 Pricing range On a quarterly basis, eighty-six percent of global IPOs 1 were priced within or above the initial filing range in 4Q15*, the same as in 4Q14. On a year-to-date basis, eighty-six percent of global IPOs in 4Q15 YTD* were priced within their initial filing range, 6% were priced above their initial filing range and 8% of IPOs were priced below their initial filing range. IPO pricing range by quarters Total number of IPOs 92% 82% % 1% 19% 2% 3% 5% 2% 3% 3% 6% 5% 4% 8% 6% 5% 4% 3% 9% 5% 11% 8% 7% 6% 8% 6% 5% 8% 9% 3% 72% Number of deals 62% 52% 42% 87% 88% 86% 84% 91% 74% 95% 86% 85% 88% 9% 9% 88% 88% 92% 83% 83% 86% 85% 9% 85% 83% 8% 83% 85% 82% 78% 8% 9% 85% 84% 83% 32% 22% 12% 2% 12% 11% 14% 16% 9% 7% 3% 11% 1% 1% 7% 7% 6% 6% 5% 9% 11% 9% 11% 7% 6% 12% 9% 9% 8% 12% 14% 14% 5% 7% 7% 14% 1Q8 2Q8 3Q8 4Q8 1Q9 2Q9 3Q9 4Q9 1Q1 2Q1 3Q1 4Q1 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15* Below In range Above *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. 1 Chart shows the number of open-price IPOs with deal value above US$5m that are priced above, below or within their initial filing range. For 3% of IPOs, this range is not applicable. Page 24

25 Global IPO activity trends on main and junior markets Median values for EMEIA grew on main markets in 4Q15 YTD*, while other regions witnessed a decline. Main markets Annual median deal size by region (US$m) 174 Junior markets Annual median deal size by region (US$m) Q15 YTD* Q15 YTD* Global median Quarterly median deal size by region (US$m) Americas EMEIA Asia-Pacific Global median Quarterly median deal size by region (US$m) Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15* 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15* *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. Please see the Appendix for the definition of main markets and junior markets. Page 25

26 Appendix: Key global IPO statistics (US$) Q15 YTD* Number of deals 1,243 ( 9% 1 ) 839 ( 33% 2 ) 895 ( 7% 3 ) 1,24 ( 38.5% 4 ) 1,218 ( 2% 6 ) Capital raised $17.2b ( 4% 1 ) $128.6b ( 24% 2 ) $171.1b ( 33% 3 ) $26.b ( 52.% 4 ) $195.5b ( 25% 6 ) Average deal size $137.m $153.3m $191.1m $29.6m $16.5m PE-backed IPOs 119 deals, $38.3b 17 deals, $19.4b 185 deals, $58.3b 211 deals, $19.9b 153 deals, $58.b VC-backed IPOs 143 deals, $17.3b 92 deals, $23.2b 129 deals, $14.1b 159 deals, $23.1b 78 deals, $1.4b Top 5 sectors (number of deals) Materials (271) Industrials (215) Technology (146) Energy (11) Consumer products 5 (98) Materials (143) Industrials (135) Technology (115) Energy (63) Consumer staples (58) Industrials (117) Technology (115) Real estate (1) Health care (1) Financials (92) Health care (197) Technology (169) Industrials (146) Consumer products (111) Materials (16) Industrials (25) Health care (25) Technology (177) Consumer products (116) Materials (11) Top 5 sectors (capital raised) Materials ($29.2b) Industrials ($27.b) Energy ($2.8b) Financials ($15.9b) Technology ($15.5b) Technology ($23.1b) Industrials ($2.2b) Financial ($19.4b) Real estate ($12.5b) Energy ($12.1b) Financials ($28.6b) Real estate ($27.b) Energy ($22.b) Industrials ($18.9b) Health care ($12.4b) Technology ($5.6b) Financials ($43.3b) Energy ($31.4b) Real estate ($27.2b) Health care ($22.6b) Financials ($43.8b) Industrials ($31.9b) Consumer products ($23.5b) Technology ($23.1b) Health care ($15.7b) Top 5 exchanges (number of deals) Warsaw New Connect (136) Shenzhen ChiNext (128) Shenzhen SME (115) Australian (11) Hong Kong (68) New York (78) Shenzhen ChiNext (74) Warsaw New Connect (62) Shenzhen (55) NASDAQ (54) New York (116) NASDAQ (19) Hong Kong (76) London AIM (54) Australian (52) NASDAQ (174) New York (117) Hong Kong (9) London AIM (74) Australian (7) Shenzhen Main and SME (131) NASDAQ (119) Hong Kong Main and GEM (117) Shanghai (89) Australian (86) Top 5 exchanges (capital raised) New York ($3.5b) Hong Kong ($25.3b) Shenzhen ($15.7b) Shanghai ($15.1b) London ($13.9b) 1 Percentage change from 21 to Percentage change from 211 to Percentage change from 212 to Percentage change from 213 to Consumer products includes consumer services. New York ($24.b) NASDAQ ($22.6b) Tokyo ($12.2b) Hong Kong ($11.5b) Bursa Malaysia ($7.6b) New York ($45.8b) Hong Kong ($21.4b) NASDAQ ($15.8b) London ($12.9b) Tokyo ($9.3b) 6 Percentage change from 214 to 215*. Please see Appendix for the list of stock exchanges. *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time.. New York ($73.9b) Hong Kong ($29.7b) NASDAQ ($22.2b) London ($19.4b) Australian ($16.b) Hong Kong Main and GEM ($33.2b) New York ($19.5b) Shanghai ($17.6b) London Main and AIM ($15.b) Tokyo ($14.5b) Page 26

27 Appendix: 4Q15 YTD* top 2 IPOs by capital raised Issue month November Issuer name Domicile Sector Issuer business description Japan Post Holdings Co., Ltd. Japan Consumer Products November Japan Post Bank Co., Ltd. Japan Financials June Huatai Securities Co., Ltd. China Financials June Guotai Junan Securities Co., Ltd. Postal services company. It offers banking and insurance products in post offices in addition to mail and parcel delivery services. Provider of commercial banking services through post offices. Integrated securities broker engaged in broking, research, investment banking and asset management services. Capital raised (US$m) Exchange(s) 5,75.3 Tokyo (TSE) SOE 5,6.6 Tokyo (TSE) SOE 4,998.9 Hong Kong (HKEx) China Financials Securities company. 4,841.8 Shanghai (SSE) February Aena SA Spain Industrials Airports operator. 4,823.8 April GF Securities Co., Ltd. China Financials November ABN AMRO Group NV Netherlands Financials Integrated securities company. Provides services in securities research and trading, investment banking and asset management. Bank holding company providing retail, private and corporate banking services. 4,137.3 Bolsa de Madrid Hong Kong (HKEx) 4,87.5 Euronext (Amsterdam) Type of IPO SOE SOE October Worldpay Group plc United Kingdom Technology Provider of payment processing services. 3,85.1 London (LSE) PE backed October Poste Italiane SpA Italy Consumer Products October First Data Corp. United States Technology Postal services company, including courier services. Technology company engaged in offering integrated solutions such as commerce 2,817.2 technologies, merchant acquiring, issuing, and network solutions. 3,533.5 Borsa Italiana SOE New York (NYSE) PE backed *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. Page 27

28 Appendix: 4Q15 YTD* top 2 IPOs by capital raised Issue month Issuer name Domicile Sector Issuer business description October China Huarong Asset Management Co., Ltd. China Financials Engages in asset management, bad debt collection and other financial activities. Capital raised (US$m) 2,541.4 Exchange(s) Hong Kong (HKEx) Type of IPO PE backed February Sunrise Communications AG Switzerland Telecommunications Fixed line telecommunications services provider. 2,459.3 SIX Swiss Exchange PE backed May Cellnex Telecom SA Spain Telecommunications March Auto Trader Group plc United Kingdom Industrials Providers of wireless telecommunication and broadcasting services including mobile, audiovisual and security. Provider of online motoring digital marketplace for motor vehicle buyers and sellers. 2,39.8 Bolsa de Madrid 2,358.2 London (LSE) PE backed June China National Nuclear Power Co., Ltd. China Energy Nuclear power plant operations and maintenance company. 2,125.6 Shanghai (SSE) October China Reinsurance (Group) Corp. China Financials Insurance carrier. 2,115.5 June Legend Holdings Corp. China Technology Personal computer maker 1,974.9 Hong Kong (HKEx) Hong Kong (HKEx) SOE December China Energy Engineering Group Co., Ltd. China Industrials Constructor of power generation related projects. 1,884.2 Hong Kong (HKEx) SOE November Amundi Group SA France Financials Asset management company. 1,797.7 Euronext (Paris) February Jasmine Broadband Internet Growth Infrastructure Fund Thailand Telecommunications Infrastructure Fund invest in fiber-optic network for broadband internet, 1,686.3 Thailand (SET) *Data for 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 215, 9: a.m. India time. Total capital raised by top 2 IPOs in 4Q15 YTD* Total global capital raised in 4Q15 YTD*: % of top 2: US$65.1b US$195.5b 33.3% Page 28

29 Appendix: Definitions The data presented in the and press releases is from Dealogic and EY. 4Q15 YTD and 4Q15 is based on priced IPOs as of 4 December 215 and expected IPOs in December. Data is up to 4 December 215, 9: a.m. India time. All data contained in this document is sourced to Dealogic and EY unless otherwise noted. For the purposes of these reports and press releases, we focus only on IPOs of operating companies and define an IPO as a company's first offering of equity to the public. This report includes only those IPOs for which Dealogic and EY offer data regarding the issue date (the day the offer is priced and allocations are subsequently made), trading date (the date on which the security first trades) and proceeds (funds raised, including any over-allotment sold). Postponed IPOs, or those which have not yet been priced, are therefore excluded. Over-the-counter (OTC) listings are also excluded. In an attempt to exclude non-operating company IPOs such as trusts, funds and special purpose acquisition companies (SPACs), companies with the following Standard Industrial Classification (SIC) codes are excluded: 691: Financial companies that conduct trust, fiduciary and custody activities 6371: Asset management companies such as health and welfare funds, pension funds and their third-party administration as well as other financial vehicles 6722: Companies that are open-end investment funds 6726: Companies that are other financial vehicles 6732: Companies that are grant-making foundations 6733: Asset management companies that deal with trusts, estates and agency accounts 6799: Special purpose acquisition companies (SPACs) We also applied the above SIC exclusion criteria for the follow-on activity analysis. In our analysis, unless stated otherwise, IPOs are attributed to the domicile of the company undertaking an IPO. The primary exchange on which they are listed is as defined by Dealogic and EY research. A foreign listing is where the stock exchange nation of the company is different from the company's domicile (i.e., issuer's nation). For IPO listings on HKEx; SSE; SZE; Japan s Tokyo Stock Exchange (TSE); TSE MOTHERS; Korea's KRX and KOSDAQ; Thailand's SET and MAI; Indonesia IDX; WSE; NewConnect; TSX and TSX-V exchanges, we use their first trading date in place of issue date. Page 29

30 Appendix: Definitions Geographic definitions: Asia includes Bangladesh, Greater China, Indonesia, Japan, Laos, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand and Vietnam. Greater China includes mainland China, Hong Kong, Macau and Taiwan. Asia-Pacific includes Asia (as stated above) plus Australia, New Zealand, Fiji and Papua New Guinea. Central and South America includes Argentina, Bermuda, Brazil, Chile, Colombia, Ecuador, Jamaica, Mexico, Peru and Puerto Rico. EMEIA includes Armenia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Kazakhstan, Luxembourg, Lithuania, Netherlands, Norway, Pakistan, Poland, Portugal, Russian Federation, Spain, Sweden, Switzerland, Turkey, Ukraine and United Kingdom plus the Middle East and Africa countries listed below. Middle East includes Bahrain, Iran, Israel, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen. Africa includes Algeria, Botswana, Egypt, Ghana, Kenya, Madagascar, Malawi, Morocco, Namibia, Rwanda, South Africa, Tanzania, Tunisia, Uganda, Zambia and Zimbabwe. North America consists of the United States and Canada. Emerging markets or rapid-growth markets include issuers from Argentina, Armenia, Bangladesh, Bolivia, Brazil, Bulgaria, Chile, Colombia, Croatia, Cyprus, Egypt, Ethiopia, Greater China, Hungary, India, Indonesia, Ireland, Israel, Kenya, Kuwait, Kazakhstan, Laos, Lithuania, Malaysia, Mauritius, Mexico, Namibia, Pakistan, Peru, Philippines, Poland, Qatar, Russian Federation, Saudi Arabia, Sierra Leone, Singapore, Slovenia, South Africa, South Korea, Sri Lanka, Tanzania, Thailand, Tunisia, Turkey, Ukraine, United Arab Emirates, Vietnam and Zambia. Developed markets include issuers from Australia, Austria, Belgium, Bermuda, Canada, Denmark, Finland, France, Germany, Greece, Guernsey, Isle of Man, Italy, Japan, Jersey, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom and the United States. State-owned enterprise (SOE) privatizations refers to former state-owned entities that have completed their IPO listings to become public companies. Many stock exchanges have set up main markets and junior markets. Main markets are where medium and large IPOs (by capital raised) are usually listed and traded. Junior markets are where small-cap companies or smaller IPOs are listed or traded. Stock exchanges without junior markets are classified as main markets. Junior markets include: Americas: American, Canadian National Stock Exchange, Toronto Venture Exchange and Jamaica. Asia-Pacific: Malaysia ACE Market, Bombay SME, Hong Kong Growth Enterprise Market, Japan JASDAQ, Korea KOSDAQ, Thailand Market for Alternative Investment, National SME, Shenzhen ChiNext, Singapore Catalist, Tokyo Stock Exchange MOTHERS Index. EMEA: Alternext, London Alternative Investment Market, Germany's Frankfurt Entry Standard, Spain's Mercado Alternativo Bursatil, NASDAQ OMX First North, Warsaw New Connect, Johannesburg Alternative Market. Page 3

31 Global IPO press release and Global IPO update slides 215 Q4 Date published: 15 December 215 For PR inquiries, please contact: Will Brewster Associate Director, EY Global Media Relations For information about EY s IPO services and our IPO point of view, please contact: Jackie Kelley Ringo Choi EY Global and Americas IPO Markets Leader EY Asia-Pacific IPO Leader jacqueline.kelley@ey.com ringo.choi@cn.ey.com Dr. Martin Steinbach EY EMEIA IPO Leader martin.steinbach@de.ey.com Shinichiro Suzuki EY Japan IPO Leader suzuki-shnchr@shinnihon.or.jp Produced by Global Markets EY Knowledge: Anshul Singh, Market Performance, Global Markets EY Knowledge anshul.singh@in.ey.com Contributors include: Akriti Kapoor, Kumar Satyavrat This report was requested by: Eva Chan, Manager Global IPO Center, Strategic Growth Markets eva.chan@uk.ey.com Visit the EY Knowledge CHS for help accessing and using knowledge tools and services.

32 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. About EY's IPO services EY is a leader in helping to take companies public worldwide. With decades of experience our global network is dedicated to serving market leaders and helping businesses evaluate the pros and cons of an IPO. We demystify the process by offering IPO readiness assessments, IPO preparation, project management and execution services, all of which help prepare you for life in the public spotlight. Our Global IPO Center of Excellence is a virtual hub which provides access to our IPO knowledge, tools, thought leadership and contacts from around the world in one easyto-use source. ey.com/ipocenter 215 EYGM Limited. All Rights Reserved. EYG no. CY144 ED None This material has been prepared for general information purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com/ipocenter