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 martin.coenen@nl.pwc.com Clifford Tompsett clifford.tompsett@uk.pwc.com Nadja Picard nadja.picard@de.pwc.com Jan-Willem de Groot jan-willem.de.groot@nl.pwc.com
FO money raised & # of deals IPO money raised & # of deals Global money raised via IPOs and FOs was the slowest quarter in terms of IPO activity since Q1 2009, with only $14.2bn raised via 141 IPOs globally Global money raised via IPOs and FOs (10-year overview) Top countries 2016 1,885 $371.2bn 570 497 $105.8bn $120.3bn 1,250 $295.8bn 1,036 $178.3bn 719 $140.6bn 859 $194.6bn 1,155 1,160 $272.5bn $201.5bn 141 Japan, 9% Other, 24% Hong Kong, 25% $14.2bn US, 9% UK, 19% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 China, 14% 3,719 $570.1bn 1,968 $557.4bn 3,550 3,546 $841.6bn $641.2bn 2,894 $470.7bn 2,506 $509.3bn 3,039 3,171 3,312 $685.3bn $586.4bn $612.8bn 545 Italy, 4% UK, 4% Other, 21% US, 33% $115.6bn Canada, 9% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2016. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries China, 29% Source: Dealogic as of 31 March 2016 2
Overview of global IPO and FO activity Sponsor-backed activity suffered a slowdown, accounting for only 15% of the money raised compared to 35% in Q1 2015 Global IPO and FO activity 2014 2015 Q1 2014 Q1 2015 1 2 IPO activity Number of IPOs 1,155 1,160 240 252 141 3 % sponsor-backed 18.4% 13.7% 16.3% 15.9% 5.0% Money raised $272.5bn $201.5bn $50.7bn $42.3bn $14.2bn % sponsor-backed 31.5% 29.9% 33.7% 35.4% 14.7% 4 Advanced metrics Free float % 33.1% 33.0% 34.9% 33.5% 29.6% Overallotment exercised (%) 40.1% 32.5% 43.9% 33.6% 22.8% % secondary shares 18.5% 16.6% 20.0% 17.1% 17.8% FO activity Number of FOs 3,171 3,312 846 848 545 Money raised $612.8bn $685.3bn $137.9bn $206.1bn $115.6bn 1 Increased market volatility, due to a combination of fears over slowing global growth, a drop in the price of oil, and diverging central bank policies, led to a slow first quarter 2 Global IPO money raised fell by 66%, with 141 IPOs raising $14.2bn in versus $42.3bn via 252 IPOs in Q1 2015 3 Global sponsor-backed IPO activity slowed down with 7 deals raising $2.1bn in versus 40 deals raising $14.9bn in Q1 2015 4 Global FO activity also suffered from increased volatility, as the amount of money raised fell by 44% compared to Q1 2015 IPO pricing dynamics Post-IPO performance (median) Global indices 7% 6% 7% 6% 18% 20% 18% 18% 50% 53% 57% 60% 38% 41% 13% 13% 9% 11% 16% 13% 8% 9% 5% 5% 2014 2015 2014 2015 2016 Below range Bottom of range In range Top of range Above range 19.5% 10.8% 23.9% 14.1% 2015 27.7% 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 9.1% 37.2% N.A. 2016 23.5% 1-Day 1-Week 1-Month 3-Month Current 15.6% 150 140 130 120 110 100 90 80 70 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 FTSE 100 Hang Seng S&P 500 Source: Dealogic, Bloomberg as of 31 March 2016 3
Leading transactions 2016 Though the profitability of the financial sector was put into question due to negative interest rates, the five largest IPOs globally were executed by Financials Top 10 largest IPOs 2016 Pricing date Issuer name Issuer Country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 21-Mar-16 China Zheshang Bank Financials HKEx 3.92-4.12 3.96 Bottom of range $1.7bn 1.8% 9.1% 0.0% N.A. -0.8% 20-Mar-16 Bank of Tianjin Financials HKEx 7.37-9.58 7.39 Bottom of range $0.9bn 16.5% 9.1% 0.0% N.A. -0.1% 4-Feb-16 LaSalle Logiport REIT Financials Tokyo SE 92k - 100k 100k Top of range $0.9bn 104.4% 0.0% 5.4% 5.3% 8.7% 3-Feb-16 CYBG Financials LSE 1.75-2.35 1.80 Bottom of range $0.6bn 25.0% 100.0% 6.7% 8.6% 15.8% 4-Mar-16 Metro Bank Financials LSE N.A. 20.00 N.A. $0.6bn 0.0% 0.0% 7.5% N.A. -6.0% 10-Feb-16 Scandinavian Tobacco Consumer Goods NASDAQ OMX C gen 93.00-110.00 100.00 In range $0.5bn 35.9% 100.0% 0.0% 0.8% 5.2% 12-Feb-16 Countryside Properties Consumer Goods LSE 2.25-2.75 2.25 Bottom of range $0.5bn 34.5% 57.2% 4.4% 2.6% 4.4% 23-Feb-16 Silver Run Acquisition Financials NASDAQ 10.00-10.00 10.00 In range $0.5bn 88.9% 0.0% 2.1% 3.3% 3.5% 16-Mar-16 Middle East Healthcare Health Care Saudi Arabia SE 64.00-64.00 64.00 In range $0.5bn 23.1% 0.0% 0.0% N.A. 0.0% 9-Feb-16 Ascential Consumer Services LSE 1.90-2.20 2.00 In range $0.4bn 37.5% 28.6% 0.0% 3.0% 3.0% Top 10 largest FOs 2016 Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 11-Feb-16 Saipem Oil & Gas Borsa Italiana 0.36-0.36 0.36 Rights Offer $3.9bn 0.0% -16.7% 6.3% -2.7% 17-Mar-16 TransCanada Oil & Gas Toronto 49.42-49.42 45.75 Bought Deal $3.2bn 0.0% 7.3% N.A. 11.6% 28-Jan-16 Molson Coors Brewing Consumer Goods NYSE 87.76-87.76 86.50 Accelerated Bookbuild $2.6bn 0.0% 4.6% -1.5% 11.2% 7-Jan-16 Bohai Leasing Industrials Shenzhen N.A. 6.07 Cash Placing $2.5bn 0.0% 24.1% 12.4% 12.4% 16-Mar-16 Baxalta Health Care NYSE 39.09-39.09 37.75 Accelerated Bookbuild $2.4bn 100.0% 1.3% N.A. 7.0% 7-Jan-16 Industrial Securities Financials Shanghai SE 13.13-13.13 8.19 Rights Offer $1.9bn 0.0% 14.3% -4.8% 7.3% 24-Feb-16 Enbridge Oil & Gas Toronto 43.16-43.16 40.70 Bought Deal $1.7bn 0.0% 12.0% 21.8% 24.2% 5-Jan-16 Pioneer Natural R cs Oil & Gas NYSE 125.17-125.17 117.00 Bought Deal $1.6bn 0.0% -0.7% 1.5% 20.3% 25-Mar-16 Guangzhou Friendship Consumer Services Shenzhen 9.40-9.40 8.90 Cash Placing $1.5bn 0.0% 182.5% N.A. 185.2% 17-Feb-16 Devon Energy Oil & Gas NYSE 20.33-20.33 18.75 Bought Deal $1.5bn 0.0% 5.1% 46.1% 46.4% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Country indicates the company s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB). Source: Dealogic as of 31 March 2016 4
FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per region Asia-Pacific remained the dominant region for IPOs in the first quarter of 2016, both in terms of money raised and number of deals Americas EMEA Asia-Pacific 222 $71.5bn 317 338 $96.2bn $107.8bn 228 $45.8bn 11 101 181 $40.5bn 277 269 $81.7bn $71.7bn 29 397 363 $52.8bn $58.3bn 540 $83.1bn 663 $84.0bn 101 $1.4bn $18.0bn $4.7bn $8.1bn 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 1,162 1,143 1,031 1,052 $235.0bn $250.2bn $230.3bn $243.0bn 181 519 $122.4bn 632 $179.3bn 731 794 $203.8bn $190.2bn 129 978 $152.6bn 1,263 1,325 1,483 $160.2bn $182.4bn $260.1bn 236 $48.4bn $21.6bn $45.6bn 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 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 2016 5
Top exchanges globally based on money raised in 2016 IPO and FO activity was concentrated on a few large exchanges, with HKEx and NYSE accounting for a about quarter of all IPO and FO activity, respectively Money raised and number of IPOs per Exchange 2014 2016 Top Exchanges 2016 206 192 108 116 18 132 97 16 20 75 78 19 83 131 15 Other, 25% HKEx, 24% $29bn $24bn $32bn $26bn $32bn $25bn HKEx NYSE $4bn 2014 2015 2016 414 371 $132bn $147bn LSE Group NASDAQ OMX Tokyo SE Money raised and number of FOs per Exchange 2014 2016 68 $29bn 2014 2015 2016 $3bn 2014 2015 2016 121 186 $29bn $38bn $20bn 2014 2015 2016 Shenzhen SE $2bn 2014 2015 2016 67 95 114 29 $48bn $29bn $13bn 2014 2015 2016 Shanghai SE $12bn $16bn $1bn 2014 2015 2016 440 $83bn $65bn NASDAQ OMX $7bn $8bn Shenzhen SE TMX Group Shenzhen, 7% Tokyo, 8% Other, 29% TMX Group, 9% NASDAQ OMX, 16% Top Exchanges 2016 NASDAQ OMX, 10% Shanghai, 11% 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. 512 79 $11bn 2014 2015 2016 $1bn 2014 2015 2016 321 211 44 $33bn $25bn $10bn 2014 2015 2016 LSE, 19% NYSE, 24% Shenzhen, 17% Source: Dealogic as of 31 March 2016 6
FO money raised & # of deals IPO money raised & # of deals Global IPO and FO activity per sector Whereas Financials continued to be the dominant sector for IPOs (raising $6.3bn), the Oil & Gas sector was the most active in terms of FO money raised ($23.6bn) Money raised and number of IPOs and FOs per sector 2014 2016 55 71 9 132 168 20 167 141 62.0 19 234 249 87.9 72.2 23 179 161 24 194 218 32 49 24 1 109 100 10 13 11 1 23 17 2 8.0 6.3 0.3 18.7 18.0 2.2 15.6 1.5 6.3 19.4 16.4 1.8 32.1 37.7 1.4 17.1 6.6 0.0 11.9 14.3 0.3 4.1 7.1 0.1 11.2 7.4 0.3 800 825 310 256 57 257 290 58 306 374 45 244.3 215.2 107 353 497 82 510 493 87 285 217 53 229 246 45 48 39 2 73 75 9 30.8 47.7 9.2 41.2 45.5 11.9 59.2 75.4 8.1 71.8 22.4 32.8 11.1 95.7 83.8 20.3 67.7 47.3 23.6 24.7 25.1 6.0 21.4 21.6 0.3 24.0 22.9 2.7 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. 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 2016 7
IPO money raised & # of deals Financial sponsor-backed IPO activity globally Nearly all FS-backed IPO activity occurred in the EMEA region in the first quarter of 2016, as 5 deals raised $1.9bn FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific 99 96 68 $35.3bn $35.8bn 53 1 7 35 68 66 $33.1bn $30.5bn 5 32 41 48 40 1 $16.0bn $15.8bn $18.1bn $17.0bn $13.9bn $0.2bn $3.2bn $1.9bn $4.8bn $6.4bn $0.0bn 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Top 7 largest FS-backed IPOs 2016 globally Global FS-backed IPOs (by money raised) Pricing date Issuer name Exchange Pricing Money raised 1-day Performance 1-month Current 4-Mar-16 Metro Bank LSE N.A. $0.6bn 7.5% N.A. -6.0% 12-Feb-16 Countryside Properties LSE Bottom of range $0.5bn 4.4% 2.6% 4.4% 9-Feb-16 Ascential LSE In range $0.4bn 0.0% 3.0% 3.0% 21-Mar-16 Senvion Deutsche Börse Below range $0.3bn 0.0% N.A. 0.0% 2-Feb-16 BeiGene NASDAQ Top of range $0.2bn 18.0% 29.9% 22.1% 22-Mar-16 Humana NASDAQ OMX S holm Top of range $0.1bn 19.4% N.A. 10.5% 19-Jan-16 China Crystal New Material KOSDAQ Below range $0.0bn 29.0% 4.5% 8.3% Not Sponsorbacked; 70% Sponsorbacked; 30% 2015 2016 159 (14%) sponsor-backed IPOs vs 1,001 (86%) non-sponsor-backed IPOs Not Sponsorbacked; 85% Sponsorbacked; 15% 7 (5%) sponsor-backed IPOs vs 134 (95%) 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 2016 8
Volatility versus IPO activity High volatility was a major cause for the slowdown of IPO activity in the first quarter, with the VIX rising to levels not seen since 2012 Money raised via IPOs versus volatility $200bn $150bn $100bn 22.9 22.0 37.3 37.5 25.1 29.5 Global money raised via IPOs 23.9 19.9 18.4 19.9 19.0 VIX (average per quarter) 16.9 18.6 16.0 16.8 21.6 22.7 23.1 26.7 23.3 28.4 $50bn $0bn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2012 2013 2014 2015 2016 Number of IPOs versus volatility 800 700 600 500 400 300 200 100 - Number of IPOs globally VIX (average per quarter) 37.3 37.5 29.5 28.4 25.1 26.7 22.9 23.9 22.0 19.9 18.4 19.9 21.6 22.7 23.1 23.3 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 2011 2012 2013 2014 2015 2016 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Source: Dealogic, Bloomberg as of 31 March 2016 9
Americas 10
FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in the Americas The slowdown in the Americas was mainly felt in terms of IPO activity Money raised via IPOs and FOs in the Americas (10-year overview) Top countries 2016 524 276 317 338 250 222 228 $38.7bn 87 112 $1.9bn 11 $13.5bn $8.5bn $11.7bn $106.2bn $6.5bn $105.8bn $7.1bn $13.2bn $83.1bn $2.1bn $61.2bn $54.0bn $63.9bn $32.8bn $33.3bn $43.7bn $0.1bn $1.3bn 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 North America Latin America Number of IPO's Mexico, 7% United States, 93% 1,256 $10.2bn $163.1bn 773 $20.7bn $238.3bn 1,383 1,465 $16.7bn $291.4bn $87.4bn $256.9bn 1,236 $24.1bn $184.6bn 1,031 $14.0bn 1,162 1,143 1,052 $23.5bn $18.3bn $223.2bn $230.9bn $216.0bn $240.5bn 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 2016. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. $7.9bn $0.3bn $48.1bn 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 North America Latin America Number of FO's 181 Canada, 20% Other, 1% United States, 79% Source: Dealogic as of 31 March 2016 11
Overview of IPO and FO activity in the Americas IPO activity in the Americas experienced a substantial decrease, resulting in the slowest quarter since Q1 2009 IPO and FO activity in the Americas 2014 2015 Q1 2014 Q1 2015 1 IPO activity Number of IPOs 338 228 79 44 11 % sponsor-backed 28.4% 23.2% 24.1% 18.2% 9.1% Money raised $107.8bn $45.8bn $13.9bn $8.0bn $1.4bn % sponsor-backed 33.2% 34.4% 53.0% 21.0% 13.2% 2 Advanced metrics Free float % 32.6% 37.5% 36.5% 38.5% 42.6% Overallotment exercised (%) 77.7% 75.0% 84.7% 71.1% 60.0% % secondary shares 9.4% 6.7% 7.5% 3.4% 0.0% FO activity Number of FOs 1,143 1,052 372 355 181 Money raised $230.3bn $243.0bn $58.1bn $87.4bn $48.4bn 3 IPO pricing dynamics Post-IPO performance (median) 1 IPO activity in the Americas was weak, resulting in 11 IPOs raising a total of $1.4bn. This represents less than a fifth of the money raised in the first quarter last year 2 In contrast, FO activity in the Americas fell less dramatically, as 181 transactions raised $48.4bn in 3 IPO performance indicators display a positive return as equity markets bounced back in the second half of the quarter Main indices in the Americas 16% 18% 16% 21% 10% 8% 14% 7% 28% 13% 34% 41% 33% 42% 9% 12% 7% 9% 45% 18% 26% 25% 23% 27% 2014 2015 2014 2015 2016 Below range Bottom of range In range Top of range Above range 1.4% 0.0% 4.7% -0.1% 2015 7.2% 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. 11.8% 4.7% N.A. 2016-2.0% 1-Day 1-Week 1-Month 3-Month Current 7.3% 150 140 130 120 110 100 90 80 70 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Dow Jones NASDAQ 100 S&P 500 Source: Dealogic, Bloomberg as of 31 March 2016 12
Leading transactions 2016 in the Americas During the first quarter, IPOs raising in excess of $1bn were notably absent in the Americas Top 10 largest IPOs 2016 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-Feb-16 Silver Run Acquisition Financials NASDAQ 10.00-10.00 10.00 In Range $0.5bn 88.9% 0.0% 2.1% 3.3% 3.5% 2-Feb-16 BeiGene Health Care NASDAQ 22.00-24.00 24.00 In Range $0.2bn 24.1% 0.0% 18.0% 29.9% 22.1% 2-Feb-16 Editas Medicine Health Care NASDAQ 16.00-18.00 16.00 In Range $0.1bn 19.0% 0.0% 13.8% 99.4% 115.9% 10-Feb-16 AveXis Health Care NASDAQ 19.00-21.00 20.00 In Range $0.1bn 23.6% 0.0% -9.8% 4.3% 36.2% 12-Jan-16 Servicios Corporativos Javer Consumer Goods Mexican SE 20.00-22.00 19.00 Below $0.1bn 34.0% 0.0% 0.5% -0.8% -5.7% 10-Mar-16 KLR Energy Acquisition Financials NASDAQ 10.00-10.00 10.00 In Range $0.1bn 78.0% 0.0% 0.0% N.A. 0.6% 27-Jan-16 Nuveen Municipal 2021 Fnd Financials NYSE 10.00-10.00 10.00 In Range $0.1bn 0.0% 0.0% 0.0% N.A. 0.0% 22-Mar-16 Corvus Pharmaceuticals Health Care NASDAQ 15.00-17.00 15.00 In Range $0.1bn 23.0% 0.0% -5.0% N.A. -3.3% 2-Mar-16 Syndax Pharmaceuticals Health Care NASDAQ 14.00-16.00 12.00 Below $0.1bn 27.7% 0.0% 0.1% N.A. 11.0% 10-Feb-16 Proteostasis Therapeutics Health Care NASDAQ 12.00-14.00 8.00 Below $0.1bn 32.7% 0.0% -17.0% 19.3% 20.5% Top 10 largest FOs 2016 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 17-Mar-16 TransCanada Corp Oil & Gas Toronto 49.42-49.42 45.75 Bought Deal $3.2bn 0.0% 7.3% N.A. 11.6% 28-Jan-16 Molson Coors Brewing Consumer Goods NYSE 87.76-87.76 86.50 Accelerated Bookbuild $2.6bn 0.0% 4.6% -1.5% 11.2% 16-Mar-16 Baxalta Health Care NYSE 39.09-39.09 37.75 Accelerated Bookbuild $2.4bn 100.0% 1.3% N.A. 7.0% 24-Feb-16 Enbridge Oil & Gas Toronto 43.16-43.16 40.70 Bought Deal $1.7bn 0.0% 12.0% 21.8% 24.2% 5-Jan-16 Pioneer Natural Resources Oil & Gas NYSE 125.17-125.17 117.00 Bought Deal $1.6bn 0.0% -0.7% 1.5% 20.3% 17-Feb-16 Devon Energy Corp Oil & Gas NYSE 20.33-20.33 18.75 Bought Deal $1.5bn 0.0% 5.1% 46.1% 46.4% 27-Jan-16 Baxalta Health Care NYSE 34.68-34.68 39.50 Accelerated Bookbuild $1.5bn 100.0% 0.9% -0.8% 2.3% 29-Feb-16 Marathon Oil Corp Oil & Gas NYSE 8.21-8.21 7.65 Bought Deal $1.3bn 0.0% 4.1% 45.6% 45.6% 4-Feb-16 Hess Corp Oil & Gas NYSE 43.47-43.47 39.00 Accelerated Bookbuild $1.1bn 0.0% -2.5% 24.1% 35.0% 5-Feb-16 Zimmer Biomet Health Care NYSE 97.55-97.55 96.45 Bought Deal $1.1bn 100.0% -1.5% 2.9% 10.6% 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 31 March 2016 13
FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Americas To weather the downturn in the oil market, Oil & Gas was by far the most active sector in terms of FO money raised ($17.4bn via 37 deals) Money raised and number of IPOs and FOs per sector 2014 2016 in the Americas 9 3 13 13 1 38 16 89 79 4 34.8 31.5 107 66 6 17 19 25 9 32 19 1 7 4 3.4 1.1-2.6 4.4 0.1 2.6-13.0 0.7 9.9 6.5 0.6 2.4 7.2-14.0 5.0-6.3 3.4-0.5 - - 2.4 2.5-108 61 18 42 39 9 93 109 11 287 227 62.6 61.5 32 297 203 48 49.0 120 83 13 185 132 37 50.6 76 67 9 8 10 21 27 4 11.0 9.9 2.8 9.7 11.8 4.9 26.7 32.6 1.9 7.9 21.9 9.0 23.3 18.0 1.9 32.7 17.4 13.5 11.8 1.4 4.0 8.7-7.0 6.9 1.3 Basic Consumer Consumer Health Telecommunication Financials Industrials Oil & Gas Technology Utilities Materials Goods Services Care Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Sector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate. Source: Dealogic, Bloomberg as of 31 March 2016 14
Top countries in terms of IPO activity in the Americas Only a single deal occurred outside of the US in the first quarter, namely the IPO of Servicios Corporativos Javer on the Mexican Stock Exchange IPO activity of top countries in the Americas 2012 2016 254 302 175 $100.5bn 187 $61.0bn $77.8bn 10 6 9 5 7 1 $38.8bn $1.3bn $6.8bn $5.0bn $1.7bn $1.9bn $0.1bn 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 29 43 30 33 4 10 1 1 $3.0bn $5.5bn $5.4bn $4.9bn - $2.6bn $8.4bn $0.2bn $0.2bn - 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 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 2016. Source: Dealogic as of 31 March 2016 15
EMEA 16
FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in EMEA Activity in the first quarter was largely concentrated in the UK, which was responsible for 58% of the money raised via IPOs and 24% via FOs Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2016 675 $17.5bn 180 60 215 167 101 181 277 269 29 Germany, 7% Sweden, 8% Other, 6% $12.8bn $3.5bn $118.9bn $5.2bn $15.6bn $2.0bn $3.3bn $69.4bn $68.8bn $2.5bn $40.4bn $2.1bn $33.3bn $37.2bn $21.0bn $0.7bn $8.0bn $15.9bn $4.0bn 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Europe Middle East & Africa Number of IPO's Saudi Arabia, 10% Denmark, 11% United Kingdom, 58% 1,047 $16.7bn $216.1bn 572 $28.8bn $226.3bn 813 763 $9.7bn $318.8bn $12.4bn 624 $10.0bn 519 $9.3bn $134.6bn $124.4bn $115.1bn 632 $6.8bn 731 794 $13.8bn $173.3bn $191.8bn $178.3bn 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 2016. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. $12.0bn 129 $1.6bn $20.2bn 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Europe Middle East & Africa Number of FO's Other, 31% Netherlan ds, 6% Spain, 7% France, 11% United Kingdom, 24% Italy, 21% Source: Dealogic as of 31 March 2016 17
Overview of IPO and FO activity in EMEA With European stock markets amongst the weakest performers globally, IPO performance suffered accordingly IPO and FO activity in EMEA 2014 2015 Q1 2014 Q1 2015 1 IPO activity Number of IPOs 277 269 51 66 29 % sponsor-backed 24.5% 24.5% 27.5% 33.3% 17.2% Money raised $81.7bn $71.7bn $17.5bn $20.5bn $4.7bn 2 % sponsor-backed 40.5% 42.5% 42.9% 56.5% 40.1% Advanced metrics Free float % 40.0% 43.4% 46.4% 45.1% 35.7% Overallotment exercised (%) 30.2% 37.8% 35.3% 46.2% 25.9% % secondary shares 31.9% 33.0% 32.0% 35.2% 38.6% FO activity Number of FOs 731 794 169 197 129 Money raised $203.8bn $190.2bn $45.0bn $63.0bn $21.6bn 3 IPO pricing dynamics Post-IPO performance (median) 1 IPO activity in the EMEA region suffered from the global slowdown, as 29 deals raised $4.7bn in compared to 66 deals raising $20.5bn in Q1 2015 2 Financial sponsor-backed deals continued to be a driver behind EMEA activity, with 5 deals raising 40% of total proceeds in the first quarter 3 Despite the further ECB easing undertaken in March, weak equity market performances led to somewhat lower returns for EMEA IPOs as compared to Q1 2015 Main indices in EMEA 1% 1% 2% 11% 6% 13% 16% 20% 63% 57% 72% 25% 49% 44% 22% 24% 25% 25% 4% 5% 9% 6% 2014 2015 2014 2015 2016 Below range Bottom of range In range Top of range Above range 4.6% 4.6% 6.0% 8.9% 7.9% 2015 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. 3.0% 17.0% N.A. 2016 9.8% 1-Day 1-Week 1-Month 3-Month Current 6.1% 150 140 130 120 110 100 90 80 70 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 CAC 40 DAX FTSE 100 Source: Dealogic, Bloomberg as of 31 March 2016 18
Leading transactions 2016 in EMEA The concept of timing went out the window in the first quarter, as 5 of the biggest IPOs occurred during the market selloff of the first two weeks of February Top 10 largest IPOs 2016 in EMEA Pricing date Issuer name Issue Country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 3-Feb-16 CYBG Financials LSE 1.75-2.35 1.80 Bottom of range $0.6bn 25.0% 100.0% 6.7% 8.6% 15.8% 4-Mar-16 Metro Bank Financials LSE N.A. 20.00 N.A. $0.6bn 0.0% 0.0% 7.5% N.A. -6.0% 10-Feb-16 Scandinavian Tobacco Consumer Goods NASDAQ OMX C gen 93.00-110.00 100.00 In range $0.5bn 35.9% 100.0% 0.0% 0.8% 5.2% 12-Feb-16 Countryside Properties Consumer Goods LSE 2.25-2.75 2.25 Bottom of range $0.5bn 34.5% 57.2% 4.4% 2.6% 4.4% 16-Mar-16 Middle East Healthcare Health Care Saudi Arabia SE 64.00-64.00 64.00 In range $0.5bn 23.1% 0.0% 0.0% N.A. 0.0% 9-Feb-16 Ascential Consumer Services LSE 1.90-2.20 2.00 In range $0.4bn 37.5% 28.6% 0.0% 3.0% 3.0% 5-Feb-16 CMC Markets Financials LSE 2.35 2.75 2.40 Bottom of range $0.3bn N.A. 93.2% 0.0% 0.3% 2.1% 21-Mar-16 Senvion Utilities Deutsche Börse 20.00-23.50 15.75 Below range $0.3bn 25.0% 100.0% 0.0% N.A. 0.0% 17-Mar-16 Watkin Jones Consumer Goods London AIM N.A. 1.00 N.A. $0.2bn 51.5% 35.0% 1.0% N.A. 2.0% 17-Mar-16 Arabian Food Industries Consumer Goods Cairo SE 8.80-9.20 9.20 Top of range $0.2bn 49.0% 100.0% 0.0% N.A. 0.0% Top 10 largest FOs 2016 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 11-Feb-16 Saipem Oil & Gas Borsa Italiana 0.36-0.36 0.36 Rights Offer $3.9bn 0.0% -16.7% 6.3% -2.7% 3-Feb-16 LafargeHolcim Industrials SIX Swiss Exchange 39.89-39.89 36.25 Accelerated Bookbuild $1.3bn 100.0% 6.5% 18.0% 24.8% 24-Feb-16 Auto Trader Group Consumer Services LSE 3.87-3.87 3.65 Accelerated Bookbuild $1.2bn 100.0% -1.6% 5.9% 6.9% 5-Jan-16 NN Group Financials Euronext A dam 31.20-31.20 31.00 Accelerated Bookbuild $1.1bn 100.0% 4.0% -7.3% -7.2% 4-Mar-16 Grupo FCC Industrials Bolsa de Madrid 6.00-6.00 6.00 Rights Offer $0.8bn 0.0% 9.8% N.A. 26.4% 16-Feb-16 Total Oil & Gas Euronext Paris 38.78-38.78 38.05 Accelerated Bookbuild $0.7bn 100.0% 3.4% 10.1% 5.3% 13-Jan-16 Ferrovial Industrials Bolsa de Madrid 20.07-20.07 19.07 Accelerated Bookbuild $0.6bn 100.0% 0.5% -7.9% -1.0% 5-Feb-16 Micro Focus International Technology LSE 13.40-13.40 12.75 Accelerated Bookbuild $0.5bn 100.0% 5.8% 14.9% 23.1% 2-Mar-16 Marine Harvest Consumer Goods NASDAQ OMX Oslo 126.00-126.00 117.00 Accelerated Bookbuild $0.5bn 100.0% 1.4% N.A. 9.0% 15-Mar-16 ISS Industrials NASDAQ OMX C gen 251.80-251.80 241.00 Accelerated Bookbuild $0.4bn 100.0% 2.0% N.A. 9.1% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Country indicates the company s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB). Source: Dealogic as of 31 March 2016 19
FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in EMEA Similar to the Americas, listed Oil & Gas companies in EMEA proved to be the most active in terms of FO money raised ($5.5bn via 11 deals) Money raised and number of IPOs and FOs per sector 2014 2016 in EMEA 9 10 1 21 31 5 51 18.5 32 3 73 88 34.4 24.2 6 32 31 6 45 45 14.6 17.4 2 13 5 16 17 3 9 7 1 8 3 2 1.0 2.0 0.0 2.9 5.3 1.4 7.6 0.7 1.5 3.0 3.9 0.7 0.1 2.1 0.2-0.7 3.6 0.0 3.5 6.9 0.1 1.0 0.7 0.3 231 284 46 44 10 48 51 9 82 97 12 94.6 90.2 38 81 91 19 113 109 20 49 41 11 47 50 8 14 14 1 20 13 1 6.9 10.5 1.0 16.9 7.7 1.1 22.5 24.5 2.1 4.9 5.7 6.6 0.8 25.3 28.2 4.9 7.3 2.5 5.5 2.8 4.1 1.0 11.2 11.7 0.2 10.5 4.2 0.0 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 2016 20
Top countries in terms of IPO activity in EMEA The UK remained the most active country within the EMEA region, with 14 IPOs raising a combined total of $2.7bn IPO activity of top countries in EMEA 2012 2016 112 77 $27.9bn 74 37 $21.1bn $19.8bn 14 1 2 1 1 $6.6bn $2.7bn - $0.5bn $2.3bn $0.2bn $0.5bn 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 8 5 6 4 1 2 15 32 5 $1.5bn $0.5bn $6.7bn $1.1bn $0.5bn - $0.7bn $4.0bn $5.9bn $0.4bn 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 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 2016. Source: Dealogic as of 31 March 2016 21
Asia-Pacific 22
FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in Asia-Pacific Despite unrest in Chinese financial markets, Asia-Pacific remained the most active global region, with 101 IPOs raising $8.1bn Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries 2016 697 761 620 540 663 301 325 $8.0bn 397 363 101 $8.0bn $175.3bn $1.5bn $2.5bn $17.0bn $6.4bn $85.2bn $91.0bn $1.5bn $10.2bn $68.3bn $51.3bn $66.1bn $77.6bn $1.6bn $48.2bn $0.1bn $30.2bn $8.0bn 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Asia Australasia Number of IPO's South Korea, 6% Japan, 15% China, 25% Other, 9% Hong Kong, 45% 1,437 650 1,381 1,350 $63.5bn $23.5bn 1,074 978 1,263 1,325 1,483 $41.6bn 236 Japan, 5% South Korea, 7% Other, 7% $37.8bn $22.3bn $17.6bn $20.7bn $23.5bn $183.5bn $206.8bn $218.6bn $148.1bn $35.4bn $113.8bn $135.1bn $139.6bn $160.1bn $1.3bn $65.6bn $44.3bn 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Hong Kong, 8% China, 73% Asia Australasia Number of FO's Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both Asia and Australasia, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2016. 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 2016 23
Overview of IPO and FO activity in Asia-Pacific Financial sponsors nearly disappeared from the radar in the first quarter, as just one IPO raised a meagre $23m on the KOSDAQ IPO and FO activity in Asia-Pacific 2014 2015 Q1 2014 Q1 2015 1 IPO activity Number of IPOs 540 663 110 142 101 % sponsor-backed 8.9% 6.0% 5.5% 7.0% 1.0% Money raised $83.1bn $84.0bn $19.3bn $13.8bn $8.1bn % sponsor-backed 20.5% 16.6% 11.4% 12.1% 0.3% 2 Advanced metrics Free float % 29.8% 27.6% 28.3% 26.8% 26.7% Overallotment exercised (%) 23.0% 17.3% 20.6% 17.7% 18.2% % secondary shares 17.4% 13.4% 23.5% 12.9% 13.7% FO activity Number of FOs 1,325 1,483 312 302 236 Money raised $182.4bn $260.1bn $35.1bn $57.5bn $45.6bn 3 IPO pricing dynamics Post-IPO performance (median) 1 Via 101 IPOs, $8.1bn was raised in. This compares to $13.8bn raised via 142 IPOs in Q1 2015, a drop of 41% in terms of money raised 2 FO activity stood at $45.6bn via 236 transactions during. Though underperforming the activity in Q1 2015, it still exceeded figures from Q1 2014 3 IPO performance was strong, as equity markets recovered quickly following the February selloff. However, as compared to the extraordinary Q1 2015 returns, IPO performance was lagging Main indices in Asia-Pacific 3% 3% 3% 1% 25% 27% 20% 21% 60% 56% 69% 70% 44% 40% 9% 11% 3% 3% 7% 7% 14% 1% 1% 1% 2014 2015 2014 2015 2016 Below range Bottom of range In range Top of range Above range 44.0% 40.0% 94.4% 29.7% 2015 113.4% 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. 39.1% 180.0% N.A. 2016 72.1% 1-Day 1-Week 1-Month 3-Month Current 32.2% 150 140 130 120 110 100 90 80 70 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Hang Seng Nikkei 225 SENSEX Source: Dealogic, Bloomberg as of 31 March 2016 24
Leading transactions 2016 in Asia-Pacific The three largest IPOs globally occurred in the Asia-Pacific region, accounting for a quarter of the total money raised this quarter Top 10 largest IPOs 2016 in Asia-Pacific Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 21-Mar-16 China Zheshang Bank Financials HKEx 3.92-4.12 3.96 Bottom of range $1.7bn 18.8% 9.1% N.A. N.A. -0.8% 20-Mar-16 Bank of Tianjin Financials HKEx 7.37-9.58 7.39 Bottom of range $0.9bn 16.5% 9.1% N.A. N.A. -0.1% 4-Feb-16 LaSalle Logiport REIT Financials Tokyo SE 92k 100k 100k Top of range $0.9bn 104.4% 0.0% 5.4% 5.3% 8.7% 8-Jan-16 Virscend Consumer Services HKEx 2.18-2.92 2.40 In range $0.3bn 28.0% 0.0% 1.3% 5.4% 40.4% 6-Jan-16 Ronshine China Holdings Financials HKEx 5.36-6.13 5.36 Bottom of range $0.2bn 25.2% 0.0% 4.9% 6.5% 6.9% 17-Mar-16 KinLong Hardware Products Industrials Shenzhen SE N.A. 21.57 Fixed price $0.2bn 25.0% 17.2% 44.0% N.A. 74.3% 2-Mar-16 Jiayuan Inter. Group Financials HKEx 1.49-2.48 2.48 Top of range $0.2bn 28.8% 0.0% 4.0% N.A. 2.8% 27-Jan-16 Southern Publishing & Media Consumer Services Shanghai SE 6.13-6.13 6.13 In range $0.2bn 20.6% 0.0% 44.1% 222.4% 211.4% 16-Mar-16 Tongyu Communication Technology Shenzhen SE N.A. 22.94 Fixed price $0.1bn 25.0% 20.0% 44.0% N.A. 91.6% 26-Jan-16 Eastern Pioneer Driving School Financials Shanghai SE 16.40-16.40 16.40 In Range $0.1bn 11.9% 0.0% 44.0% 129.2% 143.9% Top 10 largest FOs 2016 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 7-Jan-16 Bohai Leasing Industrials Shenzhen SE N.A. 6.07 Cash Placing $2.5bn 0.0% 24.1% 12.4% 12.4% 7-Jan-16 Industrial Securities Financials Shenzhen SE 13.13-13.13 8.19 Rights Offer $1.9bn 0.0% 14.3% -4.8% 7.3% 25-Mar-16 Guangzhou Friendship Group Consumer Services Shenzhen SE 9.40-9.40 8.90 Cash Placing $1.5bn 0.0% 182.5% N.A. 185.2% 15-Feb-16 Samsung Engineering Industrials Shanghai SE 7.7k 7.7k 8110.00 Rights Offer $1.1bn 0.0% 36.9% 17.4% 33.8% 25-Jan-16 Fortune Land Development Industrials Shanghai SE N.A. 22.64 Cash Placing $1.1bn 0.0% 7.7% 6.1% 7.2% 5-Feb-16 Inner Mongolia Xishui Strong Industrials Shanghai SE 36.71-36.71 24.20 Cash Placing $1.1bn 0.0% 0.0% N.A. 4.0% 4-Jan-16 Shenzhen Overseas Chin. Town Consumer Services Shenzhen SE N.A. 6.81 Cash Placing $0.9bn 0.0% 16.6% -2.2% 2.9% 29-Jan-16 Oceanwide Holdings Financials Shenzhen SE N.A. 9.00 Cash Placing $0.9bn 0.0% 8.6% 7.7% 20.1% 11-Jan-16 Junzheng Energy & Chem. Grp Basic Materials Shanghai SE N.A. 9.20 Cash Placing $0.7bn 0.0% -6.1% -19.5% -15.8% 24-Feb-16 NTPC Utilities Bombay SE; India SE N.A. 122.05 Acce.Bookbuild $0.7bn 100.0% -2.9% 4.3% 5.5% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Country indicates the company s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB). Source: Dealogic as of 31 March 2016 25
FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in Asia-Pacific Financials were most active in terms of IPO money raised in the first quarter ($4.1bn via 13 IPOs), while Industrials led FO activity (raising $13.5bn via 54 FOs) Money raised and number of IPOs and FOs per sector 2014 2016 in Asia-Pacific 37 58 8 98 124 14 78 93 16 72 82 35.1 13 40 64 12 132 154 30 11 10 1 61 64 7 3 4 8 10 22.0 3.6 3.2 0.3 13.2 8.2 0.7 8.7 5.4 0.9 4.1 6.5 6.0 0.5 15.1 13.2 1.3 1.0 1.4 0.0 4.9 7.3 0.3 0.2 0.2-7.9 4.2-167 155 30 168 201 40 131 170 22 284 318 58.1 99.3 37 75 114 15 277 302 54 55 44 5 108 129 28 27 15 1 33 35 4 47.1 37.6 27.3 13.8 5.4 26.0 15.7 5.9 10.0 18.9 4.0 9.6 6.5 16.6 1.3 13.5 9.9 12.1 0.7 8.4 9.2 3.7 6.2 1.2 0.0 6.6 11.7 1.4 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 2016 26
Top countries in terms of IPO activity in Asia-Pacific IPO activity was spread in the Asia-Pacific region, with Hong Kong overtaking China in terms of money raised in the first quarter IPO activity of top countries in Asia-Pacific 2012 2016 220 55 $8.0bn 92 $18.9bn 108 116 $28.7bn $23.7bn 18 $3.6bn 142 $14.5bn - 126 $12.9bn $25.7bn 26 $2.0bn 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 42 54 75 78 20 26 32 35 62 14 $12.7bn $10.2bn $11.6bn $15.6bn $1.2bn $1.3bn $1.2bn $4.0bn $3.5bn $0.5bn 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 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 2016. Source: Dealogic as of 31 March 2016 27
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