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. Edition: 2017, the year in review Martin Coenen martin.coenen@pwc.com Ross Hunter ross.hunter@pwc.com Nadja Picard nadja.picard@pwc.com Jan-Willem de Groot jan-willem.de.groot@pwc.com
FO money raised & # of deals IPO money raised & # of deals Global money raised via IPOs and FOs The number of IPOs hit a post-financial Crisis high in 2017, with 1,483 transactions Global money raised via IPOs and FOs (10-year overview) Top countries 2017 570 502 1,258 $299.1bn 1,041 728 864 1,165 1,182 $274.3bn 1,010 1,483 Other, 40% United States, 25% $105.8bn $121.2bn $178.8bn $142.5bn $195.6bn $206.6bn $142.4bn $204.7bn China, 15% 2008 2009 2010 2011 2012 India, 6% Hong Kong, 7% United Kingdom, 7% 1,968 3,550 3,548 $841.6bn 2,897 2,508 3,045 3,178 3,322 3,178 3,529 United States, 29% $557.4bn $641.4bn $478.3bn $509.3bn $587.3bn $613.5bn $685.9bn $550.9bn $613.3bn Other, 42% 2008 2009 2010 2011 2012 Hong Kong, 4% Japan, 6% China, 13% United Kingdom, 6% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. Source: Dealogic as of 31 December 2017 2
1 2 3 Overview of global IPO and FO activity The amount of money raised via IPOs is 44% higher than last year, and just shy of proceeds in 2015 Global IPO and FO activity 1 Global IPO activity benefitted from favourable conditions throughout the year. 2015 2016 2017 Q4 2015 Q4 2016 IPO activity Number of IPOs 1,182 1,010 1,483 328 370 405 % sponsor-backed 13.6% 9.5% 8.2% 11.0% 7.0% 8.1% Money raised $206.6bn $142.4bn $204.7bn $71.6bn $54.4bn $63.5bn % sponsor-backed 29.2% 22.7% 20.6% 26.8% 19.5% 17.8% Advanced metrics Free float % 33.0% 31.4% 42.2% 30.7% 30.2% 67.9% Overallotment exercised (%) 1 33.6% 25.3% 24.0% 29.2% 19.7% 22. 3% % secondary shares 16.3% 15.0% 14.8% 18.0% 12.8% 17.8% FO activity Number of FOs 3,322 3,178 3,529 775 862 980 Money raised $685.9bn $550.9bn $613.3bn $137.8bn $126.0bn $138.4bn 2 In, 405 IPOs raised $63.5bn, compared to 370 IPOs with proceeds of $54.4bn in Q4 2016. 3 The average free float of IPOs in was considerably higher than in previous quarters and years. 4 Worries surrounding equity valuations are being aired more frequently, especially with regard to US technology stocks. IPO pricing dynamics Post-IPO performance (median) 4 Global indices 6% 3% 4% 150 20% 24% 23% 29.8% 30.5% 29.1% 53% 51% 53% 20.3% 22.3% 17.4% 17.0% 16.0% 16.7% 18.2% 125 100 13% 14% 14% 8% 7% 6% 2015 2016 2017 Below range Bottom of range In range Top of range Above range 1-Day 1-Week 1-Month 3-Month Current 2016 2017 75 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 FTSE 100 Hang Seng S&P 500 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. IPOs are classified as In Range if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as Top of Range and Bottom of Range. 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full). Source: Dealogic, Bloomberg as of 31 December 2017 3
Leading transactions 2017 The largest IPO of the fourth quarter was BAWAG, an Austrian bank that raised almost $2bn on the Vienna Stock Exchange Top 10 largest IPOs 2017 Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 1-Mar-17 Snap Technology NYSE 14.00-16.00 17.00 Above range $3.9bn 19.9% 27.5% 44.0% 32.5% -14.1% 29-Sep-17 Pirelli & C Consumer Goods Borsa Italiana 6.30-8.30 6.50 Bottom of range $2.8bn 36.9% 100.0% -0.5% 6.0% 11.5% 21-Jul-17 Landis & Gyr Holding Industrials SIX Swiss Exchange 70.00-82.00 78.00 In range $2.4bn 100.0% 100.0% 0.6% -1.3% -0.5% 21-Apr-17 Netmarble Games Consumer Goods Korea SE 121,000-157,000 157,000 Top of range $2.3bn 20.0% 0.0% 3.2% -5.1% 20.1% 21-Jun-17 Altice USA Consumer Services NYSE 27.00-31.00 30.00 In range $2.2bn 9.7% 81.1% 9.0% 3.7% -29.2% 24-Oct-17 BAWAG Financials Vienna SE 47.00-52.00 48.00 Bottom of range $2.0bn 35.0% 100.0% -3.1% -12.8% -7.4% 7-Apr-17 Galenica Santé Consumer Services SIX Swiss Exchange 31.00-39.00 39.00 Top of range $1.9bn 97.5% 100.0% 10.3% 12.8% 28.3% 31-Jan-17 Invitation Homes Financials NYSE 18.00-21.00 20.00 In range $1.8bn 29.3% 0.0% 0.0% 9.0% 17.9% 21-Sep-17 ZhongAn Online P&C 1 Financials HKEx 53.70-59.70 59.70 Top of range $1.8bn 15.9% 0.0% 9.2% 28.8% 16.1% 17-Oct-17 General Insurance Corp 2 Financials BSE; NSE 855.00-912.00 912.00 Top of range $1.7bn 14.2% 86.2% -4.6% -12.8% -16.1% Top 10 largest FOs 2017 Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 23-Feb-17 UniCredit Financials Borsa Italiana 8.09-8.09 8.09 FO - ABB; Rights Offer $13.7bn 0.0% 50.3% 79.1% 113.7% 25-Sep-17 Japan Post Financials Tokyo SE 1,321-1,321 1,322 FO - Fully Marketed $11.7bn 100.0% 3.1% -1.4% -2.3% 7-Apr-17 Deutsche Bank Financials Deutsche Börse 11.65-11.65 11.65 FO - Fully Marketed $8.5bn 0.0% 33.3% 49.5% 36.3% 26-Jul-17 Santander Financials BME 4.85-4.85 4.85 FO - Rights Offer $8.2bn 0.0% 19.8% 12.8% 13.0% 20-Nov-17 Toshiba Industrials Tokyo SE 262.80-268.64 262.80 FO - Accelerated Bookbuild $5.4bn 0.0% 4.6% 21.0% 20.6% 7-Jun-17 Credit Suisse Financials SIX Swiss Exchange 10.80-10.80 10.80 FO - Rights Offer $4.4bn 0.0% 22.3% 35.4% 61.1% 28-Mar-17 Electricité de France Utilities Euronext Paris 6.35-6.35 6.35 FO - Rights Offer $4.4bn 0.0% 22.5% 20.7% 64.1% 20-Jul-17 Crown Castle International Financials NYSE 96.64-96.64 96.00 FO - Accelerated Bookbuild $3.9bn 0.0% 3.3% 8.5% 15.6% 23-Jun-17 Allied Irish Banks plc Financials Irish SE; LSE 3.90-4.90 4.40 FO - Fully Marketed $3.8bn 100.0% N/A 9.3% 22.9% 12-Jun-17 Renesas Electronics Corp Technology Tokyo SE 750-900 825 FO - Fully Marketed $3.2bn 100.0% 39.4% 21.2% 59.2% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Country indicates the company s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB). 1) ZhongAn Online P&C Insurance 2) General Insurance Corp of India Source: Dealogic as of 31 December 2017 4
FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per region Asia-Pacific again accounts for the lion s share of IPO numbers, with over 3 out of 5 transactions taking place in the region Americas EMEA Asia-Pacific 932 322 346 $97.2bn $109.5bn 246 $50.7bn 149 $30.8bn 261 $65.8bn 181 $40.5bn 277 269 $81.7bn $71.7bn 179 $35.7bn 290 $54.7bn 363 $58.4bn 542 $83.1bn 666 683 $84.3bn $77.3bn $84.2bn 1,162 1,144 1,054 1,071 $250.2bn $243.3bn $230.3bn $219.7bn 1,228 $213.2bn 637 $180.2bn 737 806 746 $204.5bn $190.8bn 930 $188.9bn 1,264 1,325 1,479 1,369 1,381 $259.8bn $215.1bn $212.2bn $182.4bn $160.2bn $119.5bn Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions. Source: Dealogic as of 31 December 2017 5
Top exchanges globally based on money raised in 2017 Thanks to a number of sizeable transactions, NYSE reclaims its position as the dominant exchange for IPO proceeds with only 88 transactions in 2017 Money raised and number of IPOs per Exchange 2015 2017 Top Exchanges 2017 88 59 38 $35bn $21bn $15bn 174 182 131 $24bn $21bn $21bn 97 105 59 $26bn $21bn $9bn 199 117 89 $18bn $16bn $18bn 116 112 149 $24bn $21bn $14bn Other, 51% NYSE, 16% NASDAQ OMX, 9% LSE Group, 9% 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 NYSE NASDAQ OMX LSE Group Shanghai SE HKEx HKEx, 6% Shanghai SE, 8% Money raised and number of FOs per Exchange 2015 2017 Top Exchanges 2017 511 524 618 372 348 375 345 311 372 NYSE, 18% $147bn $118bn$115bn 114 150 97 103 96 133 $83bn $73bn $74bn $66bn $40bn $55bn $48bn $60bn $45bn $33bn $28bn $42bn Other, 48% NASDAQ OMX, 12% 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 NYSE NASDAQ OMX LSE Group Shanghai SE Euronext Euronext, 7% 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. LSE Group, 9% Shanghai SE, 7% Source: Dealogic as of 31 December 2017 6
FO money raised & # of deals IPO money raised & # of deals Global IPO and FO activity per sector The dominance of Financials overshadows strong activity levels by Industrials, Consumer Services and Consumer Goods companies, particularly on the IPO front Money raised and number of IPOs and FOs per sector 2015 2017 69 58 102 6.1 3.6 9.7 170 128 180 18.0 14.4 22.4 142 110 169 15.6 11.6 24.1 270 293 204 77.3 64.3 51.7 162 120 154 16.4 14.2 13.3 220 232 348 37.8 34.5 25.1 98 118 162 23 21 37 11 4 12 17 15 26 6.5 3.6 10.0 14.3 18.6 7.4 7.1 0.8 3.7 7.4 10.1 4.1 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 259 373 381 291 297 289 377 286 326 826 840 634 243.6 202.9 498 449 524 493 531 560 221 267 220 243 240 291 39 38 35 75 63 63 48.6 53.0 50.2 45.6 48.3 46.1 76.5 55.5 50.5 118.3 71.2 43.4 54.7 83.6 92.7 101.6 74.3 47.6 40.6 24.6 30.3 32.7 21.6 7.3 9.6 22.9 27.9 24.3 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 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 December 2017 7
IPO money raised & # of deals Financial sponsor-backed IPO activity globally The epicentre of FS-backed IPO activity has shifted to the Americas this year, with half of the top 10 largest FS-backed IPOs taking place on the NYSE FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific 98 96 $35.1bn $35.8bn 52 34 57 35 67 66 $30.7bn $30.5bn 40 43 41 48 43 22 21 $15.6bn $11.5bn $21.8bn $18.1bn $16.3bn $14.7bn $17.0bn $14.2bn $6.4bn $4.5bn $5.6bn Top 10 largest FS-backed IPOs 2017 globally Global FS-backed IPOs (by money raised) Pricing date Issuer name Exchange Pricing Money raised 1-day Performance 1-month Current 21-Jun-17 Altice USA NYSE In range $2.2bn 9.0% 3.7% -29.2% 24-Oct-17 BAWAG Vienna SE Bottom of range $2.0bn -3.1% -12.8% -7.4% 31-Jan-17 Invitation Homes NYSE In range $1.8bn 0.0% 9.0% 17.9% 29-Jun-17 Delivery Hero Deutsche Börse Top of range $1.1bn 9.0% 7.5% 29.4% 17-Oct-17 Qudian NYSE Above range $1.0bn 21.6% -11.7% -47.8% 10-Oct-17 Terveystalo NASDAQ OMX H ki In range $1.0bn 2.5% 4.9% -8.9% 24-Apr-17 ING Life Insurance Korea Korea SE Bottom of range $1.0bn -4.2% -3.5% 61.8% 11-May-17 Gardner Denver NYSE Below range $0.9bn 5.5% 12.5% 69.7% 17-Jul-17 Celltrion Healthcare Korea SE Top of range $0.9bn 22.7% 16.8% 164.9% 3-May-17 Antero Midstream NYSE In range $0.9bn -6.4% -5.2% -16.1% Note: included deals > $5m; Country indicates the company s Country of domicile; Financial sponsor-backed has been abbreviated to FS-backed for practical sake. IPOs are classified as In Range if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as Top of Range and Bottom of Range. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions. Not Sponsorbacked, 77% Sponsorbacked, 23% 2016 2017 96 (10%) sponsor-backed IPOs vs 914 (90%) non-sponsor-backed IPOs Not Sponsorbacked, 79% Sponsorbacked, 21% 121 (8%) sponsor-backed IPOs vs 1,362 (92%) non-sponsor-backed IPOs Source: Dealogic as of 31 December 2017 8
Volatility versus IPO activity Volatility has been low all year, as jitters surrounding the French election and the Korean peninsula have failed to unnerve investors Money raised via IPOs versus volatility Global money raised via IPOs VIX (average per quarter) $100bn $75bn $50bn 25.1 29.5 23.9 19.9 18.4 19.9 19.0 16.9 18.6 16.0 16.8 21.6 22.7 23.1 26.7 23.3 28.4 25.8 20.7 19.4 15.5 16.5 14.3 12.8 $25bn $0bn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 Number of IPOs versus volatility Number of IPOs globally VIX (average per quarter) 500 400 300 200 25.1 29.5 23.9 19.9 18.4 19.9 19.0 16.9 18.6 16.0 16.8 21.6 22.7 23.1 26.7 23.3 28.4 25.8 20.7 19.4 15.5 16.5 14.3 12.8 100 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Source: Dealogic, Bloomberg as of 31 December 2017 9
Americas 10
FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in the Americas The promise of radical US tax overhaul has driven business sentiment higher and supported US IPO activity, whilst Latin American activity saw a robust rebound Money raised via IPOs and FOs in the Americas (10-year overview) Top countries 2017 87 116 284 255 231 322 346 246 149 261 Mexico, 7% Other, 7% $3.7bn $14.4bn $11.8bn $13.6bn $11.7bn $7.0bn $105.8bn $83.1bn $6.9bn $7.1bn $14.1bn $61.2bn $54.0bn $63.9bn $4.3bn $32.8bn $33.3bn $43.8bn $54.6bn $26.8bn 2008 2009 2010 2011 2012 North America Latin America Number of IPO's Brazil, 10% United States, 76% 773 $20.7bn $238.3bn 1,383 1,466 $16.7bn $87.4bn $291.4bn $257.1bn 1,236 $24.1bn $184.6bn 1,031 1,162 1,144 1,054 1,071 $14.0bn $23.5bn $18.3bn $7.9bn $8.1bn $223.2bn $230.9bn $216.0bn $240.8bn $211.6bn 1,228 $12.9bn $201.1bn Canada, 12% Brazil, 4% Other, 2% 2008 2009 2010 2011 2012 North America Latin America Number of FO's United States, 82% 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 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. Source: Dealogic as of 31 December 2017 11
Overview of IPO and FO activity in the Americas The Americas ranks second in terms of IPO proceeds, despite having the lowest number of transactions in Q4 as well as the year as a whole 1 2 3 IPO and FO activity in the Americas 2015 2016 2017 Q4 2015 Q4 2016 IPO activity Number of IPOs 246 149 261 52 48 78 % sponsor-backed 21.1% 22.8% 21.8% 13.5% 22.9% 16.7% Money raised $50.7bn $30.8bn $65.8bn $11.9bn $11.6bn $18.4bn % sponsor-backed 30.8% 37.3% 33.2% 31.6% 45.1% 14.2% Advanced metrics Free float % 37.5% 34.0% 40.7% 29.8% 35.4% 39.2% Overallotment exercised (%) 1 80.1% 72.0% 73.7% 69.4% 68.4% 68.6% % secondary shares 6.2% 8.2% 10.1% 6.7% 8.9% 12.1% FO activity Number of FOs 1,054 1,071 1,228 169 299 307 Money raised $243.3bn $219.7bn $213.2bn $34.7bn $48.8bn $43.8bn 1 With three more rate hikes expected in 2018, monetary conditions remain surprisingly loose and encourage investor appetite. 2 IPO proceeds totalled $18.4bn via 78 IPOs in the fourth quarter of 2017, compared to $11.6bn via 48 IPOs in Q4 2016. 3 The percentage of overallotment options exercised in the Americas far exceeds those in EMEA and Asia-Pacific. 4 The median current performance of 2016 IPOs is higher than for 2017 IPOs, partly since they have benefitted longer from a general market hike. IPO pricing dynamics 4 Post-IPO performance (median) Global indices 17% 8% 11% 11% 12% 9% 7.4% 5.6% 175 150 41% 40% 44% 9% 11% 15% 26% 26% 20% 0.6% 3.3% 3.6% 2.1% 1.9% 1.9% 3.3% 4.2% 125 100 2015 2016 2017 Below range Bottom of range In range Top of range Above range 1-Day 1-Week 1-Month 3-Month Current 2016 2017 75 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Dow Jones NASDAQ 100 S&P 500 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. IPOs are classified as In Range if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as Top of Range and Bottom of Range. 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full). Source: Dealogic, Bloomberg as of 31 December 2017 12
Leading transactions 2017 in the Americas With three cross-border listings in the top 10 largest IPOs of the year, the US again confirms the attractiveness and depth of its financial markets Top 10 largest IPOs 2017 in the Americas Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 1-Mar-17 Snap Technology NYSE 14.00-16.00 17.00 Above range $3.9bn 19.9% 27.5% 44.0% 32.5% -14.1% 21-Jun-17 Altice USA Consumer Services NYSE 27.00-31.00 30.00 In range $2.2bn 9.7% 81.1% 9.0% 3.7% -29.2% 31-Jan-17 Invitation Homes Financials NYSE 18.00-21.00 20.00 In range $1.8bn 29.3% 0.0% 0.0% 9.0% 17.9% 13-Dec-17 BR Distribuidora Oil & Gas BOVESPA 15.00-19.00 15.00 Bottom of range $1.5bn 28.8% 100.0% N/A N/A N/A 19-Jul-17 Grupo Carrefour Brasil Consumer Services BOVESPA 15.00-19.00 15.00 Bottom of range $1.4bn 15.0% 30.7% -0.7% -1.3% 1.7% 25-May-17 Kinder Morgan Canada Oil & Gas TSX 19.00-22.00 17.00 Below range $1.3bn 29.8% 0.0% -4.5% -6.1% 0.1% 31-Oct-17 Loma Negra CIASA Industrials NYSE 15.00-19.00 19.00 Top of range $1.1bn 77.0% 88.1% 12.4% 16.2% 21.3% 17-Oct-17 Qudian Financials NYSE 19.00-22.00 24.00 Above range $1.0bn 13.1% 5.0% 21.6% -11.7% -47.8% 23-Mar-17 Silver Run Acquisition Financials NASDAQ 10.00-10.00 10.00 In range $1.0bn 115.0% 0.0% 3.6% 3.7% 4.6% 19-Oct-17 Sea Technology NYSE 12.00-14.00 15.00 Above range $1.0bn 20.2% 0.0% 8.4% 0.0% -11.1% Top 10 largest FOs 2017 in the Americas Pricing date Issuer name Issuer Country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 20-Jul-17 Crown Castle International Financials NYSE 96.64-96.64 96.00 FO - Accelerated Bookbuild $3.9bn 0.0% 3.3% 8.5% 15.6% 10-May-17 Becton Dickinson & Co Health Care NYSE 185.40-185.40 176.50 FO - Fully Marketed $2.5bn 0.0% 4.7% 8.8% 21.3% 29-Mar-17 Cenovus Energy Oil & Gas TSX 17.45-17.45 16.00 FO - Bought Deal $2.2bn 0.0% -5.9% -14.9% -28.3% 8-Mar-17 Equinix Financials NASDAQ 375.24-375.24 360.00 FO - Accelerated Bookbuild $2.2bn 0.0% 4.5% 11.6% 25.9% 9-Jan-17 Williams Companies Oil & Gas NYSE 31.93-31.93 29.00 FO - Accelerated Bookbuild $2.2bn 0.0% -1.7% -1.1% 5.1% 8-May-17 Hydro One Utilities TSX 24.03-24.03 23.25 FO - Bought Deal $2.0bn 100.0% -0.5% 1.6% -3.7% 25-Jan-17 AltaGas Oil & Gas TSX 33.32-33.32 31.00 FO - Bought Deal $2.0bn 0.0% 7.5% -0.2% -7.7% 24-Mar-17 Mylan Health Care NASDAQ 41.61-41.61 40.00 FO - Bought Deal $1.8bn 100.0% 2.4% -7.9% 5.8% 13-Sep-17 First Data Corp Industrials NYSE 18.85-18.85 17.75 FO - Accelerated Bookbuild $1.7bn 100.0% 0.3% -0.7% -5.9% 8-Aug-17 Thermo Fisher Scientific Health Care NYSE 177.35-177.35 171.00 FO - Accelerated Bookbuild $1.7bn 0.0% 1.3% 12.1% 11.0% 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 December 2017 13
FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in the Americas Financials dominate the rankings in terms of overall IPO activity and FO proceeds, whilst Health Care is the most active sector in terms of number of FOs Money raised and number of IPOs and FOs per sector 2015 2017 in the Americas 96 102 3 2 11 13 11 10 17 7 28 49 66 40 45 19 11 17 9 6 16 19 20 28 1 4 3 3 1.1 0.7 2.5 4.4 3.4 2.0 2.6 1.8 7.2 22.4 17.9 12.2 6.5 3.7 4.8 7.2 3.5 6.4 5.0 1.8 7.9 3.4 3.4 9.4 - - 2.2 2.5 0.3 1.0 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 128 130 61 39 37 55 9.9 16.2 12.8 11.8 11.2 12.1 109 75 96 32.6 20.9 24.6 290 301 330 261 226 214 61.5 56.1 49.5 41.1 37.4 26.1 83 87 124 133 177 106 60.2 25.9 18.0 13.8 33.0 28.5 65 55 75 10 7 7 27 30 15 11.3 13.1 15.5 9.6 8.7 6.9 5.4 1.6 0.7 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 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 December 2017 14
Top countries in terms of IPO activity in the Americas As Brazil climbs out of its recession, IPO activity rebounds with 11 deals raising $6.4bn IPO activity of top countries in the Americas 2013 2017 254 $77.8bn 302 $100.5bn 188 122 210 10 1 1 1 11 $51.4bn $38.9bn $26.1bn $8.4bn $0.2bn $0.2bn $0.2bn $6.4bn 13 12 23 15 14 44 30 34 8 23 $5.9bn $3.5bn $6.7bn $3.6bn $5.0bn $5.5bn $5.4bn $4.9bn $0.7bn $4.2bn 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 money raised in 2017. Source: Dealogic as of 31 December 2017 15
EMEA 16
FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in EMEA Though Brexit has somewhat reduced IPO activity in the UK, it remains dominant in terms of both IPO and FO proceeds in 2017 Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2017 180 60 215 167 101 181 277 269 179 290 United Kingdom, 25% $12.8bn $3.5bn $6.7bn $5.2bn $15.6bn $2.0bn $3.3bn $69.4bn $68.8bn $2.3bn $2.5bn $40.4bn $33.3bn $37.2bn $48.0bn $2.1bn $33.4bn $21.0bn $8.0bn $15.9bn 2008 2009 2010 2011 2012 Europe Middle East & Africa Number of IPO's Other, 43% Germany, 6% Spain, 7% Italy, 11% Switzerland, 8% 572 $28.8bn $226.3bn 813 763 626 521 $9.7bn $318.8bn $12.4bn $10.0bn $9.3bn $134.6bn $131.6bn $115.1bn 637 737 806 746 $6.8bn $13.9bn $12.2bn $174.2bn $192.4bn $179.1bn $10.1bn $110.2bn 930 $12.5bn $176.6bn Other, 36% United Kingdom, 20% Germany, 14% 2008 2009 2010 2011 2012 Europe Middle East & Africa 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 Europe and Middle East & Africa, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. Spain, 7% Italy, 9% France, 14% Source: Dealogic as of 31 December 2017 17
Overview of IPO and FO activity in EMEA IPO proceeds in EMEA are lowest of the three regions, yet the number of transactions has exceeded the Americas all year IPO and FO activity in EMEA 2015 2016 2017 Q4 2015 Q4 2016 1 IPO activity 2 Number of IPOs 269 179 290 77 57 85 % sponsor-backed 24.5% 22.3% 14.8% 20.8% 12.3% 16.5% Money raised $71.7bn $35.7bn $54.7bn $25.0bn $12.5bn $18.0bn 3 % sponsor-backed 42.5% 45.6% 26.9% 35.0% 27.6% 39.5% Advanced metrics Free float % 43.1% 39.2% 43.7% 41.0% 36.7% 40.0% Overallotment exercised (%) 1 38.2% 29.9% 26.5% 32.9% 21.8% 23.2% % secondary shares 33.0% 36.1% 33.6% 29.5% 31.1% 35.8% FO activity Number of FOs 806 746 930 221 223 255 Money raised $190.8bn $119.5bn $188.9bn $51.9bn $29.7bn $33.2bn 1 From January 2018 onwards, the ECB will reduce the amount of assets it buys from $60bn to $30bn per month. 2 In the fourth quarter of 2017, 85 IPOs raised a total of $18.0bn, compared to 57 deals raising $12.5bn in Q4 2016. 3 The relative share of FS-backed IPOs in 2017 is below levels seen in previous years. 4 With over 96% of IPOs pricing within the initial price range, and 68% in the middle segment of their range, pricing volatility is lowest in EMEA. 4 IPO pricing dynamics Post-IPO performance (median) Global indices 1% 2% 13% 10% 11% 9.8% 150 57% 64% 68% 24% 24% 18% 5% 2% 3% 2015 2016 2017 Below range Bottom of range In range Top of range Above range 3.3%3.1% 4.4% 2.0% 4.0% 2016 2017 75 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. IPOs are classified as In Range if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as Top of Range and Bottom of Range. 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full). 1.5% 6.0% 2.2% 1-Day 1-Week 1-Month 3-Month Current 1.4% 125 100 CAC 40 DAX FTSE 100 Source: Dealogic, Bloomberg as of 31 December 2017 18
Leading transactions 2017 in EMEA Not a single FO transaction in the fourth quarter of 2017 managed to break into the top 10 largest transactions of the year Top 10 largest IPOs 2017 in EMEA Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 29-Sep-17 Pirelli & C Consumer Goods Borsa Italiana 6.30-8.30 6.50 Bottom of range $2.8bn 36.9% 100.0% -0.5% 6.0% 11.5% 21-Jul-17 Landis & Gyr Industrials SIX Swiss Exchange 70.00-82.00 78.00 In range $2.4bn 100.0% 100.0% 0.6% -1.3% -0.5% 24-Oct-17 BAWAG Financials Vienna SE 47.00-52.00 48.00 Bottom of range $2.0bn 35.0% 100.0% -3.1% -12.8% -7.4% 7-Apr-17 Galenica Santé Consumer Services SIX Swiss Exchange 31.00-39.00 39.00 Top of range $1.9bn 97.5% 100.0% 10.3% 12.8% 28.3% 3-Nov-17 EN+ Basic Materials LSE; Moscow SE 14.00-17.00 14.00 Bottom of range $1.5bn 18.8% 33.3% -1.8% -8.6% -1.4% 16-Nov-17 Emaar Development Financials Dubai Financial Market 5.70-6.90 6.03 In range $1.3bn 20.0% 100.0% -4.3% N/A -4.6% 15-Jun-17 ALD Industrials Euronext Paris 14.20-17.40 14.30 Bottom of range $1.3bn 20.2% 100.0% 0.0% 8.4% -9.7% 15-Sep-17 Steinhoff Africa Retail Consumer Services Johannesburg SE 18.00-23.00 20.50 In range $1.2bn 23.2% 0.0% 5.0% 20.3% -22.2% 5-Oct-17 J2 Acquisition Financials LSE 10.00-10.00 10.00 In range $1.2bn 100.0% 0.0% 7.0% -1.0% 0.0% 29-Jun-17 Delivery Hero Consumer Services Deutsche Börse 22.00-25.50 25.50 Top of range $1.1bn 22.5% 44.2% 9.0% 7.5% 29.4% Top 10 largest FOs 2017 in EMEA Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 23-Feb-17 UniCredit Financials Borsa Italiana 8.09-8.09 8.09 FO - ABB; Rights Offer $13.7bn 0.0% 50.3% 79.1% 113.7% 7-Apr-17 Deutsche Bank Financials Deutsche Börse 11.65-11.65 11.65 FO - ABB; Rights Offer $8.5bn 0.0% 33.3% 49.5% 36.3% 26-Jul-17 Santander Financials Madrid Stock Exchange 4.85-4.85 4.85 FO - Rights Offer $8.2bn 0.0% 19.8% 12.8% 13.0% 7-Jun-17 Credit Suisse Financials SIX Swiss Exchange 10.80-10.80 10.80 FO - Rights Offer $4.4bn 0.0% 22.3% 35.4% 61.1% 28-Mar-17 Electricité de France Utilities Euronext Paris 6.35-6.35 6.35 FO - Rights Offer $4.4bn 0.0% 22.5% 20.7% 64.1% 23-Jun-17 Allied Irish Banks Financials Irish SE; LSE 3.90-4.90 4.40 FO - Fully Marketed $3.8bn 100.0% N/A 9.3% 22.9% 1-Jun-17 Barclays Africa Financials Johannesburg SE 139.00-139.00 132.00 FO - Accelerated Bookbuild $2.9bn 100.0% 8.8% 8.9% 37.9% 19-Sep-17 Heineken Consumer Goods Euronext Amsterdam 87.59-87.59 84.50 FO - Accelerated Bookbuild $2.3bn 100.0% -0.3% 2.3% 2.9% 10-May-17 Lonza Group Health Care SIX Swiss Exchange 136.00-136.00 136.00 FO - ABB; Rights Offer $2.2bn 0.0% 45.9% 49.4% 93.6% 4-May-17 BNP Paribas Financials Euronext Paris 66.15-66.15 65.10 FO - Accelerated Bookbuild $2.2bn 100.0% 2.0% -2.6% -4.4% 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 December 2017 19
FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in EMEA FO activity in EMEA is very much dominated by Financials, as numerous European banks raised additional capital in 2017 Money raised and number of IPOs and FOs per sector 2015 2017 in EMEA 89 92 8 2 10 33 19 27 32 22 34 24.3 48 18.7 32 26 36 45 17.4 30 46 5 6 10 15 19 28 7 2 2 3 5 5 1.8 0.0 1.7 5.3 2.8 8.5 7.6 4.4 7.6 9.9 3.9 3.3 2.8 5.3 9.7 0.2 0.7 1.5 3.6 0.2 2.2 6.9 0.5 1.3 0.7 8.5 0.7 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 289 226 276 46 52 57 52 52 64 98 75 111 90.6 92.5 89 93 113 110 123 141 44 53 61 51 53 77 14 9 9 13 10 21 10.6 14.2 10.4 7.7 9.4 11.7 24.6 10.9 11.6 39.3 6.6 5.1 11.0 28.2 23.9 23.9 2.5 8.4 5.2 4.2 4.6 5.9 11.7 1.1 3.6 4.2 2.4 13.2 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 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 December 2017 20
Top countries in terms of IPO activity in EMEA The rollout of individual savings accounts with favourable tax treatment has created a new pool of investment capital and supported a surge in Italian IPOs IPO activity of top countries in EMEA 2013 2017 112 77 $27.9bn 74 52 79 $21.1bn $19.8bn 10 20 23 9 26 $14.7bn $7.6bn $1.7bn $3.8bn $6.2bn $1.6bn $6.2bn 2 6 2 3 4 8 10 3 5 $1.2bn $1.7bn $2.6bn $0.9bn $4.6bn - $6.5bn $9.5bn $1.5bn $4.3bn Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more countries, the total money raised and number of IPOs is attributed to all countries. Top countries have been selected based on money raised in 2017. Source: Dealogic as of 31 December 2017 21
Asia-Pacific 22
FO money raised & # of deals IPO money raised & # of deals Money raised via IPOs and FOs in Asia-Pacific Financial deleveraging and stricter regulatory oversight in China have not (yet) substantially dampened investor enthusiasm Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries 2017 $8.0bn 301 326 761 620 397 363 542 666 683 932 Japan, 7% Other, 17% China, 37% $175.3bn $1.5bn $2.5bn $91.0bn $1.5bn $10.2bn $1.6bn $68.3bn $51.3bn $48.2bn $30.2bn $17.0bn $66.2bn $6.5bn $77.8bn $5.8bn $71.5bn $3.4bn $80.7bn 2008 2009 2010 2011 2012 Asia Australasia Number of IPO's South Korea, 8% India, 14% Hong Kong, 17% 650 $35.4bn $65.6bn 1,381 1,351 $63.5bn $183.5bn $23.5bn $206.9bn 1,075 978 $23.5bn $114.3bn $17.6bn $135.1bn 1,264 1,325 $20.7bn $139.6bn $22.3bn $160.1bn 1,479 1,369 1,381 $41.5bn $218.3bn Japan, 18% 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 2017. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries. $17.9bn $197.7bn $23.4bn $188.7bn 2008 2009 2010 2011 2012 Asia Australasia Number of FO's India, 9% Australia, 11% Hong Kong, 13% Other, 11% China, 38% Source: Dealogic as of 31 December 2017 23
Overview of IPO and FO activity in Asia-Pacific The dominance of IPO activity in Asia-Pacific continues into the fourth quarter, placing the region solidly in the lead at year end 1 2 3 IPO and FO activity in Asia-Pacific 2015 2016 2017 Q4 2015 Q4 2016 IPO activity Number of IPOs 666 683 932 199 265 242 % sponsor-backed 6.5% 3.2% 2.3% 6.5% 3.0% 2.5% Money raised $84.3bn $77.3bn $84.2bn $34.6bn $30.2bn $27.2bn % sponsor-backed 16.9% 5.9% 6.7% 19.1% 6.4% 5.8% Advanced metrics Free float % 27.6% 29.0% 42.2% 27.0% 28.1% 85.4% Overallotment exercised (%) 1 17.5% 15.6% 11.2% 20.4% 12.2% 8.4% % secondary shares 13.4% 10.9% 10.2% 16.5% 9.5% 13.3% FO activity Number of FOs 1,479 1,369 1,381 388 342 425 Money raised $259.8bn $215.1bn $212.2bn $56.3bn $47.6bn $62.2bn 1 The China Securities Regulatory Commission pipeline of IPO candidates remains filled, whilst similarly a large number of companies is waiting to list in Hong Kong. 2 With 242 IPOs raising $27.2bn, activity levels are below those seen in the final quarter of 2016. 3 The opposite holds for FOs, as proceeds rose by 31% and the number of transactions by 24% compared to Q4 2016. 4 The median performance of IPOs in Asia- Pacific tops those in EMEA and the Americas, largely driven by Chinese IPOs. IPO pricing dynamics 4 Post-IPO performance (median) Global indices 3% 2% 2% 27% 32% 34% 56% 50% 50% 44.0% 44.0% 50.9% 75.1% 50.8% 85.4% 55.0% 90.4% 45.4% 71.6% 150 125 100 10% 13% 12% 3% 3% 2% 2015 2016 2017 Below range Bottom of range In range Top of range Above range 1-Day 1-Week 1-Month 3-Month Current 2016 2017 75 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Hang Seng Nikkei 225 SENSEX Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. IPOs are classified as In Range if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as Top of Range and Bottom of Range. 1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full). Source: Dealogic, Bloomberg as of 31 December 2017 24
Leading transactions 2017 in Asia-Pacific The three largest Asia-Pacific IPOs of the fourth quarter were Indian Insurance companies, encouraged by regulatory changes in 2016 Top 10 largest IPOs 2017 in Asia-Pacific Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Pricing Money raised Free float Secondary shares (%) Performance 1-day 1-month Current 21-Apr-17 Netmarble Games Consumer Goods Korea SE 121,000-157,000 157,000 Top of range $2.3bn 20.0% 0.0% 3.2% -5.1% 20.1% 21-Sep-17 ZhongAn Online P&C 1 Financials HKEx 53.70-59.70 59.70 Top of range $1.8bn 15.9% 0.0% 9.2% 28.8% 16.1% 17-Oct-17 General Insurance Corp 2 Financials BSE; NSE 855.00-912.00 912.00 Top of range $1.7bn 14.2% 86.2% -4.6% -12.8% -16.1% 10-Jul-17 Netlink NBN Trust Technology Singapore SE 0.80-0.93 0.81 Bottom of range $1.7bn 75.9% 0.0% 0.0% -0.6% 3.1% 6-Nov-17 New India Assurance Financials BSE; NSE 770.00-800.00 800.00 Top of range $1.5bn 14.6% 80.0% -9.4% -27.7% -24.0% 10-Nov-17 HDFC Standard Life 3 Financials BSE; NSE 275.00-290.00 290.00 Top of range $1.3bn 15.0% 100.0% 18.7% 31.4% 34.4% 26-Sep-17 SBI Life Insurance Financials BSE; NSE 685.00-700.00 700.00 Top of range $1.3bn 12.0% 100.0% 1.1% -8.1% -0.4% 31-Oct-17 China Literature Consumer Services HKEx 48.00-55.00 55.00 Top of range $1.2bn 19.2% 10.2% 86.2% 39.5% 51.6% 13-Jun-17 Guangzhou Rural 4 Financials HKEx 4.99-5.27 5.10 In range $1.2bn 19.0% 9.1% 0.2% 0.4% 20.0% 12-Jul-17 Zhongyuan Bank Financials HKEx 2.42-2.53 2.45 In range $1.2bn 19.3% 9.1% 1.6% 0.4% 4.9% Top 10 largest FOs 2017 in Asia-Pacific Pricing date Issuer name Issuer country Sector Exchange Filing range Offer price Deal type Money raised Secondary shares (%) Performance 1-day 1-month Current 25-Sep-17 Japan Post Holdings Financials Tokyo SE 1,321-1,321 1,322 FO - Fully Marketed $11.7bn 100.0% 3.1% -1.4% -2.3% 20-Nov-17 Toshiba Industrials Tokyo SE 262-268 262 FO - ABB $5.4bn 0.0% 4.6% 21.0% 20.6% 12-Jun-17 Renesas Electronics Japan Technology Tokyo SE 750-900 825 FO - Fully Marketed $3.2bn 100.0% 39.4% 21.2% 59.2% 17-Oct-17 Irico Display Devices China Industrials Shanghai SE N/A 6.74 FO - Cash Placing $2.9bn 0.0% 34.1% 8.5% 9.6% 13-Jan-17 Jinan Diesel Engine Industrials Shenzhen SE 10.81-10.81 10.81 FO - Cash Placing $2.7bn 0.0% 83.0% 67.9% 38.8% 26-Jul-17 China Molybdenum Basic Materials Shanghai SE N/A 3.82 FO - Cash Placing $2.7bn 0.0% 72.8% 72.3% 80.1% 13-Nov-17 Woodside Petroleum Oil & Gas ASX 32.14-32.14 31.10 FO - ABB $2.7bn 100.0% 0.1% 3.4% 6.4% 28-Aug-17 Yancoal Australia Basic Materials ASX 0.10-0.10 0.10 FO - Rights Offer $2.3bn 0.0% N/A N/A N/A 8-Jun-17 State Bank of India Financials BSE; NSE 275.76-287.25 287.25 FO - ABB $2.3bn 0.0% 0.4% -2.5% 6.9% 20-Nov-17 Guangzhou Automobile Consumer Goods Shanghai SE 25.92-25.92 19.91 FO - Cash Placing $2.3bn 0.0% 25.0% 19.5% 23.9% Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. Country indicates the company s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB). 1) ZhongAn Online P&C Insurance 2) General Insurance Corp of India 3) HDFC Standard Life Insurance 4) Guangzhou Rural Commercial Bank Source: Dealogic as of 31 December 2017 25
FO money raised & # of deals IPO money raised & # of deals IPO and FO activity per sector in Asia-Pacific Industrials, Consumer Goods, Consumer Services and Technology companies are most active in Asia-Pacific in terms of the number of IPO transactions Money raised and number of IPOs and FOs per sector 2015 2017 in Asia-Pacific 285 58 54 81 124 143 98 93 107 81 8.2 8.2 11.9 9.4 5.5 5.4 5.4 3.2 2.8 84 107 99 35.2 29.7 23.1 64 54 73 6.0 7.2 5.7 156 191 16.4 18.4 13.2 9 9 11 1.3 1.1 0.6 64 80 106 4 2 9 10 7 18 7.3 5.1 7.0 4.2 0.2 0.3 0.3 1.2 2.5 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 315 274 301 322 296 156 196 199 201 209 170 172 136 119 98.3 194 54.3 113 95 83 55.2 51.9 44 39 54 127 133 140 15 22 19 35 23 27 28.2 25.7 27.7 26.1 27.8 22.3 20.0 23.7 14.3 37.9 37.4 15.6 12.2 6.6 12.1 5.7 6.9 9.2 12.5 17.2 1.2 4.5 5.3 11.7 10.0 5.6 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 '15 '16 '17 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 December 2017 26
Top countries in terms of IPO activity in Asia-Pacific China and Hong Kong continue to dominate Asia-Pacific IPO activity, whilst countries such as India and South-Korea also benefit from robust IPO market conditions IPO activity of top countries in Asia-Pacific 2013 2017 412 126 $12.9bn 220 $25.8bn 252 $24.3bn $31.6bn 92 $18.9bn 108 116 112 $28.7bn $23.7bn $21.3bn 149 $14.1bn - 3 5 22 28 44 32 37 62 69 73 $0.2bn $0.2bn $2.1bn $4.0bn $11.5bn $1.2bn $4.0bn $3.5bn $5.5bn $6.9bn Note: included deals > $5m, excluding PIPO s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more countries, the total money raised and number of IPOs is attributed to all countries. Top countries have been selected based on money raised in 2017. Source: Dealogic as of 31 December 2017 27
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