pwc ipo centre€¦ · pwc q2 2016 global money raised via ipos and fos the first half of the year...

PwC IPO CentreQ2 2016 Equity Capital Markets Briefing

PwC 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 [email protected]

Clifford [email protected]

Nadja [email protected]

Jan-Willem de [email protected]

mailto:[email protected]




PwC

Q2 2016

Global money raised via IPOs and FOsThe first half of the year disappointed in terms of both proceeds and number of deals, as 386 IPOs raised $49.1bn and 1,418 FOs raised $267.3bn

2

Quarterly ECM Briefing

Global money raised via IPOs and FOs (10-year overview)

IPO

mo

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FO

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Top countries 2016YTD

Source: Dealogic as of 30 June 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 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries

IPO

mo

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of

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als

$570.1bn $557.4bn

$841.6bn

$641.4bn

$470.7bn$509.3bn

$586.4bn $612.8bn$685.4bn

$267.3bn

3,719

1,968

3,550 3,5472,894

2,5063,039 3,171 3,314

1,418

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

$371.2bn

$105.8bn $120.3bn

$295.8bn

$178.3bn

$140.6bn

$194.6bn

$272.6bn

$201.6bn

$49.1bn

1,885

570 497

1,2501,036

719860

1,158 1,160

386

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

US, 32%

China, 24%

Canada, 7%

UK, 6%

France, 4%

Other, 28%

US, 17%

Hong Kong, 13%

China, 13%

UK, 8%Denmark, 7%

Other, 42%

PwC

Q2 2016

3

Quarterly ECM Briefing Source: Dealogic, Bloomberg as of 30 June 2016

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’

Overview of global IPO and FO activityAs compared to the first quarter of 2016, both IPO and FO activity improved

Global IPO and FO activity

2014 2015 2014YTD 2015YTD 2016YTD Q2 2014 Q2 2015 Q2 2016

IPO activity

Number of IPOs 1,158 1,160 566 668 386 325 416 241

% sponsor-backed 18.2% 13.7% 22.6% 14.7% 11.9% 27.4% 13.9% 15.8%

Money raised $272.6bn $201.5bn $127.8bn $109.6bn $49.1bn $77.0bn $67.3bn $34.5bn

% sponsor-backed 30.6% 29.9% 44.1% 31.1% 29.3% 50.9% 28.5% 35.5%

Advanced metrics

Free float % 33.2% 33.0% 35.1% 32.5% 31.6% 35.2% 32.0% 32.6%

Overallotment exercised (%) 40.1% 32.5% 44.8% 33.3% 23.5% 45.7% 33.2% 18.8%

% secondary shares 18.5% 16.6% 20.8% 15.5% 19.3% 21.4% 14.6% 20.2%

FO activity

Number of FOs 3,171 3,312 1,677 1,851 1,418 831 1,003 862


• The continental European ECM window opened in the second quarter, as the combination of global monetary easing and a recovery in the price of oil drove equity market volatility down.

• Global money raised rose by 136% quarter-on-quarter, as proceeds totalled $34.5bn via 241 IPOs.

• Sponsor-backed IPO proceeds rose by 472% compared to the first quarter this year.

• Nonetheless, the first half of 2016 disappointed, as proceeds dropped 55% compared to last year.

1

2

3

4

3

4

Global indicesIPO pricing dynamics Post-IPO performance (median)

2

2015YTD 2016YTD

1

12% 8% 11% 7% 7%

13% 13% 15%11% 17%

51% 53% 52%56% 48%

18% 20% 16% 19% 27%

7% 6% 6% 7% 1%

2014 2015 2014YTD 2015YTD 2016YTD

Below range Bottom of range In range Top of range Above range

75

100

125

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16

FTSE 100 Hang Seng S&P 500

18.6%

10.8%

23.7%

12.5%

24.1%

12.0%

28.0%

16.7%

11.5%12.9%

1-Day 1-Week 1-Month 3-Month Current

PwC

Q2 2016

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).

Leading transactions 2016YTDThe opening of the continental European IPO window is reflected in three of the largest IPOs globally having taken place in Europe in the second quarter

4


Top 10 largest IPOs 2016YTD

Top 10 largest FOs 2016YTD


Pricing

dateIssuer name

Issuer

CountrySector Exchange Filing range

Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance1-day 1-month Current

9-Jun-16 Dong Energy Consumer Services NASDAQ OMX C’gen 200.00 – 255.00 235.00 In range $3.0bn 20.1% 0.0% 9.8% N.A. 2.3%

21-Mar-16 China Zheshang Bank Financials HKEx 3.92 – 4.12 3.96 Bottom of range $1.9bn 21.7% 0.0% 0.0% -1.0% -2.8%

19-Apr-16 MGM Growth Properties Financials NYSE 18.00 – 21.00 21.00 Top of range $1.2bn 27.6% 0.0% 4.8% 8.5% 27.1%

25-May-16 US Foods Financials NYSE 21.00 – 24.00 23.00 In range $1.2bn 23.9% 100.0% 8.3% 1.5% 5.4%

9-Jun-16 a.s.r. Health Care Euronext Amsterdam 18.00 – 22.00 19.50 In range $1.2bn 34.8% 0.0% 2.6% N.A. -0.3%

24-May-16 BOC Aviation Financials HKEx 42.00 – 42.00 42.00 In range $1.1bn 30.0% 0.0% 0.0% -6.3% -6.3%

28-Jun-16 Bank of Jiangsu Consumer Services Shanghai SE N.A. 6.27 N.A. $1.1bn 10.0% 0.0% N.A. N.A. N.A.

20-Mar-16 Bank of Tianjin Basic Materials HKEx 7.37 – 9.58 7.39 Bottom of range $1.0bn 17.2% 0.0% 0.0% 1.4% -1.2%

26-May-16 Philips Lighting Consumer Services Euronext Amsterdam 18.50 – 22.50 20.00 In range $1.0bn 28.8% 0.0% 10.0% 4.3% 3.8%

4-Feb-16 LaSalle Logiport REIT Oil & Gas Tokyo SE 92k. – 100k 100k Top of range $0.9bn 104.4% 0.0% 5.4% 5.3% 4.9%

Pricing

dateIssuer name

Issuer

countrySector Exchange Filing range

Offer

priceDeal type

Money

raised

Secondary

shares (%)


11-Feb-16 Saipem Oil & Gas Borsa Italiana 0.36 – 0.36 0.36 Rights Offer $3.9bn 0.0% -16.7% 6.3% -1.0%

15-Apr-16 China Yangtze Power Utilities Shanghai SE 12.08 – 12.08 12.08 Cash Placing $3.7bn 0.0% 2.2% 2.6% 3.4%

17-Mar-16 TransCanada Oil & Gas Toronto SE 49.42 – 49.42 45.75 Bought Deal $3.3bn 0.0% 7.3% 9.8% 27.8%

4-Apr-16 ArcelorMittal Basic Materials A’dam, Paris, Lux, BME, NYSE 2.20 – 2.20 2.20 Rights Offer $3.2bn 0.0% 80.9% 113.6% 86.0%

17-Jun-16 Banco Popular Espanol Financials BME 1.25 – 1.25 1.25 Rights Offer $2.8bn 0.0% 11.3% N.A. -7.9%

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% 16.9%

7-Jan-16 Bohai Leasing Industrials Shenzen SE 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% 7.3% 21.9%

19-May-16 Tesla Motors Consumer Goods NASDAQ 211.17 – 211.17 215.00 Accelerated Bookbuild $2.3bn 29.9% 2.5% 0.2% -1.3%

7-Jun-16 Suncor Energy Oil & Gas Toronto 36.50 – 36.50 35.00 Accelerated Bookbuild $2.2bn 0.0% 1.3% N.A. 2.4%

PwC

Q2 2016

IPO and FO activity per regionAsia-Pacific remains the dominant region for IPOs, while money raised in the Americas is down by over 66% compared to the first half of 2015

5


Americas EMEA Asia-Pacific

IPO

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FO

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als

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


$71.5bn

$96.3bn$107.8bn

$45.8bn

$8.8bn

222318 339

228

50

2012 2013 2014 2015 2016YTD

$235.0bn$250.2bn

$230.3bn$243.0bn

$112.3bn

1,0311,162 1,143

1,052

490

2012 2013 2014 2015 2016YTD

$52.8bn$58.3bn

$83.1bn $84.1bn

$22.1bn

397 363

542

663

235

2012 2013 2014 2015 2016YTD

$152.6bn $160.2bn$182.4bn

$260.0bn

$94.6bn

978

1,263 1,325 1,481

585

2012 2013 2014 2015 2016YTD

$18.0bn

$40.5bn

$81.7bn$71.7bn

$18.2bn

101181

277 269

101

2012 2013 2014 2015 2016YTD

$122.4bn

$179.3bn$203.8bn

$190.4bn

$63.6bn

519632

731 798

347

2012 2013 2014 2015 2016YTD

PwC

Q2 2016

Top exchanges globally based on money raised in 2016YTDProceeds on the LSE dropped in the second quarter, as uncertainty surrounding the Brexit referendum took its toll on equity markets

6


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.

Money raised and number of IPOs per Exchange 2014 – 2016YTD Top Exchanges 2016YTD

Top Exchanges 2016YTDMoney raised and number of FOs per Exchange 2014 – 2016YTD

HKEx LSE NYSENASDAQ

OMXShanghai SE

NYSE LSEShenzhen SE Shanghai SENASDAQ

OMX


$132bn$147bn

$29bn $29bn $38bn$20bn $29bn

$48bn

$13bn

$65bn$83bn

$11bn

$33bn $25bn$10bn

414 371

68 121

186

67 95 114 29

440 512

79

321

211

44

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

$32bn$25bn

$10bn

$29bn$24bn

$6bn

$32bn$26bn

$5bn

$76bn

$21bn

$4bn $6bn

$18bn

$4bn

206 192

72 108 116

36

132 97

37

121 59

13 43

89

30

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

NASDAQ OMX, 19%

HKEx, 13%

LSE, 9%

NYSE, 9%Shanghai SE, 7%

Other, 44%

NYSE, 23%

Shenzhen SE, 14%

NASDAQ OMX, 12%

Shanghai SE, 10%

LSE, 8%

Other, 34%

PwC

Q2 2016

Global IPO and FO activity per sectorFinancials was the dominant sector for both IPO and FO proceeds, raising a total of $78.6bn in the first half of the year on global equity capital markets

7


Money raised and number of IPOs and FOs per sector 2014 – 2016YTD

IPO

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FO

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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 regionsSector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate.

IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods

Financials Oil & GasConsumer

ServicesTelecom-

municationUtilities

Source: Dealogic, Bloomberg as of 30 June 2016

8.0 6.3 1.8

18.7 18.0

6.2

62.0

15.6 6.1

88.0

72.2

18.5 19.4 16.4

3.3

32.1 37.7

7.8 17.2

6.6 0.2

11.9 14.3

1.3 4.1 7.1 0.0

11.2 7.4 3.8

55 7119

132169

49

167140

51

236 249

74

179 161

58

194218

9350

24 3

109 100

30 13 11 1 23 17 8

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

30.8 47.7

21.2 41.2 45.5

24.9

59.2 75.5

20.7

215.2 244.6

60.1 32.8

71.8

22.1

95.7 83.6

45.0 67.7

47.3 42.2 24.7 25.1 15.4 21.4 21.6

2.0 24.0 22.9 13.9

310 256166

257 290126

306 375

115

800 828

277 353497

198

510 493

237 285 217136

229 244120 48 39 13 73 75 30

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

PwC

Q2 2016

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.

Financial sponsor-backed IPO activity globallyThough proceeds increased strongly quarter-on-quarter, financial sponsor-backed IPOs still account for a smaller percentage of money raised than in 2015

8


Pricing date

Issuer name Exchange PricingMoney raised

Performance

1-day 1-month Current

9-Jun-16 Dong Energy NASDAQ OMX C’gen In range $3.0bn 9.8% N.A. 2.3%

25-May-16 US Foods NYSE In range $1.2bn 8.3% 1.5% 5.4%

28-Apr-16 Parques Reunidos BME Bottom of range $0.7bn -4.8% -4.7% -15.8%

14-Apr-16 VAT Group SIX Swiss Exchange Top of range $0.6bn 14.6% 18.9% 37.1%

25-Apr-16 Telepizza Group BME In range $0.6bn -19.4% -16.1% -27.7%

26-Apr-16 Red Rock Resorts NASDAQ In range $0.6bn -4.1% 1.7% 12.7%

4-Mar-16 Metro Bank LSE N.A. $0.6bn 7.5% -5.8% -9.6%

12-Feb-16 Countryside Properties LSE Bottom of range $0.5bn 4.4% 2.6% -1.0%

20-Jun-16 Komeda Tokyo SE Top of range $0.5bn -4.1% N.A. 1.4%

29-Apr-16 Resurs NADAQ OMX S’holm In range $0.5bn 0.2% 0.0% -12.9%

Top 10 largest FS-backed IPOs 2016YTD globally

FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific

IPO

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2015 2016 YTD

46 (12%) sponsor-backed IPOs vs 340 (88%) non-sponsor-backed IPOs

Global FS-backed IPOs (by money raised)


159 (14%) sponsor-backed IPOs vs 1,001 (86%) non-sponsor-backed IPOs

Sponsor-backed;

30%

Not Sponsor-backed;

70%

$16.0bn

$35.1bn $35.8bn

$15.8bn

$3.5bn

68

98 96

53

11

2012 2013 2014 2015 2016YTD

$3.2bn

$18.1bn

$30.7bn $30.5bn

$9.9bn

7

35

67 66

28

2012 2013 2014 2015 2016YTD

$4.8bn$6.4bn

$17.0bn$13.9bn

$1.0bn

32 41

48 40

7

2012 2013 2014 2015 2016YTD

Sponsor-backed;

29%

Not sponsor-backed;

71%

PwC

Q2 2016

Volatility versus IPO activityAverage volatility came down in the second quarter, picking up only by the middle of June around the Brexit referendum

9


Money raised via IPOs versus volatility

Number of IPOs versus volatility

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges.


22.9 22.0

37.3 37.5

25.1

29.5

23.919.9 18.4 19.9 19.0

16.918.6

16.0 16.8

21.6 22.7 23.126.7

23.3

28.425.8

-

100

200

300

400

500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2011 2012 2013 2014 2015 2016

Number of IPOs globally VIX (average per quarter)

22.9 22.0

37.3 37.5

25.129.5

23.919.9 18.4 19.9 19.0

16.9 18.616.0 16.8

21.6 22.7 23.126.7

23.3

28.425.8

$0bn

$25bn

$50bn

$75bn

$100bn

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2011 2012 2013 2014 2015 2016

Global money raised via IPOs VIX (average per quarter)

PwC

Q2 2016

Americas

10


PwC

Q2 2016

Money raised via IPOs and FOs in the AmericasDisappointing IPO activity means the region ranks behind both EMEA and Asia-Pacific in terms of the number of deals and proceeds

11


Money raised via IPOs and FOs in the Americas (10-year overview)

IPO

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FO

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Top countries 2016YTD

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 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


$106.2bn

$32.8bn $33.3bn$61.2bn $54.0bn $63.9bn

$83.1bn$105.8bn

$43.7bn

$8.5bn

$38.7bn

$7.1bn $13.2bn

$8.5bn$6.5bn

$11.7bn

$13.5bn

$1.9bn

$2.1bn

$0.5bn

524

87 112

276 250 222318 339

228

50

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

North America Latin America Number of IPO's

$163.1bn$238.3bn

$291.4bn$257.1bn

$184.6bn$223.2bn $230.9bn $216.0bn $240.5bn

$110.2bn

$10.2bn

$20.7bn

$16.7bn $87.4bn

$24.1bn$14.0bn $23.5bn

$18.3bn$7.9bn

$2.1bn

1,256

773

1,383 1,4661,236

1,031 1,162 1,143 1,052

490

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

North America Latin America Number of FO's

United States, 80%

Canada, 18%

Other, 2%

United States, 80%

Canada, 18%

Other, 2%

PwC

Q2 2016

Main indices in the Americas

IPO and FO activity in the Americas

2014 2015 2014YTD 2015YTD 2016YTD Q2 2014 Q2 2015 Q2 2016

IPO activity

Number of IPOs 339 228 176 135 50 96 91 39

% sponsor-backed 28.3% 23.2% 29.0% 25.9% 22.0% 33.3% 29.7% 25.6%


% sponsor-backed 33.2% 34.4% 54.7% 35.9% 40.0% 55.6% 42.5% 44.9%

Advanced metrics

Free float % 32.7% 37.1% 32.7% 37.3% 32.7% 29.4% 36.8% 29.9%


% secondary shares 9.4% 6.7% 8.3% 6.1% 6.8% 9.0% 7,4% 8.8%

FO activity

Number of FOs 1,143 1,052 697 694 490 325 339 305


• In Q2 2016 39 IPOs raised $7.4bn, which is a 436% increase in proceeds from the very quiet first quarter of 2016.

• In contrast, FO activity remained relatively stable, as 305 deals raised $62.9bn. This represents a 27% increase from Q1 2016.

• The poor showing of 2015 year-to-date IPO performance is partly due to the selloff occurring post-Brexit in equity markets. IPOs that took place this year are holding up better, and IPOs overall remain an attractive investment option.

1

1

2

3IPO pricing dynamics Post-IPO performance (median)

Overview of IPO and FO activity in the AmericasFinancial sponsor-backed IPOs made a comeback in the second quarter, accounting for 26% of the number of deals and 45% of proceeds

12


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’.

2

3


2015YTD 2016YTD

34%26% 30% 23% 29%

13%

9%14%

9%14%

28%40%

28%38%

37%

10% 8% 12% 10%

18%16% 18% 16% 20%2%

2014 2015 2014YTD 2015YTD 2016YTD


75

100

125

150


Dow Jones NASDAQ 100 S&P 500

4.2%

0.4%

6.2%

2.2%

7.5%

2.5% 1.3%

7.9%

-15.7%

4.4%


PwC

Q2 2016

Leading transactions 2016YTD in the AmericasThe two billion-dollar+ IPOs were responsible for 27% of IPO money raised in the Americas this year, despite accounting for only 4% of the number of deals

13


Top 10 largest IPOs 2016YTD in the Americas

Top 10 largest FOs 2016YTD in the Americas



Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)


19-Apr-16 MGM Growth Properties Financials NYSE 18.00 – 21.00 21.00 Top of range $1.2bn 27.6% 0.0% 4.8% 8.5% 27.1%

25-May-16 US Foods Consumer Goods NYSE 21.00 – 24.00 23.00 In range $1.2bn 23.9% 0.0% 8.3% 1.5% 5.4%

19-May-16 CF Corp Basic Materials NASDAQ 10.00 – 10.00 10.00 In range $0.7bn 92.0% 0.0% -0.1% -0.8% -0.8%

26-Apr-16 Red Rock Resorts Consumer Services NASDAQ 18.00 – 21.00 19.50 In range $0.6bn 25.6% 100.0% -4.1% 1.7% 12.7%

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% -0.2%

18-May-16 Grupo Supervielle Financials BCBA, NYSE 11.00 – 13.00 11.00 Bottom of range $0.3bn 42.5% 0.0% 4.6% 10.6% 16.3%

14-Apr-16 Bats Global Markets Financials BATS 17.00 – 19.00 19.00 Top of range $0.3bn 16.0% 0.0% 21.1% 34.5% 35.2%

25-May-16 Landcadia Financials NASDAQ 10.00 – 10.00 10.00 In range $0.3bn 100.0% 0.0% 0.0% 0.0% 0.4%

25-May-16 Cotiviti Industrials NYSE 17.00 – 19.00 19.00 Top of range $0.2bn 14.4% 0.0% -10.0% -0.3% 11.2%

10-May-16 Nuveen Fund Financials NYSE 10.00 – 10.00 10.00 In range $0.2bn 0.0% 0.0% 0.2% 1.6% 3.3%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)


17-Mar-16 TransCanada Oil & Gas Toronto SE 49.42 – 49.42 45.75 Bought Deal $3.3bn 0.0% 7.3% 9.8% 27.8%


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% 16.9%

16-Mar-16 Baxalta Health Care NYSE 39.09 – 39.09 37.75 Accelerated Bookbuild $2.4bn 100.0% 1.3% 7.3% 21.9%

19-May-16 Tesla Motors Consumer Goods NASDAQ 211.17 – 211.17 215.00 Accelerated Bookbuild $2.3bn 0.0% 2.5% 0.2% -1.3%

7-Jun-16 Suncor Energy Oil & Gas Toronto SE 36.50 – 36.50 35.00 Bought Deal $2.2bn 0.0% 1.3% N.A. 2.4%

24-Feb-16 Enbridge Oil & Gas Toronto SE 43.16 – 43.16 40.70 Bought Deal $1.7bn 0.0% 12.0% 21.8% 34.5%

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% 29.2%

5-Apr-16 Hydro One Utilities Toronto SE 24.16 – 24.16 23.65 Bought Deal $1.5bn 0.0% -0.4% 0.4% 9.8%

17-Feb-16 Devon Energy Oil & Gas NYSE 20.33 – 20.33 18.75 Bought Deal $1.5bn 0.0% 5.1% 46.1% 93.3%

PwC

Q2 2016

IPO and FO activity per sector in the AmericasThe Oil & Gas sector remains the most active sector in terms of FO proceeds, mainly as a result of a very active first quarter

14


Money raised and number of IPOs and FOs per sector 2014 – 2016YTD in the Americas

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

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.

IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


3.4 1.1 0.7 2.6 4.4 1.3

34.8

2.6 0.9

31.5

13.0

3.4

9.9 6.5

1.5 2.4 7.2

0.6

14.0

5.0 -

6.3 3.4

0.4 0.5 - -2.4 2.5

-

9 3 1 13 13 438

16 3

89 79

13

107

66

22 17 19 426

932 19

3 1 7 4

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

11.0 9.9 8.6 9.7 11.8 9.3

26.7 32.6

5.4

62.6 61.5

21.6 21.9

49.0

15.3 23.3

18.0

6.8

50.6

32.7 33.8

13.5 11.8 5.6 4.0

8.7 0.2

7.0 6.9 5.6

10861 64 42 39 18

93 10928

287227

92

203

297

118 12083

39

185132

96 76 6722 8 10 2 21 27 11

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

PwC

Q2 2016

Top countries in terms of IPO activity in the AmericasDespite relatively weak IPO activity, the United States is still the most active country in the Americas in terms of IPO proceeds

15


IPO activity of top countries in the Americas 2012 – 2016YTD

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 2016YTD.


$61.0bn

$77.8bn

$100.5bn

$38.8bn

$8.5bn

175

254302

187

46

2012 2013 2014 2015 2016YTD

$6.8bn $5.0bn $1.7bn $1.9bn $0.2bn

6 9 5 72

2012 2013 2014 2015 2016YTD

- - $0.0bn -$0.3bn

1 2

2012 2013 2014 2015 2016YTD

$3.0bn $5.5bn $5.4bn $4.9bn$0.1bn

29

44

30 33

1

2012 2013 2014 2015 2016YTD

PwC

Q2 2016

EMEA

16


PwC

Q2 2016

Money raised via IPOs and FOs in EMEAThe EMEA region still ranks behind Asia-Pacific in terms of both the number of IPOs and proceeds, though raising nearly as much money in the second quarter

17


Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2016YTD

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

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 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


$118.9bn

$21.0bn$8.0bn

$40.4bn $33.3bn$15.9bn

$37.2bn

$69.4bn $68.8bn

$17.1bn

$17.5bn

$15.6bn$2.5bn

$5.2bn$2.0bn

$2.1bn

$3.3bn

$12.8bn $3.5bn

$1.1bn

675

18060

215 167101

181277 269

101

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Europe Middle East & Africa Number of IPO's

$216.1bn $226.3bn

$318.8bn

$134.6bn $124.4bn $115.1bn$173.3bn $191.8bn $178.8bn

$59.1bn

$16.7bn$28.8bn

$9.7bn

$12.4bn $10.0bn $9.3bn

$6.8bn$13.8bn

$12.3bn

$5.1bn

1,047

572813 763

624519

632 731 798

347

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Europe Middle East & Africa Number of FO's

United Kingdom,

22%

France, 15%

Netherlands, 12%Spain,

10%

Italy, 8%

Other, 33%

United Kingdom,

20%

Denmark, 18%

Netherlands, 13%

Spain, 7%

Sweden, 7%

Other, 35%

PwC

Q2 2016


Main indices in EMEA

IPO and FO activity in EMEA

2014 2015 2014YTD 2015YTD 2016YTD Q2 2014 Q2 2015 Q2 2016

IPO activity

Number of IPOs 277 269 173 159 101 122 93 71

% sponsor-backed 24.2% 24.5% 28.9% 27.7% 27.7% 29.5% 23.7% 32.4%


% sponsor-backed 37.6% 42.5% 49.4% 47.6% 54.5% 52.7% 38.9% 59.5%

Advanced metrics

Free float % 40.0% 43.4% 43.1% 43.5% 36.7% 41.6% 43.5% 36.7%



FO activity

Number of FOs 731 798 369 418 347 200 221 215


• IPO activity in the EMEA region remained weak as compared to a year ago, as 71 deals raised $13.4bn in Q2 2016 compared to 93 deals raising $20.8bn in Q2 2015.

• Financial sponsor-backed deals drove activity again, being responsible for over 80% of proceeds in April and 60% in the quarter as a whole.

• IPOs this year are demonstrating very strong performances, with a 3-month median of 12%. However, current performances have been depressed by the Brexit selloff.

1

1

2


Overview of IPO and FO activity in EMEAOver 70% of IPOs and 74% of proceeds year-to-date were raised in the second quarter, as the IPO window opened up temporarily ahead of the Brexit referendum

18


2

3


2015YTD 2016YTD

4% 5% 2% 2% 1%

22% 24% 22% 20% 28%

63% 57% 63%58%

59%

11% 13% 12% 17%12%

1% 1% 1% 2%

2014 2015 2014YTD 2015YTD 2016YTD


75

100

125

150


CAC 40 DAX FTSE 100

4.5% 4.5% 4.8% 5.3%6.3%

5.5%

8.0%

12.0%

-3.4%

2.9%


PwC

Q2 2016

Leading transactions 2016YTD in EMEAThe Dong Energy IPO in June was by far the largest in 2016, raising over $3bn on NASDAQ OMX Copenhagen in June

19


Top 10 largest IPOs 2016YTD in EMEA

Top 10 largest FOs 2016YTD in EMEA


Source: Dealogic as of 31 March 2016

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)


9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 – 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% N.A. 2.3%

9-Jun-16 a.s.r. Financials Euronext Amsterdam 18.00 – 22.00 19.50 In range $1.2bn 34.8% 100.0% 2.6% N.A. -0.3%

26-May-16 Philips Lighing Industrials Euronext Amsterdam 18.50 – 22.50 20.00 In range $1.0bn 28.8% 100.0% 10.0% 4.3% 3.8%

6-May-16 MONETA Money Bank Financials Prague SE 68.00 – 85.00 68.00 Bottom of range $0.8bn 57.5% 100.0% 0.1% 8.2% 5.6%

28-Apr-16 Parques Reunidos Consumer Services BME 15.50 – 20.50 15.50 Bottom of range $0.7bn 48.0% 12.5% -4.8% -4.7% -15.8%

14-Apr-16 VAT Group Industrials SIX Swiss Exchange 39.00 – 46.00 45.00 Top of range $0.6bn 46.0% 100.0% 14.6% 18.9% 37.1%

25-Apr-16 Telepizza Group Consumer Services BME 7.00 – 9.50 7.75 In range $0.6bn 81.3% 78.4% -19.4% -16.1% -27.7%

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% 28.9%

4-Mar-16 Metro Bank Financials LSE N.A. 20.00 N.A. $0.6bn 0.0% 0.0% 7.5% -5.8% -9.6%

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% 9.5%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)


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-Jun-16 Banco Popular Espanol Financials BME 1.25 – 1.25 1.25 Rights Offer $2.8bn 0.0% 11.3% N.A. 07.9%

14-Apr-16 NN Group Financials Euronext Amsterdam 30.68 – 30.68 30.15 Accelerated Bookbuild $1.6bn 100.0% -0.8% -3.4% -17.8%

26-Apr-16 SABMiller Consumer Goods LSE 42.17 – 42.17 41.80 Accelerated Bookbuild $1.4bn 100.0% 0.4% 2.1% 4.6%

5-Apr-16 Schaeffler Consumer Goods Deutsche Börse 13.10 – 13.50 13.10 Accelerated Bookbuild $1.4bn 100.0% -1.4% -2.6% -9.5%

4-May-16 Compagnie Saint-Gobain Industrials Euronext Paris 39.50 – 39.50 38.50 Accelerated Bookbuild $1.3bn 100.0% -0.2% 3.4% -10.8%

3-Feb-16 LafargeHolcim Industrials SIX Swiss Exchange 39.89 – 39.89 36.25 Accelerated Bookbuild $1.3bn 100.0% 6.5% 18.0% 11.8%

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% -3.2%

5-Jan-16 NN Group Financials Euronext Amsterdam 31.20 – 31.20 31.00 Accelerated Bookbuild $1.1bn 100.0% 4.0% -7.3% -20.0%

PwC

Q2 2016

IPO and FO activity per sector in EMEAIn line with the global trend, Financials were the most active sector in terms of both IPO and FO numbers and proceeds

20


Money raised and number of IPOs and FOs per sector 2014 – 2016YTD in EMEA

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


1.0 2.0 0.2 2.9

5.3 2.4

18.5

7.6 3.2

34.4

24.2

5.3 3.0 3.9

1.0

14.6 17.4

2.5 2.1 0.2 0.1 0.7 3.6

0.2 3.5

6.9

0.0 1.0 0.7 3.4

9 10 321

3112

5132

15

7388

2432 31

16

45 45

17 135 1

16 177 9 7 1 8 3 5

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

6.9 10.5 5.7 16.9

7.7 6.1

22.5 24.5

6.1

94.6 90.4

21.0

5.7 6.6 1.9

25.3 28.2

12.8 7.3 2.5 6.0 2.8 4.1 2.6

11.2 11.7 0.3

10.5 4.2 1.1

46 44 26 48 51 2882 97

33

231287

102 81 9147

113 110

51 49 41 2347 50 31 14 14 2 20 13 4

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

PwC

Q2 2016

Top countries in terms of IPO activity in EMEADespite a weak second quarter, the UK remains the most active country in terms of IPO activity in 2016. Two of the top three largest IPOs took place on Euronext Amsterdam

21


IPO activity of top countries in EMEA 2012 – 2016YTD



$6.6bn

$21.1bn

$27.9bn

$19.8bn

$4.0bn

37

77

112

74

32

2012 2013 2014 2015 2016YTD

- $0.5bn$2.3bn

$0.2bn

$3.5bn

1 2 1 2

2012 2013 2014 2015 2016YTD

$2.9bn

-

$9.1bn$7.5bn

$2.7bn

2 6 8 4

2012 2013 2014 2015 2016YTD

- -

$6.5bn

$9.5bn

$1.5bn

8 10 3

2012 2013 2014 2015 2016YTD

PwC

Q2 2016

Asia-Pacific

22


PwC

Q2 2016

Money raised via IPOs and FOs in Asia-PacificAsia-Pacific remains the most active region in the second quarter and year-to-date, with proceeds totalling $22.1bn via 235 IPOs

23


Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries 2016YTD

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

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 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


$85.2bn

$30.2bn

$68.3bn

$175.3bn

$91.0bn

$51.3bn $48.2bn$66.2bn $77.7bn

$19.9bn

$8.0bn

$1.6bn

$2.5bn

$8.0bn

$1.5bn

$1.5bn $10.2bn

$17.0bn $6.4bn

$2.2bn

697

301 325

761620

397 363

542663

235

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Asia Australasia Number of IPO's

$148.1bn

$65.6bn

$183.5bn $206.8bn

$113.8bn $135.1bn $139.6bn $160.1bn$218.4bn

$88.7bn

$37.8bn

$35.4bn

$63.5bn $23.5bn

$23.5bn$17.6bn $20.7bn

$22.3bn

$41.6bn

$5.9bn

1,437

650

1,381 1,3501,074 978

1,263 1,3251,481

585

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Asia Australasia Number of FO's

China, 70%

Hong Kong, 8%

South Korea, 5%

Austrailia, 6%

Japan, 4%

Other, 7%

Hong Kong, 29%

China, 28%

Japan, 10%

Australia, 10%

South Korea, 5%

Other, 18%

PwC

Q2 2016

Main indices in Asia-Pacific

IPO and FO activity in Asia-Pacific

2014 2015 2014YTD 2015YTD 2016YTD Q2 2014 Q2 2015 Q2 2016

IPO activity

Number of IPOs 542 663 217 374 235 107 232 131

% sponsor-backed 8.9% 6.0% 12.4% 5.1% 3.0% 19.6% 3.9% 3.8%


% sponsor-backed 20.5% 16.6% 22.7% 12.2% 4.5% 37.9% 12.2% 6.9%

Advanced metrics

Free float % 30.0% 27.6% 30.6% 26.6% 29.2% 33.0% 26.4% 30.8%



FO activity

Number of FOs 1,325 1,481 626 752 585 314 450 344


• In Q2 2016, 131 IPOs raised $13.7bn compared to 232 IPOs raising $28.5bn in Q2 2015. This translates into a 52% drop.

• Financial sponsor-backed activity was again weak in the second quarter, and represents a mere 5% of proceeds year-to-date. This compares with 23% two years ago.

• IPO performance in Asia-Pacific is very strong, returning a median of over 62% for 2015 IPOs and 34% for 2016 deals.

1

1

2


Overview of IPO and FO activity in Asia-PacificThe performance of IPOs remains high, as equity markets in Asia-Pacific outperform numerous of their Western counterparts

24



2

3


2015YTD 2016YTD

3% 3% 1% 1% 3%9% 11% 11% 9%

13%

60% 56% 63% 63% 47%

25% 27% 23% 24%35%

3% 3% 2% 3% 2%

2014 2015 2014YTD 2015YTD 2016YTD


75

100

125

150


Hang Seng Nikkei 225 SENSEX

44.0%40.4%

110.7%

37.5%

121.3%

35.4%

146.3%

25.8%

62.1%

34.0%


PwC

Q2 2016

Leading transactions 2016YTD in Asia-PacificThe market turmoil surrounding the Brexit referendum had a smaller impact in Asia-Pacific, as two of the ten largest IPOs took place after June 23rd

25


Top 10 largest IPOs 2016YTD in Asia-Pacific

Top 10 largest FOs 2016YTD in Asia-Pacific

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance


21-Mar-16 China Zheshang Bank Financials HKEx 3.92 – 4.12 3.96 Bottom of range $1.7bn 18.8% 9.1% 0.0% -1.0% -2.8%

24-May-16 BOC Aviation Ltd Industrials HKEx 42.00 – 42.00 42.00 In Range $1.1bn 30.0% 50.0% 0.0% -6.3% -6.3%

28-Jun-16 Bank of Jiangsu Co Ltd Financials Shanghai SE N.A. 6.27 N.A. $1.1bn 10.0% 0.0% N.A. N.A. N.A.

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% 1.4% -1.2%

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% 4.9%

30-Jun-16 Development Bank Fin. Leasing Financials HKEx 1.90 – 2.45 2.00 Bottom of range $0.8bn 24.8% 0.0% N.A. N.A. N.A.

28-Apr-16 Reliance Worldwide Corp Ltd Industrials Australian SE 2.27 – 2.50 2.50 Top of range $0.7bn 70.0% 0.0% 18.0% 24.4% 23.6%

10-Jun-16 Frasers Logistics Ind. Trust Financials Singapore SE 0.85 – 0.89 0.89 Top of range $0.7bn 71.2% 0.0% 2.3% N.A. 6.7%

20-Jun-16 Komeda Holdings Co Ltd Consumer Services Tokyo SE 1,780 – 1,960 1,960 Top of range $0.5bn 61.0% 100.0% -4.1% N.A. 1.4%

12-May-16 Manulife US REIT Financials Singapore SE 0.82 – 0.83 0.83 Top of range $0.5bn 90.5% 0.0% -4.8% -2.4% -2.4%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)

Performance


15-Apr-16 China Yangtze Power Co Ltd Utilities Shanghai SE 12.08 – 12.08 12.08 Cash Placing $3.7bn 0.0% 2.2% 2.6% 3.4%

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% -9.8%%

25-Mar-16 Guangzhou Friendship Group Consumer Services Shenzhen SE 9.40 – 9.40 8.90 Cash Placing $1.5bn 0.0% 182.5% 131.2% 44.9%

24-Jun-16 Poly Real Estate Group Co Ltd Financials Shanghai SE N.A. 8.19 Cash Placing $1.4bn 0.0% 4.6% N.A. 5.4%

19-Jan-16 Huayu Automotive Systems Consumer Goods Shanghai SE N.A. 15.75 Cash Placing $1.4bn 0.0% -7.8% -11.9% -11.1%

30-Apr-16 PICC Property & Casualty Financials HKEx 13.06 – 13.35 13.08 Accelerated Bookbuild $1.2bn 100.0% 2.1% 7.2% -7.3%

29-Jun-16 Kangmei Pharmaceutical Health Care Shanghai SE 15.47 – 15.47 15.28 Cash Placing $1.2bn 0.0% -0.6% N.A. -0.6%

6-Apr-16 Guangdong Huasheng Elec.App. Industrials Shenzhen SE 14.50 – 14.50 14.50 Cash Placing $1.1bn 0.0% 105.4% 88.1% 86.0%

25-Jan-16 Fortune Land Development Industrials Shanghai SE N.A. 22.64 Cash Placing $1.1bn 0.0% 7.7% 6.1% 7.7%



PwC

Q2 2016

IPO and FO activity per sector in Asia-PacificIndustrials was the most active sector in the FO market, accounting for 26% of proceeds year-to-date

26


Money raised and number of IPOs and FOs per sector 2014 – 2016YTD in Asia-Pacific

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


3.6 3.2 0.9

13.2 8.2

2.5

8.7 5.4

2.1

22.1

35.1

9.8 6.5 6.0

0.9

15.1 13.2

4.7 1.0 1.4 0.1

4.9 7.3

0.8 0.2 0.2 -

7.9 4.2

0.4

3758

15

98125

33

7892

33

74 82

37 4064

20

132154

72

11 10 2

61 64

203 4 8 10 3

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

13.8

27.3

10.1 15.7

26.0

9.5 10.0 19.0

9.2

58.1

99.3

17.5 6.5

16.6

4.8

47.1 37.4

25.4

9.9 12.1 2.4

8.4 9.2 7.1 6.2 1.2 1.4

6.6 11.7 7.1

167 155

78

168201

80131

171

54

284 318

83 75114

33

277 301

147

55 44 19

108 12767

27 15 9 33 35 15

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

PwC

Q2 2016

Top countries in terms of IPO activity in Asia-PacificDespite a strong second quarter in China, Hong Kong remains the most active country in Asia-Pacific with 36 IPOs raising $6.4bn

27


IPO activity of top countries in Asia-Pacific 2012 – 2016YTD



$8.0bn

$18.9bn

$28.7bn

$23.7bn

$6.4bn

5592 108 116

36

2012 2013 2014 2015 2016YTD

$12.7bn$10.2bn $11.6bn

$15.6bn

$2.3bn

42 5475 78

33

2012 2013 2014 2015 2016YTD

$14.5bn

-

$12.9bn

$25.8bn

$6.2bn

142 126

220

69

2012 2013 2014 2015 2016YTD

$1.5bn

$10.0bn

$16.7bn

$6.4bn

$2.2bn

2550

72 76

27

2012 2013 2014 2015 2016YTD

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