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IPO EyeAn overview of the London Stock Exchange listings in Q4 2017

Stability puts London at the heart of financial services IPOs

UK IPO highlightsQ4 2017 YTD(January-December 2017)1

Key trends Commentary

Financial sponsor activity fell in Q4 2017 YTD compared with Q4 2016 YTD by deal number

Top three IPOs in Q4 2017 by capital raisedCross-border activity in Q4 2017 YTD4

Three sectors trending in Q4 2017 YTD

“A strong fourth quarter saw full-year IPO activity in the UK rise on 2016 levels. However, the lack of ‘exciting’ brand names or a strong pipeline of PE-backed IPOs are keeping IPO pricing at a lower level, leading to a continued number of postponed or withdrawn listings. We expect a relatively quiet Q1 2018 before activity picks up as cross-border issuers look to take advantage of regulatory stability ahead of the return of market uncertainty in 2019.”

Scott McCubbinEY UK and Ireland IPO Leader

Volume and valueLondon Main Market32 deals(100% increase on Q4 2016 YTD)

London Main Market£9.9bn(128% increase on Q4 2016 YTD)

London AIM45 deals(18% increase on Q4 2016 YTD)

London AIM£2.0bn(97% increase on Q4 2016 YTD)

EN+ Group plc Glenveagh Properties plc ContourGlobal plc

raised

£1,119mn(Russian Federation,

Energy)

raised

£550mn(Ireland, Real estate)

raised

£441mn (Austria, Energy)

IPO pricing and performance

PE and VC accounted for 12.5% of UK IPOs (9 deals)

19% of proceeds (£2.2bn)

► Q1 2018 will be relatively quiet on UK exchanges but we expect IPO activity to pick up considerably in Q2 2018 as local and foreign businesses look to benefit from the currently stable environment and the low value of the pound continues to make UK investments attractive to international investors.

► Cross-border IPOs accounted for 26% of listings in the UK in 2017 and the influx of cross-border IPOs is likely to continue in 2018.

► IPO pricing will remain under pressure in 2018 due to the continuing lack of attractive private equity-backed or VC-backed listings. This will persist until we see some strong brand names or financial sponsor-backed companies with genuinely compelling equity stories come to the public markets.

► UK IPO activity should also benefit from a number of approaching Financial Conduct Authority (FCA) rule changes, which will clarify and enhance the listing process in ways that are beneficial to foreign companies seeking to list in the UK.

FTSE 100

FTSE 350

FTSE AIM All Share

+6.7%

+7.9%

+23.3%

London Main Market2 London AIM2 Equity indices3

first-day average return+10.0%increase in offer price vs. 28 December 2017+14.5%median post-IPO market cap£194.8mn

first-day average return+9.3%increase in offer price vs. 28 December 2017+9.7%median post-IPO market cap£46.6mnmedian deal size£15.6mnmedian deal size£160.0mn

1Q4 2017 YTD (January-December 2017) IPO activity is based on priced IPOs as of 28 December.2Pricing and performance is based on 32 IPOs on London Main Market and 45 IPOs on AIM that have started trading by 28 December. Data as per priced IPOs as of 28 December.3Year-to-date returns of equity indices as of 28 December 2017.4There were 12 cross-border IPOs on London Main Market which raised £6,688mn and 9 IPOs on AIM which raised £473mn in Q4 2017 YTD.

Real estate4 deals

(GBP£629mn)

Industrials10 deals(£1,361mn)

Materials10 deals

(£673mn)

Real estate10 deals(£1,810mn)

12.5%of UK IPOs

Q4 YTD (2017 Jan-Dec) — Ireland and US each had four deals. Russian Federation, Turkey and Israel each had two deals. Austria, UAE, China, Mali, Italy, Singapore and Myanmar had one deal each.

Stability puts London at the heart of financial services IPOs

Market overview

The London Stock Exchange (LSE) saw a busy end to the year in Q4 2017 with £5.1bn in proceeds raised through 30 IPOs; there were 14 IPOs on the Main Market and 16 IPOs on the Alternative Investment Market (AIM).

This pushed year-end figures to a total of 77 IPOs with proceeds of £13bn — up 33% and 106% respectively on 2016 results.

As a result, the LSE saw a 4.4% share of global IPOs by number of deals in 2017, down from 4.9% in 2016. The LSE was ranked ninth among the top ten exchanges by deal number.

In contrast, the LSE accounted for 7.8% of global proceeds, up from 5.3% last year. This put London Main Market and AIM in fourth place on the rankings of the top 10 exchanges by proceeds, behind New York, Shanghai and Hong Kong — a reasonably large gain in a year dominated by political and economic uncertainty.

Real estate led the way by deal numbers in 2017 with a 15% share of UK IPOs, ahead of industrials (13%), financials (11%) and materials (11%). However, financials was the leading sector by proceeds, accounting for 32% of funds raised, ahead of energy (18%) and real estate (17%).

Outside the financials sector, IPO pricing pressure has been a notable feature of the Main Market in the first nine months of 2017. This continued in Q4 2017 with a number of withdrawals impacting the Main Market heavily. However, IPOs on AIM have been less affected by this ‘pricing effect’.

Against a background of record FTSE levels, post-IPO performance has been steady, with first-day returns on Main Market stock on average just 1.1% above offer price, and 8 out of 29 stocks (that started trading by 1 December) are currently trading below their offer price.

Financial sponsor-backed IPOs on UK exchanges fell in 2017, accounting for 12.5% of UK IPOs and 19% by proceeds, down from 24.1% and 66.4% respectively in 2016.

Main market — 14 floats raised £4.6bn in Q4. The largest was by EN+ — which raised £1.1bn.

AIM — 16 AIM admissions raised £480mn in Q4.The largest was by Alpha Financial Markets Consulting — which raised £125mn.

Cross-border IPOs accounted for 26% of listings in the UK in 2017 and 58% of proceeds. The influx of cross-border IPOs is likely to continue in 2018, with businesses looking to take advantage of the period of expected calm ahead of Brexit in 2019.

Top three IPOs in Q4 2017 by capital raised

2IPO Eye An overview of the London Stock Exchange listings in Q4 2017

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IPO Main market: historical performance

Market overview

3 IPO Eye An overview of the London Stock Exchange listings in Q4 2017

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IPO AIM market: historical performance


Aftermarket performanceDuring Q4 2017 the markets have continued their record highs driven higher by the declared tax cuts in the US.

Newly listed stocks in Q4 2017 have outperformed veteran assets, which are currently trading an average of 11% above list price.

VolatilityVolatility in currency continues to hold back activity within the large cap IPO market. M&A continues to remain a strong option whilst the pound remains low. The FTSE indexes are seeing a period of stability with the volatility rating remaining low.

FTSE indices 2017 YTD

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Market overview


Global IPO activity2017 is proving much better than 2016 for IPOs globally, IPO volume in the first nine months of 2017 (YTD 2017) has already exceeded the full-year totals for 2016. This period saw 1,156 deals raising US$126.9bn in the first nine months of 2017, a healthy increase of 59% by number of IPOs and 55% by proceeds compared with the first nine months of 2016.

Megadeals were back with a bang this quarter and from all parts of the globe. Q3 2017 saw 10 US$1bn+ deals pushing stock exchanges in Brazil, Singapore, Switzerland and India into the list of the world’s top 10 by capital raised, behind Shanghai and Hong Kong.

Asia-Pacific continues to dominate IPO activity both by number of deals and proceeds, accounting for 60% of IPOs and 42% of capital raised worldwide so far in 2017.

Both EMEIA and the Americas exchanges have been more active in the first nine months of 2017 compared with 2016. In EMEIA, the number of IPOs has increased by 38% and proceeds by 47% compared to the first nine months of 2016, while deal numbers in the Americas is 57% higher and capital raised rose by a significant 151%.

US IPO activity in 2017 appears as a spike because 2016 was an unusually slow year, due to uncertainties surrounding the US election and interest rate hikes, as well as narrower transaction windows.

Industrials has been the most active sector in Q3 2017 with 70 IPOs, followed by technology with 52 IPOs and consumer products with 39 IPOs. Technology leads by proceeds with US$5.9bn raised.

The proportion of cross-border deals has increased each quarter this year by deal number and capital raised, surpassing full-year 2016 levels.


New Issues — Main market

Date of admission Company PE backed

Country of incorporation

Region/s of domicile Sector

Market cap. on admission (£mn)

Funds raised (£mn) Placing price (p)

Closing price (after first day of trading)

Closing price (at QTR end) % change in price

04-Oct-17 Curzon Energy plc United Kingdom United Kingdom Finance 6.30 2.3 10 9.25 9.37 94%

05-Oct-17 J2 Acquisition Ltd United Kingdom United Kingdom Finance 894.90 912.4 10 10.32 10 100%

10-Oct-17 Glenveagh Properties plc Y Ireland Ireland Real Estate/Property 687.30 552.5 1 1.14 1.17 117%

25-Oct-17 Orient Telecoms plc Singapore Singapore Telecommunications 1.10 0.9 10 11 11 110%

25-Oct-17 TI Fluid Systems Ltd Y United Kingdom United Kingdom Auto/Truck 1,324.50 406.7 255 247.5 249.8 98%

01-Nov-17 Contango Holdings plc United Kingdom United Kingdom Finance 1.80 0.7 3 4.1 3.75 125%

03-Nov-17 EN+ Group plc Russian Federation Russian Federation Utility & Energy 5,619.00 1147.9 10 13.5 13.8 138%

09-Nov-17 ContourGlobal plc Austria Austria Utility & Energy 1,676.00 441.1 250 250 260 104%

10-Nov-17 Bakkavor Group plc United Kingdom United Kingdom Food & Beverage 1,100.90 260.7 185 186.5 192.7 104%

15-Nov-17 Landscape Acquisition Holdings Ltd United Kingdom United Kingdom Finance 353.90 367.7 10 9.75 9.55 96%

06-Dec-17 Sabre Insurance Group plc Y United Kingdom United Kingdom Insurance 575.00 287.5 230 257 272 118%

13-Dec-17 Aberdeen Standard European Logistics Income plc United Kingdom United Kingdom Closed End Funds 190.78 190.0 100 100.2 103 103%

18-Dec-17 Shefa Yamim (ATM) Ltd Israel Israel Mining 14.60 4.2 110 110 105 95%

18-Dec-17 Tufton Oceanic Assets Ltd United Kingdom United Kingdom Transportation 69.44 65.0 1 1.02 1.02 102%

New Issues — AIM








06-Oct-17 Alpha Financial Markets Consulting plc United Kingdom United Kingdom Professional Services 171.70 125.4 160.00 170.00 165.50 103%

09-Oct-17 Cora Gold Ltd Mali Mali Mining 7.30 3.5 16.50 15.60 12.00 73%

16-Oct-17 Springfield Properties plc United Kingdom United Kingdom Construction/Building 92.30 25.0 106.00 116.50 108.50 102%

27-Oct-17 Footasylum Ltd United Kingdom United Kingdom Retail 200.10 65.4 164.00 205.00 252.50 154%

09-Nov-17 AfriTin Mining Ltd United Kingdom United Kingdom Mining 10.40 3.5 3.90 3.95 2.40 62%

14-Nov-17 Boku Inc Y United States United States Computers & Electronics 125.90 45.0 59.00 73.00 73.00 124%

16-Nov-17 Keystone Law Group plc United Kingdom United Kingdom Professional Services 50.00 15.0 160.00 191.00 190.50 119%

17-Nov-17 City Pub Group plc United Kingdom United Kingdom Dining & Lodging 100.00 35.0 170.00 181.00 169.50 100%

24-Nov-17 Ten Lifestyle Group plc United Kingdom United Kingdom Computers & Electronics 104.80 32.2 134.00 145.00 147.00 110%

27-Nov-17 Beeks Financial Cloud Group plc United Kingdom United Kingdom Computers & Electronics 24.50 7.0 50.00 47.00 43.50 87%

08-Dec-17 Mirriad Advertising Ltd United Kingdom United Kingdom Professional Services 63.20 26.2 62.00 63.00 59.50 96%

18-Dec-17 Fusion Antibodies plc Ireland Ireland Healthcare 18.10 5.5 82.00 123.50 213.00 260%

18-Dec-17 Sumo Group plc United Kingdom United Kingdom Computers & Electronics 145.00 78.2 100.00 114.90 114.87 115%

19-Dec-17 Pelatro plc United Kingdom United Kingdom Computers & Electronics 15.20 4.6 62.50 63.50 65.50 105%

21-Dec-17 Erris Resources plc United Kingdom United Kingdom Mining 7.80 4.0 25.00 24.50 25.00 100%

21-Dec-17 Panthera Resources plc United Kingdom United Kingdom Finance 12.40 6.0 20.00 23.50 25.00 125%

Market listings


New Issues — Main market








04-Oct-17 Curzon Energy plc United Kingdom United Kingdom Finance 6.30 2.3 10 9.25 9.37 94%

05-Oct-17 J2 Acquisition Ltd United Kingdom United Kingdom Finance 894.90 912.4 10 10.32 10 100%

10-Oct-17 Glenveagh Properties plc Y Ireland Ireland Real Estate/Property 687.30 552.5 1 1.14 1.17 117%

25-Oct-17 Orient Telecoms plc Singapore Singapore Telecommunications 1.10 0.9 10 11 11 110%

25-Oct-17 TI Fluid Systems Ltd Y United Kingdom United Kingdom Auto/Truck 1,324.50 406.7 255 247.5 249.8 98%

01-Nov-17 Contango Holdings plc United Kingdom United Kingdom Finance 1.80 0.7 3 4.1 3.75 125%

03-Nov-17 EN+ Group plc Russian Federation Russian Federation Utility & Energy 5,619.00 1147.9 10 13.5 13.8 138%

09-Nov-17 ContourGlobal plc Austria Austria Utility & Energy 1,676.00 441.1 250 250 260 104%

10-Nov-17 Bakkavor Group plc United Kingdom United Kingdom Food & Beverage 1,100.90 260.7 185 186.5 192.7 104%

15-Nov-17 Landscape Acquisition Holdings Ltd United Kingdom United Kingdom Finance 353.90 367.7 10 9.75 9.55 96%

06-Dec-17 Sabre Insurance Group plc Y United Kingdom United Kingdom Insurance 575.00 287.5 230 257 272 118%

13-Dec-17 Aberdeen Standard European Logistics Income plc United Kingdom United Kingdom Closed End Funds 190.78 190.0 100 100.2 103 103%

18-Dec-17 Shefa Yamim (ATM) Ltd Israel Israel Mining 14.60 4.2 110 110 105 95%

18-Dec-17 Tufton Oceanic Assets Ltd United Kingdom United Kingdom Transportation 69.44 65.0 1 1.02 1.02 102%

New Issues — AIM








06-Oct-17 Alpha Financial Markets Consulting plc United Kingdom United Kingdom Professional Services 171.70 125.4 160.00 170.00 165.50 103%

09-Oct-17 Cora Gold Ltd Mali Mali Mining 7.30 3.5 16.50 15.60 12.00 73%

16-Oct-17 Springfield Properties plc United Kingdom United Kingdom Construction/Building 92.30 25.0 106.00 116.50 108.50 102%

27-Oct-17 Footasylum Ltd United Kingdom United Kingdom Retail 200.10 65.4 164.00 205.00 252.50 154%

09-Nov-17 AfriTin Mining Ltd United Kingdom United Kingdom Mining 10.40 3.5 3.90 3.95 2.40 62%

14-Nov-17 Boku Inc Y United States United States Computers & Electronics 125.90 45.0 59.00 73.00 73.00 124%

16-Nov-17 Keystone Law Group plc United Kingdom United Kingdom Professional Services 50.00 15.0 160.00 191.00 190.50 119%

17-Nov-17 City Pub Group plc United Kingdom United Kingdom Dining & Lodging 100.00 35.0 170.00 181.00 169.50 100%

24-Nov-17 Ten Lifestyle Group plc United Kingdom United Kingdom Computers & Electronics 104.80 32.2 134.00 145.00 147.00 110%

27-Nov-17 Beeks Financial Cloud Group plc United Kingdom United Kingdom Computers & Electronics 24.50 7.0 50.00 47.00 43.50 87%

08-Dec-17 Mirriad Advertising Ltd United Kingdom United Kingdom Professional Services 63.20 26.2 62.00 63.00 59.50 96%

18-Dec-17 Fusion Antibodies plc Ireland Ireland Healthcare 18.10 5.5 82.00 123.50 213.00 260%

18-Dec-17 Sumo Group plc United Kingdom United Kingdom Computers & Electronics 145.00 78.2 100.00 114.90 114.87 115%

19-Dec-17 Pelatro plc United Kingdom United Kingdom Computers & Electronics 15.20 4.6 62.50 63.50 65.50 105%

21-Dec-17 Erris Resources plc United Kingdom United Kingdom Mining 7.80 4.0 25.00 24.50 25.00 100%

21-Dec-17 Panthera Resources plc United Kingdom United Kingdom Finance 12.40 6.0 20.00 23.50 25.00 125%


Q1 2018 will be relatively quiet on UK exchanges but we expect IPO activity to pick up considerably in Q2 2018 as local and foreign businesses look to benefit from the currently stable environment. In addition, the low value of the pound continues to make UK investments attractive to international investors.

UK IPO activity should also benefit from a number of approaching Financial Conduct Authority (FCA) rule changes, which will clarify and enhance the listing process in ways that are beneficial to foreign companies seeking to list in the UK. The most significant FCA change relates to the timing of the IPO documentation, which would be effective from 1 July 2018. The other changes, including the clarification of existing rules, relaxation of reverse takeover rules and concessions for certain property companies, all become effective from 1 January 2018.

Nonetheless, IPO pricing will remain under pressure in 2018 due to the continuing lack of attractive private equity-backed or VC-backed listings. This is likely to persist until we see some strong brand names or financial sponsor-backed companies with genuinely compelling equity stories come to the public markets.

Investors are wary of companies that have been through failed M&A processes, then turning to IPOs to get the deal ‘done’. As a result, we should expect to see more postponed or withdrawn IPOs in 2018.

Brexit remains the largest ‘known unknown’ factor. As the UK Government works toward the March 2019 deadline, we expect constant changes to become the norm. Negotiations are likely to bring some turbulence to the IPO market as companies react to the ever-changing political landscape.

Looking forward — 2018

“ A strong fourth quarter saw full-year IPO activity in the UK rise on 2016 levels. However, the lack of ‘exciting’ brand names or a strong pipeline of PE-backed IPOs are keeping IPO pricing at a lower level, leading to a continued number of postponed or withdrawn listings. We expect a relatively quiet Q1 2018 before activity picks up as cross-border issuers look to take advantage of regulatory stability ahead of the return of market uncertainty in 2019.”

Scott McCubbin EY IPO Leader UK&I


GloballyThe outlook for 2018 is positive. Lower volatility across regions, equity indices still hitting all-time highs and steady investor confidence are encouraging a healthy pipeline of market-ready companies to build up across sectors and markets. On the downside, geopolitical risks in many regions remain visible points on the radar.

2018 is also exciting as the world’s largest oil company, Saudi Aramco, is expected to be one of the largest IPOs in history with more state-owned enterprise (SOE) IPOs expected to follow across the Middle East and North Africa.

Mainland China exchanges should continue to lead the way in 2018, supported by a strong pipeline of IPO-ready companies and rising stock markets. Hong Kong is expected to see an increase in technology listings owing to strong performance of recently listed companies and government encouragement of the sector.

The outlook for IPO activity in Europe is positive, backed by strong economic development in important markets. However, predictions for the UK are mixed as the economy remains vulnerable amid heightened uncertainty due to Brexit.

India’s IPO market looks good for 2018. The combination of primary market growth and overall economic growth is set to make India a highly attractive emerging market for investments for the coming months.

A healthy IPO pipeline continues to build in the Americas, despite potential headwinds from uncertainty surrounding the impact of US tax reform and policy changes and of elections in Brazil and Mexico in 2018.

Cross-border deals look set to remain a feature of the global IPO market in 2018 with exchanges in US, Greater China and London.


For more information about the IPO Eye and on any IPO — related matter please contact:

Scott McCubbinIPO Leader

Tel: + 44 20 7951 3519Email: [email protected]

Neil GloverBusiness Development Director, UK London

Tel: + 44 20 7951 5664Email: [email protected]

Contact us

Please visit www.ey.com/uk/IPO for more information on how we can help you or your business.

IPO Eye An overview of the London Stock Exchange listings in Q3 201711


EY Global IPO Center of ExcellenceOur Global IPO Center of Excellence is a virtual hub which provides access to tools and knowledge for every step of the journey from finding out more about what going public means to considering capital raising options and addressing post-IPO risks. It provides access to all our IPO knowledge, tools, thought leadership and contacts from around the world in one easy-to-use source.

www.ey.com/ipocenter

IPO Retreat 21–22 May 2018Looking to float in the next 12–36 months?Our IPO Retreat helps CEOs and CFOs contemplating an IPO on one of the London markets.

It gives unparalleled advice from key advisors and guest speakers who have been through the process, and provides invaluable networking opportunities.

The IPO Retreat offers an invaluable opportunity to find out whether an IPO is the right growth option for your business.

To find out more, contact: Eirini Vogiatzi, [email protected]

Relevant programmes

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