global ipo watch q2 2019 - pwc · 2019. 7. 8. · pwc ipo and fo highlights global ipo watch q2...

A PwC IPO Centre publication

Global IPO WatchQ2 2019PwC 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.

David Ethridge

[email protected]

Derek Thomson

[email protected]

Kennedy Liu

[email protected]

Geoffrey Tang

[email protected]

Jan-Willem de Groot (author)

[email protected]

Martin Coenen

[email protected]

Ross Hunter

[email protected]

Nadja Picard

[email protected]

Basis of preparationThe Global IPO Watch analyses IPO and FO trends on a quarterly basis, both at a global and regional level. It is based on data extracted from Dealogic, whereby only transactions with a minimum of $5 million money raised have been included. Transaction proceeds include the overallotment option (if exercised). The data excludes PIPOs and transactions on Over-The-Counter exchanges. In case IPOs or FOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges. The same applies to countries and regions. This does not apply to two exchanges within the same country or two countries within the same region. Country indicates the company’s country of domicile. Industry classification is based on the FTSE Russell Industry Classification Benchmark. Index performance is based on pricing data extracted from Bloomberg.

PwC

IPO and FO highlights

Q2 2019Global IPO Watch

3

In Germany, it took two attempts for

Volkswagen to list its trucking business

Traton, raising $1.5bn on the occasion

3

With proceeds of $8.1bn, the IPO of

Uber Technologies is the biggest of

the quarter and year-to-date

1

The Science and Technology

Innovation Board was officially

implemented mid-June in

China, and should boost

technology and science IPOs

7

The largest FO of the quarter and

year was undertaken by Indian

telecommunications operator

Vodafone Idea, raising $3.6bn to

strengthen its balance sheet

4

Amongst others, the listing of some

high-profile Silicon Valley unicorns

has led to a 45% increase in IPO

proceeds in the Americas

5

Both the ECB and Fed

presidents have sounded

more dovish in recent

speeches, leading to a rally

in equity markets

6

It seems no amount of

Brexit drama can prevent

the UK from being the most

active European country on

both IPO and FO markets

2

PwC

Global money raised via IPOs and FOs


4

Global money raised via IPOs and FOs (10-year overview) Top countries 2019YTD

With Silicon Valley backing, the United States takes the lead in terms of IPO activity, and accounts for almost half of global proceeds YTD

Note: Top countries have been selected based on money raised in 2019YTD.

Source: Dealogic as of 30 June 2019

FO

mo

ne

y r

ais

ed

& #

of

de

als

IPO

mo

ne

y r

ais

ed

& #

of

de

als

$642.0bn

$479.9bn $509.3bn$588.2bn $613.5bn

$685.8bn

$551.1bn$620.7bn

$461.5bn

$213.9bn

3,5622,902

2,5083,046 3,178 3,323 3,185 3,570

2,836

1,384

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

$299.1bn

$178.8bn$142.5bn

$195.6bn

$274.3bn

$206.9bn

$142.5bn

$208.9bn $223.6bn

$82.2bn

1,2581,041

728865

1,167 1,1851,013

1,522

1,196

456

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

United States; 49%

China; 11%

Hong Kong; 9%

United Kingdom; 7%

Italy; 3%

Other; 23%

United States; 44%

United Kingdom; 9%India; 6%Hong Kong; 5%

Australia; 4%

Other; 35%

PwC

Overview of global IPO and FO activity


5

• FO activity was fairly low, as proceeds decreased by

13% and the number of deals by 6%.

• More IPOs are pricing in the bottom of their initial

range, which is mainly driven by volatile pricing in

Asia-Pacific.

• At 8.1% median post-IPO performance in the current

low interest rate environment, IPOs remain an

attractive investment option.

• Equity markets wobbled in May as Trump expressed

his displeasure with the pace of trade negotiations.

However, dovish central banks statements put

markets back on track in June.

Global IPO and FO activity

IPO pricing dynamics Post-IPO performance (median) Global indices

In the second quarter of 2019, IPO proceeds increased by 1% whereas the number of transactions decreased by 14% as compared to Q2 2018

1

2

1

2

3

3

2018 2019YTD

1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially).

Note: 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’.

Source: Dealogic, Bloomberg as of 30 June 2019

4

4

2017 2018 2017YTD 2018YTD 2019YTD Q2 2017 Q2 2018 Q2 2019

IPO activity

Number of IPOs 1,522 1,196 737 616 456 398 325 280

% sponsor-backed 9.3% 7.7% 10.6% 10.1% 6.6% 11.1% 10.5% 9.3%

Money raised $208.9bn $223.6bn $92.0bn $114.4bn $82.2bn $54.1bn $62.2bn $62.6bn

% sponsor-backed 22.7% 14.6% 29.4% 18.4% 20.9% 29.7% 20.8% 26.1%

Advanced metrics

Free float % 31.8% 32.3% 31.6% 33.2% 32.4% 31.8% 32.4% 32.8%

Overallotment exercised (%)1 25.3% 33.5% 26.3% 33.3% 33.1% 27.3% 36.6% 28.8%

% secondary shares 14.6% 13.6% 14.0% 16.3% 12.8% 13.8% 16.8% 14.6%

FO activity

Number of FOs 3,570 2,836 1,830 1,659 1,384 909 813 767


6% 7% 7% 6% 7%

14% 20% 15% 15%22%

53% 47% 55% 51% 41%

22% 21% 19% 24% 22%

4% 5% 5% 5% 8%

2017 2018 2017YTD 2018YTD 2019YTD

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

75

100

125

150

175

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19

FTSE 100 Hang Seng S&P 500

4.4%

9.6%

3.2%

8.9%

2.6%

9.4%

2.1%

11.7%

-1.0%

8.1%

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

PwC

Pricing date Issuer nameIssuer

countrySector Exchange Filing range

Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance

1-day 1-month Current

9-May-19 Uber Technologies Consumer Services NYSE 44.00 - 50.00 45.00 Bottom of range $8.1bn 10.7% 0.0% -7.6% -1.9% 3.1%

16-May-19 Avantor Health Care NYSE 18.00 - 21.00 14.00 Below range $3.3bn 44.6% 0.0% 3.6% 34.3% 36.4%

28-Mar-19 Lyft Consumer Services NASDAQ 62.00 - 68.00 72.00 Above range $2.6bn 12.4% 0.0% 8.7% -20.5% -8.7%

12-Apr-19 Nexi Industrials Borsa Italiana 8.50 - 10.35 9.00 In range $2.3bn 36.4% 65.2% -6.2% -6.6% 0.7%

17-Apr-19 Pinterest Technology NYSE 15.00 - 17.00 19.00 Above range $1.6bn 16.3% 0.0% 28.4% 40.5% 43.3%

10-Apr-19 Network International Industrials LSE 3.95 - 4.65 4.35 In range $1.6bn 56.0% 100.0% 14.9% 20.2% 36.3%

27-Jun-19 Traton Industrials Deutsche Börse; Nasdaq S’holm 27.00 - 33.00 27.00 Bottom of range $1.5bn 10.0% 100.0% -2.0% N/A -2.0%

12-Apr-19 Stadler Rail Industrials SIX Swiss Exchange 33.00 - 41.00 38.00 In range $1.5bn 40.3% 100.0% 13.4% 10.6% 21.6%

21-Jun-19 Trainline Consumer Services LSE 3.18 - 3.60 3.50 Top of range $1.4bn 65.0% 88.4% 17.4% N/A 17.8%

3-Apr-19 Tradeweb Markets Industrials NASDAQ 24.00 - 26.00 27.00 Above range $1.2bn 20.7% 0.0% 32.6% 45.1% 62.3%



Offer

priceDeal Type

Money

raised

Secondary

shares (%)

Performance


4-May-19 Vodafone Idea Telecommunications BSE; NSE 12.50 - 12.50 12.50 FO - Rights Offer $3.6bn 0.0% 31.2% 10.7% -2.7%

24-May-19 Bharti Airtel Telecommunications BSE; NSE 220.00 - 220.00 220.00 FO - Rights Offer $3.6bn 0.0% 59.1% 57.0% 57.6%

29-Mar-19 AstraZeneca Health Care LSE 64.96 - 64.96 60.50 FO - Accelerated Bookbuild $3.5bn 0.0% 2.0% -5.4% 6.4%

15-Apr-19 Japan Post Insurance Financials Tokyo SE 2,433.00 - 2,433.00 2,375.00 FO - Fully Marketed $2.9bn 100.0% 0.8% -13.7% -15.9%

25-Jun-19 VICI Properties Financials NYSE 22.79 - 22.79 21.50 FO - Accelerated Bookbuild $2.5bn 0.0% 0.4% N/A 2.5%

26-Jun-19 Petrobras Oil & Gas B3; NYSE 29.85 - 29.85 30.25 FO - Fully Marketed $1.9bn 100.0% 1.0% N/A -0.8%

1-May-19 Wabtec Industrials NYSE 74.07 - 74.07 73.50 FO - Accelerated Bookbuild $1.9bn 100.0% 2.0% -15.1% -2.4%

17-Jun-19 Infineon Technologies Technology Deutsche Börse 14.36 - 14.36 13.70 FO - Accelerated Bookbuild $1.7bn 0.0% 2.7% N/A 13.5%

14-Jun-19 Huatai Securities Financials LSE 20.00 - 24.50 20.50 FO - Fully Marketed $1.7bn 0.0% 8.9% N/A 8.9%

12-Mar-19 Adyen Industrials Euronext Amsterdam 656.20 - 656.20 600.00 FO - Accelerated Bookbuild $1.7bn 100.0% 4.0% 14.5% 13.1%

Leading transactions 2019YTD


6

Top 10 largest IPOs 2019YTD

With proceeds of $8.1bn, Uber Technologies’ IPO becomes the 10th largest IPO in United States history

Top 10 largest FOs 2019YTD



PwC

IPO and FO activity per region


7

Americas

Whereas IPO proceeds in Q2 2019 increased in both the Americas and EMEA, they fell in Asia-Pacific. In terms of the number of IPOs, a decrease applied to all regions

EMEA Asia-Pacific


FO

mo

ne

y r

ais

ed

& #

of

de

als

IPO

mo

ne

y r

ais

ed

& #

of

de

als

$50.9bn

$30.8bn

$67.4bn$76.6bn

$43.4bn

248149

270 307

128

2015 2016 2017 2018 2019YTD

$84.3bn$77.3bn

$86.1bn$99.7bn

$23.4bn

668 684

952

653

265

2015 2016 2017 2018 2019YTD

$71.7bn

$35.7bn

$55.4bn$47.4bn

$15.3bn

269181

300238

63

2015 2016 2017 2018 2019YTD

$243.3bn$219.7bn $215.1bn

$190.3bn

$104.9bn

1,054 1,0721,240

1,048

595

2015 2016 2017 2018 2019YTD

$259.7bn

$214.8bn $216.7bn

$162.3bn

$57.3bn

1,478 1,367 1,394

1,042

421

2015 2016 2017 2018 2019YTD

$190.8bn

$119.9bn

$189.9bn

$109.4bn

$52.3bn

808 754946

757

371

2015 2016 2017 2018 2019YTD

PwC

Top exchanges globally based on money raised in 2019YTD


8

Money raised and number of IPOs per Exchange 2017-2019YTD

With technology unicorns coming to market, NASDAQ and NYSE dominate

Top Exchanges 2019YTD

Money raised and number of FOs per Exchange 2017-2019YTD Top Exchanges 2019YTD

HKEX Shanghai SELSE GroupNYSENASDAQ

(Global)

NYSE BSENASDAQ

(Global)HKEXLSE Group

Note: LSE Group includes Borsa Italiana.

Source: Dealogic, as of 30 June 2019

$21bn

$34bn

$21bn

$35bn $32bn$21bn $21bn

$15bn$8bn

$14bn

$33bn

$8bn$18bn

$11bn$5bn

184 213

100 88 72 27

107 94

24

155 196

68

199

50 27

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

NASDAQ (Global), 26%

NYSE, 26%LSE Group, 10%

HKEX, 9%

Shanghai SE, 6%

Shenzhen SE, 5%

SIX Swiss Exchange, 3%

Other, 16%

$115bn$106bn

$60bn$75bn $73bn

$39bn$55bn

$38bn$21bn $18bn $9bn $13bn $18bn $9bn $13bn

376 276

169

621 616

374 374 319

141 81 50 31 80 52 30

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

NYSE, 28%

NASDAQ (Global), 18%

LSE Group, 10%

BSE, 6%

NSE, 6%

HKEX, 5%

ASX, 4%

Other, 22%

PwC

Global IPO and FO activity per sector


9

Money raised and number of IPOs and FOs per sector 2017 – 2019YTD

Consumer Services take the lead in terms of IPO proceeds YTD, notably supported by the money raised by Uber and Lyft

IndustrialsBasic Materials Health Care TechnologyConsumer Goods Financials Oil & GasConsumer Services Telecommunication Utilities

Note: Financials include Closed-End Funds and Real Estate.


FO

mo

ne

y r

ais

ed

& #

of

de

als

IPO

mo

ne

y r

ais

ed

& #

of

de

als

9.3 4.5 2.3

24.3 19.3

2.9

26.3 24.6 20.6

67.2 66.8

18.2 13.3 21.5

12.4

35.1 27.3

14.6 10.3 4.6 2.2

17.5

30.8

5.9 1.6

21.9

1.6 4.0 2.4 1.4

10153

14

199121

31

156 13773

309 335

104157 156

75

377

215

9036 16 7

155 13355

8 10 4 24 20 3

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

51.0 30.5

6.8

46.7 31.9

10.9

50.9 45.9 22.0

208.5

127.9

75.2 54.6 64.4

25.5

101.7

63.4

24.7 41.0

25.6 10.7

32.6 43.2 18.1 9.7 4.2 10.5 24.0 24.5

9.6

387292

113296

210102

333 252128

853

632

367526 555

271

561413

165 225 17074

290 230121

37 22 15 62 60 28

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

PwC

Pricing

dateIssuer name Exchange Pricing

Money

raised

Performance


16-May-19 Avantor NYSE Below range $3.3bn 3.6% 34.3% 36.4%

12-Apr-19 Nexi Borsa Italiana In range $2.3bn -6.2% -6.6% 0.7%

10-Apr-19 Network International LSE In range $1.6bn 14.9% 20.2% 36.3%

21-Jun-19 Trainline LSE Top of range $1.4bn 17.4% N/A 17.8%

3-Apr-19 Tradeweb Markets NASDAQ Above range $1.2bn 32.6% 45.1% 62.3%

13-Jun-19 Chewy NYSE Above range $1.2bn 59.1% N/A 59.1%

11-Jun-19 CrowdStrike NASDAQ Above range $0.7bn 70.6% N/A 100.9%

26-Jun-19 Change Healthcare NASDAQ Below range $0.6bn 15.4% N/A 12.3%

2-May-19 ARA US Hospitality Trust Singapore SE In range $0.5bn 0.0% -1.7% 1.7%

19-Jun-19 Grocery Outlet NASDAQ Above range $0.4bn 29.6% N/A 49.5%

Financial sponsor-backed IPO activity globally


10

The Americas accounts for a massive 59% of FS-backed IPO proceeds in 2019YTD, and 57% of the number of FS-backed transactions

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

Top 10 largest FS-backed IPOs 2019YTD globally Global FS-backed IPOs (by money raised)

20182019

YTD

Note: 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’.


$15.6bn$11.9bn

$24.8bn

$19.0bn

$10.1bn

52 35

67 52

17

2015 2016 2017 2018 2019YTD

$30.7bn

$16.3bn $15.5bn

$9.7bn$6.4bn

67

40 51

26 10

2015 2016 2017 2018 2019YTD

$14.2bn

$4.9bn$7.2bn

$3.9bn$0.7bn

43

25 24 14

3

2015 2016 2017 2018 2019YTD

Sponsor-backed;

15%

Not Sponsor-backed;

85%

Sponsor-backed;

21%

Not Sponsor-backed;

79%30 (7%) sponsor-backed IPOs vs

426 non-sponsor-backed IPOs

92 (8%) sponsor-backed IPOs vs

1,104 non-sponsor-backed IPOs

PwC

Volatility versus IPO activity


11

A fall in average volatility compared to Q1 2019 has supported both IPO proceeds and the number of transactions

Money raised via IPOs versus volatility

Number of IPOs versus volatility


14.812.7 13.0

16.0 16.6

13.7

19.417.0

20.5

15.613.2 14.0

11.7 11.5 10.9 10.3

17.215.3

12.9

21.3

16.614.7

$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

2014 2015 2016 2017 2018 2019

Global money raised via IPOs VIX (average per quarter)

14.812.7 13.0

16.0 16.6

13.7

19.417.0

20.5

15.613.2 14.0

11.7 11.5 10.9 10.3

17.215.3

12.9

21.3

16.614.7

-

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

2014 2015 2016 2017 2018 2019

Number of IPOs globally VIX (average per quarter)

PwC

Americas


12

PwC

Money raised via IPOs and FOs in the Americas


13

Top countries 2019YTD

The United States was the most active country for IPO and FO proceeds in the Americas and globally in Q2 2019

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



$61.2bn $54.0bn $63.9bn$83.1bn

$105.8bn

$43.8bn$26.8bn

$54.9bn $63.3bn$41.0bn

$11.8bn$7.0bn

$13.6bn

$14.4bn

$3.7bn

$7.1bn

$4.3bn

$14.2bn$13.3bn

$2.4bn

284 255 231322 346

248

149

270 307

128

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

North America Latin America Number of IPOs United States, 93%

Chile, 3%

Brazil, 2% Other, 2%

$257.1bn$184.6bn

$223.3bn $230.9bn $216.0bn $240.8bn $211.7bn $202.6bn $183.5bn$100.1bn

$87.4bn

$24.1bn$14.0bn $23.5bn

$18.3bn$7.9bn

$8.1bn $13.3bn$6.8bn

$7.8bn

1,4691,237

1,032 1,162 1,144 1,054 1,0721,240

1,048

595

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

North America Latin America Number of FOs United States, 87%

Brazil, 7%

Canada, 6% Other, 0%

PwC

Overview of IPO and FO activity in the Americas


14

• The percentage of secondary shares sold in an IPO

this year is at a multi-year low, as many companies

executing an IPO are raising new financing.

• On the FO market, proceeds decreased by 7% while

the number of deals actually rose by 7%.

• The share of IPOs pricing above their initial pricing

range is trending higher, whereas those pricing below

is trending lower. Investor appetite for IPOs remains.

• As macroeconomic risks amass, so a rate cut by the

Fed is priced into equity markets, driving them higher.

IPO and FO activity in the Americas


In the second quarter of 2019, IPO proceeds rose by 45% despite a 3% decrease in the number of transactions

3

1

2

3

4

2018 2019YTD




2

41

2017 2018 2017YTD 2018YTD 2019YTD Q2 2017 Q2 2018 Q2 2019

IPO activity

Number of IPOs 270 307 123 158 128 81 89 86

% sponsor-backed 24.8% 16.9% 31.7% 21.5% 13.3% 27.2% 21.3% 16.3%


% sponsor-backed 36.7% 24.8% 49.1% 28.2% 23.2% 49.5% 28.1% 28.0%

Advanced metrics

Free float % 36.8% 36.4% 36.1% 37.4% 39.9% 36.9% 35.5% 35.3%



FO activity

Number of FOs 1,240 1,048 693 602 595 317 291 311


19% 13% 20%12% 10%

15%17%

16%16% 12%

47%47%

45%48%

48%

9% 11% 8% 12%11%

10% 12% 11% 12% 19%

2017 2018 2017YTD 2018YTD 2019YTD


75

100

125

150

175


Dow Jones NASDAQ 100 S&P 500

1.5%1.4%

0.5%

0.9%

2.0%

0.8%

1.4%

3.1%

2.2%

3.0%

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

PwC



Offer

priceDeal Type

Money

raised

Secondary

shares (%)

Performance


25-Jun-19 VICI Properties Financials NYSE 22.79 - 22.79 21.50 FO - Accelerated Bookbuild $2.5bn 0.0% 0.4% N/A 2.5%

26-Jun-19 Petrobras Oil & Gas B3; NYSE 29.85 - 29.85 30.25 FO - Fully Marketed $1.9bn 100.0% 1.0% N/A -0.8%

1-May-19 Wabtec Industrials NYSE 74.07 - 74.07 73.50 FO - Accelerated Bookbuild $1.9bn 100.0% 2.0% -15.1% -2.4%

8-Feb-19 Pinduoduo Consumer Services NASDAQ 30.33 - 30.33 25.00 FO - Accelerated Bookbuild $1.6bn 26.9% 3.8% 16.4% -17.5%

5-Mar-19 Sea Technology NYSE 23.20 - 23.20 22.50 FO - Fully Marketed $1.6bn 0.0% 4.2% 2.2% 47.6%

16-Apr-19 Americold Realty Trust Financials NYSE 30.70 - 30.70 29.75 FO - Accelerated Bookbuild $1.5bn 0.0% 2.3% 4.8% 9.0%

26-Feb-19 Danaher Industrials NYSE 123.15 - 123.15 123.00 FO - Accelerated Bookbuild $1.5bn 0.0% 2.8% 6.6% 16.2%

30-May-19 Eversource Energy Utilities NYSE 73.17 - 73.17 72.50 FO - Bought Deal $1.3bn 0.0% 1.9% 4.5% 4.5%

17-Apr-19 Aqua America Utilities NYSE 36.78 - 36.78 34.62 FO - Accelerated Bookbuild $1.3bn 0.0% 7.3% 13.6% 19.5%

28-Feb-19 Americold Realty Trust Financials NYSE 28.06 - 28.06 27.75 FO - Accelerated Bookbuild $1.3bn 100.0% 3.7% 10.0% 16.8%



Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance


9-May-19 Uber Technologies Consumer Services NYSE 44.00 - 50.00 45.00 Bottom of range $8.1bn 10.7% 0.0% -7.6% -1.9% 3.1%

16-May-19 Avantor Health Care NYSE 18.00 - 21.00 14.00 Below range $3.3bn 44.6% 0.0% 3.6% 34.3% 36.4%

28-Mar-19 Lyft Consumer Services NASDAQ 62.00 - 68.00 72.00 Above range $2.6bn 12.4% 0.0% 8.7% -20.5% -8.7%

17-Apr-19 Pinterest Technology NYSE 15.00 - 17.00 19.00 Above range $1.6bn 16.3% 0.0% 28.4% 40.5% 43.3%

3-Apr-19 Tradeweb Markets Industrials NASDAQ 24.00 - 26.00 27.00 Above range $1.2bn 20.7% 0.0% 32.6% 45.1% 62.3%

13-Jun-19 Chewy Consumer Services NYSE 17.00 - 19.00 22.00 Above range $1.2bn 13.4% 88.0% 59.1% N/A 59.1%

28-Jun-19 Cencosud Shopping Consumer Services Santiago SE 1,475.00 - 1,700.00 1,521.00 Bottom of range $1.1bn 26.5% 0.0% 1.6% N/A 1.6%

30-Jan-19 PIMCO Energy & Tactical Credit Opps Fund Financials NYSE N/A 20.00 N/A $0.9bn 0.0% 0.0% 1.0% 5.8% -1.9%

17-Apr-19 Zoom Video Communications Telecommunications NASDAQ 28.00 - 32.00 36.00 Above range $0.9bn 9.4% 52.5% 72.2% 149.9% 146.6%

28-Jun-19 Neoenergia Utilities B3 (Brasil, Bolsa, Balcão) 14.42 - 16.89 15.65 In range $0.8bn 17.1% 100.0% N/A N/A N/A

Leading transactions 2019YTD in the Americas


15

Top 10 largest IPOs 2019YTD in the Americas

Four Silicon Valley IPOs are included in the Americas league table YTD

Top 10 largest FOs 2019YTD in the Americas



PwC

IPO and FO activity per sector in the Americas


16


The three sectors with most IPO and FO proceeds YTD in the Americas are Consumer Services, Financials and Health Care



FO

mo

ne

y r

ais

ed

& #

of

de

als

IPO

mo

ne

y r

ais

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& #

of

de

als


2.5 0.0 - 2.1 4.5

1.1

9.4 10.8 15.1

23.8

30.1

9.3 4.7

10.0 8.2 6.1 11.2

2.5 8.4

1.9 1.4

9.5 7.6 4.0

- - 0.9 0.8 0.5 0.9

13 1 11 15 329 27 13

110 124

46 4481

4018 18 6 17 8 3

26 30 14 1 2 3 2

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

12.9 6.5

0.9

12.3 10.3 4.9

24.8 26.0

15.1

56.8

43.6

32.0 37.7 40.3

17.2 26.1

15.2 9.3

28.6

14.6 5.5 9.6 12.9 11.8

0.7 0.6 1.0 5.5

20.2

7.2

13287

32 57 45 3199 89 64

290203

137

331 364

191124

80 45109

60 2475 82 57

7 5 2 16 33 12

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

PwC

Top countries in terms of IPO activity in the Americas


17

IPO activity of top countries in the Americas 2015 – 2019YTD

Chile advances to second place thanks to Cencosud Shopping’s billion-dollar+ IPO in Q2 2019



$38.9bn

$26.1bn

$51.5bn

$61.8bn

$40.2bn

189

122

211247

114

2015 2016 2017 2018 2019YTD

$0.2bn $0.2bn$6.4bn

$2.0bn $1.0bn

1 111

3 2

2015 2016 2017 2018 2019YTD

$0.0bn $0.2bn $0.3bn $0.6bn $1.1bn

1 2 2 2

2015 2016 2017 2018 2019YTD

$4.9bn$0.7bn $4.3bn $2.0bn $0.8bn

35

8

2921

8

2015 2016 2017 2018 2019YTD

PwC

EMEA


18

PwC

Money raised via IPOs and FOs in EMEA


19


With continued Brexit and trade uncertainties, listing activity in EMEA remained relatively low

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



$40.4bn $33.3bn$15.9bn

$37.2bn$69.4bn $68.8bn

$33.4bn$48.1bn $43.7bn

$13.8bn

$5.2bn$2.0bn

$2.1bn

$3.3bn

$12.9bn $3.5bn

$2.4bn

$7.3bn $4.8bn

$1.6bn

215167

101182

279 269181

300238

63

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

Europe Middle East & Africa Number of IPOs

$135.2bn $132.4bn $115.1bn$174.2bn $192.4bn $179.1bn

$110.5bn$176.8bn

$97.6bn$49.7bn

$12.4bn $10.0bn$9.3bn

$6.8bn$13.9bn $12.2bn

$10.3bn

$13.3bn

$11.8bn

$2.6bn

774628 521

637 737 808 754946

757

371

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

Europe Middle East & Africa Number of FOs

United Kingdom,

36%

Germany, 14%

Netherlands, 8%

France, 7%

Sweden, 6%

Other, 31%

United Kingdom;

37%

Italy; 16%Switzerland;

15%

Sweden; 14%

Germany; 12%

Other; 17%

PwC

Overview of IPO and FO activity in EMEA


20

• At 40.8%, the average free float of EMEA IPOs is

highest of the three regions. The number of

secondary shares also peaks in the region.

• On the FO market activity levels were subdued, as

proceeds fell by 28% and the number of deals by 9%.

• The number of IPOs pricing within the bottom of, and

below their initial range has increased from 21% in

2017 to 32% in 2019YTD.

• Recent dovish comments from ECB President Mario

Draghi in the face of persistently low inflation have

boosted equity markets.

IPO and FO activity in EMEA


In the second quarter of 2019, IPO proceeds rose by 19% even with a 43% drop in the number of transactions

1

2

3

4

2018 2019YTD




4

1

2

3

2017 2018 2017YTD 2018YTD 2019YTD Q2 2017 Q2 2018 Q2 2019

IPO activity

Number of IPOs 300 238 150 144 63 90 83 47

% sponsor-backed 17.0% 10.9% 18.0% 12.5% 15.9% 20.0% 10.8% 19.1%


% sponsor-backed 28.0% 20.5% 31.1% 20.7% 41.6% 32.1% 37.6% 44.3%

Advanced metrics

Free float % 43.5% 41.2% 41.8% 43.5% 39.2% 39.1% 42.2% 40.8%



FO activity

Number of FOs 946 757 510 449 371 275 235 213


75

100

125

150


CAC 40 DAX FTSE 100

2.1%

3.9%

1.9%

3.5%

1.4%

4.3%

0.3%

3.9%

-3.7%

3.8%

1-Day 1-Week 1-Month 3-Month Current3% 8% 3% 7% 11%

18%20%

20% 15%21%

68%66%

63% 70%62%

10% 6%11% 7% 4%2% 1% 3% 2% 2%

2017 2018 2017YTD 2018YTD 2019YTD


PwC



Offer

priceDeal Type

Money

raised

Secondary

shares (%)

Performance


29-Mar-19 AstraZeneca Health Care LSE 64.96 - 64.96 60.50 FO - Accelerated Bookbuild $3.5bn 0.0% 2.0% -5.4% 6.4%

17-Jun-19 Infineon Technologies Technology Deutsche Börse 14.36 - 14.36 13.70 FO - Accelerated Bookbuild $1.7bn 0.0% 2.7% N/A 13.5%

14-Jun-19 Huatai Securities Financials LSE 20.00 - 24.50 20.50 FO - Fully Marketed $1.7bn 0.0% 8.9% N/A 8.9%

12-Mar-19 Adyen Industrials Euronext Amsterdam 656.20 - 656.20 600.00 FO - Accelerated Bookbuild $1.7bn 100.0% 4.0% 14.5% 13.1%

22-Mar-19 Cellnex Telecom Telecommunications BME 17.89 - 17.89 17.89 FO - Rights Offer $1.4bn 0.0% 35.5% 45.8% 81.9%

8-May-19 FinecoBank Financials Borsa Italiana 10.30 - 10.30 9.80 FO - Accelerated Bookbuild $1.1bn 100.0% 3.7% -5.3% 0.2%

20-Mar-19 Total Oil & Gas Euronext Paris 51.54 - 51.54 51.18 FO - Accelerated Bookbuild $1.0bn 100.0% -1.6% -1.7% -3.7%

3-May-19 Adyen Industrials Euronext Amsterdam 708.00 - 708.00 680.00 FO - Accelerated Bookbuild $0.8bn 100.0% -0.4% 6.0% -0.2%

13-May-19 Vonovia Financials Deutsche Börse 47.38 - 47.38 45.10 FO - Accelerated Bookbuild $0.8bn 0.0% 6.6% 1.9% -6.9%

22-Jan-19 Sika Industrials SIX Swiss Exchange 135.00 - 135.00 130.00 FO - Accelerated Bookbuild $0.8bn 100.0% 3.9% 3.7% 28.1%



Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance


12-Apr-19 Nexi Industrials Borsa Italiana 8.50 - 10.35 9.00 In range $2.3bn 36.4% 65.2% -6.2% -6.6% 0.7%

10-Apr-19 Network International Industrials LSE 3.95 - 4.65 4.35 In range $1.6bn 56.0% 100.0% 14.9% 20.2% 36.3%

27-Jun-19 Traton Industrials Deutsche Börse; Nasdaq S’holm 27.00 - 33.00 27.00 Bottom of range $1.5bn 10.0% 100.0% -2.0% N/A -2.0%

12-Apr-19 Stadler Rail Industrials SIX Swiss Exchange 33.00 - 41.00 38.00 In range $1.5bn 40.3% 100.0% 13.4% 10.6% 21.6%

21-Jun-19 Trainline Consumer Services LSE 3.18 - 3.60 3.50 Top of range $1.4bn 65.0% 88.4% 17.4% N/A 17.8%

28-Jun-19 Airtel Africa Telecommunications LSE 0.80 - 1.00 0.80 Bottom of range $0.7bn 18.0% 0.0% -15.3% N/A -15.3%

14-May-19 Arabian Centres Financials Saudi SE 26.00 - 33.00 26.00 Bottom of range $0.7bn 20.0% 68.4% -3.9% 0.0% -1.0%

4-Apr-19 Medacta Group Health Care SIX Swiss Exchange 88.00 - 104.00 96.00 In range $0.6bn 30.7% 100.0% 0.1% -5.0% -8.1%

9-Apr-19 IsraCard Financials Tel Aviv SE 15.00 - 15.00 13.50 Below range $0.5bn 65.2% 100.0% 3.9% 1.3% -9.6%

22-Mar-19 Schiehallion Fund Financials LSE 1.00 - 1.00 1.00 In range $0.5bn 0.0% 0.0% 12.5% 14.5% 17.5%

Leading transactions 2019YTD in EMEA


21

Top 10 largest IPOs 2019YTD in EMEA

Two payment processors going public almost simultaneously make up the top 2 spots of the EMEA IPO league table YTD

Top 10 largest FOs 2019YTD in EMEA



PwC

IPO and FO activity per sector in EMEA


22


Industrials take the lead as the 4 largest IPOs in the region are all from this sector, including Nexi and Network International which are both payment processors



FO

mo

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ed

& #

of

de

als

IPO

mo

ne

y r

ais

ed

& #

of

de

als


1.7 1.6 -

8.6 7.5

0.3

7.6 3.2 2.8

19.2 16.8

2.7 2.8 6.8

0.8

9.7 7.1 7.8

1.4 0.6 0.0 2.2 2.1 0.2 1.5 0.3 0.7 0.7 1.4 -

8 5

29 223

3422

11

97 88

14

3717 9

5141

18 10 3 1

29 30

6 3 3 1 2 7

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

10.5 9.4 3.0

12.4 8.0 2.8 11.6 12.5

4.4

93.0

35.5

17.8 11.0 12.4

5.6

24.0 18.3 10.5 5.2 4.8 1.9 5.9 4.4 3.2 3.7 2.4 2.1

12.8 1.6 1.0

59 40 2171 56

27

112 8732

283215

109 114 10250

140110

64 61 7027

76 57 33 11 9 3 19 11 5

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

PwC

Top countries in terms of IPO activity in EMEA


23

IPO activity of top countries in EMEA 2015 – 2019YTD

Despite an approaching Brexit deadline and a Tory leadership race, the United Kingdom remains popular for IPO activity in 2019YTD



$19.8bn

$7.6bn

$14.8bn$12.7bn

$5.7bn

74

52

8068

16

2015 2016 2017 2018 2019YTD

$2.6bn$0.9bn

$4.6bn$3.5bn

$2.3bn

2 3 4 6 3

2015 2016 2017 2018 2019YTD

$6.2bn

$1.6bn

$6.2bn

$2.4bn $2.4bn

239

27 268

2015 2016 2017 2018 2019YTD

5.9

$2.8bn $2.8bn$1.6bn $2.1bn

32 3548

2010

2015 2016 2017 2018 2019YTD

PwC

Asia-Pacific


24

PwC

Money raised via IPOs and FOs in Asia-Pacific


25


The Science and Technology Innovation Board has launched in China and should support activity levels amongst technology and science companies going forward

Money raised via IPOs and FOs in Asia-Pacific (10-year overview)

$175.3bn

$91.0bn$51.3bn $48.2bn

$66.2bn $77.8bn $71.5bn $81.3bn $93.5bn

$8.2bn

$8.0bn

$1.5bn

$1.5bn $10.2bn$17.0bn $6.5bn $5.8bn

$4.8bn$6.1bn

$0.0bn

761

620397 363

542668 684

951

653

115

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

Asia Australasia Number of IPOs

$206.8bn

$115.1bn $135.1bn $140.5bn $160.1bn$218.2bn $197.4bn $194.6bn

$139.8bn

$19.7bn

$23.6bn

$23.5bn$17.6bn $20.7bn

$22.3bn

$41.5bn$17.8bn $22.1bn

$22.4bn

$2.4bn

1,3521,077 978

1,265 1,325 1,478 1,367 1,3931,042

173

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

Asia Australasia Number of FOs



Hong Kong, 19%

India, 23%

Australia, 16%

China, 14%

Japan, 14%

Other, 16%

China; 37%

Hong Kong; 32%

India; 6%

Australia; 6%

Japan; 6%

Other; 12%

PwC

Overview of IPO and FO activity in Asia-Pacific


26

• The Chinese regulator has accelerated its approval of

IPO candidates, leading to a higher number of IPOs

in Q2 2019 in Mainland China as compared to Q1.

• On the FO market, proceeds fell by 2% to $34.9bn

whereas the number of deals fell 16% to 245.

• Despite a similar share of IPOs pricing within the

initial pricing range, those falling in the bottom 25%

thereof has increased.

• Global IPO returns are again driven by Asia-Pacific,

where 2019YTD IPOs had a healthy current median

post-IPO performance of 18.7%.

IPO and FO activity in Asia-Pacific


In the second quarter of 2019, IPO proceeds fell by 45% and the number of transactions by 4%

1

2

3

4

2018 2019YTD




1

2

4

3

2017 2018 2017YTD 2018YTD 2019YTD Q2 2017 Q2 2018 Q2 2019

IPO activity

Number of IPOs 952 653 464 315 265 227 153 147

% sponsor-backed 2.5% 2.1% 2.6% 3.2% 1.1% 1.8% 3.9% 2.0%


% sponsor-backed 8.4% 3.9% 8.8% 6.1% 2.9% 8.9% 7.3% 4.6%

Advanced metrics

Free float % 27.3% 27.5% 27.6% 26.9% 27.5% 27.5% 25.3% 28.8%



FO activity

Number of FOs 1394 1042 630 616 421 318 290 245


75

100

125

150

175


Hang Seng Nikkei 225 SENSEX

10.0%18.5%

8.5%

19.6%

6.6%

23.7%

5.0%

34.4%

-0.7%

18.7%

1-Day 1-Week 1-Month 3-Month Current2% 3% 3% 1% 4%

13%21%

12% 13%28%

50%40% 56%

44%

32%

33% 32% 27%39% 34%

2% 3% 2% 3% 3%

2017 2018 2017YTD 2018YTD 2019YTD


PwC



Offer

priceDeal Type

Money

raised

Secondary

shares (%)

Performance


4-May-19 Vodafone Idea Telecommunications BSE; NSE 12.50 - 12.50 12.50 FO - Rights Offer $3.6bn 0.0% 31.2% 10.7% -2.7%

24-May-19 Bharti Airtel Telecommunications BSE; NSE 220.00 - 220.00 220.00 FO - Rights Offer $3.6bn 0.0% 59.1% 57.0% 57.6%

15-Apr-19 Japan Post Insurance Financials Tokyo SE 2,433.00 - 2,433.00 2,375.00 FO - Fully Marketed $2.9bn 100.0% 0.8% -13.7% -15.9%

18-Apr-19 Shenwan Hongyuan Financials HKEX 3.63 - 3.93 3.63 FO - Fully Marketed $1.2bn 0.0% -11.9% -12.7% -25.6%

25-Jan-19 COSCO Shipping Industrials Shanghai SE N/A 3.78 FO - Cash Placing $1.1bn 0.0% 14.8% 34.4% 32.8%

22-Feb-19 Kotak Mahindra Bank Financials BSE; NSE 1,225.00 - 1,250.00 1,225.00 FO - Accelerated Bookbuild $1.0bn 100.0% 1.3% 10.3% 20.5%

27-Mar-19 China Vanke Financials HKEX 29.68 - 29.68 29.68 FO - Cash Placing $1.0bn 0.0% 6.3% 1.8% -1.3%

13-Feb-19 Axis Bank Financials BSE; NSE N/A 695.00 FO - Accelerated Bookbuild $0.8bn 100.0% 0.0% 6.3% 16.2%

4-Mar-19 Nintendo Consumer Goods Tokyo SE 30,030.00 - 30,030.00 29,488.00 FO - Fully Marketed $0.7bn 100.0% 2.9% 10.0% 33.9%

22-Jan-19 Sapura Energy Oil & Gas Bursa Malaysia 0.30 - 0.30 0.30 FO - Rights Offer $0.7bn 0.0% -5.0% 5.0% 0.0%



Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance


29-Apr-19 Ningxia Baofeng Energy Basic materials Shanghai SE N/A 11.12 N/A $1.2bn 10.0% 0.0% 44.0% 6.3% 6.2%

5-Jun-19 Hansoh Pharmaceutical Health Care HKEX 13.06 - 14.26 14.26 Top of range $1.0bn 9.7% 0.0% 36.8% N/A 44.8%

22-Mar-19 Embassy Office Parks REIT Financials BSE; NSE N/A 300.00 N/A $0.7bn 20.5% 0.0% 7.5% 7.2% 22.8%

16-May-19 Eagle Hospitality Trust Financials Singapore SE 0.80 - 0.81 0.78 Below range $0.7bn 83.6% 0.0% -6.4% -10.3% -8.3%

4-Jun-19 China East Education Consumer Services HKEX 9.80 - 12.26 11.25 In range $0.6bn 20.0% 0.0% -11.8% N/A -1.2%

13-Jun-19 CNOOC Energy Technology & Services Oil & Gas Shanghai SE N/A 2.04 N/A $0.5bn 18.3% 0.0% 44.1% N/A 74.0%

2-May-19 ARA US Hospitality Trust Financials Singapore SE 0.88 - 0.88 0.88 In range $0.5bn 81.0% 0.0% 0.0% -1.7% 1.7%

20-May-19 Xinyi Energy Utilities HKEX 1.89 - 2.35 1.94 Bottom of range $0.5bn 30.3% 0.0% 0.0% 16.0% 10.8%

19-Jun-19 Jinxin Fertility Health Care HKEX 7.76 - 8.54 8.54 Top of range $0.4bn 15.0% 0.0% 8.7% N/A 2.3%

26-Jun-19 Bank of Suzhou Financials Shenzhen SE N/A 7.86 N/A $0.4bn 10.0% 0.0% N/A N/A N/A

Leading transactions 2019YTD in Asia-Pacific


27

Top 10 largest IPOs 2019YTD in Asia-Pacific

Sizeable Indian IPOs were missing in Q2 2019, but two Indian Telecommunications FOs dominate the Asia-Pacific league table this quarter and year

Top 10 largest FOs 2019YTD in Asia-Pacific



PwC

IPO and FO activity per sector in Asia-Pacific


28


Financials are dominant in Asia-Pacific YTD, especially on the FO market



FO

mo

ne

y r

ais

ed

& #

of

de

als

IPO

mo

ne

y r

ais

ed

& #

of

de

als


5.1 2.9 2.3

13.6 7.3

1.4

9.3 10.7

2.7

24.2 19.9

6.2 5.8 4.7 3.4

19.3

8.9 4.4

0.4 2.2 0.8 5.8

21.1

1.7 0.1

21.6

0.0 2.5 0.4 0.5

8048

14

159

8525

93 8849

102 123

4476 58

26

308

156

669 5 3

100 7335

5 7 2 20 10 1

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

28.3

14.7 2.9

22.0 13.6

3.7 14.6

7.4 2.5

58.7 48.8

25.3

6.1 11.8

2.8

51.7

29.8

4.9 7.2 6.3 3.3

17.2 25.9

3.1 5.3 1.2 7.4 5.6 2.6 1.4

201170

61

168109

45

12276

32

280215

12183 90

31

298

223

56 56 43 23

14092

31 19 8 10 27 16 11

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

PwC

Top countries in terms of IPO activity in Asia-Pacific


29

IPO activity of top countries in Asia-Pacific 2015 – 2019YTD

China and Hong Kong continue to be the epicentre of new listing activity within Asia-Pacific, despite the anti-extradition bill protests in Hong Kong



$25.8bn $24.3bn

$31.6bn

$18.4bn

$8.8bn

220252

411

9664

2015 2016 2017 2018 2019YTD

$2.1bn$4.0bn

$11.5bn

$5.3bn$1.4bn

22 28 45 4312

2015 2016 2017 2018 2019YTD

$23.7bn$21.3bn

$14.3bn

$33.4bn

$7.6bn

116 112155

196

68

2015 2016 2017 2018 2019YTD

$6.5bn $5.6bn $4.8bn $6.1bn

$1.4bn

78 65 71 5121

2015 2016 2017 2018 2019YTD

pwc.com

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