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IPO Watch Europe 2011

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IPO Watch Europe surveys stock market listings in Europe and provides a comparison with the world’s major markets

IPO Watch Europe 2011 3

Contents

Foreword 4

Europe — Review of the year

IPOs by quarter 6

Major IPOs 7

Major EU-regulated and exchange-regulated markets 8

Other markets 11

International IPOs 12

Value of equity trading 15

IPOs by sector 16

Developments in regulation and markets 18

Global perspective 20

IPO activity in Greater China 21

IPO activity in the US 22

IPO activity in Japan 23

IPO activity in the Gulf Cooperation Council 24

IPO activity in Latin America 25

IPO activity in Singapore 26

IPO activity in Australia 27

About IPO Watch Europe 28

About the Capital Markets Group in London 29

About the IPO Centre 29

Capital Markets network 30

4 IPO Watch Europe 2011

ForewordA positive start to 2011 followed by economic and political uncertaintyA bright beginning to 2011 proved to be something of a false dawn for the IPO market with the year being plagued by delays and postponements due to market volatility resulting from the Eurozone crisis. Nevertheless, some major floats took place in Europe, with London, Madrid and Warsaw all hosting high-profile IPOs.

Despite the lacklustre end to the year, a total of 430 IPOs across Europe raised €26.5bn in 2011 a 13% volume increase and just a 1% rise in money raised compared to 2010. However, pressure on pricing partly contributed to average deal values dropping by 10% from €86m in 2010 to €77m in 2011.

IPO values were skewed significantly towards the first half of the year as markets failed to ignite after the summer as hoped, due to the heightened economic uncertainty in Europe. A total of €16.3bn was raised in the first half of 2011 across the European markets compared to €10.2bn in the last six months of 2011.

More than half of money raised in Europe, €14.1bn, was generated on the London Stock Exchange, despite London hosting only a quarter of the IPOs across Europe. Warsaw hosted the most transactions – 203 in total, albeit at a low average value.

A few large transactions dominated the European markets The year was dominated by a few large transactions with the top six European deals raising €16bn, 60% of total IPO proceeds across Europe, compared to 37% (€9.6m) in 2010.

London listings were dominated by companies in the natural resources sectors, which in total raised €8.2bn and accounted for 58% of transactions on the London Stock Exchange. Glencore, the commodities trader’s €6.9bn entrance into the FTSE 100, was the biggest deal in London, bolstering IPO values in the Square Mile during 2011. The top three London listings, Glencore, Vallares, the oil and gas venture, and Justice Holdings, an investment company, accounted for more than €9bn of the proceeds raised in London. Two of these, Vallares and Justice Holdings, were IPOs of special purpose acquisition companies.

Privatisations of government-owned assets in Spain and Poland in the summer of 2011 raised over €5bn with the Iberian discount supermarket retailer Dia, which has a strong presence in emerging markets, adding a further €2.4bn to the total proceeds raised in Europe in 2011.

Global overview

In a year which saw serious threats to the stability of the Eurozone, the Arab Spring and the downgrade of the US credit rating by Standard & Poor’s, strain was put on global capital markets, disrupting the IPO plans of companies across all the major capital markets. This was evident in the market volatility indices in the US, the UK and Hong Kong, which hit two-year highs in August 2011.

Despite a lacklustre end to 2011, a total of 430 IPOs across Europe raised €26.5bn, a 13% increase in volume and a 1% rise in money raised compared to 2010.


companies will have to ensure that the groundwork is completed well in advance so they can be opportunistic should an IPO window open. Other lessons learned in 2011 include the need for selling shareholders to be realistic about company valuation and to ensure that the business is supported by a compelling equity story to attract potential investors.

Although there have been some encouraging signs at the start of this year, exactly when markets will pick up again is uncertain and the Olympics may be well under way by the time the IPO market gets out of the starting blocks and into its stride.

Despite the turbulent market conditions, in the US a total of 134 IPOs raised €25.6bn compared to 168 floats generating €29.1bn in 2010 (which also included the €11.6bn re-privatisation of General Motors). US IPO markets experienced a surge in activity in the first half of 2011 with the return of larger deals, including HCA Holdings and Kinder Morgan. The year finished strongly with the IPOs of Groupon, Michael Kors and Zynga boding well for 2012.

Greater China was the leading global IPO centre, hosting 420 IPOs and raising €57.2bn during 2011. However, this represented a 42% drop in value compared to 2010.

Hong Kong continued to build its reputation as a ‘go to’ place for luxury brand IPOs and was given a further boost with a number of high profile companies coming to market including Prada, which floated in June 2011 raising €1.5bn.

Outlook for 2012

As 2011 drew to a close, the continued uncertainty of the Eurozone significantly disrupted the European capital markets. However, in the first few weeks of 2012, we have seen some optimism return for IPO prospects with the London IPO of Ruspetro and a spate of IPOs launching in the US, including the much publicised Facebook IPO. This reflects some easing of the tough market conditions that plagued the end of 2011 and has been further boosted by the rally in stock market indices around the world in early 2012.

Whilst we expect market volatility to continue into 2012, there will be periods when market conditions will be favourable for IPOs. In this climate,

Whilst we expect market volatility to continue into 2012, we expect an IPO window to emerge. To be opportunistic when market conditions are favourable, companies need to ensure that the groundwork is completed well in advance.

Figure 2: Offering value of IPOs

295 126 380 4300

15,000

30,000

45,000

60,000

75,000

90,000

2007

80,449 13,953 7,112 26,286 26,491

2008 2009 2010 2011

Offe

ring

valu

e (€

m)

Figure 1: Volume of IPOs

295 126 380 4300

100

200

300

400

500

600

700

800

2007

771 295 126 380 430

2008 2009 2010 2011

Volu

me

of IP

Os


IPOs by quarter

European capital markets saw a poor first quarter of 2011 with deal values plummeting by 71% from €10,115m in Q4 2010 to €2,960m in Q1 2011. The number of IPOs also fell by 26% from 129 listings in Q4 2010 to 95 in Q1 2011 with London hosting the lion’s share of deals in the first quarter. Throughout the early 2011 market conditions remained fragile with growing uncertainty as a result of political and economic unrest in a number of countries leading to the postponements of a number of large floats such as BILT Paper and Topaz Energy and Marine.

The markets continued to endure the fallout in the second quarter from heightened concerns over Greece, Spain and Portugal. However, despite the increasing turbulence in the capital markets, European exchanges hosted 136 listings raising €13,295m in Q2 2011 compared to 89 listings raising €9,014m in Q2 2010. Companies in the Basic Resources, Mining and Oil and Gas sectors dominated the European IPO market in Q2 2011 with the IPOs of Glencore, the commodities trader, and Vallares, the oil and gas venture, raising a total of €8,049m, accounting for 61% of the total quarterly proceeds.

IPO activity in Q3 2011 compared positively to the same quarter in the prior year with 121 companies raising €9,370m versus 85 IPOs in Q3 2010 raising €2,479m. Of the money raised in Q3 2011, €7,416m was generated from four IPOs: €5,038m came from the July privatisations of government-owned assets in Spain and Poland and €2,378m from the IPO of Dia, the Iberian discount supermarket retailer. The later part of Q3 2011 was significantly affected by increasing economic uncertainties in the European markets as was evidenced by the postponement of the Spanish national lottery IPO in September 2011.

Figure 3: Volume of IPOs

Figure 4: Offering value of IPOs

Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4

Offe

ring

valu

e (€

m)

0

2,000

4,000

6,000

8,000

10,000

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14,000

20112010

8669,37013,2952,96010,1152,4799,0144,678

The year ended with a disappointing fourth quarter as volatility continued to destabilise the already fragile markets. The last quarter of 2011 saw 78 IPOs raising only €866m, a 40% decrease in transaction volume and an 91% drop in offering values compared to 129 IPOs in

Q4 2010 that raised €10,115m. London dominated activity in Q4 2011 raising €800m, 92% of total European IPO value, with the IPO of Polymetal (€421m) accounting for 49% of the quarter’s IPO proceeds across all the European exchanges.

Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4

Num

ber

of I

PO

s

0

20

40

60

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100

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20112010

7812113695129858977


The total money raised by the top ten IPOs increased by €5,194m, or 41% from €12,816m in 2010 to €18,010m in 2011. The contribution of the top ten to total money raised in Europe rose from 49% in 2010 to 68% in 2011, reaching similar levels to those achieved in 2009 (72%).

The London listing of Glencore, the world's largest commodities trading company, raised 38% of the top ten’s contribution to value. The Glencore listing was the largest IPO in Europe since Electricité de France raised €7bn on the Euronext exchange in 2005.

Of note is that 2011 featured a number of banking IPOs in the top ten for the first time since 2007 (VTB Bank in London) and 2008 (Commercial Bank of Qatar in London). Two of these IPOs, Bankia and Banca Cívica, were hosted in Spain in Q3 2011 and relate to the privatisation of Spanish government holdings.

The retail sector was boosted by the €2,378m raised by Dia, the Iberian discount supermarket group, which has a strong presence in emerging markets.

Major IPOs

Ten largest IPOs: 2011 (ranked by money raised)

Company Money raised €m Exchange Sector Country of origin

Glencore 6,867 London Basic Resources Switzerland

Bankia 3,092 BME Banks Spain

Dia 2,378 BME Retail Spain

Jastrzębska Spółka Węglowa 1,346 Warsaw Mining Poland

Vallares 1,182 London Investment Company UK

Justice Holdings 1,063 London Investment Company UK

Banca Cívica 600 BME Banks Spain

OJSC Phosagro 530 London Chemicals Russia

Nomos Bank 497 London Banks Russia

Aker Drilling 455 Oslo Oil & Gas Norway

Total 18,010

Ten largest IPOs: 2010 (ranked by money raised)


Enel Green Power 2,264 Italy and Spain Utilities Italy

PZU 1,990 Warsaw Insurance Poland

Essar Energy 1,485 London Utilities India

Gjensidige Forsikring 1,356 Oslo Insurance Norway

Amadeus 1,317 Spain Technology Spain

Pandora 1,227 OMX Personal & Household Goods Denmark

Tauron Polska Energia 1,026 Warsaw Utilities Poland

Vallar 822 London Investment Company Channel Islands

Mail.Ru Group 669 London Media Russia

Kabel Deutschland Holding 660 Deutsche Börse Telecommunications Germany

Total 12,816

Following the London float of Vallar in 2010, a special purpose acquisition company set up by Nathanial Rothschild to fund mining acquisitions, two further investment companies successfully floated in 2011. They were Justice Holdings, the cash shell set up by Nicolas Berggruen (the backer of hedge fund, GLG, and Pearl Insurance) and Martin Franklin; and Vallares, the cash shell founded by former BP CEO, Tony Hayward, and Nathaniel Rothschild targeting oil and gas acquisitions in emerging markets.


Major EU-regulated and exchange-regulated markets

EU-regulated

Despite a 9% fall in the volume of transactions, EU-regulated markets saw a 5% increase in value raised in 2011. Conversely exchange-regulated markets experienced an increased volume of transactions (24%) but raised less money (33%). These trends differed to those of 2010, where EU- and exchange-regulated markets both faced overwhelmingly positive uplifts in volumes and values from 2009’s figures.

EU-regulated markets hosted 118 IPOs raising €24,695m in 2011. This accounted for 27% of total IPOs in 2011 and 93% of the total money raised.

The top two European markets, London’s Main market and BME (Spanish Stock Exchange) were the only EU-regulated exchanges raising more money in 2011 than in 2010.

London again led the European capital markets in terms of value, with 101 IPOs raising €14,104m, reaffirming its place as the leading European market and a key international financial centre. The amount raised in London increased by €3,585m (or 34%) in 2011, though activity was buoyed by the €6,867m listing of Glencore in May 2011 contributing 49% of the value raised in London.

London’s market share by offering value in Europe increased from 40% in 2010 to 53% in 2011, although its market share by volume fell from 30% to 24%. This was largely due to a rise in low value transactions on Warsaw’s NewConnect market.

The Spanish Stock Exchange displayed the largest increase in activity relative to 2010, with the value of IPOs more than tripling from €1,562m in 2010 to €6,083m in 2011. The top two Spanish IPOs, together worth €5,470m, raised 90% of the Spanish proceeds in 2011. These were Dia, the Iberian retailer and Bankia, which was formed as a result of the union of seven Spanish financial institutions. It is notable that Bankia raised funds in response to new government rules on bank capital levels following the global financial crisis.

The Warsaw Stock Exchange ranked third by IPO value, with 31 IPOs raising €2,067m, although the exchange saw a 45% drop in money raised year on year, while the number of transactions rose by 19%.

Warsaw benefited from the €1,346m raised by the privatisation of the state-controlled Polish coking coal company, Jastrzębska Spółka Węglowa, which was the fourth largest IPO of 2011.

EU-regulated markets were dominated by a few large deals while the number of IPOs on exchange-regulated markets soared

Oslo Børs, NASDAQ OMX, NYSE Euronext and the SIX Swiss Exchange all experienced drops in volume and value from 2010 to 2011. These four exchanges raised a combined total of €4,876m from 39 transactions in 2010 whereas 27 deals raised a mere €882m in 2011. This was a drop of 31% by volume and 82% by value.

The Deutsche Börse, Borsa Italiana Main and Wiener Börse saw their combined number of transactions increase by 50% from a low base of 12 in 2010 to 18 in 2011, though the money raised fell 48% from €4,396m to €2,305m.

Exchange-regulated

Exchange-regulated markets hosted 312 IPOs raising €1,796m in 2011. This was a 24% rise in volume but a 33% fall in value compared to 2010 when 250 transactions completed raising €2,696m. Exchange-regulated markets accounted for 72% of total IPOs and 7% of total offering value in 2011.

London’s AIM market topped the table for money raised with 60 transactions (only two more than in 2010) raising €516m, 56% less than last year’s total of €1,180m. AIM contributed 29% of the money raised in exchange-regulated markets in 2011, down from 44% in 2010.


Major EU-regulated and exchange-regulated markets

2011 2010

Stock exchange Company IPOs Offering value (€m) Company IPOs Offering value (€m)

EU-regulated

London (Main) 1 39 13,371 52 9,034

BME (Spanish Stock Exchange) 1 4 6,070 2 1,514

WSE (Main) 31 2,067 26 3,770

Deutsche Börse 13 1,445 10 2,297

Oslo Børs 4 551 9 2,362

Borsa Italiana (Main) 1 3 494 2 2,099

Wiener Börse 2 366 – –

NASDAQ OMX (Main) 13 288 15 2,007

NYSE Euronext (Euronext) 8 43 11 344

SIX Swiss Exchange 2 – 4 163

EU-regulated sub-total 1 118 24,695 130 23,590

Exchange-regulated

London (AIM) 1 60 516 58 1,180

Luxembourg (EuroMTF) 20 451 36 797

Oslo Axess 9 264 7 83

London (SFM) 2 217 4 305

WSE (NewConnect) 2 172 133 86 40

NYSE Euronext (Alternext) 19 111 21 73

Deutsche Börse (Entry Standard) 5 78 13 116

Ireland (ESM) 1 1 17 – –

BME (Spanish Stock Exchange) MAB 5 13 10 48

Borsa Italiana (AIM) 3 9 6 32

NASDAQ OMX (First North) 17 4 9 22

Exchange-regulated sub-total 1 312 1,796 250 2,696

Europe total 1, 2 430 26,491 380 26,286

1. IPOs by market are shown gross of dual listings. However these are netted off in the Europe total number and offering values. • International Consolidated Airline's Group dual listed on London (Main) and BME (Spanish Exchanges) but raised no money. • Continental Farmers Group dual listed on London (AIM) and Ireland (ESM) raising €17m. • Enel Green Energy dual listed on Borsa Italiana (Main) and BME (Spanish Exchange) in 2010 raising €2,264m.

2. Cumulatively the WSE NewConnect raised €148m in 2011 and €51m in 2010. However some of the NewConnect transactions raised an amount that rounded to a lower figure and the total above is the sum of these rounded values.

The top three AIM IPOs were all oil and gas exploration companies. Trapoil, the largest AIM IPO of the year raising €69m, focuses on exploration on the UK Continental Shelf, Bayfield, which raised €61m, focuses on exploration in Trinidad and Tobago and 3Legs Resources, which raised €56m, focuses on exploration in Poland and Germany.

Oslo Axess, WSE NewConnect and the Irish Stock Exchange all experienced growth in both the number of transactions they hosted and the amount of money raised. Oslo’s nine IPOs raised €264m, although 93% (€245m) related to the IPO of Sevan Drilling, a deepwater drilling company. NewConnect’s IPO volumes doubled from 86 in 2010 to 172 in

2011 and its money raised more than tripled from €40m to €133m. The Irish Stock Exchange hosted no transactions in 2010 and only one in 2011, Continental Farmers Group, worth €17m (a dual listing with London AIM).

Luxembourg EuroMTF, London SFM, Deutsche Börse Entry Standard, BME (Spanish Stock Exchange) MAB and Borsa Italiana AIM all experienced a decline in both the number of IPOs they hosted and the amount of money they raised. In 2010, 69 transactions raised €1,298m whereas in 2011 these figures had dropped by 49% and 41% respectively to 35 transactions raising €768m. Three transactions accounted for €400m, or 52%, of the total money raised across the five exchanges: Doric

Nimrod Air Two, an investment company, raised €154m on London SFM; and Catcher Technology Co and Neo Solar Power, both suppliers of industrial goods and services, raised a combined total of €246m on Luxembourg MTF.

NYSE Euronext Alternext saw a 10% fall in volumes year on year, from 21 to 19 transactions, but a 52% rise in value from €73m to €111m. €43m of this money was raised by the IPO of Tekka Group, the French healthcare provider. In contrast, NASDAQ OMX First North saw a 89% rise in volumes – from 9 to 17 – but an 82% fall in values from €22m to €4m.


NYSE Euronext

2011 2010

Stock exchange IPOs Offering

value (€m) IPOs Offering

value (€m)

Alternext 19 111 21 73

Euronext 8 43 11 344

Marché Libre 14 3 27 1

NYSE Euronext total 41 157 59 418

London

2011 2010



value (€m)

Main Market 39 13,371 52 9,034

AIM 60 516 58 1,180

London (SFM) 2 217 4 305

PLUS 21 7 20 5

London total 122 14,111 134 10,524

Marché Libre hosted 14 IPOs in 2011, raising a total of €3m. IPO volume dropped 48%, from 27 IPOs in 2010, though money raised tripled from €1m to €3m.

Other markets

Germany

2011 2010



value (€m)

Deutsche Börse EU-regulated markets:

Prime Standard 12 1,445 8 2,297

General Standard 1 – 2 –

Deutsche Börse exchange-regulated markets:

Entry Standard 5 78 13 116

First Quotation Board (FQB) 199 35 151 50

Germany total 217 1,558 174 2,463

Quarterly IPO Watch Europe survey tracks the volume and value of IPOs across all the main European exchanges. However certain junior markets are not included within the Quarterly IPO Watch Europe survey. This section discusses the nature and activity of those markets.

First Quotation Board

First Quotation Board is the Deutsche Börse’s junior market and, along with Entry Standard, comprises the exchange-regulated platforms of Deutsche Börse. It is primarily aimed at qualified investors.

The First Quotation Board was the European junior market with the highest volume of IPOs in 2011. However, the exchange was the only junior market featured in our survey to see a drop in money raised from €50m in 2010 to €35m in 2011.

Deutsche Börse announced at the beginning of 2012 that First Quotation Board will be discontinued in its current form at some point in the second half of 2012.

PLUS

PLUS is a small and mid-cap stock exchange in London. PLUS operates two primary markets (the PLUS-listed and PLUS-quoted markets) as well as a secondary trading market (PLUS-traded). In 2011, the PLUS exchange hosted 21 IPOs raising €7m, an increase of 5% by volume and 40% by value compared to 2010.

The Marché Libre

The Marché Libre is an exchange-regulated market operated by NYSE Euronext. It addresses small and medium-sized firms seeking a public listing without facing the levels of regulation associated with NYSE Euronext senior markets.


Top five international IPOs


OJSC PhosAgro 530 London Chemicals Russia

Nomos Bank 497 London Banks Russia

Polymetal International 421 London Mining Russia

Etalon Group Limited 398 London Real Estate Russia

Global Ports Investments 371 London Oil & Gas Russia

Total 2,217

International IPOs

International IPOs covers the listings of companies with substantial operations outside the European countries covered by this survey.

IPOs of international companies in Europe showed a sharp decline in 2011 in the absence of any real “blockbuster” listings. The money raised by companies with operations outside Europe decreased by 48% from €8,714m in 2010 to €4,597m in 2011. However, the volume of international IPOs remained relatively stable with 96 transactions in 2011 and 100 in 2010.

A wave of companies with significant operations in Russia made up the top five international deals, all of which were hosted in London. Together they contributed 49% of the money raised from international IPOs in 2011.

PhosAgro, the global phosphate-based fertilizer producer, was the leading international IPO in 2011, raising €530m on the London Main market in July 2011. The IPO of Nomos Bank, a fast growing Russian bank, raised €497m. Both achieved a place in the top ten European IPOs in 2011. Polymetal International PLC, the precious metals producer in Russia and gold producer in Kazakhstan, was the only significant IPO in Q4 2011. It raised €421m, just missing out on a place in the top ten European IPOs for 2011.

Consistent with historical trends, India was the prime source of international IPOs measured on volume, mainly through GDR offerings in Luxembourg. However, these listings only accounted for 5% of international offering value.

Figure 5: Volume of international IPOs by country of origin

India

China

USA

Russia

Ukraine

South Africa

Other6%

7%10%

12%

12%

19%

34%

Figure 6: Value of international IPOs by country of origin

Ukraine

China

Russia

Taiwan

Tanzania

Brazil

India

UAE

Other

7%

59%5%

6%

5%

3%4%

7%

4%


Figure 7: Volume of international IPOs by sector

Oil & Gas

Industrial Goods & Services

Mining

Food & Beverage

Basic Resources

Technology

Personal & Household Goods

Utilities

Other

9%

18%

18%

20%

4%

5%

6%

4%

16%

Figure 8: Value of international IPOs by sector

Oil & Gas

Industrial Goods & Services

Real Estate

Chemicals

Mining

Banks

Food & Beverage

Investment Company

Personal & Household Goods

Other

12% 12%

14%

22%

4%

11%

7%

11%

2% 5%

The oil and gas sector generated the highest volume and highest value of international IPOs in 2011 with 20% of volume and 22% of value raised. The mining sector, together with industrial goods and services, was the joint second largest sectors by volume, each contributing 18% of international IPOs. The majority of the international oil and gas and mining sector listings were hosted on either the London Main or AIM markets, consolidating London’s position as a hub for companies operating in these sectors. However, consistent with previous years, there was a spread of international IPOs among the different industry sectors.

London remained the primary market for international IPOs in Europe, accounting for 79% of all international funds and 56% of IPO volume. In 2011, 54 international transactions raised €3,658m, a 36% fall from 2010's figure of €5,713m. International IPOs accounted for 26% of money raised in London in 2011, compared with 54% in 2010.


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Value of equity trading

Figure 11: Value of equity trading 2011

London Stock Exchange Group

NYSE Euronext

Deutsche Börse

BME (Spanish Exchanges)

SIX Swiss Exchange

OMX

Other

8%

8%

13%

16%

20%

31%

4%

Figure 12: Value of equity trading 2010

London Stock Exchange Group

NYSE Euronext

Deutsche Börse

BME (Spanish Exchanges)

SIX Swiss Exchange

OMX

Other

8%

8%

14%

16% 21%

29%

4%

Source: World Federation of ExchangesNote: London Stock Exchange Group comprises the London Stock Exchange and Borsa Italiana

Equity trading saw a recovery in 2011 with the trading values rising by 32% from €6,654bn in 2010 to €8,755bn in 2011. Three quarters of the European exchanges saw a rise in the value of their equity trading.

The top five stock exchanges accounted for 88% of all equity traded in Europe in 2011, broadly in line with 2010.

London maintained its position as the leading market with trading values increasing by 37% from €1,949bn in 2010 to €2,665bn in 2011.

Trading on NYSE Euronext increased by 28% reaching €1,776bn in 2011 compared to €1,388bn in 2010. Equity trading on Deutsche Borse also grew by 32% reaching €1,431bn in 2011 from €1,088bn in 2010.

Although Ireland had one of the lowest equity trading values, it experienced the largest growth – almost tripling in value from €7,280m in 2010 to €18,980m in 2011.

Three exchanges saw a drop in trading volumes with Athens experiencing a 51% drop in its equity trading, Luxembourg falling 44% and the Wiener Börse decreasing by 13%.

The relative proportions of the total equity traded across the larger European exchanges such as the London Stock Exchange Group and NYSE Euronext remained broadly consistent with last year’s performance.

Total trading (2010)

€6,654bn

Total trading (2011)

€8,755bn


IPOs by sector

Natural Resources IPOs, comprising companies operating in the Basic Resources, Mining and Oil & Gas sectors, dominated IPO money raising in Europe during 2011. Some 39% of proceeds were represented by Natural Resources companies, raising €10,404m compared to €1,591m in 2010.

The largest IPO of the year, Glencore, accounted for 26% of total proceeds raised in Europe in 2011 and 99.5% of the value raised by the Basic Resources sector, driving this sector to take the top spot by value raised. There were a total of 11 IPOs of companies in the Basic Resources sector in 2011, six of which took place on the London Stock Exchange. Average value of proceeds raised by Basic Resources companies in 2011 was €627m.

The IPOs of Bankia and Banca Cívica in Spain in July 2011 raised a combined €3,692m, propelling the Banking sector to second spot with total IPO proceeds reaching €4,452m compared to only €5m in 2010. There were a total of eight deals in the Banking sector in 2011 compared to only two in 2010. BME, London Stock Exchange and Warsaw Stock Exchange each hosted two IPOs with the remaining two deals hosted on Luxembourg Stock Exchange and OMX. The average deal value in the Banking sector was €556m.

The IPOs of Vallares and Justice Holdings in London raised €2,245m, 59% of the total proceeds raised by the Investment Companies sector in 2011. The Investment Companies sector reached third place for both IPO value and IPO volume in 2011, though total volume was 31% down on 2010’s figure of 48 IPOs. The London Stock Exchange led the activity in the sector with 23 out of the 33 Investment Company IPOs in 2011. The average amount of proceeds raised by Investment Companies in 2011 was €114m.

The Industrial Goods & Services sector retained its top position by IPO volume for the fifth consecutive year. The sector hosted 89 IPOs out of the total 430 across all the European exchanges in 2011, a 41% increase in the number of deals from 2010. Total money raised in this sector of €1,630m remained relatively flat in 2011 compared to €1,689m raised in 2010. The majority of floats in this sector (62%) were hosted on the Warsaw Stock Exchange with an average transaction value of less than €1m, cumulatively raising €73m. London and Luxembourg exchanges each hosted nine floats raising €394m and €331m, respectively. The majority of these companies (72%) had their main operations outside Europe.

The number of listings in the Technology sector increased by 29% from 35 IPOs in 2010 to 45 in 2011, although money raised dropped significantly from €1,750m in 2010 to €210m in 2011. Consistent with 2010, the majority of IPOs in this sector were hosted on the Warsaw Stock Exchange, with 25 IPOs raising €8m, followed by the London Stock Exchange hosting 7 IPOs, raising €46m. Technology company IPOs on average raised €4.7m.

The Oil & Gas sector experienced a significant increase in activity and moved up to seventh positions in the rankings, with 32 IPOs in 2011 compared to 15 in 2010. Europe’s tenth largest IPO was the Oil & Gas company, Aker Drilling, on the Oslo Stock Exchange, which raised €455m. The sector raised €1,649m in 2011 compared with €331m in 2010.

The largest shift in the ranking was witnessed by the Health Care sector, which moved from 17th place in 2010 to seventh in 2011. The sector hosted 21 IPOs in 2011 compared to only five in 2010, driven by 11 IPOs on NewConnect and seven IPOs on OMX. However, the total value raised by the sector fell by 67% from €284m in 2010 to €94m in 2011.


IPOs by sector – by volume

SectorCompany IPOs

2011 Company IPOs

2010

Industrial Goods & Services 89 63

Technology 45 35

Investment Companies 33 48

Oil & Gas 32 15

Financial Services 25 22

Personal & Household Goods 21 14

Health Care 21 5

Mining 20 23

Pharmaceuticals & Biotech 18 27

Travel & Leisure 16 8

Food & Beverage 15 19

Construction & Materials 13 11

Media 12 18

Real Estate 12 16

Utilities 11 15

Basic Resources 11 4

Automobiles & Parts 11 1

Retail 8 17

Banks 8 2

Telecommunications 6 10

Insurance 2 4

Chemicals 1 3

Total 430 380

IPOs by sector – by value raised

SectorValue raised (€m)

2011Value raised (€m)

2010

Basic Resources 6,900 31

Banks 4,452 5

Investment Companies 3,792 4,110

Retail 2,513 1,629

Mining 1,855 1,229

Oil & Gas 1,649 331

Industrial Goods & Services 1,630 1,689

Real Estate 975 220

Chemicals 530 474

Personal & Household Goods 463 1,422

Food & Beverage 354 682

Financial Services 319 885

Technology 210 1,750

Pharmaceuticals & Biotech 176 736

Automobiles & Parts 157 1

Media 137 1,117

Travel & Leisure 102 458

Health Care 94 284

Utilities 64 4,925

Construction & Materials 61 74

Telecommunications 54 722

Insurance 4 3,512

Total 26,491 26,286


Developments in regulation and markets

Prospectus Directive amendment

The amended Prospectus Directive should take effect on 1 July 2012. It introduces proportionate disclosure regimes for rights issues, small and medium-sized companies and companies with reduced market capitalisation. During 2011, the European Securities and Markets Authority made recommendations to the European Commission on the detailed measures to be adopted for implementation. These included the proposal that proportionate, i.e. less, disclosure should not be available on an IPO or initial admission to trading on a regulated market. This regime should reduce the cost of further issues of capital to listed companies.

Developments in London

The conditions for the inclusion of an issuer in the stock market indices is an area that has been receiving particular attention in the UK. The FTSE index committee previously changed the rules to require non-UK incorporated companies to have a 50% free float, as well as acknowledgement of adherence to UK market practices, in order to secure inclusion in the UK series of indices. This would thus gain them entry to the FTSE 100, for example. FTSE have now introduced rules to require UK incorporated companies to have a

minimum 25% free float in order to be index included even though the FSA will admit, by exception, companies to premium listing with a lower percentage free float. Consideration is also being given to using the index rules to impose governance standards, though proposals have yet to be published.

Transparency Directive review

Initially in response to concerns from smaller listed companies, the European Commission has brought forward proposals to reduce the burden of ongoing disclosure for all companies traded on regulated markets. Examples such as abolishing the requirement for an interim management statement, or quarterly report, have been tabled but legislation to introduce these changes is still some way off.

Market Abuse Directive review

In 2011 the European Commission brought forward proposals for Market Abuse Regulation that would extend the scope of the existing framework covering insider dealing and market manipulation. The regulation would cover any financial instrument traded on a multilateral trading facility (MTF) or on an organised trading facility to avoid any regulatory arbitrage between trading venues. In addition, proposals

have been made to criminalise the offences of insider dealing and market manipulation across the EU.

Both of these proposals now proceed to the next step in the European legislative process, engaging with the Member States and the European Parliament. However, formal adoption is still some time in the future.

Market developments2011 saw the respective failed mergers of the London and Toronto Stock Exchanges and of the Singapore and Australian Stock Exchanges. In addition, the merger plans of NYSE Euronext and Deutsche Börse were blocked by the European Commission at the beginning of 2012.


Global perspective

2011 2010

Region IPOs Offering


value (€m)

Greater China 1, 2 420 57,240 492 98,624

Europe 430 26,491 380 26,286

US 134 25,581 168 29,064

Latin America 21 6,153 22 5,727

Singapore 23 5,350 30 3,533

Japan1 36 1,495 22 7,796

Australia 105 1,195 98 6,441

Gulf Cooperation Council 1 9 567 12 1,531

1. The offering value of IPOs in these markets includes over-allotment or greenshoe amounts. 2. Companies from Greater China are able to list a different class of shares on the different Greater China exchanges. In these cases, the data above includes the value of shares listed on each exchange and the listings as separate IPOs.

In 2011 global IPO activity lost some of the momentum from 2010. The stormy economic conditions were sufficiently far-reaching to create an impact in all international markets. Europe was the only region to experience growth (13% and 1% respectively) for both volume and value.

Greater China maintained its position as the top region by value, despite a 42% fall in the money raised from €98,624m in 2010 to €57,240m in 2011. It hosted 420 IPOs compared with Europe’s 430, thereby demonstrating a much larger average transaction value of €137m in comparison to Europe’s €77m.

In 2011 global IPO activity lost much of its momentum. The stormy economic conditions were sufficiently far-reaching to create an impact in all international markets. All major markets experienced flat or declining IPO money raisings.

The US dropped to third spot despite a strong final quarter, with values falling by 12% and volumes decreasing by 20% in 2011 compared with 2010, although 2010 benefited from the €11.9bn raised by General Motors.

Japan experienced an 81% decline in money raised from €7,796m in 2010 to €1,495m in 2011 following the impact of the earthquake in March 2011.

In contrast, Singapore saw a 51% increase in money raised from €3,533m in 2010 to €5,350m in 2011 despite a 23% fall in IPO volumes.


IPO activity in Greater China

Comparison with Greater China

2011 2010



value (€m)

Europe total 430 26,491 380 26,286

Hong Kong 1 90 25,053 104 43,618

Shenzhen 243 20,118 321 33,318

Shanghai 39 11,678 28 21,069

Taiwan 48 391 39 619

Greater China total 420 57,240 492 98,624

1. The number of IPOs on Hong Kong Stock Exchange excludes transfers from GEM to Main Board.

Hong Kong maintained its position as the largest capital market in Greater China during 2011 in terms of IPO funds raised. However, the total funds raised from Hong Kong IPOs in 2011 was €25.1bn, 43% less than in 2010. The number of IPOs totalled 90, down 13% compared to the prior year.

The Greater China IPO market was affected by external factors in 2011. The volatility in the global equity markets dragged indices in Greater China down by as much as 20% throughout the year with a consequential negative impact on the price/earnings ratios of IPOs.

Despite the reduction in IPO volumes and funds raised in 2011, the Hong Kong IPO market is still expected to be vibrant due to sufficient liquidity and the continuous growth of China’s economy.

In Mainland China total IPO volumes were also reduced. However domestic small and medium sized enterprises remained the main driving force in the IPO market. A total of €11.7bn was raised through IPOs in Shanghai, a decline of 45% compared to 2010. While a total of €20.1bn was raised on the Shenzhen Stock Exchange, a reduction of 40% from 2010.

Kennedy Liu, Partner, PwC Hong Kong:

"Global companies and luxury brands are increasingly looking to expand in the Asia Pacific region, especially China. To do so, these companies need additional funds. And where better to tap the market for capital than Asia. Listing in the region is also a good way for these international companies to enhance their brand and image in markets where they're not as well known. The uniqueness of Hong Kong's position makes the city an ideal platform for these global companies to meet with investors from China."

Figure 14:

IPO volume and offering value 1, 2

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1. The offering value of IPOs in Greater China includes over-allotment or greenshoe amounts. 2. Companies from Greater China are able to list a different class of shares on the different Greater China exchanges. In these cases, the data above includes the value of shares listed on each exchange and the listings as separate IPOs.


IPO activity in the US

While the US IPO markets had strong momentum in the first half of the year and a resurgence of activity in the fourth quarter, the markets saw an overall decrease in activity in 2011. However, there are some positive signs regarding equity markets as we head into 2012.

A total of 134 IPOs generated €25,581m compared to 168 IPOs raising €29,064m in 2010, representing a 20% decrease in volume and a 12% decrease in value when compared to 2010. However, the 2010 proceeds were skewed by the second largest US IPO in history – the General Motors (GM) float that raised €11,567m.

Despite the decline in volume and value of offerings, average deal size increased by 10% from €173m in 2010 to €191m in 2011. The US IPO market witnessed the return of some larger deals in 2011, with a total of three IPOs in excess of €1bn, compared to 2010 which only produced the GM IPO.

Investment company sponsors-backed IPOs, which encompass deals backed by private-equity and venture capital firms, continued to lead the market activity with 87 of the 134 IPOs (65%) raising €19,967m (78%), compared to 128 deals (76%) raising €13,293m (46%) in 2010.

Although completed IPOs declined, interest in the IPO market was strong with 274 companies filing initial registration statements in 2011. Of these offerings, 171 remained in the IPO pipeline at the end of 2011, marking the largest IPO pipeline in several years.

Figure 15:

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Comparison with the US

2011 2010



value (€m)

Europe total 430 26,491 380 26,286

NYSE 68 18,505 87 22,940

Nasdaq 66 7,076 81 6,124

US total 134 25,581 168 29,064

IPOs were well diversified across industries with Technology leading the way with 21% of total proceeds, followed closely by Energy (17%), Healthcare and Business Services (14% each), Financial Services (13%) and Consumer Products (11%).

Henri Leveque, Partner, PwC US:

“The US IPO market reflects a tale of two halves in 2011. On the back end of a solid recovery towards the end of 2010, the year kicked off with robust IPO activity throughout the first half. Although activity was slow for the majority of the second half, a few noticeable market windows opened in the fourth quarter, contributing to the year ending on a stronger note. This renewed confidence in the US IPO market, combined with the strong pipeline of offerings provides a positive outlook for the IPO markets in 2012.”


IPO activity in Japan

2011 saw a 60% increase in IPO volume in Japan, with the number of IPOs increasing from 22 in 2010 to 36. However, this compares with around 150 IPOs each year between 2000 and 2007, highlighting that the market is yet to fully recover.

Money raised by the 36 IPOs in 2011 was €1,495m, 81% down on the €7,796m raised by 22 IPOs in 2010. Therefore, although the number of IPOs in 2011 was greater than 2010, the average IPO size was much smaller.

Nearly one third of the 2011 IPOs were in the Information and Communication Technology (ICT) sector, and this trend is expected to continue into 2012.

Takahiro Nakazawa, Partner, PwC Japan: “Markets are facing a lot of uncertainties heading into 2012, such as the strength of the Japanese Yen, the sovereign debt crisis in Europe, and elections in the US, Russia, etc. The development and interaction of these factors will significantly affect the capital markets landscape in 2012. It is consequently very difficult to anticipate how many IPOs will take place in Japan this year.

However, given the circumstances, many Japanese market players expect that the number of IPOs will grow and there will be around 50 IPOs in 2012.”

Comparison with Japan

2011 2010



value (€m)

Europe total 430 26,491 380 26,286

Tokyo Stock Exchange (Main) 9 1,070 6 7,522

JASDAQ 16 244 10 134

Mothers 11 181 6 140

Japan total 36 1,495 22 7,796

Figure 16:

IPO volume and offering value 1

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IPO activity in the Gulf Cooperation Council

In 2011, the number and total value raised through IPOs in the six nation Gulf Corporation Council (GCC) reduced to nine IPOs with a total value of €567m compared to 12 IPOs with a total value of €1,531m in the previous year, a 25% decrease in activity and 63% decrease in value.

The year witnessed three IPOs in the United Arab Emirates, all in the first half of 2011 and one IPO in Oman in Q4. Although the Kingdom of Saudi Arabia continued to outperform other GCC countries in the number and value of IPOs, with five floats during the year, it still underperformed compared to the previous year, with a decrease of 44% in the number of IPOs and a 65% decrease in the total value raised.

The low performance of the equity markets of the GCC throughout the year was driven by the regional political unrest, wider global economic instability and general investor caution resulting in a risk-averse attitude toward the equity markets. Investor lack of appetite for risk coupled with issuer reluctance to sell at perceived lower valuations contributed to a slow and stifled year in the equity markets. Until the situation begins to improve we would expect investor equity confidence in the region to remain low.

Steve Drake, Partner, PwC Middle East:“Regional IPO activity during the year has been difficult with both issuers and investors exhibiting caution regarding the right time and conditions to return to the market. As we are moving into 2012, we are seeing improvements in confidence on the supply side and so would expect to see increased activity in certain regional markets during 2012. We see a number of issuers beginning to prepare themselves for an IPO so that when the time is right, they are ready to act quickly.”

Comparison with the Gulf Cooperation Council

2011 2010



value (€m)

Europe total 430 26,491 380 26,286

Saudi Arabia 5 331 9 942

UAE 3 190 – –

Oman 1 46 1 205

Bahrain – – 1 358

Qatar – – 1 26

GCC total 9 567 12 1,531

Figure 17:


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IPO activity in Latin America

The combined markets of the Latin American region saw a 7% increase in IPO value with €6,153m raised in 2011, compared to €5,727m in 2010. The number of transactions decreased from 22 in 2010 to 21 in 2011, a 5% fall.

Like 2010, 2011’s activity was concentrated in Brazil. In 2010 it accounted for 75% of value raised though in 2011 this had decreased to 49%. The Colombia Stock Exchange saw its value increase tenfold from €204m in 2010 to €2,043m in 2011.

The number of IPOs on the Santiago Stock Exchange quadrupled with a near proportionate increase in money raised as well, moving from one transaction raising €161m in 2010 to four IPOs raising €732m in 2011. In contrast, Mexico saw a decline of 67% and 66% respectively in both IPO volumes and values year on year.

The market was held back in 2010 in anticipation of the expected Petrobras deal. When it did finally come in September, market concerns were focused on issues in Europe which further delayed new Brazilian deals.

Ivan Clark, Partner, PwC Brazil:“2011 started promisingly enough on Latin American capital markets but soon felt the impact of the Eurozone crisis and sovereign credit rating downgrades. The region’s generally healthy fast emerging economies could not decouple from the global capital markets. In Argentina, the nationalisation of the pension funds three years ago put a dampener on the market which has yet to lift.”

“Prospects though are brighter. The Brazilian market, in particular, has a significant number of IPOs in the pipeline and offshore funds are waiting for the green light. As Brazil takes up its position as the world’s sixth largest economy, its funding needs surpass the Brazilian Development Bank s capacity to meet all its capital requirements. The funds will need to be drawn from deeper wells. As such, the international capital markets will play an ever increasing role in partnering with Latin American countries as they emerge onto the world stage.”

Comparison with Latin America

2011 2010



value (€m)

Europe total 430 26,491 380 26,286

Brazilian 11 3,034 11 4,284

Colombia 4 2,043 2 204

Santiago 4 732 1 161

Mexican 2 344 6 1,017

Buenos Aires – – 2 61

Latin America total 21 6,153 22 5,727

Figure 18:


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IPO activity in Singapore

With a positive economic outlook and the proposed merger with the Australian Stock Exchange, 2011 started with much promise for the Singapore Exchange. However, as with other global exchanges, Singapore saw an overall reduction in the number of IPOs from 30 in 2010 to 23 in 2011 due to the uncertainty in the global economy which put paid to the plans of many private equity funds to realise their investments. Despite the decrease in IPO volumes, total funds raised increased from €3.5bn in 2010 to €5.4bn mainly due to the two mega IPOs of Hutchison Port Holdings (HPH Trust), Hutchison Whampoa’s container port assets, which raised €3.9bn and Mapletree Commercial Trust, a Singapore-focused real estate investment trust, which raised €0.5bn.

Singapore remains an attractive listing venue for new issuers due to its low tax and favourable government policies. In further efforts to enhance its competitiveness, the Singapore Exchange has also already taken the first steps to exploit niche listings. With the introduction of REIT structures in 2002 and business trust structures in 2004, Singapore took the advantage and now boasts the largest market for those entities in Asia with 25 listed REITs. This specialisation helped the Singapore Exchange to secure the HPH Trust IPO and should create a source of ongoing IPO activity.

The Singapore Exchange has publicly stated its desire to become an offshore Renminbi centre which could boost debt and equity issuance and liquidity. However regulatory approval for such offshore trading remains at the discretion of the Chinese Government.

Richard Sim, Partner, PwC Singapore: “2011 was a volatile market for IPO activities. Although IPO proceeds were €1.8bn higher compared to 2010, this was mainly due to the two mega IPOs of Hutchison Port Holdings and Mapletree Commercial Trust that raised an aggregate of €4.5bn. With the current market uncertainty due to the Eurozone debt crisis, the global capital markets are expected to remain volatile in 2012. The outlook for the Singapore Exchange in 2012 remains heavily dependent on stabilisation in Europe and US economic growth, which has been showing signs of recovery".

Comparison with Singapore

2011 2010



value (€m)

Europe total 430 26,491 380 26,286

Singapore total 23 5,350 30 3,533

Figure 19:


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IPO activity in Australia

IPO activity on the Australian Securities Exchange hit a three-year high in 2010, with around 100 floats raising more than €6.4 bn, including the two multi-billion euro IPOs of rail group QR National, which raised €2.5bn, and Westfield Retail Trust which raised €2.4bn. In 2011, total funds raised fell to €1.2bn, the lowest annual total during the previous ten years, due to adverse economic conditions in Australia and uncertainty in the global economy creating low levels of investor confidence. However, IPO volumes remained relatively high, 105 in 2011 compared to 98 in 2010, as increased activity in the resources sector acted as a catalyst for more floats of mining services companies. This was largely confined to more junior exploration companies, with few IPOs above €36 million (US$50 million). In particular there have been a growing number of overseas junior exploration companies raising capital through listing to develop minerals projects in Africa, South America, Mongolia and Central Asia.

There has been an increasing trend of overseas companies wishing to realise value from their Australian assets due to the current strength of the Australian dollar. This trend is expected to continue in 2012 along with increased deal activity from Asia-based purchasers presenting an alternative exit route or financing at potentially higher valuations compared to those achieved through an Australian Securities Exchange listing.

Following the Australian government’s rejection of the proposed takeover of the Australian Securities Exchange by the Singapore Stock Exchange in March 2010 on national interest grounds, the Australian Securities Exchange remains primarily a domestic Australian exchange focused on the natural resources sector.

Growing retail investor demand for bonds, more corporate debt issuances, and the expected quoting of Commonwealth Government Securities, bodes well for the Australian Securities Exchange Interest Rate Securities market next year and a potential alternative to equity or quasi-equity financing for Australian corporates.

Richard Savage, Partner, PwC Australia:"Equity issuance in Australia is currently at historic lows with market volatility and economic uncertainty discouraging Initial Public Offerings. However there is a known and substantial IPO pipeline (primarily private equity exits) awaiting the next IPO window and emerging themes such as overseas resources players wishing to establish Australian listed vehicles and a push by the authorities and the local exchange to established a local listed corporate debt market. These latter factors may prompt some additional market activity in 2012 irrespective of overall market conditions."

Comparison with Australia

2011 2010



value (€m)

Europe total 430 26,491 380 26,286

Australia total 105 1,195 98 6,441

Figure 20:


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About IPO Watch Europe

IPO Watch Europe surveys all new primary market listings on Europe’s principal stock markets and market segments (including exchanges in the EU member states plus Switzerland and Norway) on a quarterly basis. Movements between markets on the same exchange, re-admissions, reverse takeovers and greenshoe offerings are excluded. The IPO Watch Europe 2011 collates data from the quarterly surveys conducted between 1 January and 31 December 2011 capturing new market listings based on their listing date.

IPO Watch Europe 2011 was completed by:

Richard Weaver

Mark Hughes

Janna Blizeeva

Holger Miss

Philip Suter

Kevin Desmond

Alexis Gray (The Hive Consultancy)

Should you have any questions regarding this publication please contact:

David Jetuah Tel: +44 (0) 20 7212 1812 [email protected]

All of the graphs, tables, and data used within this publication have been collated or extracted by the Capital Markets Group research team.

In collating and extracting this information, we rely upon data provided directly by various exchanges, and extracted from the World Federation of Exchanges website. We do not carry out any confirmation procedures on that information.

Further (hard) copies of this publication are available from the PwC publications department on +44 (0) 20 7212 4883.


About the Capital Markets Group in London

About the IPO Centre

The Capital Markets Group comprises specialists who provide a broad range of services to companies and investment banks in connection with London capital market transactions, including:

Preparations for becoming a public company•

Acting as reporting accountant on capital markets transactions•

Undertaking financial and business due diligence investigations•

Advising on regulatory issues•

Assisting with GAAP conversion projects•

Selecting the right market and advisory team.•

The Capital Markets Group is part of the PwC global network of capital markets specialists. For more information visit www.pwc.co.uk/capitalmarkets

Key contacts

Richard Weaver Tel: + 44 (0) 20 7804 3791 [email protected]

Mark Hughes Tel: + 44 (0) 20 7804 3824 [email protected]

Ursula Newton Tel: + 44 (0) 20 7212 6308 [email protected]

Philip Tew Tel: + 44 (0) 20 7804 2463 [email protected]

Tom Troubridge Tel: + 44 (0) 20 7804 4723 [email protected]

PwC has a strong and established record helping companies from all over the world plan and execute successful IPOs. The IPO Centre was created to respond to today’s increasingly complex cross border world.

It is now more important than ever for companies to be able to tap into both global knowledge as well as local insights. The IPO Centre brings together our global expertise ensuring that we provide companies with the right mix of sector and IPO expertise combined with relevant local and international market knowledge. Through the IPO Centre we are also able to connect companies with the right PwC capital market specialists that are able to help them effectively evaluate the pros and cons of IPO, take them through the flotation process and prepare them for life as a public company, regardless of the market they choose to list on.

Key contact

Clifford Tompsett Tel: + 44 (0) 20 7804 4703 [email protected]

Katya Kuznetsova Tel: + 44 (0) 20 7213 2166 [email protected]


Capital Markets network

Key contacts

Austria Aslan Milla +43 (1) 501 88 1700 [email protected]

Australia Paul Brunner +61 28 266 4664 [email protected]

Belgium Peter D’hondt +32 (0) 2 710 7227 [email protected]

Brazil Ivan Clark +55 11 3674 3656 [email protected]

Canada Dean Braunsteiner +1 416 869 8713 [email protected]

China/Hong Kong Kennedy Liu +852 2289 1881 [email protected]

Cyprus Nicos Theodoulou +357 (0) 22 55 5587 [email protected]

Denmark Jens Otto Damgaard +45 (0) 39 45 3410 [email protected]

Finland Netta Mikkila +358 (0) 9 2280 1386 [email protected]

France Thierry Charron +33 (0) 156 57 12 33 [email protected]

Germany Christoph Gruss +49 (0) 69 9585 3415 [email protected]

Greece Nicholas Peyiotis +30 210 6874452 [email protected]

India Srijit Banerjee +91 22 6669 1308 [email protected]

Ireland John Casey +353 (1) 792 6893 [email protected]

Italy Gabriele Matrone +39 06 57025 2397 [email protected]

Israel Ronen Rotstein +972 (0) 379 54 443 [email protected]

Japan Takahiro Nakazawa +81 (0) 80 3158 6591 [email protected]

Kazakhstan Almaz Sadykov +7 727 330 3200 [email protected]

Luxembourg Philippe Piérard +352 49 48 48 2123 [email protected]

Mexico Armando Martinez +52 555 263 5749 [email protected]

Mongolia Johanna Cave +976 113 29089 [email protected]

Netherlands Martin Coenen +31 (0) 88 792 5023 [email protected]

Nigeria Darrel McGraw +234 706 401 9361 [email protected]

Norway Sjur Holseter +47 (0) 95 26 02 78 [email protected]

Poland Tomasz Konieczny +48 22 523 4285 [email protected]

Russia Macy Coffey +7 (495) 223 5132 [email protected]

Singapore Sim Hwee Cher +65 6236 3128 [email protected]

South Africa Conraad Richardson +27 11 7974713 [email protected]

South Korea Steven Kang +82 (0) 2709 4788 [email protected]

Spain Rocio Fernandez +34 915 685 052 [email protected]

Sweden Christine Rankin-Johansson +46 (8) 555 332 04 [email protected]

Switzerland Michael Abresch +41 (0) 58 792 21 20 [email protected]

Turkey Mert Tuten +90 212 326 6148 [email protected]

Ukraine Bryan Disher +380 44 490 6777 [email protected]

United Arab Emirates Steve Drake +971 43 043 421 [email protected]

United Kingdom Richard Weaver +44 (0) 7807 3791 [email protected]

United States Neil Dhar +1 646 471 3700 [email protected]

www.pwc.com PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See www.pwc.com for more information.

This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

© 2012 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom), which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.

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