pwc-studie "ipo-markt: stimmung bessert sich" / ipo watch europe survey, q3 2012

7/31/2019 PwC-Studie "IPO-Markt: Stimmung bessert sich" / IPO Watch Europe Survey, Q3 2012

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IPO Watch Europe

SurveyQ3 2012

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PwC

Contents

2

PwC Q3 2012 IPO Watch Europe Survey

European IPO activity by value and volume 3

Market volatility index and stock market performance 4

Post IPO performance 5

IPO offering value 6

IPO volume 7

Top five IPOs 8

IPOs by sector and value 9

US and Hong Kong overview 10

IPOs by market 11

About IPO Watch Europe 12



121

78

58

81

57

€ 9,370

€ 866

€ 2,299 € 726

€ 4,417

-

1,000

2,000

3,0004,000

5,000

6,000

7,000

8,000

9,000

10,000

-102030405060708090

100110120130

Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012

V a l u e o f

I P O s ( € m )

V o l u m

e o f I P O s

IPOs Value €m

Q3 2012 Q3 2011 Q2 2012

Total European listings comprise those with:

No money raised 13 16 23

Money raised 44 105 58

Total number of listings 57 121 81


In quarter three of 2012, 57 IPOs raised a combined total of € 4,417m. The

quarter was dominated by the Sberbank listing and capital raising in

London.

3

* Average offering value has been calculated based on total offering value over thenumber of listings raising money.

European IPO activity by value and volume

As anticipated, activity was low in first two months of the quarter reflecting the traditional summer lull and UK investors being preoccupied by the Olympics. However, Sberbank, Russia’slargest commercial bank, boosted the European markets by raising € 4,050m on the London Main Market in September 2012.

The outlook for quarter four is promising, with a number of high– profile companies signallingtheir intention to float. If the announced transactions do successfully complete and perform well in the aftermarket, this will go some way to stimulating investor confidence in European IPOs.

Total money raised (€m) 4,417 9,370 726

Average offering value (€m) * 100 89 13



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(10%)

(5%)

0%

5%

10%

15%

20%

Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12

YTD Indices - trading performance

FTSE All Shares FTSE AIM FTSEurofirst 300

-

10

20

30

40

50

60

70

80

90

Market Volatility Index (VIX)


Traditional IPO indicators, including VIX and stock market indices, have

improved as the quarter progressed leading to some encouraging signs for

quarter four

4

Source: Yahoo Finance

Eye of the storm and impact of thefinancial crisis

Eurozonefinancialcrisis

Sovereign debtcrisis Greek and Spanish

bailouts anddownturn in globaleconomic growth

Source: Yahoo Finance



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PwC Q3 2012 IPO Watch Europe Survey 5

Post listing share price performance has been mixed across Europe and

globally, with cross-border IPOs into London among the poorest performers

YTD 2012 Global Top 10 IPOs YTD 2012 Europe Top 10 IPOs

* IPO performance has been calculated based on 28 September 2012 closing price

Source: Yahoo Finance, Dow Jones

18% 16% 16%

9%

1% 0%

(2%) (3%)

(16%)

(30%)

14% 12% 11%6%

3%1% 0%

(4%)

(19%)

(43%)(50%)

0%

50%

B r u n e

l l o C u c i n e l l i

( B o r s a I t a l i a n a )

D K

S H H o l d i n g

( S I X S w i s s )

Z i g g o

( E u r o n e x t )

E l a n d O i l & G a s

( L o n d o n A I M

M a r k e t )

A l c e n t r a E u r o p e a n I n

c o m e F u n d

( L o n d o n M a i n M

a r k e t )

B l u e c r e s t B l u e t r e n d

( L o n d o n M

a i n M a r k e t )

S e l v a a g B o l i g

( O s l o B ø r s )

S b e

r b a n k

( L o n d o n M

a i n M a r k e t )

N M C

H e a l t h

( L o n d o n M

a i n M a r k e t )

R u s

p e t r o

( L o n d o n M

a i n M a r k e t )

I H H

H e a l t h c a r e

( B u r s

a M a l a y s i a )

S a n t a n d e r M e x i c o

( N Y S E )

F a r E a s t H o s p i t a l i t y T r u s t

( S i n g a p o r e E x c h a n g e )

F e l d a G

L V e n t u r e s

( B u r s a

M a l a y s i a )

B

T G P a c t u a l

(

B O V E S P A )

I n n e r M o n g o l i a Y i t a i C o a l

( H o n g K o n g

E x c h a n g e )

B l a c

k R o c k M . T .

( N Y S E )

J a p a n A

i r l i n e s

( T o k y o S t o c k

E x c h a n g e )

C I T I C H e a v

y I n d u s t r i e s

( S h a n g h a i

E x c h a n g e )

F a c e b o o k

( N a s d a q )

% m

o v e m e n t

r e l a t i v e t o I P O p r i c e

Post IPO performance



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98%

2%

London

Others

6

London topped the European IPO markets this quarter, driven by the Sberbank capital raising and the quarter’s second largest transaction, Eland, which raised € 148m on AIM

IPO offering value by exchange


Total offering value was 47% down on the same quarter in the prior year, however, quarterthree 2011 saw a number of privatisations of government-owned assets in Spain and Poland,each raising in excess of € 0.5bn. Since then, very few transactions have raised over € 0.2bnleading to low activity across most of the major exchanges in 2012.

Total offering value was over six times the amount raised in quarter two of 2012 due to the proceeds from the listing of Sberbank.

(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.

Stock exchange offering value(€m) Q3 2012 Q3 2011 Q2 2012

London Stock Exchange Group (1) 4,320 1,169 487

Luxembourg 54 136 48

Deutsche Börse 26 315 35

Warsaw 14 1,464 50NYSE Euronext 3 65 43

NASDAQ OMX - 60 -

Oslo Børs & Oslo Axess - 83 61

BME (Spanish Exchange) - 6,078 2

Total 4,417 9,370 726



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46%

26%

9%

7%

12%

Warsaw

London

Deutsche Börse

OMX

Others

7

IPO volume by exchange

Warsaw and London continue to be Europe’s most active listing

destinations, nevertheless volumes across Europe still remain at muted

levels


Stock exchange volume Q3 2012 Q3 2011 Q2 2012

Warsaw 26 61 33

London Stock Exchange Group (1) 17 29 21

Deutsche Börse 5 5 12

NASDAQ OMX 4 4 2Luxembourg 2 4 1

NYSE Euronext 1 8 8

Oslo Børs & Oslo Axess 1 4 2

SIX Swiss Exchange 1 - 1

BME (Spanish Exchange) - 6 1

Total 57 121 81

(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.



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Top five IPOs

8

Sberbank dominated the quarter, raising € 4bn, the largest European

transaction since Glencore raised € 6.9bn in quarter two of 2011


98%

2%

Top 5 IPOs Others

Five largest IPOs of Q3 2012€m

raised Sector Market SegmentCountry of Origin

Sberbank 4,050 Bank London Main Russia

Eland Oil and Gas 148 Oil & Gas London AIM Nigeria

Parade Technologies 48 Technology Luxembourg EuroMTF Taiwan

Revolymer 32 Chemicals London AIM UK

Ground Rents Income Fund 30 Investment Company London Main UK

Total 4,308

Five largest IPOs of Q3 2011€m

raised Sector Market SegmentCountry of Origin

Bankia 3,092 Banks BME Main Spain

Dia 2,378 Retail BME Main Spain

Jastrzębska Spółka Węglowa 1,346 Mining Warsaw Main Poland

Banca Cívica 600 Banks BME Main Spain

OJSC Phosagro 530 Chemicals London Main Russia

Total 7,946

Five largest IPOs of Q2 2012 €mraised Sector Market Segment Country of OriginBrunello Cucinelli 158 Retail Borsa Italiana Main Italy

NMC Health 142 Health Care London Main UAE

Selvaag Bolig 61 Real Estate Development Oslo Børs Norway

DCG Iris 50 Investment Company London Main UK

Industrial Investment Trust 48 Investment Company Luxembourg MTF India

Total 459

Four out of the top fivelargest transactions of the quarter were hosted

in London, whilst thethird largest IPO, Parade Technologies,the Taiwanese displayscreen manufacturer,raised € 48m in Luxembourg.



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92%

3%1%

4%

Banks Oil & Gas

Technology Others

9

IPOs by sector and value

Although the Technology and Industrial Goods & Services sectors achieved

the largest IPO volume in quarter three of 2012, the Banking sector raised

the most value due to the Sberbank transaction


SectorIPOs

Q3 2012IPOs

Q3 2011IPOs

Q2 2012

Technology 9 12 16

Industrial Goods & Services 7 26 10

Retail 5 2 5

Utilities 4 1 3

Mining 4 8 2

Construction & Materials 4 3 2

Oil & Gas 3 9 4

Financial Services 3 5 2

Chemicals 3 1 1

Pharmaceuticals & Biotech 2 7 7

Investment Companies 2 8 6

Travel & Leisure 2 4 5

Health Care 2 6 3

Real Estate 2 4 3

Food & Beverage 2 3 2

Telecommunications 1 2 3Personal & HouseholdGoods 1 5 2

Banks 1 3 1

Media - 4 3

Automobiles & Parts - 4 1

Basic Resources - 3 -

Insurance - 1 -

Total 57 121 81



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US overview

10

The US finishing strongly with eight IPOs raising € 3.3bn in September 2012

and was buoyed by the IPO of Banco Santander's Mexican unit, which raised

€ 2.3bn. Activity in Hong Kong remained low.


The US IPO market continued to demonstrate discrete periods of activity in the third quarter, reflecting thecontinued compression of IPO windows of opportunity. As volatility decreased and the US equity marketsclimbed to levels not seen since 2007, well-prepared companies were able to execute on their IPO plans.

The financial and technology sectors continued to drive the US IPO markets, with 58% and 13% of the proceeds, respectively. Financial sponsor backed IPOs continued their strong presence, with 69% of IPOs inQ3, generating 43% of the total proceeds. The outlook in the US remains positive with a healthyregistration pipeline expected to support momentum into the fourth quarter.

In Hong Kong, IPO activity was substantially down due to a slump in the number of Chinese companiesseeking to list. Consequently at the end of 2012, Hong Kong may lose its dominance as the top global exchange for IPOs by value, which it has maintained for the last three years.

Other notable global capital markets activity could be seen in Japan and Malaysia, with the relisting of Japan Airlines and IPO of IHH Healthcare. Both IPOs featured in the top four global deals of the quarter.

Q3 2012 Q3 2011 Q2 2012

Stock exchange IPOsOffering

value (€m) IPOsOffering

value (€m) IPOsOffering

value (€m)

NYSE 12 3,894 7 1,015 17 3,235

NASDAQ 17 1,307 14 1,218 14 13,733

US total 29 5,201 21 2,233 31 16,968

Hong Kong 17 1,422 22 1,789 14 2,113



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(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.(2) Cumulatively the WSE NewConnect raised €8m in Q3 2012. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of the rounded values.

IPOs by market


Stock exchange

Q3 2012 Q3 2011 Q2 2012

IPOs

Offering

value (€

m) IPOs

Offering

value (€

m) IPOs

Offering

value (€

m)TOTAL

Warsaw 26 14 61 1,464 33 50

London Stock Exchange Group (1) 17 4,320 29 1,169 21 487

Deutsche Börse 5 26 5 315 12 35

NASDAQ OMX 4 - 4 60 2 -

Luxembourg 2 54 4 136 1 48

NYSE Euronext 1 3 8 65 8 43

Oslo Børs & Oslo Axess 1 - 4 83 2 61

SIX Swiss Exchange 1 - - - 1 -

BME (Spanish Exchange) - - 6 6,078 1 2

Total (2) 57 4,417 121 9,370 81 726EU-REGULATED

London Stock Exchange Group (London Main) 2 4,080 6 810 4 196Deutsche Börse (Prime and General Standard) 5 26 4 300 1 3

Warsaw (Main) 2 9 7 1,427 5 46

NASDAQ OMX (Main) 2 - 2 59 1 -

Oslo Børs 1 - 2 83 1 61

SIX Swiss Exchange 1 - - - 1 -

London Stock Exchange Group (Borsa Italiana Main) - - - - 1 158

NYSE Euronext (Euronext) - - 2 43 4 29BME (Spanish Exchange) (Main) - - 3 6,070 - -

EU-regulated sub-total 13 4,115 26 8,792 18 493EXCHANGE-REGULATED

London Stock Exchange Group (London AIM) 13 233 22 205 15 130

Luxembourg (EuroMTF) 2 54 4 136 1 48

London Stock Exchange Group (Borsa Italiana AIM) 2 7 - - 1 3

Warsaw (NewConnect) (2) 24 5 54 37 28 4

NYSE Euronext (Alternext) 1 3 6 22 4 14

NASDAQ OMX (First North) 2 - 2 1 1 -

Deutsche Börse (Entry Standard) - - 1 15 11 32

BME (Spanish Exchange) (MAB) - - 3 8 1 2

Oslo Axess - - 2 - 1 -

London Stock Exchange Group (London SFM) - - 1 154 - -

Exchange-regulated sub-total 44 302 95 578 63 233

Europe total 57 4,417 121 9,370 81 726



PwC

About IPO Watch Europe

IPO Watch Europe surveys all new primarymarket equity IPOs on Europe’s principal stockmarkets and market segments (includingexchanges in Austria, Belgium, Denmark, France,Germany, Greece, the Netherlands, Ireland, Italy, Luxembourg, Norway, Poland, Portugal,

Spain, Sweden, Switzerland and the UK) on aquarterly basis. Movements between markets onthe same exchange and greenshoe offerings areexcluded.

This survey was conducted between 1 July and 30 September 2012 and captures new market IPOsbased on their transaction date. All market data

is sourced from the stock markets themselves and has not been independently verified by PricewaterhouseCoopers LLP.

12 PwC Q3 2012 IPO Watch Europe Survey



This publication has been prepared for general guidance on matters of interest only, and doesnot constitute professional advice. You should not act upon the information contained in thispublication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained inthis publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, itsmembers, 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 theinformation 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 which is a member firm of PricewaterhouseCoopersInternational Limited, each member firm of which is a separate legal entity.

pwc-studie "ipo-markt: stimmung bessert sich" / ipo watch europe survey, q3 2012

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