pwc's global technology ipo trends: 2010 - 2014

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pwc.com Global Technology IPO Trends 2010 - 2014 December 5, 2014 Raman Chitkara, Global Technology Industry Leader Technology and Changing Capital Markets NYU Center on U.S.-China Relations

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pwc.comGlobal Technology IPOTrends 2010 - 2014

December 5, 2014

Raman Chitkara,Global Technology IndustryLeader

Technology andChanging CapitalMarkets

NYU Centeron U.S.-ChinaRelations

PwC

Agenda

• Global technology IPOs 2010-2014

• Cross border IPOs

• Geographic distribution

• Stock exchange distribution

• Sub-sector distribution

• $10 billion+ technology IPOs

December 20142

PwC

Global Technology IPO Trends

December 20143

$17,952$15,857

$23,152

$11,446

$43,740109

87

69 64

84

0

20

40

60

80

100

120

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2010 2011 2012 2013 9 months 2014

Nu

mb

er

of

IPO

s

InU

S$m

n

Issue size Number of IPOs (Right axis)

Source: Dealogic with analysis by PwC

PwC

US Technology IPO Trends

December 20144

$2,150

$5,104

$20,310

$7,591$6,134

19

24

32

35

28

0

5

10

15

20

25

30

35

40

0

5,000

10,000

15,000

20,000

25,000

2010 2011 2012 2013 9 months 2014

Nu

mb

er

of

IPO

s

InU

S$m

n

Issue size Number of IPOs (Right axis)

Source: Dealogic with analysis by PwC

PwC

China Technology IPO Trends

December 20145

$9,249$8,215

$2,440

$1,026

$27,62870

50

33

8

34

0

10

20

30

40

50

60

70

80

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2010 2011 2012 2013 9 months 2014

Nu

mb

er

of

IPO

s

InU

S$m

n

Issue size Number of IPOs (Right axis)

Source: Dealogic with analysis by PwC

PwC

ROW Technology IPO Trends

December 20146

$6,553

$2,538

$400

$2,829

$9,978

20

13

4

2122

0

5

10

15

20

25

0

5,000

10,000

15,000

2010 2011 2012 2013 9 months 2014

Nu

mb

er

of

IPO

s

InU

S$m

n

Issue size Number of IPOs (Right axis)

Source: Dealogic with analysis by PwC

pwc.comGlobal Technology IPOTrends

Cross Border IPOsTechnology andChanging CapitalMarkets

NYU Centeron U.S.-ChinaRelations

PwC

Cross Border IPOs

December 20148

$4,227$3,542

$343$1,829

$27,82820

14

3

13

18

0

5

10

15

20

25

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2010 2011 2012 2013 9 months 2014

Nu

mb

er

of

IPO

s

InU

S$m

n

Issue size Number of IPOs (Right axis)

Source: Dealogic with analysis by PwC

PwC

Cross Border IPOs by Origination Country 2010-2014

US1

China38

ROW29

December 20149

Source: Dealogic with analysis by PwC

PwC

Cross Border IPOs by Destination Country

US58

China2 ROW

8

December 201410

Source: Dealogic with analysis by PwC

pwc.comGlobal Technology IPOTrends

Geographical DistributionTechnology andChanging CapitalMarkets

NYU Centeron U.S.-ChinaRelations

PwC

Geographic Distribution 2010-2014 – Number of IPOs

US138

Chinaincluding

Hong Kong195

ROW80

December 201412

Source: Dealogic with analysis by PwC

PwC LLP

Geographic Distribution 2010-2014

December 2014

US75

China*153

ROW37

US35

China*8

ROW21

US28

China*34

ROW22

2010 - 2012 2013 9 mos 2014

13

* Including Hong Kong

Source: Dealogic with analysis by PwC

pwc.comGlobal Technology IPOTrends

Stock Exchange DistributionTechnology andChanging CapitalMarkets

NYU Centeron U.S.-ChinaRelations

PwC

Stock Exchange Distribution 2010-2014 – Number of IPOs

December 2014

US197

ChinaIncluding

Hong Kong159

ROW57

15

Source: Dealogic with analysis by PwC

Shenzhen133

Hong Kong18

Shanghai8

NYSE103

NASDAQ94

PwC LLP

Stock Exchange Distribution 2010-2014

December 2014

US108

China*130

ROW27

US45China*

5

ROW14

US44

China*24

ROW16

2010 - 2012 2013 9 mos 2014

16

* Including Hong Kong

Source: Dealogic with analysis by PwC

PwC

Stock Exchange Distribution 2010-2014 - Money Raised $B

December 2014

US$77.4

China$19.2

ROW$15.5

17

Source: Dealogic with analysis by PwC

pwc.comGlobal Technology IPOTrends

Sub-sector DistributionTechnology andChanging CapitalMarkets

NYU Centeron U.S.-ChinaRelations

PwC

Sub-sector Distribution 2010-2014 – Number of IPOs

Computers &Peripherals

30

InternetSoftware &Services

109

Semiconductorand Alternate

Energy84

Software86

CommsEquipment

32

Electronics9

IT Consulting &Services

45 Other18

December 201419

Source: Dealogic with analysis by PwC

PwC

US Tech Companies IPOs Sub-sector Distribution 2010-2014

Computers &Peripherals

11

InternetSoftware &Services

58

Semiconductor11

Software35

CommsEquipment

9

Electronics2

IT Consulting &Services

6Other

6

December 201420

Source: Dealogic with analysis by PwC

PwC

China Tech Companies IPOs Sub-sector Distribution2010-2014

Computers &Peripherals

11

InternetSoftware &Services

34

Semiconductorand Alternate

Energy57

Software30

CommsEquipment

15

Electronics5

IT Consulting &Services

32

Other11

December 201421

Source: Dealogic with analysis by PwC

PwC

ROW Tech Companies IPOs Sub-sector Distribution2010-2014

Computers &Peripherals

8

InternetSoftware &Services

17

Semiconductor16

Software20

CommsEquipment

8

Electronics2

IT Consulting &Services

7Other

2

December 201422

Source: Dealogic with analysis by PwC

pwc.comGlobal Technology IPOTrends

Ten Billion Plus Technology IPOsTechnology andChanging CapitalMarkets

NYU Centeron U.S.-ChinaRelations

PwC

$16.2B

$10B+ Market Cap Technology IPOs 2010-2014

December 2014

$275.2B

$28.1B

$30.7B

$32.0B

$216.6B

$17.7B

$18.0B

$26.5B

$9.4B

$9.5B

$9.8B

26

Market cap as of November 28, 2014 close

PwC

$10B+ market cap technology IPOs – Country

December 201425

IPO 7

IPO 1Population

Growth rate2000-2050

<0%

0-1%

1-2%

2% +

IPO 2IPO 1

IPO 1

PwC

$10B+ Market Cap Technology IPOs - Segment

December 201426

Semi

Software

Wearables

PwC

23.0

Market Cap/Revenue Multiple

December 201427

77.7

26.5

22.1

19.3

15.6

14.1

10.6

8.9

3.9

3.3

2.2

3.8

5.4

1.8

Market cap as of November 28 and revenue TTM

PwC

Thank you

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