Global IPO Watch Q2 2018 - PwC · Q2 2018 • In Q2 2018, 300 IPOs raised $58.1bn, compared to 398 IPOs with proceeds of $54.1bn in Q2 2017. • FS-backed IPOs accounted for 17.9%

Global IPO Watch Q2 2018PwC 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 [email protected]

Derek [email protected]

Kennedy [email protected]

Geoffrey [email protected]

Martin [email protected]

Jan-Willem de [email protected]

Ross [email protected]

Nadja [email protected]

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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 PIPO’s 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. If a transaction is executed in two or more regions, the money raised is also attributed to all regions. Industry classification is based on the FTSE Russell Industry Classification Benchmark. Index performance is based on pricing data extracted from Bloomberg.

PwC

Q2 2018

3

Global IPO Watch

Global money raised via IPOs and FOs (10-year overview)

IPO

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Top countries 2018YTD

Source: Dealogic as of 30 June 2018

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2018YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.

IPO

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Global money raised via IPOs and FOsDespite geopolitical headwinds, IPOs raised a total of $58.1bn in the second quarter and $110.3bn YTD. FO activity experienced a relatively weak second quarter

$841.8bn

$642.0bn

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

$685.8bn

$551.1bn$620.1bn

$272.2bn

3,554 3,5622,902

2,5083,046 3,178 3,322 3,185

3,561

1,630

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

$121.2bn

$299.1bn

$178.8bn$142.5bn

$195.6bn

$274.3bn

$206.9bn

$142.5bn

$208.6bn

$110.3bn

502

1,2581,041

728865

1,167 1,1841,013

1,516

589

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

United States,

36%

China, 8%

Hong Kong, 8%United Kingdom, 8%

Germany, 6%

Other, 34%

United States,

32%

China, 12%

Hong Kong, 10%Germany, 8%

United Kingdom, 5%

Other, 33%

PwC

Q2 2018

• In Q2 2018, 300 IPOs raised $58.1bn, compared to 398 IPOs with proceeds of $54.1bn in Q2 2017.

• FS-backed IPOs accounted for 17.9% of global IPO proceeds in Q2 2018, compared to 28.4% in the same period last year.

• The performance of IPOs YTD is lower than last year’s IPOs, especially due to the significant drop in number of IPOs in China, where transactions have historically performed extremely well.

4

Global IPO Watch Source: Dealogic, Bloomberg as of 30 June 2018

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. 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’.

Global IPO and FO activity 1

2

3

Global indicesIPO pricing dynamics Post-IPO performance (median)

2

1

Overview of global IPO and FO activityQuarterly IPO proceeds were up by 7% compared to Q2 2017 as a result of the listing of some jumbo IPOs. The number of IPOs however dropped by 25% in the same period

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

3

2017 2018YTD

2016 2017 2016YTD 2017YTD 2018YTD Q2 2016 Q2 2017 Q2 2018

IPO activity

Number of IPOs 1,013 1,516 400 738 589 253 398 300

% sponsor-backed 9.5% 9.0% 12.0% 10.2% 9.3% 15.8% 10.6% 9.0%

Money raised $142.5bn $208.6bn $49.8bn $92.0bn $110.3bn $35.2bn $54.1bn $58.1bn

% sponsor-backed 22.7% 21.9% 29.5% 28.5% 16.8% 35.6% 28.4% 17.9%

Advanced metrics

Free float % 31.3% 41.6% 32.0% 31.6% 33.3% 32.9% 31.8% 32.2%

Overallotment exercised (%)1 25.3% 25.2% 29.8% 26.1% 25.7% 28.6% 27.1% 22.9%

% secondary shares 15.1% 14.5% 18.7% 14.0% 16.4% 19.2% 13.8% 16.8%

FO activity

Number of FOs 3,185 3,561 1,451 1,829 1,630 891 908 796


16.5%

4.8%

17.9%

5.0%

20.4%

4.0%

24.7%

3.0%

12.9%

3.0%

1-Day 1-Week 1-Month 3-Month Current 75

100

125

150

175

Jan-16 Jul-16 Jan-17 Jul-17 Jan-18

FTSE 100 Hang Seng S&P 500

7% 6% 7% 7% 6%

14% 14% 17% 14% 14%

51% 53% 48% 55% 51%

24% 22% 27% 19% 24%

3% 4% 1% 4% 6%

2016 2017 2016YTD 2017YTD 2018YTD

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

PwC

Q2 2018

1) Fibra E - Grupo Aeroportuario de la Ciudad de Mexico, 2) Fideicomiso CIB/2919 CFE Fibra E. Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Country indicates the company’s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB).

5

Global IPO Watch

Top 10 largest IPOs 2018YTD

Top 10 largest FOs 2018YTD

Source: Dealogic, Bloomberg as of 30 June 2018

Leading transactions 2018YTDChinese smartphone maker Xiaomi was the largest Q2 IPO raising $4.7bn on HKEX, closely followed by the $4.3bn Foxconn Industrial Internet listing on Shanghai SE

Pricing

dateIssuer name

Issuer

countrySector Exchange Filing range

Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance1-day 1-month Current

15-Mar-18 Siemens Healthineers Health Care Deutsche Börse 26.00 - 31.00 28.00 In range $5.2bn 15.0% 100.0% 7.9% 16.2% 26.3%

29-Jun-18 Xiaomi Technology HKEX 17.00 - 22.00 17.00 Bottom of range $4.7bn 9.7% 34.2% N/A N/A N/A

23-May-18 Foxconn Industrial Internet Technology Shanghai SE N/A 13.77 N/A $4.3bn 10.0% 0.0% 44.0% N/A 33.9%

9-May-18 AXA Equitable Financials NYSE 24.00 - 27.00 20.00 Below range $3.2bn 28.1% 100.0% 1.7% 5.3% 1.3%

23-Jan-18 PagSeguro Digital Industrials NYSE 17.50 - 20.50 21.50 Above range $2.6bn 38.0% 46.3% 35.8% 50.6% 29.4%

28-Mar-18 iQIYI Consumer Services NASDAQ 17.00 - 19.00 18.00 In range $2.4bn 19.0% 0.0% -13.6% -0.1% 77.5%

22-Mar-18 DWS Financials Deutsche Börse 30.00 - 36.00 32.50 In range $1.6bn 20.5% 100.0% 1.8% -4.5% -20.7%

23-Mar-18 Grupo Aeroportuario1 Industrials Mexican SE 100.00 - 100.00 100.00 In range $1.5bn 15.4% 0.0% 0.0% 0.0% 0.0%

18-Jan-18 ADT Industrials NYSE 17.00 - 19.00 14.00 Below range $1.5bn 14.0% 0.0% -11.5% -17.3% -39.9%

7-May-18 Vinhomes Financials Ho Chi Minh SE 100,500 - 114,700 114,700 Top of range $1.3bn 10.0% 100.0% -3.7% 1.6% -2.0%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)


22-Mar-18 Tencent Technology HKEX 439.40 - 439.40 405.00 FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% -1.2% -2.8%

20-Jun-18 Bayer Health Care Deutsche Börse 81.00 - 81.00 81.00 FO - Rights Offer $7.0bn 0.0% 19.0% N/A 16.5%

10-Apr-18 Hilton Worldwide Consumer Services NYSE 77.51 - 77.51 73.00 FO - Accelerated Bookbuild $4.8bn 100.0% 9.1% 13.4% 7.2%

5-Jun-18 RBS Financials LSE 2.81 - 2.81 2.71 FO - Accelerated Bookbuild $3.3bn 100.0% -1.9% N/A -6.1%

8-May-18 Canadian Nat. Resources Oil & Gas NYSE 35.11 - 35.11 34.10 FO - Bought Deal $3.3bn 100.0% 0.5% -0.6% 2.3%

4-Jan-18 Sempra Energy Utilities NYSE 105.35 - 105.35 107.00 FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 7.6%

1-May-18 Centene Health Care NYSE 110.17 - 110.17 107.50 FO - Accelerated Bookbuild $2.9bn 0.0% 6.3% 9.4% 15.1%

18-Apr-18 Renesas Electronics Technology Tokyo SE 987.00 - 987.00 1083.00 FO - Fully Marketed $2.7bn 100.0% 3.4% -2.0% 0.3%

4-May-18 Covestro Basic Materials Deutsche Börse 76.48 - 76.48 75.50 FO - Accelerated Bookbuild $2.6bn 100.0% -1.3% 4.6% 1.2%

20-Feb-18 Cineworld Consumer Services LSE 1.57 - 1.57 1.57 FO – Acc’d Bookbuild; RO $2.5bn 0.0% 53.4% 51.7% 68.2%

PwC

Q2 2018

6

Global IPO Watch

Americas EMEA Asia-Pacific

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Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions.


IPO and FO activity per regionAsia-Pacific retook the lead in terms of IPO activity in Q2 2018, whilst the Americas still has the highest amount of IPO proceeds on a year-to-date basis

$109.5bn

$50.9bn

$30.8bn

$67.2bn

$43.5bn

346246

149

262

153

2014 2015 2016 2017 2018YTD

$81.7bn$71.7bn

$35.7bn

$55.1bn

$29.0bn

279 269181

297

141

2014 2015 2016 2017 2018YTD

$83.1bn $84.3bn$77.3bn

$86.1bn

$37.9bn

542668 684

951

294

2014 2015 2016 2017 2018YTD

$230.3bn$243.3bn

$219.7bn $214.7bn

$108.7bn

1,1441,054 1,071

1,235

590

2014 2015 2016 2017 2018YTD

$182.4bn

$259.7bn

$215.1bn $216.8bn

$91.4bn

1,325 1,477 1,369 1,393

607

2014 2015 2016 2017 2018YTD

$204.5bn$190.8bn

$119.7bn

$189.7bn

$72.4bn

737 808 753943

440

2014 2015 2016 2017 2018YTD

PwC

Q2 2018

7

Global IPO Watch

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place on two or more exchanges, the total money raised is attributed to all exchanges. LSE Group includes Borsa Italiana.

Money raised and number of IPOs per Exchange 2016 – 2018YTD Top Exchanges 2018YTD

Top Exchanges 2018YTDMoney raised and number of FOs per Exchange 2016 – 2018YTD

Deutsche Börse

Shanghai SEHKEXNASDAQ (Global)

NYSEDeutsche

BörseNASDAQ (Global)

HKEXLSE Group


Top exchanges globally based on money raised in 2018YTDNYSE and NASDAQ are the leading exchanges for IPO and FO proceeds in 2018YTD

NYSE

$15bn

$35bn

$20bn $21bn $21bn $19bn $21bn$14bn $11bn

$6bn $3bn$9bn

$16bn $18bn$9bn

38

88 40

131

184

112 112 155

94

6 11 13

117

199

33

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

$118bn$115bn

$64bn$73bn $75bn

$40bn $40bn$55bn

$24bn $20bn $27bn $22bn$9bn

$27bn$17bn

348 375

160

526 620

335 311 372

177 246 272

108 59 87 41

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

2016 2017 2018YTD

NYSE, 17%

NASDAQ (Global),

17%

HKEX, 10%

Deutsche Börse, 8%

Shanghai SE, 8%

Other, 41%

NYSE, 23%

NASDAQ (Global),

14%

LSE Group, 8%

HKEX, 8%Deutsche Börse, 6%

Other, 41%

PwC

Q2 2018

8

Global IPO Watch

Money raised and number of IPOs and FOs per sector 2016 – 2018YTD

IPO

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Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regionsSector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate.

IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods

Financials Oil & GasConsumer

ServicesTelecom-

municationUtilities


Global IPO and FO activity per sectorTechnology had a strong quarter with three IPOs raising more than $1bn, ensuring 2018YTD proceeds already surpassed the 2017FY amount

2.9 9.3

2.8

15.1 24.4

6.2 15.2

26.1

12.1

49.6

66.9

37.9

14.2 13.3 13.0 23.1

35.0

17.2

4.5 10.3

2.4 7.5

17.5 17.6

0.5 1.6 0.2 9.9

4.0 0.9

59101

29

136200

62102

154

75

199

306

151120

157

66

235

376

111

24 36 12

121153

702 8 4 15 24 9

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

51.1 50.9 19.4

48.4 46.7 22.9

54.1 50.9 31.1

118.3

208.6

63.5 45.2 54.3

37.3

94.2 101.4

32.3

74.4 41.0

16.8 31.0 32.6 31.3

6.7 9.6 3.3 27.9 24.0 14.3

369 386

177303 297

130274 333

156

635

851

338447 524

305

540 557

243 270 224101

247 290132

37 37 15 63 62 33

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

PwC

Q2 2018

Note: included deals > $5m; Country indicates the company’s Country of domicile; 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’. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions.

9

Global IPO Watch

Top 10 largest FS-backed IPOs 2018YTD globally

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

IPO

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2017 2018YTD

55 (9%) sponsor-backed IPOs vs 534 (91%) non-sponsor-backed IPOs

Global FS-backed IPOs (by money raised)


136 (9%) sponsor-backed IPOs vs 1,380 (91%) non-sponsor-backed IPOs

Financial sponsor-backed IPO activity globallyFS-backed IPOs accounted for 17% of global IPO proceeds in 2018YTD of which 63% were raised in the Americas

Pricing date

Issuer name Exchange PricingMoney raised

Performance

1-day 1-month Current

18-Jan-18 ADT NYSE Below range $1.5bn -11.5% -17.3% -39.9%

12-Jun-18 Adyen Euronext Amsterdam Top of range $1.1bn 89.6% N/A 96.3%

23-May-18 GreenSky NASDAQ Top of range $1.0bn 1.6% 5.0% -7.9%

24-Jan-18 Gates Industrial NYSE In range $0.8bn -2.6% -10.2% -13.9%

18-Jan-18 Americold Realty Trust NYSE Top of range $0.8bn 11.1% 12.4% 39.1%

3-May-18 CEVA Logistics SIX Swiss Exchange Bottom of range $0.8bn -5.8% -7.9% -16.0%

4-May-18 Vivo Energy LSE; JSE In range $0.8bn 4.6% 3.0% -9.7%

10-May-18 Avast LSE Bottom of range $0.8bn -1.6% -13.8% -16.7%

19-Apr-18 Notre Dame Intermedica BOVESPA In range $0.8bn 22.7% 30.2% 31.5%

27-Jun-18 BJ's Wholesale Club NYSE Top of range $0.7bn 29.4% N/A 29.4%

$35.8bn

$15.6bn

$11.5bn

$23.5bn

$11.6bn

96

52

34

64

31

2014 2015 2016 2017 2018YTD

$17.0bn$14.2bn

$4.5bn$6.9bn

$0.8bn

48 43

22 22 6

2014 2015 2016 2017 2018YTD

$30.7bn $30.7bn

$16.3bn $15.3bn

$6.1bn

67 67

40 50

18

2014 2015 2016 2017 2018YTD

Sponsor-backed,

17%

Not Sponsor-backed,

83%

Sponsor-backed,

22%

Not Sponsor-backed,

78%

PwC

Q2 2018

10

Global IPO Watch

Money raised via IPOs versus volatility

Number of IPOs versus volatility

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges.


Volatility versus IPO activityVolatility came down in Q2 2018, despite a small uptick late May due to uproar in Italian politics, nerves around trade tariffs and talks between US and North Korea

18.419.9 19.0

16.918.6

16.0 16.8

21.6 22.7 23.1

26.7

23.3

28.425.8

20.719.4

15.5 16.514.3

12.8

17.014.9

$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

2013 2014 2015 2016 2017 2018

Global money raised via IPOs VIX (average per quarter)

18.419.9 19.0

16.918.6

16.0 16.8

21.6 22.7 23.1

26.7

23.3

28.425.8

20.719.4

15.5 16.514.3

12.8

17.014.9

-

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

2013 2014 2015 2016 2017 2018

Number of IPOs globally VIX (average per quarter)

PwC

Q2 2018

Americas

11

Global IPO Watch

PwC

Q2 2018

12

Global IPO Watch

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

IPO

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Top countries 2018YTD

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both North and Latin America, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2018YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


Money raised via IPOs and FOs in the AmericasQ2 2018 IPO activity in the Americas increased year-on-year with 85 IPOs raising $22.2bn, bringing total YTD IPO proceeds to $43.5bn

$33.3bn$61.2bn $54.0bn $63.9bn

$83.1bn$105.8bn

$43.8bn$26.8bn

$54.7bn$36.7bn

$14.1bn

$11.8bn$7.0bn

$13.6bn

$14.4bn

$3.7bn

$7.1bn

$4.3bn

$14.2bn

$6.8bn

116

284 255 231

322 346

246

149

262

153

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

North America Latin America Number of IPO's

$291.4bn$257.1bn

$184.6bn$223.3bn $230.9bn $216.0bn $240.8bn $211.6bn $202.1bn

$105.9bn

$16.7bn $87.4bn

$24.1bn$14.0bn $23.5bn

$18.3bn$7.9bn

$8.1bn $13.3bn

$2.8bn

1,383 1,4691,237

1,032 1,162 1,144 1,054 1,0711,235

590

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

North America Latin America Number of FO's

United States, 89%

Canada, 9%Other, 2%

United States, 81%

Mexico, 11%

Brazil, 5%Other, 3%

PwC

Q2 2018

IPO and FO activity in the Americas

13


Overview of IPO and FO activity in the AmericasThe Americas continue to experience a year-on-year uptick in both IPO volume and proceeds, supported by healthy valuation and a robust pipeline

• IPO proceeds totaled $22.2bn in Q2 2018, compared to $18.9bn in Q2 2017.

• Despite that the Americas saw the most FS-backed IPOs YTD globally, sponsor-backed activity decreased significantly as compared to the same period last year.

• IPO pricing in 2018 YTD has been more optimistic than in previous years with only 12% of the IPOs pricing below range.

• Post-IPO performance in 2018YTD is less positive than it was in 2017.




1

2

3

1

2

4

2017 2018YTD

2016 2017 2016YTD 2017YTD 2018YTD Q2 2016 Q2 2017 Q2 2018

IPO activity

Number of IPOs 149 262 53 119 153 41 80 85

% sponsor-backed 22.8% 24.4% 22.6% 31.9% 20.3% 26.8% 26.3% 18.8%


% sponsor-backed 37.2% 35.0% 39.9% 47.8% 26.7% 44.9% 47.0% 25.1%

Advanced metrics

Free float % 33.6% 37.3% 32.5% 36.0% 37.4% 29.8% 36.7% 34.8%



FO activity

Number of FOs 1,071 1,235 497 692 590 311 316 286


3.3%

1.7%

2.8%

1.6%

3.5%

2.4%

3.9%

1.3%

3.5%

2.4%


100

125

150

175


Dow Jones NASDAQ 100 S&P 500

26% 20% 27% 21%12%

11%15%

14%16%

16%

40% 46% 39% 44%48%

12% 9%18%

8% 11%

11% 11%2%

12% 13%

2016 2017 2016YTD 2017YTD 2018YTD


2

3

4

PwC

Q2 2018

14

Global IPO Watch

Top 10 largest IPOs 2018YTD in the Americas

Top 10 largest FOs 2018YTD in the Americas

Leading transactions 2018YTD in the AmericasAXA Equitable, the US business of French insurer AXA, is the largest US IPO YTD raising $3.2bn on the NYSE in May

1) Fibra E - Grupo Aeroportuario de la Ciudad de Mexico, 2) Hapvida Participacoes e Investimentos SA, 3) Fideicomiso CIB/2919 CFE Fibra E. Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Country indicates the company’s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB).

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)


9-May-18 AXA Equitable Holdings Financials NYSE 24.00 - 27.00 20.00 Below range $3.2bn 28.1% 100.0% 1.7% 5.3% 1.3%

23-Jan-18 PagSeguro Digital Industrials NYSE 17.50 - 20.50 21.50 Above range $2.6bn 38.0% 46.3% 35.8% 50.6% 29.4%

28-Mar-18 iQIYI Consumer Services NASDAQ 17.00 - 19.00 18.00 In range $2.4bn 19.0% 0.0% -13.6% -0.1% 77.5%

23-Mar-18 Grupo Aeroportuario1 Industrials Mexican SE 100.00 - 100.00 100.00 In range $1.5bn 15.4% 0.0% 0.0% 0.0% 0.0%

18-Jan-18 ADT Industrials NYSE 17.00 - 19.00 14.00 Below range $1.5bn 14.0% 0.0% -11.5% -17.3% -39.9%

23-Apr-18 Hapvida Participacoes2 Health Care BOVESPA 20.41 - 25.66 23.50 In range $1.0bn 23.2% 23.3% 22.8% 29.8% 28.9%

23-May-18 GreenSky Industrials NASDAQ 21.00 - 23.00 23.00 Top of range $1.0bn 23.0% 0.0% 1.6% 5.0% -7.9%

22-Mar-18 Dropbox Technology NASDAQ 16.00 - 18.00 21.00 Above range $0.9bn 10.6% 25.5% 35.6% 37.7% 59.1%

7-Feb-18 Fideicomiso CIB/29193 Financials Mexican SE 19.00 - 22.00 19.00 Bottom of range $0.9bn 85.3% 0.0% -0.1% 2.1% -6.8%

24-Jan-18 Gates Industrial Industrials NYSE 18.00 - 21.00 19.00 In range $0.8bn 15.6% 0.0% -2.6% -10.2% -13.9%

Pricing

dateIssuer name

Issuer

CountrySector Exchange Filing range

Offer

priceDeal type

Money

raised

Secondary

shares (%)


10-Apr-18 Hilton Worldwide Consumer Services NYSE 77.51 - 77.51 73.00 FO - Accelerated Bookbuild $4.8bn 100.0% 9.1% 13.4% 7.2%

8-May-18 Canadian Nat. Resources Oil & Gas NYSE 35.11 - 35.11 34.10 FO - Bought Deal $3.3bn 100.0% 0.5% -0.6% 2.3%

4-Jan-18 Sempra Energy Utilities NYSE 105.35 - 105.35 107.00 FO - Accelerated Bookbuild $2.9bn 0.0% 1.4% -1.3% 7.6%

1-May-18 Centene Health Care NYSE 110.17 - 110.17 107.50 FO - Accelerated Bookbuild $2.9bn 0.0% 6.3% 9.4% 15.1%

8-May-18 PPL Utilities NYSE 27.45 - 27.45 27.00 FO - Bought Deal $1.7bn 0.0% 3.3% -4.5% 6.0%

6-Mar-18 Duke Energy Utilities NYSE 75.86 - 75.86 75.00 FO - Bought Deal $1.6bn 0.0% 0.3% 4.2% 5.6%

27-Feb-18 General Motors Consumer Goods NYSE 40.17 - 40.17 39.80 FO - Bought Deal $1.6bn 100.0% -1.1% -12.4% 1.8%

27-Mar-18 Dominion Energy Utilities NYSE 69.22 - 69.22 67.85 FO - Bought Deal $1.5bn 0.0% -0.1% -2.2% 0.9%

3-Apr-18 SS&C Technologies Technology NASDAQ 51.84 - 51.84 47.50 FO - Accelerated Bookbuild $1.4bn 0.0% 3.1% 1.0% 9.2%

31-Jan-18 VICI Properties Financials NYSE 19.00 - 21.00 20.00 FO - Fully Marketed $1.4bn 0.0% 4.5% -2.3% 2.4%


PwC

Q2 2018

15

Global IPO Watch

Money raised and number of IPOs and FOs per sector 2016 – 2018YTD in the Americas

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Sector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate.

IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


IPO and FO activity per sector in the AmericasFinancials continue to lead in 2018 YTD with $15.6bn IPO proceeds raised, whilst the Industrials and Consumer Services industries complete the top three

0.1 2.5

-3.4 2.1 0.5 1.8

9.4 6.6

11.9

23.7

15.6

3.7 4.7 5.5 3.6 6.1

9.4

2.6

8.4

1.7 3.3

9.4 4.2

- - - 0.3 0.8 -

3 13 11 11 5 828 16

45

104

5640 44 40

11 18 14 9 17 7 19 25 15 3 2

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

16.2 12.8 3.3

11.3 12.3 6.8

20.9 24.8 16.6

41.0

56.9

21.2 26.0

37.4

21.8 13.8

26.0

8.4

60.2

28.6

9.6 13.7

9.6 8.3 1.1 0.7 0.3

15.5

5.5 12.3

125 13053 42 57 25

75 9959

211289

107

260330

199

88123

43

178109

37 56 75 466 7 3 30 16 18

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

PwC

Q2 2018

16

Global IPO Watch

IPO activity of top countries in the Americas 2014 – 2018YTD

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more countries, the total money raised and number of IPOs is attributed to all countries. Top countries have been selected based on money raised in 2018YTD.


Top countries in terms of IPO activity in the AmericasMexican IPO proceeds in 2018YTD are up by 89% compared to the same period last year, whereas Canadian IPO proceeds are down by 51%

$100.5bn

$38.9bn

$26.1bn

$51.5bn

$35.7bn

302

188

122

211

125

2014 2015 2016 2017 2018YTD

$3.5bn $6.9bn $3.6bn $6.4bn $4.7bn

12

2315 18

12

2014 2015 2016 2017 2018YTD

$0.2bn $0.2bn $0.2bn$6.4bn

$2.0bn

1 1 111

3

2014 2015 2016 2017 2018YTD

$5.4bn $4.9bn$0.7bn $4.2bn $1.4bn

30 34

8

24

12

2014 2015 2016 2017 2018YTD

PwC

Q2 2018

EMEA

17

Global IPO Watch

PwC

Q2 2018

18

Global IPO Watch

Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2018YTD

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both Europe and Middle East & Africa, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2018YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


Money raised via IPOs and FOs in EMEAGermany and the UK both feature in the top five countries globally in terms of IPO proceeds, with German activity being driven by a smaller number of larger deals

$8.0bn

$40.4bn $33.3bn$15.9bn

$37.2bn

$69.4bn $68.8bn

$33.4bn$48.0bn

$27.2bn$2.5bn

$5.2bn$2.0bn

$2.1bn

$3.3bn

$12.9bn $3.5bn

$2.4bn

$7.1bn

$2.9bn

60

215167

101182

279 269181

297

141

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

Europe Middle East & Africa Number of IPO's

$318.8bn

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

$110.2bn$176.7bn

$64.4bn

$9.9bn

$12.4bn $10.0bn$9.3bn

$6.8bn$13.9bn

$12.2bn

$10.3bn

$13.1bn

$8.0bn

817 774628

521637 737 808 753

943

440

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

Europe Middle East & Africa Number of FO's

United Kingdom,

30%

Germany, 24%

France, 8%

South Africa, 4%

Finland, 4%

Other, 30%

Germany, 29%

United Kingdom, 19%

The Netherlands, 7%

Italy, 6%

Switzerland, 5%

Other, 34%

PwC

Q2 2018

IPO and FO activity in EMEA

3

19


Overview of IPO and FO activity in EMEAAfter a strong start to the year, IPO activity in EMEA slowed down slightly in Q2 2018 with IPO proceeds down by 25% year-on-year

• Mixed messages emanated from the ECB as inflation remains below target yet economic growth is strong.

• FO proceeds are down 39% in 2018YTD compared to H1 2017 whilst the number of FOs has only decreased by 14%.

• Post-IPO performance remains under some pressure in general. A notable exception was Adyen, which soared in the aftermarket. The shares finished up 89.6% at the close of the first trading day, making it the largest one day pop for a European $50m+ IPO with an open price range since ARC International in September 2000 (up 103.8%).




1

2

3

1

2

2017 2018YTD

2016 2017 2016YTD 2017YTD 2018YTD Q2 2016 Q2 2017 Q2 2018

IPO activity

Number of IPOs 181 297 103 149 141 73 90 80

% sponsor-backed 22.1% 16.8% 28.2% 17.4% 12.8% 32.9% 18.9% 11.3%


% sponsor-backed 45.6% 27.8% 54.8% 30.2% 21.0% 59.7% 30.7% 39.0%

Advanced metrics

Free float % 38.9% 43.7% 37.6% 42.0% 43.1% 38.4% 39.1% 41.2%



FO activity

Number of FOs 753 943 364 509 440 230 274 227


3.1%

1.7% 2.0%2.0% 2.0%

0.9%

2.4%

0.5%

-3.5%

1.4%


100

125

150


CAC 40 DAX FTSE 100

2% 3% 1% 3% 7%

24% 17% 27% 19% 15%

65% 68%60%

64% 69%

10% 10% 11% 11% 7%2% 2% 2%

2016 2017 2016YTD 2017YTD 2018YTD


PwC

Q2 2018

20

Global IPO Watch

Top 10 largest IPOs 2018YTD in EMEA

Top 10 largest FOs 2018YTD in EMEA

Leading transactions 2018YTD in EMEAThe IPO of Dutch payment processor Adyen was the largest European IPO in Q2 2018 and saw a staggering 89.6% first day performance

1) Orange Egypt for Telecommunications. Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Country indicates the company’s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB).

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)


15-Mar-18 Siemens Healthineers Health Care Deutsche Börse 26.00 - 31.00 28.00 In range $5.2bn 15.0% 100.0% 7.9% 16.2% 26.3%

22-Mar-18 DWS Financials Deutsche Börse 30.00 - 36.00 32.50 In range $1.6bn 20.5% 100.0% 1.8% -4.5% -20.7%

12-Jun-18 Adyen Industrials Euronext Amsterdam 220.00 - 240.00 240.00 Top of range $1.1bn 13.4% 100.0% 89.6% N/A 96.3%

21-Mar-18 ELKEM Basic Materials Oslo Børs 29.00 - 35.00 29.00 Bottom of range $0.9bn 41.8% 19.2% -4.1% 7.2% 31.0%

3-May-18 CEVA Logistics Industrials SIX Swiss Exchange 27.50 - 52.50 27.50 Bottom of range $0.8bn 72.2% 0.0% -5.8% -7.9% -16.0%

4-May-18 Vivo Energy Consumer Services LSE; JSE 1.55 - 1.80 1.65 In range $0.8bn 30.5% 100.0% 4.6% 3.0% -9.7%

10-May-18 Avast Technology LSE 2.50 - 3.20 2.50 Bottom of range $0.8bn 25.3% 75.5% -1.6% -13.8% -16.7%

2-Feb-18 Metrovacesa Financials BME 18.00 - 19.50 16.50 Below range $0.8bn 25.8% 100.0% -3.0% -9.1% -9.1%

29-Jan-18 SPAXS Financials Borsa Italiana 10.00 - 10.00 10.00 In range $0.7bn 100.0% 0.0% 2.0% 3.6% -1.6%

14-Jun-18 Kojamo Financials NASDAQ Helsinki 8.50 - 10.00 8.50 Bottom of range $0.6bn 23.0% 68.9% 0.6% N/A 7.7%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)


20-Jun-18 Bayer Health Care Deutsche Börse 81.00 - 81.00 81.00 FO - Rights Offer $7.0bn 0.0% 19.0% N/A 16.5%

5-Jun-18 RBS Financials LSE 2.81 - 2.81 2.71 FO - Accelerated Bookbuild $3.3bn 100.0% -1.9% N/A -6.1%

4-May-18 Covestro Basic Materials Deutsche Börse 76.48 - 76.48 75.50 FO - Accelerated Bookbuild $2.6bn 100.0% -1.3% 4.6% 1.2%

20-Feb-18 Cineworld Group Consumer Services LSE 1.57 - 1.57 1.57 FO – Acc’d Bookbuild; FO $2.5bn 0.0% 53.4% 51.7% 68.2%

11-Jan-18 Covestro Basic Materials Deutsche Börse 88.46 - 88.46 86.25 FO - Accelerated Bookbuild $2.2bn 100.0% 2.6% -3.0% -11.4%

11-Jun-18 Dubai Islamic Bank Financials Dubai FM 3.11 - 3.11 3.11 FO - Rights Offer $1.4bn 0.0% 66.9% N/A 56.6%

3-May-18 Vonovia Financials Deutsche Börse 39.49 - 39.49 38.30 FO - Accelerated Bookbuild $1.2bn 0.0% 7.1% 4.2% 6.4%

8-Feb-18 Umicore Basic Materials Euronext Brussels 40.90 - 40.90 39.80 FO - Accelerated Bookbuild $1.1bn 0.0% 10.8% N/A 18.5%

21-Mar-18 UbiSoft Entertainment Consumer Goods Euronext Paris 68.56 - 68.56 66.00 FO - Accelerated Bookbuild $1.1bn 100.0% 7.8% 19.9% 40.9%

13-Jun-18 Neste Oil & Gas NASDAQ Helsinki 69.18 - 69.18 67.30 FO - Accelerated Bookbuild $1.0bn 100.0% -1.1% N/A -0.2%


PwC

Q2 2018

21

Global IPO Watch

Money raised and number of IPOs and FOs per sector 2016 – 2018YTD in EMEA

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


IPO and FO activity per sector in EMEAFinancials dominate activity levels yet again, whilst Health Care and Industrials complete the top three largest sectors by IPO proceeds

0.2 1.7 1.1 2.9

8.6

1.5 4.4

7.6

2.7

7.5

18.9

10.5

3.2 2.8 6.4 7.5

9.7

3.7 1.0 1.4 0.6 0.3

2.2 1.9 0.5 1.5 0.1

8.2

0.7 0.5

4 8 3

23 2913

2234

16

47

94

49

2537

9

29

51

237 10 3

1829

212 3 1 4 2 3

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

12.6 10.5 8.2 9.6 12.4 4.4

10.1 11.6 9.7

39.4

93.0

23.7

7.2 11.0 9.7

24.0 23.8

6.7 8.5 5.2 3.5 4.8 5.9 3.2 1.1 3.7 2.4 2.4 12.8

1.0

50 5929

56 7126

69112

54

229282

12395 114

60

122 138

59 55 61 40 58 7634

9 11 8 10 19 7

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

PwC

Q2 2018

22

Global IPO Watch

IPO activity of top countries in EMEA 2014 – 2018YTD



Top countries in terms of IPO activity in EMEAUK was the most active in terms of IPO numbers YTD, whereas Germany leads in terms of IPO proceeds with Siemens Healthineers being the largest IPO YTD globally

$4.7bn

$7.9bn$5.8bn

$3.2bn

$8.9bn

816

6 11 14

2014 2015 2016 2017 2018YTD

$9.1bn$7.5bn

$3.2bn$0.8bn

$2.2bn

6 8 5 2 5

2014 2015 2016 2017 2018YTD

$27.9bn

$19.8bn

$7.6bn

$14.8bn

$5.8bn

112

74

52

80

37

2014 2015 2016 2017 2018YTD

3.8 $6.2bn

$1.6bn

$6.2bn

$1.9bn

20 239

2711

2014 2015 2016 2017 2018YTD

PwC

Q2 2018

Asia-Pacific

23

Global IPO Watch

PwC

Q2 2018

24

Global IPO Watch

Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries 2018YTD

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both Asia and Australasia, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2018YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


Money raised via IPOs and FOs in Asia-PacificAlmost two thirds of IPO proceeds in Asia-Pacific YTD were raised in China and Hong Kong; regional proceeds were up by 8% despite a 37% drop in the number of IPOs

$68.3bn

$175.3bn

$91.0bn

$51.3bn $48.2bn$66.2bn $77.8bn $71.5bn $81.3bn

$36.2bn

$2.5bn

$8.0bn

$1.5bn

$1.5bn $10.2bn

$17.0bn $6.5bn $5.8bn$4.8bn

$1.7bn

326

761620

397 363542

668 684

951

294

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

Asia Australasia Number of IPO's

$183.4bn $206.8bn

$115.1bn $135.1bn $140.5bn $160.1bn$218.3bn $197.7bn $194.7bn

$81.3bn

$63.5bn $23.6bn

$23.5bn$17.6bn $20.7bn

$22.3bn

$41.5bn

$17.9bn $22.1bn

$10.1bn

1,381 1,3521,077 978

1,265 1,3251,477 1,369 1,393

607

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

Asia Australasia Number of FO's

Hong Kong, 24%

China, 24%

Japan, 13%

Australia, 10%

South Korea, 9%

Other, 20%

China, 35%

Hong Kong, 30%

India, 10%

Japan, 8%

Vietnam, 6%

Other, 11%

PwC

Q2 2018

IPO pricing dynamics

IPO and FO activity in Asia-Pacific

25


• The number of IPOs has dropped by 41% compared to Q2 2017.

• IPO proceeds totalled $24.2bn in Q2 2018 compared to $19.7bn in the same period last year.

• Pricing dynamics have been positive for Asian-Pacific IPOs YTD with 40% of the IPOs pricing at the top of their initial pricing range.

• Post-IPO performance in 2018 YTD is down compared to last year but still significantly higher than in other regions.

Overview of IPO and FO activity in Asia-PacificThe average deal size of Asian Pacific IPOs has more than doubled from $87m in Q2 2017 to $182m in Q2 2018



Global indicesPost-IPO performance (median)

1

2

3

4

1

3

2

2017 2018YTD

2016 2017 2016YTD 2017YTD 2018YTD Q2 2016 Q2 2017 Q2 2018

IPO activity

Number of IPOs 684 951 244 465 294 139 227 133

% sponsor-backed 3.2% 2.3% 2.9% 2.4% 2.0% 3.6% 1.8% 1.5%


% sponsor-backed 5.9% 8.0% 4.7% 8.4% 2.2% 7.2% 8.9% 1.2%

Advanced metrics

Free float % 28.9% 42.0% 29.6% 27.6% 26.8% 30.9% 27.5% 25.0%



FO activity

Number of FOs 1,369 1,393 594 631 607 352 319 285


44.0%

13.9%

77.0%

14.8%

77.2%

13.3%

71.0%

14.0%

37.3%

5.2%

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

3% 2% 3% 3% 1%13% 13% 13% 12% 13%

50% 50% 46% 56%44%

32% 33% 36%27%

40%

2% 2% 2% 2% 3%

2016 2017 2016YTD 2017YTD 2018YTD


75

100

125

150

175


Hang Seng Nikkei 225 SENSEX

4

PwC

Q2 2018

26

Global IPO Watch

Top 10 largest IPOs 2018YTD in Asia-Pacific

Top 10 largest FOs 2018YTD in Asia-Pacific

1) Ping An HealthCare & Technology Co Ltd, 2) Vietnam Technological & Commercial Joint Stock Bank – Techcombank, 3) Contemporary Amperex Technology Co Ltd. Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Country indicates the company’s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB).

Leading transactions 2018YTD in Asia-PacificThe IPO of Chinese phone maker Xiaomi raised $4.7bn on the last trading day of the quarter, making it the largest IPO YTD globally

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance


29-Jun-18 Xiaomi Technology HKEX 17.00 - 22.00 17.00 Bottom of range $4.7bn 9.7% 34.2% N/A N/A N/A

23-May-18 Foxconn Industrial Internet Technology Shanghai SE N/A 13.77 N/A $4.3bn 10.0% 0.0% 44.0% N/A 33.9%

7-May-18 Vinhomes Financials Ho Chi Minh SE 100,500 - 114,700 114,700 Top of range $1.3bn 10.0% 100.0% -3.7% 1.6% -2.0%

26-Apr-18 Ping An HealthCare & Tech.1 Consumer Services HKEX 50.80 - 54.80 54.80 Top of range $1.1bn 26.1% 0.0% 0.0% -18.5% -8.8%

11-Jun-18 Mercari Technology TSE 2,700 - 3,000 3,000 Top of range $1.1bn 30.1% 55.4% 76.7% N/A 51.2%

20-Apr-18 L1 Long Short Fund Financials ASX 2.00 - 2.00 2.00 In range $1.0bn 0.0% 0.0% -0.5% 2.5% -6.0%

19-Jun-18 Jiangxi Bank Financials HKEX 5.94 - 6.66 6.39 In range $1.0bn 20.0% 0.0% 0.3% N/A 0.2%

28-Apr-18 Vietnam Techcombank2 Financials Ho Chi Minh SE 120,000 - 128,000 128,000 Top of range $0.9bn N/A 60.8% -20.0% N/A -28.4%

11-Jan-18 Bank of Gansu Financials HKEX 2.61 - 2.77 2.69 In range $0.9bn 26.1% 0.0% 7.1% 5.6% -3.4%

29-May-18 Contemporary Amperex Tech. Consumer Goods Shenzhen SE N/A 25.14 N/A $0.9bn 10.0% 0.0% 44.0% N/A 186.2%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)

Performance


22-Mar-18 Tencent Technology HKEX 439.40 - 439.40 405.00 FO - Accelerated Bookbuild $9.8bn 100.0% 3.7% -1.2% -2.8%

18-Apr-18 Renesas Electronics Technology Tokyo SE 987.00 - 987.00 1,083 FO - Fully Marketed $2.7bn 100.0% 3.4% -2.0% 0.3%

6-Mar-18 Blackcow Food Consumer Goods Shenzhen SE N/A 16.70 FO - Cash Placing $2.4bn 0.0% -0.3% -9.2% -35.6%

29-Jan-18 Shenwan Hongyuan Financials Shenzhen SE N/A 4.84 FO - Cash Placing $1.9bn 0.0% 13.2% 4.1% -9.7%

14-May-18 Digital Telecom. Infra. Technology Thailand SE 13.60 - 13.90 13.90 FO - Grntd Pref. Allocation $1.7bn 0.0% 4.3% 5.0% 4.3%

12-Mar-18 Tata Consultancy Services Technology BSE; NSE 2,872 - 2,925 2,872 FO - Accelerated Bookbuild $1.4bn 100.0% 0.7% 9.2% -35.7%

5-Mar-18 Yakult Honsha Consumer Goods Tokyo SE 7,940 - 7,940 7,032 FO - Fully Marketed $1.3bn 100.0% 9.1% 14.2% 5.2%

13-Apr-18 Samsung Heavy Industries Industrials Korea Exchange 6,510 - 6,510 5,870 FO - Rights Offer $1.3bn 0.0% 30.8% 36.1% 21.6%

19-Feb-18 Woodside Petroleum Oil & Gas ASX 27.00 - 27.00 27.00 FO – Acc’d Bookbuild; RO $1.2bn 0.0% 6.0% 5.8% 31.3%

14-Mar-18 Tata Steel Basic Materials BSE; NSE 510.00 - 510.00 510.00 FO - Rights Offer $1.2bn 0.0% 19.9% 16.7% 11.3%


PwC

Q2 2018

27

Global IPO Watch

Money raised and number of IPOs and FOs per sector 2016 – 2018YTD in Asia-Pacific

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


IPO and FO activity per sector in Asia-PacificFinancials remained the most active industry in terms of IPO activity, whilst H1 IPO proceeds in the Technology industry rose more than fivefold year-on-year

2.6 5.1

1.7

8.8 13.7

4.3 9.0 9.2

2.8

30.1

24.2

11.8 7.2 5.8

1.1

12.0

19.3

4.1 0.9 0.4 0.2

5.3 5.8 11.5

- 0.1 0.1 1.3 2.5 0.3

5280

26

102160

4572 92

43

107 10245 55 76

16

195

307

74

8 9 2

85 99

340 5 3 8 20 6

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

25.4 28.4

7.9

27.5 22.0

11.7 23.1

14.6 4.7

37.9

58.7

18.6 12.0

6.1 6.0

56.5 51.7

17.3 5.7 7.1 3.8

12.5 17.2 19.8

4.5 5.3 0.7 10.0 5.6 1.0

197 202

100

206169

79130 122

43

195

280

108 92 8247

331 297

141

39 5525

134 140

5222 19 4 23 27 8

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

'16 '17 '18YTD

PwC

Q2 2018

28

Global IPO Watch

IPO activity of top countries in Asia-Pacific 2014 – 2018YTD



Top countries in terms of IPO activity in Asia-PacificA stricter admission process and long waiting lists for Chinese IPOs have resulted in the number of Chinese IPOs to drop by 75%, whereas proceeds are down by 19% YTD

12.9

$25.8bn $24.3bn

$31.6bn

$13.2bn

126

220252

411

57

2014 2015 2016 2017 2018YTD

$0.2bn$2.1bn

$4.0bn

$11.5bn

$3.8bn

5 22 28 45 29

2014 2015 2016 2017 2018YTD

$11.6bn$15.6bn

$10.6bn

$6.0bn$3.0bn

75 78 73 8038

2014 2015 2016 2017 2018YTD

$28.7bn

$23.7bn$21.3bn

$14.3bn$11.2bn

108 116 112155

94

2014 2015 2016 2017 2018YTD

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Documents

Global IPO Watch Q2 2018 - PwC · Q2 2018 • In Q2 2018, 300 IPOs raised $58.1bn, compared to 398 IPOs with proceeds of $54.1bn in Q2 2017. • FS-backed IPOs accounted for 17.9%