3Q15 Global IPO update January-September 2015
Page 2 3Q15 Global IPO update
Table of contents
Section Content Slides
1 2015 January-September highlights 4-8
2 Global IPO activity trends Global analysis
Regional analysis
Industry analysis
Stock exchange analysis
10-14
3 PE-backed IPO activity 16-19
4 Appendices 21-30
Page 3 3Q15 Global IPO update
Table of contents
Section Content Slides
1 2015 January-September highlights 4-8
2 Global IPO activity trends Global analysis
Regional analysis
Industry analysis
Stock exchange analysis
10-14
3 PE-backed IPO activity 16-19
4 Appendices 21-30
Page 4 3Q15 Global IPO update
106,8
41,3
80,4
86,6
3Q14 YTD 3Q15 YTD*
187.2 -32%
266 160
608 730
3Q14 YTD 3Q15 YTD*
The first nine months of 2015 (3Q15 YTD*) saw a 32% decrease in global proceeds despite a 2% increase in deal numbers compared with 3Q14 YTD.
Financial sponsor backed IPOs refers to deals that are backed by PE or VC investors or both.
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
Issuer name Domicile country Industry Exchange Proceeds (US$m) % of global capital
Huatai Securities Co. Ltd. China Financials Hong Kong (HKEx) 4,998.9 3.9%
Guotai Junan Securities Co. Ltd.1 China Financials Shanghai (SSE) 4,912.7 3.8%
Aena SA Spain Industrials Bolsa de Madrid 4,823.8 3.8%
Issuer name Domicile country Industry Exchange Proceeds (US$m) % of global capital
Sunrise Communications AG Switzerland Telecommunications SIX Swiss Exchange 2,459.3 1.9%
Auto Trader Group plc United Kingdom Industrials London (LSE) 2,358.2 1.8%
GrandVision NV Netherlands Retail Euronext (Amsterdam) 1,277.9 1.0%
Issuer name Domicile country Industry Exchange Proceeds (US$m) % of global capital
Fitbit Inc. United States Industrials New York (NYSE) 841.2 0.7%
Blue Buffalo Pet Products Inc. United States Consumer products NASDAQ 778.1 0.6%
Inovalon Holdings, Inc. United States Technology NASDAQ 684.8 0.5%
Global IPO activity summary
By number of deals By proceeds raised (US$b)
Financial sponsored (PE/VC backed) Non-financial sponsoredTop three IPO deals (by capital raised) during 3Q15 YTD*
Top three PE-backed IPOs (by capital raised) during 3Q15 YTD*
Top three VC-backed IPOs (by capital raised) during 3Q15 YTD*
890
127.9
2%
43,9
5,0
23,5
12,9
3Q14 3Q15*
67.4
17.9
-73%
69 26
208
166
3Q14 3Q15*
277
By number of deals By proceeds raised (US$b)
192
874
-31%
Page 5 3Q15 Global IPO update
Global IPO activity To access this infographic in PDF format, please go to EY’s IPO webpages (ey.com/ipo) to access the EY Global IPO Trends: 2015 Q3 report.
Page 6 3Q15 Global IPO update
Asia-Pacific1 and Greater China2 IPO activity To access this infographic in PDF format, please go to EY’s IPO webpages (ey.com/ipo) to access the EY Global IPO Trends: 2015 Q3 report.
1Based on IPO activity on Asia-Pacific stock exchanges. 2Based on IPO activity on Greater China stock exchanges (i.e., Shanghai Stock Exchange, Shenzhen Stock
Exchange – the Mainboard, SME and ChiNext, Hong Kong Stock Exchange – Main Board, GEM and Taiwanese Stock Exchange).
Page 7 3Q15 Global IPO update
EMEIA1 and UK2 IPO activity To access this infographic in PDF format, please go to EY’s IPO webpages (ey.com/ipo) to access the EY Global IPO Trends: 2015 Q3 report.
1Based on IPO activity on EMEIA stock exchanges. 2Based on IPO activity on London Main Market and Alternative Investment Market (AIM).
Page 8 3Q15 Global IPO update
US IPO activity1 To access this infographic in PDF format, please go to EY’s IPO webpages (ey.com/ipo) to access the EY Global IPO Trends: 2015 Q3 report.
1Based on IPO activity on US stock exchanges: NYSE, NASDAQ.
Page 9 3Q15 Global IPO update
Table of contents
Section Content Slides
1 2015 January-September highlights 4-8
2 Global IPO activity trends Global analysis
Regional analysis
Industry analysis
Stock exchange analysis
10-14
3 PE-backed IPO activity 16-19
4 Appendices 21-30
Page 10 3Q15 Global IPO update
Global IPO activity trends IPO activity in 3Q15* decreased by 31% and 73% in terms of deal number and proceeds, respectively, compared with 3Q14. This is due to the market volatility caused by turmoil in certain Asian markets.
Quarterly IPO activity (1Q11-3Q15*)
Global IPO activity (2011-3Q15 YTD*) % of cross-border listings
$46.9 $65,4 $28,7 $29,2 $18,0 $43,8 $29,6 $37,2 $24,4 $46,3 $25,6 $74,9 $47,2 $72,7 $67,4 $71,9 $39,9 $70,1 $17,9
306
384
293
260
203
243
192 201 163
205 202
325
262
335
277
366
274
424
192
0
50
100
150
200
250
300
350
400
450
0
10
20
30
40
50
60
70
80
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
1Q
13
2Q
13
3Q
13
4Q
13
1Q
14
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Capital raised (US$b) Number of deals
9,2%
10,2%
8,0%
0%
2%
4%
6%
8%
10%
12%
2013 2014 3Q15 YTD*
Cross-border listing
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
$284,6 $170,2 $128,6 $171,1 $259,2 $127,9
1.365 1.243
839 895
1.240
890
0
200
400
600
800
1.000
1.200
1.400
1.600
0
50
100
150
200
250
3002010
2011
2012
2013
2014
3Q
15
YT
D*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Capital raised (US$b) Number of deals
Page 11 3Q15 Global IPO update
Rapid-growth markets and developed markets IPO activity Compared with 3Q14 YTD, China led IPO volume in the rapid-growth markets to a 20% increase prior its suspension of IPOs. Lower volume in the US and Europe resulted a 14% decline in developed markets.
Please see the Appendix for the definition of rapid-growth markets. Rapid-growth and developed markets are based on the listed company domicile.
$30 $36 $17 $19 $9 $18 $16 $19 $9 $19 $9 $29 $17 $15 $41 $34 $15 $38 $7
222
259
199
173
125
154 142
101 84 90
103
164
133 119
155
190
154
234
100
0
50
100
150
200
250
300
0
5
10
15
20
25
30
35
40
45
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
1Q
13
2Q
13
3Q
13
4Q
13
1Q
14
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Quarterly IPO activity in rapid-growth markets
Capital raised (US$b)
$17 $29 $11 $10 $9 $26 $14 $18 $16 $27 $16 $46 $31 $57 $26 $38 $25 $32 $11
84
125
94 87
78 89
50
100
79
115 99
161
129
216
122
176
120
190
92
0
50
100
150
200
250
0
10
20
30
40
50
60
70
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
1Q
13
2Q
13
3Q
13
4Q
13
1Q
14
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Quarterly IPO activity in developed markets
Capital raised (US$b)
$67 $67 $105 $152 $67
390
317
454
643
402
0
100
200
300
400
500
600
700
0
20
40
60
80
100
120
140
160
20
11
20
12
20
13
20
14
3Q
15
YT
D*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Annual IPO activity in developed markets
Capital raised (US$b)
$103 $62 $66 $108 $61
853
522
441
597
488
0
100
200
300
400
500
600
700
800
900
0
20
40
60
80
100
120
20
11
20
12
20
13
20
14
3Q
15
YT
D*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Annual IPO activity in rapid-growth markets
Capital raised (US$b)
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
Page 12 3Q15 Global IPO update
Industry analysis Average deal size in most industries is lower in 3Q15 YTD* compared with 3Q14 YTD; health care sector led global activity in 3Q15 YTD* by deal number while financials led by proceeds.
377.9 407.7
148.2
113.7 78.9
380.6 94.5
155.9 146.4
298.4 225.6
47.5 678.8
111.9 86.1
293.9 134.0
140.9 97.3
227.9
183.9 82.2
3Q14 YTD 3Q15 YTD*
Average deal size (US$m)
53
59
59
47
77
12
73
67
113
147
97
70
38
41
51
43
79
13
51
80
124
156
156
58
Media andentertainment
Real estate
Consumer staples
Retail
Materials
Telecommunications
Energy
Consumer products
Technology
Health care
Industrials
Financials
3Q15 YTD* 3Q14 YTD
9,7
13,4
8,3
13,8
8,6
0,6
21,8
10,4
43,0
16,7
14,3
26,5
3,1
4,4
5,0
5,8
6,8
8,8
11,5
11,7
11,7
12,3
23,1
23,6
Media andentertainment
Real estate
Consumer staples
Retail
Materials
Telecommunications
Energy
Consumer products
Technology
Health care
Industrials
Financials
3Q15 YTD* 3Q14 YTD
Number of IPOs Capital raised (US$b)
147.2
107.0
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
Page 13 3Q15 Global IPO update
Exchange analysis – summary Led by a strong 1H15 on Greater China exchanges before the suspension of IPOs in July 2015, Asia-Pacific exchanges dominated global IPO landscape in terms of capital raised and deal volume in 3Q15 YTD*.
Regional share by capital raised (US$b)
Regional share by number of IPOs
Greater China exchanges led in terms of total proceeds raised (US$44.3b); US (US$25.4) and Spain (US$9.4b) ranked second and third,
respectively.
There were 19 deals with capital raised above US$1b in 3Q15 YTD. Nine of these deals listed on Asia-Pacific exchanges while eight listed on
EMEIA exchanges. US exchanges accounted for only two deals.
Greater China exchanges (262 deals) led globally in terms of deal number, followed by the US (139 deals) and Japan (66 deals), which ranked
second and third, respectively.
1Greater China exchanges includes Mainland China exchanges (192 deals raised US$24.0b), Hong Kong Main Market and Growth Enterprise Market (66 deals raised US$20.1b) and
Taiwan exchange (4 deals raised US$0.2b).
Based on the listed company exchange.
Asia-Pacific EMEIA Americas
$2,3
$2,6
$3,3
$3,4
$44,3
South Korea
Japan
Australia
Thailand
Greater China
32%
64%
22%
43%
47%
22%
45%
25%
21%
14%
33%
31%
3Q15*
3Q14
3Q15 YTD*
3Q14 YTD
22
36
48
66
262
Thailand
South Korea
Australia
Japan
Greater China
$3,6
$3,6
$3,8
$7,7
$9,4
Germany
France
Sweden
UK
Spain
20
20
43
44
44
Italy
France
UK
India
Sweden
$0,2
$1,0
$1,7
$25,4
Brazil
Canada
Mexico
US
1
5
13
139
Brazil
Mexico
Canada
US
19%
25%
18%
27%
53%
48%
52%
40%
28%
27%
30%
33%
3Q15*
3Q14
3Q15 YTD*
3Q14 YTD
Americas Asia-Pacific EMEIA
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
Page 14 3Q15 Global IPO update
3Q14 YTD 3Q15 YTD*
Stock exchange analysis Hong Kong Main Market led global IPO activity in 3Q15 YTD* by proceeds, while Shenzhen Stock Exchange led by number of deals.
**Data based on domicile of the exchange, regardless of the listed company domicile. Euronext includes Euronext (Amsterdam), Euronext (Paris) and Lisbon; Shenzhen includes
Shenzhen (SZSE) includes the Main Board, SME Board and ChiNext.
Capital raised (US$b)**
Number of
IPOs**
377
42
43
46
48
49
79
93
113
All other exchanges
Tokyo MOTHERS
London Main & AIM
New York (NYSE)
Australia (ASX)
Hong Kong (HKEx)
Shanghai (SSE)
NASDAQ
Shenzhen (SZSE)
$34,9
$6,5
$7,2
$7,7
$9,4
$11,1
$14,3
$16,8
$19,9
All other exchanges
Euronext
Shenzhen (SZSE)
London Main & AIM
Bolsa de Madrid
NASDAQ
New York (NYSE)
Shanghai (SSE)
Hong Kong (HKEx)
$37,1
$6,0
$6,5
$8,5
$12,3
$16,8
$16,9
$22,0
$61,0
All other exchanges
Tokyo (TSE)
Bolsa de Madrid
Australia (ASX)
Euronext
Hong Kong (HKEx)
NASDAQ
London Main & AIM
New York (NYSE)
346
25
29
41
59
64
88
90
132
All other exchanges
Euronext
Bombay SME
Australia (ASX)
Shenzhen (SZSE)
Hong Kong (HKEx)
New York (NYSE)
London Main & AIM
NASDAQ
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
.
Page 15 3Q15 Global IPO update
Table of contents
Section Content Slides
1 2015 January-September highlights 4-8
2 Global IPO activity trends Global analysis
Regional analysis
Industry analysis
Stock exchange analysis
10-14
3 PE-backed IPO activity 16-19
4 Appendices 21-30
Page 16 3Q15 Global IPO update
Global PE-backed IPO activity trends Market volatility makes IPO exits challenging in 3Q and PE firms are willing to wait for better valuations for exit opportunity.
*EMEA refers to Europe, Middle East and African exchanges. India is included in Asia-Pacific.
**3Q15 YTD (the first nine months of 2015) and 3Q15 shows IPOs that have been priced by 15 September and excludes expected IPOs.
Quarterly PE-backed IPO activity (2012-3Q15**)
Annual global PE-backed IPOs by region (capital raised)
Key insights The last two years have seen record levels of exit activity via IPO from PE investors
seeking to liquidate portfolio companies. 2013 saw PE firms sell companies valued
at US$59b, and 2014 saw a marked increase – PE deals broke US$100b for the
first time ever.
2015 has seen a more muted market for IPOs, and sponsor-backed deals in
particular. PE inventories are significantly reduced from two years ago, when many
companies acquired during the 2006-2007 period remained in PE portfolios.
Moreover, market volatility in 3Q15 made pricing new deals challenging. The
quarter saw just 15 PE-backed IPOs, a decline of more than 70% from Q2 2015,
and a decline of 63% from 3Q14.
However, while market volatility is having a detrimental impact on IPOs, many PE
firms are cautiously optimistic about the outlook. Valuations for new acquisitions
have in many cases exceeded the heights of ‘07, and firms have become
increasingly vocal about their willingness to step back and wait for better pricing.
29 37 31
80 96 99 92
10 31
86 62 69
103 88
42 6
10 12
30 28
40 66
37 21
51
42 36
49 53
22 9 13 6
40
56
60
58
4 4
19
13 6
35
70
44
0
50
100
150
200
250
Num
ber
of deals
Americas Asia-Pacific EMEA*
$6 $7 $7 $15 $21 $23 $21
$3 $10 $16
$30 $15
$35 $33
$10 $1 $1
$1
$8 $3
$7 $16
$4
$6 $9
$6
$4
$6
$43
$5 $1 $4 $2
$8 $14
$20 $21
$3
$1
$10 $3
$2
$18
$34
$20
$0
$20
$40
$60
$80
$100
$120
Capital ra
ised (
US
$b)
Americas Asia-Pacific EMEA*
$6 $7 $4 $5 $8 $15 $8 $28 $17 $37 $41 $14 $14 $17 $4
35 30 20 25
33
47 36
71
40
82
41 48
37
56
15
0
20
40
60
80
100
0
10
20
30
40
50
Num
ber
of deals
Capital ra
ised (
US
$b)
Capital raised (US$b) Number of deals
Annual global PE-backed IPOs by region (number of deals)
Page 17 3Q15 Global IPO update
335
562
545
625
435
359
543
644
599
634
720
452
227
318
335
384
199
83
249
301
322
299
350
228
149
180
197
216
51
56
156
117
110
187
211
108
0 200 400 600 800 1.000 1.200 1.400
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
3Q15 YTD
Strategic sales Secondary sales IPOs
Global PE exit trends Activity by strategic acquirers declines 7% year-over-year, but remains a key exit route for PE.
Strategic sales are sales to corporations (i.e., M&A) while secondary sales are sales to other PE firms.
* 3Q15 YTD shows 2015 IPOs that have been priced between January to 15 September.
Key insights Strategic acquirers continue to be active, accounting for 57% of PE exits so far in 2015.
Indeed, the IPO pipeline has become a fertile hunting ground for corporates and PE firms alike. 2015 has seen a number of PE-backed companies
withdraw their IPOs in light of acquisition offers from strategic and secondary acquirers. Thus far, 11 PE-backed companies have withdrawn their IPOs
to pursue acquisitions. Of those, six were from other PE firms.
PE firms have signaled their intention to pursue additional listings. The last three months have seen a number of large investments file to go public. PE
firms will be closely watching the progression of these deals for signs that the IPO window has reopened following the market ’s August volatility.
Univision (acquired in 2007 by TPG, Thomas H. Lee Partners, Providence, and MDP for US$13.7b) filed on July 2.
Albertsons (acquired by Cerberus Capital for US$9.6b in 2005) filed on July 8.
First Data (acquired by KKR for US$29b in 2007) filed on July 20.
Annual global PE exits by deal volume (2004-3Q15 YTD)
$74,9
$143,3
$89,5
$143,6
$111,6
$51,9
$155,1
$182,1
$148,5
$158,8
$296,6
$218,5
$60,3
$68,1
$91,9
$158,2
$28.5
$12.8 $65,9
$53,5
$69,9
$58,7
$34.7
$48,9
$31,6
$38,4
$50,0
$57,7
$9,9
$16,8
$35,5
$38,8
$22,0
$58,5
$110,0
$35,0
$0 $100 $200 $300 $400 $500 $600
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
3Q15 YTD
Strategic sales Secondary sales IPOs
Annual global PE exits by deal value (US$m) (2004-3Q15 YTD)
IPOs as % of
PE exits
11.5%
23.1%
21.1%
9.2%
14.2%
13.8%
20.2%
6.6%
16.1%
21.6%
15.4%
18.9%
IPOs as % of
PE exits
13.7%
16.5%
16.7%
10.7%
11.0%
16.4%
11.2%
7.4%
17.6%
18.3%
16.9%
21.0%
Page 18 3Q15 Global IPO update
PE exit trends by region IPO exits see slight drop in the Americas and EMEA in the first nine months of 2015.
119
169
181
201
115
95
231
219
248
234
305
195
103
140
126
160
77
27
114
123
176
135
178
113
80
96
99
92
10
31
86
62
69
103
88
42
0 200 400 600
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
3Q15 YTD
Strategic sales Secondary sales IPOs
187
338
294
325
262
193
223
303
246
283
316
200
118
172
195
208
110
50
118
157
126
144
158
107
40
56
60
58
4
4 19
13
6
35
70
44
0 200 400 600 800
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
3Q15 YTD
Strategic sales Secondary sales IPOs
33,3
76,3
43,4
59,8
59,1
23,7
84,1
73,4
76,9
99,7
148,3
142,3
31,0
27,0
25,2
68,0
$4.1
$2.5
29,7
14,4
44,4
28,3
$24.6
15,2
15,3
21,2
23,4
21,3
2,8
10,1
16,2
29,8
15,3
34,6
32,7
9,9
0 50 100 150 200 250
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
3Q15 YTD
Strategic sales Secondary sales IPOs
33,9
51,7
40,9
71,0
46,5
20,9
56,1
76,5
57,8
44,0
113,9
60,0
28,9
40,6
65,6
83,8
21,8
$8.9
34,5
31,9
21,4
28,4
$9.5 29,3
8,2
14,4
20,1
20,9
3,2
0,8
10,2
3,1
2,3
17,8
34,5
19,7
0 50 100 150 200
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
3Q15 YTD
Strategic sales Secondary sales IPOs
Americas PE exits by deal volume (2004-3Q15 YTD)
EMEA1 PE exits by deal volume (2004-3Q15 YTD)
12.0%
15.4%
21.8%
14.1%
15.4%
20,0%
20.2%
5.0%
20.3%
24.4%
23.7%
26.4%
IPOs as % of
PE exits
IPOs as % of
PE exits
5.9%
14.8%
21.8%
11.2%
25.4%
12.4%
27.8%
4.2%
14.3%
25.4%
17.0%
19.1%
Americas PE exits by deal value (US$m) (2004-3Q15 YTD)
IPOs as % of
PE exits
12.5%
12.8%
7.6%
1.6%
2.7%
5.3%
1.6%
1.1%
9.8%
10.9%
9.9%
11.6%
IPOs as % of
PE exits EMEA1 PE exits by deal value (US$m) (2004-3Q15 YTD)
18.0%
19.5%
18.5%
2.8%
2.8%
10.1%
2.6%
4.4%
11.9%
15.9%
13.5%
11.7%
1EMEA refers to Europe, Middle East and African exchanges. India is included within Asia-Pacific
Strategic sales are sales to corporations (i.e., M&A) while secondary sales are sales to other PE firms.
3Q15 YTD shows IPOs that have been priced by 15 September.
Page 19 3Q15 Global IPO update
PE exit trends by region IPO exits will see significant decrease in Asia-Pacific; China investors to be challenged by moratorium.
29
55
70
99
58
71
89
122
105
117
99
57
6
6
14
16
12
6
17
21
20
20
14
8
30
28
40
66
37
21
51
42
36
49
53
22
0 100 200
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
3Q15 YTD
Strategic sales Secondary sales IPOs
7,7
15,3
5,2
12,8
6,0
7,3
15,0
32,3
13,7
15,1
34,4
16,1
0,4
0,5
1,0
6,3
2,6
1,4
1,7
7,2
4,0
2,0
1,7
0.3
8,1
2,8
6,5
15,6
3,9
5,8
9,1
5,9
4,4
6,0
42,8
5,4
0 20 40 60 80
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
3Q15 YTD
Strategic sales Secondary sales IPOs
Key insights ► The Americas has seen a steep drop-off in exits in the first nine months of the year. To date, just 42 deals have priced in the region, raising US$9.9b in
aggregate. This compares with more thaner US$32.0b for the entire year in 2014, when 88 deals priced. The third quarter was particularly quiet, with just 8
deals pricing over the period.
► Similarly, exits in Asia-Pacific have seen a marked decline on the China IPO moratorium and a lack of M&A activity. PE firms have thus far exited 87
companies, compared with 166 in all of 2014. China’s IPO moratorium, enacted in response to the summer’s market volatility, w ill further challenge exits in
the region. However, PE firms are less reliant on IPOs as an exit route than they once were. The 2012-2013 moratorium forced many China investors to
look at alternative avenues for exiting investments, including sales to strategic investors and secondary buyouts.
► EMEA1 remains an area of relative strength, although activity has weakened as the year has worn on. PE firms have announced 351 exits deals so far this
year, compared with 544 for all of last year.
► There is evidence that the intense focus on exits may be beginning to abate, as PE firms unwind from boom year acquisitions. According to Preqin,
average hold periods for 2015 exits dropped to 5.5 years, down from 5.9 years for companies exited in 2014.
IPOs as % of
PE exits IPOs as % of
PE exits
25.2%
31.9%
26.3%
22.4%
22.7%
32.3%
21.4%
34.6%
36.5%
32.3%
31.5%
46.2%
20.8%
54,2%
25.8%
19.7%
12.9%
35.3%
40.2%
30.3%
44.8%
51.1%
15.1%
50.0%
Asia-Pacific PE exits by deal volume (2004-3Q15 YTD) Asia-Pacific PE exits by deal value (US$m) (2004-3Q15 YTD)
Strategic sales are sales to corporations (i.e., M&A) while secondary sales are sales to other PE firms. 1EMEA refers to Europe, Middle East and African exchanges. India is included within Asia-Pacific.
3Q15 YTD shows IPOs that have been priced by 15 September.
Page 20 3Q15 Global IPO update
Table of contents
Section Content Slides
1 2015 January-September highlights 4-8
2 Global IPO activity trends Global analysis
Regional analysis
Industry analysis
Stock exchange analysis
10-14
3 PE-backed IPO activity 16-19
4 Appendices 21-30
Page 21 3Q15 Global IPO update
Asia-Pacific1 IPO activity trends IPO activity increased by 34% in 3Q15 YTD* in terms of volume and 22% in terms of value when compared with levels seen during the same period in 2014.1
Former state-owned enterprise (SOE) IPO activity in Asia-
Pacific (2007-3Q15 YTD*)
3Q15 YTD* Asia-Pacific IPOs by sector
IPO pricing and performance: 3Q15 YTD* IPOs
Measures 3Q15 YTD* IPOs
% of IPOs priced within or above initial pricing range 98.9%
First-day average return +28.1%
% change of offer price vs. 15 Sept. +57.2%
Median post-IPO market cap US$166.7m
Hang Seng Index – 2015 YTD returns -8.9%
Shanghai SE Composite Index – 2015 YTD returns -1.1%
Nikkei 225 – 2015 YTD returns +4.7%
Sectors Number of
deals Proceeds (US$m)
Industrials 100 6,445.0
Technology 85 5,747.1
Health care 49 4,522.4
Materials 48 4,549.6
Consumer products 42 2,983.1
Consumer staples 28 3,016.3
Energy 26 5,237.5
Retail 22 1,849.2
Financials 21 17,784.9
Real estate 20 2,027.0
Media and entertainment 19 1,653.6
Telecommunications 6 1,944.4
Grand total 466 57,760.0
Asia-Pacific IPO activity (2007-3Q15 YTD*)
1Based on IPO activity on Asia-Pacific stock exchanges. For more information on 3Q15 YTD*, please see the Asia-Pacific infographic on slide 6.
$125 $32 $72 $179 $88 $56 $59 $84 $58
760
350 347
746
675
437
376
563
466
0
100
200
300
400
500
600
700
800
0
20
40
60
80
100
120
140
160
180
200
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
3Q
15
YT
D*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Capital raised (US$b)
$65 $14 $22 $54 $1 $12 $11 $16 $1
69
27 24
73
4 7 8
10
1
0
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
3Q
15
YT
D*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Capital raised (US$b)
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
Page 22 3Q15 Global IPO update
EMEIA1 IPO activity trends EMEIA IPO activity declined in 3Q15 YTD*, both in terms of number of deals and capital raised by 9% and 28% respectively, compared with the same period in 2014.
EMEIA financial sponsor-backed IPO activity (2007-3Q15 YTD*)
Annual EMEIA IPO activity (2007-3Q15 YTD*)
1Based on IPO activity on EMEIA stock exchanges. See Appendix for definitions of main market and junior market.
$126 $36 $14 $48 $33 $16 $34 $75 $42
823
310
112
354 353
209 240
365 266
0
100
200
300
400
500
600
700
800
900
0
20
40
60
80
100
120
140
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
3Q
15
YT
D*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Capital raised (US$b)
$22 $3 $2 $11 $4 $3 $17 $36 $20
101
15 8
37 30
14
38
77
52
0
20
40
60
80
100
120
0
5
10
15
20
25
30
35
40
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
3Q
15
YT
D*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Capital raised (US$b)
3Q15 YTD* EMEIA IPOs by sector
IPO pricing and performance: 3Q15 YTD* IPOs
Measures 3Q15 YTD* IPOs
% of IPOs priced within or above initial pricing range 99.0%
EMEIA main market IPOs – first-day average return +11.0%
EMEIA main market IPO – % change of offer price vs.
15 Sept. +17.5%
EMEIA main markets’ IPO – median post-IPO market cap US$310.1m
FTSE 100 – 2015 YTD returns -6.8%
DAX – 2015 YTD returns +3.2%
CAC40 – 2015 YTD returns +6.5%
Sectors Number of
deals Proceeds (US$m)
Industrials 46 13,444.5
Health care 44 1,914.4
Consumer products 29 5,448.8
Financials 23 4,294.6
Materials 22 444.5
Technology 20 2,333.9
Consumer staples 20 1,617.2
Media and entertainment 16 993.8
Retail 14 2,612.3
Energy 13 1,015.2
Real estate 13 865.6
Telecommunications 6 6,814.9
Grand total 266 41,799.7
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
Page 23 3Q15 Global IPO update
US1 IPO activity trends IPO activity in the US decreased considerably (37% and 67% in terms of deal numbers and proceeds, respectively) in 3Q15 YTD* compared with the same period in 2014.
US financial sponsor-backed IPO activity (2007-3Q15 YTD*)
Annual US IPO activity (2007-3Q15 YTD*)
1Based on IPO activity on US stock exchanges: NYSE, NASDAQ and NYSE – AMEX.
$50 $27 $27 $43 $40 $47 $62 $96 $25
214
35
65
162
124 133
226
291
139
0
50
100
150
200
250
300
350
0
20
40
60
80
100
120
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
3Q
15
YT
D*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Capital raised (US$b)
$24 $3 $10 $17 $30 $32 $41 $70 $16
124
13
36
108
80 87
144
186
87
0
20
40
60
80
100
120
140
160
180
200
0
10
20
30
40
50
60
70
80
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
3Q
15
YT
D*
Num
ber
of IP
Os
Capital ra
ised (
US
$b)
Capital raised (US$b)
3Q15 YTD* US IPOs by sector
IPO pricing and performance: 3Q15 YTD* IPOs
Measures 3Q15 YTD* IPOs
% of IPOs priced within or above initial filing range 70.5%
First-day average return +21.1%
% change of offer price vs. 15 Sept. +7.9%
Median post-IPO market cap US$487.0m
S&P 500 – 2015 YTD returns -4.8%
DJIA – 2015 YTD returns -7.8%
CBOE Volatility Index® (VIX®) - change from 1 Jan. +20.8%
Sectors Number of deals Proceeds (US$m)
Health care 62 5,863.1
Technology 17 3,464.0
Financials 11 1,100.6
Energy 10 5,250.0
Industrials 9 2,467.0
Consumer products 6 2,422.3
Real estate 6 1,361.8
Retail 6 1,119.9
Materials 5 1,446.7
Media and entertainment 3 476.6
Consumer staples 3 328.7
Telecommunications 1 65.0
Grand total 139 25,365.8
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
Page 24 3Q15 Global IPO update
Pricing range Ninety-five percent of global IPOs1 were priced within or above the initial filing range in 3Q15* compared with 86% in 3Q14.
1Chart shows the number of open-price IPOs with deal value above US$50m that are priced above, below or within their initial filing range. For 3% of IPOs, this range is not applicable.
12% 11% 14% 16% 9% 7%
3% 11% 10% 10% 7% 7% 6% 6% 5% 9% 11%
8% 11% 7% 6%
12% 9% 10% 8%
12% 14% 14%
5% 7% 4%
87% 88% 86% 84%
91%
74%
95%
86% 85% 88% 90% 90%
88% 88% 92% 83% 83% 87%
85% 90%
85%
83%
80% 82% 85%
82% 78% 80%
90% 85% 85%
1% 1%
19%
2% 3% 5% 2% 3% 3% 6% 5% 4%
8% 6% 5% 4% 3% 9%
5% 11%
8% 7% 6% 8% 6% 5% 8% 10%
2%
12%
22%
32%
42%
52%
62%
72%
82%
92%
1Q
08
2Q
08
3Q
08
4Q
08
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
1Q
13
2Q
13
3Q
13
4Q
13
1Q
14
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
*
Num
ber
of deals
Below In range Above
227 276 171 84 52 84 141 288 282 313 296 474 306 384 293 260 203 243 192 201 163 205 202 325 262 335 277 366 274 424 192 Total
number of
IPOs
Eighty-seven percent of global IPOs in 3Q15 YTD* were priced within their initial filing range, 8% were priced above their initial filing range and
5% of IPOs were priced below their initial filing range.
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
Page 25 3Q15 Global IPO update
Global IPO activity trends on main and junior markets Median values for EMEIA grew substantially on main markets in 3Q15 YTD*.
Please see the Appendix for the definition of main markets and junior markets.
Annual median deal size by region (US$m)
Quarterly median deal size by region (US$m)
Americas EMEIA Asia-Pacific
Main markets Junior markets
Annual median deal size by region (US$m)
Global
median
Global
median
Quarterly median deal size by region (US$m)
174
132 138
108 113
21 30
51
91 89
67 56
72 69 61
2011 2012 2013 2014 3Q15 YTD*
137
203
155
167
103
145
123 1
54
120
118
122
215
93
115
97
147
88 1
11
117
18 3
8
18
8
30
17
8
79
50
15
72
112
190
156
48
110
96
133
40
88
66
62
64
46 66
74
31
42
83
69
73
70
79
62
67
60
67
42
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
1Q
13
2Q
13
3Q
13
4Q
13
1Q
14
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
*
2 1 1
16
2 1 1 3
7
3
39
19
9
15
24
2011 2012 2013 2014 3Q15 YTD*
1 2 3 1 1 1 4
1 1 1 3 1
8
18
39
6 2 0 1 1 1 1 1 1 1
4 2 3 2
10 9 8 3
9 4 2 3
79
57
43
12
50 47
12 10 8 10 8 13
51
13 13 11
20
31
9
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
1Q
13
2Q
13
3Q
13
4Q
13
1Q
14
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
*
8 9 6 7 9 7 6 8 4 5 6 11 34 9 8 11 10 20 8 80 82 64 67 70 71 85 92 81 96 95 129 91 109 67 96 63 87 64
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
Page 26 3Q15 Global IPO update
Appendix: Key global IPO statistics (US$)
1Percentage change from 2010 to 2011. 2Percentage change from 2011 to 2012. 3Percentage change from 2012 to 2013. 4Percentage change from 2013 to 2014.
5Consumer products includes consumer services. 6Throughout slides, financial sponsor backed IPOs refer to IPOs backed by PE and/or VC funds. In 1H15, there were 123 IPOs raising US$32.7b.
Please see Appendix for the list of stock exchanges.
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.
2011 2012 2013 2014 3Q15 YTD*
Number of deals 1,243 (▼ 9%1) 839 (▼ 33%2) 895 (▲7%3) 1,240 (▲38.5%4) 890
Capital raised $170.2b (▼ 40%1) $128.6b (▼ 24%2) $171.1b (▲33%3) $260.0b (▲52.0%4) $127.9b
Average deal size $137.0m $153.3m $191.1m $209.6m $143.7m
PE-backed IPOs 119 deals, $38.3b 107 deals, $19.4b 185 deals, $58.3b 211 deals, $109.9b 108 deals, $35.0b
VC-backed IPOs 143 deals, $17.3b 92 deals, $23.2b 129 deals, $14.1b 159 deals, $23.1b 62 deals, $8.2b
Top 5 sectors
(number of deals)
Materials (271)
Industrials (215)
Technology (146)
Energy (101)
Consumer products 5(98)
Materials (143)
Industrials (135)
Technology (115)
Energy (63)
Consumer staples (58)
Industrials (117)
Technology (115)
Real estate (100)
Health care (100)
Financials (92)
Health care (197)
Technology (169)
Industrials (146)
Consumer products
(111)
Materials (106)
Industrials (156)
Health care (156)
Technology (124)
Consumer products (80)
Materials (79)
Top 5 sectors
(capital raised)
Materials ($29.2b)
Industrials ($27.0b)
Energy ($20.8b)
Financials ($15.9b)
Technology ($15.5b)
Technology ($23.1b)
Industrials ($20.2b)
Financial ($19.4b)
Real estate ($12.5b)
Energy ($12.1b)
Financials ($28.6b)
Real estate ($27.0b)
Energy ($22.0b)
Industrials ($18.9b)
Health care ($12.4b)
Technology ($50.6b)
Financials ($43.3b)
Energy ($31.4b)
Real estate ($27.2b)
Health care ($22.6b)
Financials ($23.6b)
Industrials ($23.1b)
Health care ($12.3b)
Technology ($11.7b)
Consumer products ($11.7b)
Top 5 exchanges
(number of deals)
Warsaw – New Connect
(136)
Shenzhen – ChiNext (128)
Shenzhen – SME (115)
Australian (101)
Hong Kong (68)
New York (78)
Shenzhen – ChiNext (74)
Warsaw – New Connect (62)
Shenzhen (55)
NASDAQ (54)
New York (116)
NASDAQ (109)
Hong Kong (76)
London AIM (54)
Australian (52)
NASDAQ (174)
New York (117)
Hong Kong (90)
London AIM (74)
Australian (70)
Shenzhen SZSE (113)
NASDAQ (93)
Shanghai SSE (79)
Hong Kong (49)
Australian (48)
Top 5 exchanges
(capital raised)
New York ($30.5b)
Hong Kong ($25.3b)
Shenzhen ($15.7b)
Shanghai ($15.1b)
London ($13.9b)
New York ($24.0b)
NASDAQ ($22.6b)
Tokyo ($12.2b)
Hong Kong ($11.5b)
Bursa Malaysia ($7.6b)
New York ($45.8b)
Hong Kong ($21.4b)
NASDAQ ($15.8b)
London ($12.9b)
Tokyo ($9.3b)
New York ($73.9b)
Hong Kong ($29.7b)
NASDAQ ($22.2b)
London ($19.4b)
Australian ($16.0b)
Hong Kong ($19.9b)
Shanghai SSE ($16.8b)
New York ($14.3b)
NASDAQ ($11.1b)
Bolsa de Madrid ($9.4b)
Page 27 3Q15 Global IPO update
Appendix: 3Q15 YTD* top 20 IPOs by capital raised
Issue
month Issuer name Domicile Sector Issuer business description
Capital
raised
(US$m)
Exchange(s) Type of IPO
June Huatai Securities Co. Ltd. China Financials
Integrated securities broker engaged in
broking, research, investment banking
and asset management services.
4,998.9 Hong Kong
(HKEx)
June Guotai Junan Securities Co.
Ltd. China Financials Securities company. 4,912.7
Shanghai
(SSE)
February Aena SA Spain Industrials Airports operator. 4,823.8 Bolsa de
Madrid Former SOE
April GF Securities Co. Ltd. China Financials
Provides services in securities trading,
investment banking and asset
management.
4,137.3 Hong Kong
(HKEx)
February Sunrise Communications AG Switzerland Telecommunicat
ions
Fixed line telecommunications services
provider. 2,459.3
SIX Swiss
Exchange PE backed
May Cellnex Telecom SA Spain Telecommunicat
ions
Providers of wireless telecommunication
and broadcasting services including
mobile, audio-visual and security.
2,390.8 Bolsa de
Madrid
March Auto Trader Group plc UK Industrials
Provider of online motoring digital
marketplace for motor vehicle buyers and
sellers.
2,358.2 London (LSE) PE backed
June China National Nuclear Power
Co. Ltd. China Energy
Nuclear power plant operations and
maintenance company. 2,160.1
Shanghai
(SSE)
June Legend Holdings Corp. China Technology Personal computer maker. 1,974.9 Hong Kong
(HKEx)
February Jasmine Broadband Internet
Infrastructure Fund Thailand
Telecommunicat
ions
Infrastructure Fund invest in fiber-optic
network for broadband internet. 1,686.3 Thailand (SET)
*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time
Page 28 3Q15 Global IPO update
Appendix: 3Q15 YTD* top 20 IPOs by capital raised
Issue
month Issuer name Domicile Sector Issuer business description
Capital
raised
(US$m)
Exchange(s) Type of IPO
March Orient Securities Co. Ltd.
(China) China Financials Provider of financial services. 1,629.1 Shanghai (SSE)
August China Railway Signal &
Communication Corporation China Industrials Rail transit communication and signal. 1,454.6
Hong Kong
(HKEx) Former SOE
May Tallgrass Energy GP LP US Energy Provider of natural gas, transportation of
crude oil. 1,384.0
New York
(NYSE)
July Deutsche Pfandbriefbank AG Germany Financials Real estate finance bank. 1,281.6 Deutsche Borse Former SOE
February GrandVision NV Netherlands Retail Retailer of optical products including
eyeglasses, sunglasses and contact lenses. 1,277.9
Euronext
(Amsterdam) PE backed
February Columbia Pipeline Partners
LP US Energy
Owns, operates and develops a portfolio of
pipelines for natural gas transmission. 1,238.2
New York
(NYSE)
June SPIE SA France Industrials Provides electrical, mechanical, energy and
communications services. 1,148.0
Euronext
(Paris) PE backed
March Fuyao Glass Industry Group
Co. Ltd. China Materials Manufacturer of various glass products. 1,095.3
Hong Kong
(HKEx)
June Europcar Groupe SA France Consumer
Products Car rental company. 1,009.4
Euronext
(Paris) PE backed
June Infrastrutture Wireless
Italiane SpA - Inwit Italy
Telecommuni
cations
Management and maintenance of towers
which host the radio transmission
equipment for the mobile telephony
networks of Telecom Italia.
985.6 Borsa Italiana
Total capital raised by top 20 IPOs in 3Q15 YTD*
Total global capital raised in 3Q15 YTD*:
% of top 20:
US$44.4b
US$127.9b
34.7% *Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected
IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time
Page 29 3Q15 Global IPO update
Appendix: Definitions
► The data presented in the 3Q15 Global IPO update and press releases is from Dealogic and EY. 3Q15 YTD (the first
nine months) and 3Q15 is based on priced IPOs as of 14 September 2015 and expected IPOs in September. Data is
up to 15 September 2015, 9:00 a.m. India time. All data contained in this document is sourced to Dealogic and EY
unless otherwise noted.
► For the purposes of these reports and press releases, we focus only on IPOs of operating companies and define an
IPO as a company's first offering of equity to the public.
► This report includes only those IPOs for which Dealogic and EY offer data regarding the issue date (the day the offer is
priced and allocations are subsequently made), trading date (the date on which the security first trades) and proceeds
(funds raised, including any over-allotment sold). Postponed IPOs, or those which have not yet been priced, are
therefore excluded. Over-the-counter (OTC) listings are also excluded.
► In an attempt to exclude non-operating company IPOs such as trusts, funds and special purpose acquisition
companies (SPACs), companies with the following Standard Industrial Classification (SIC) codes are excluded: ► 6091: Financial companies that conduct trust, fiduciary and custody activities
► 6371: Asset management companies such as health and welfare funds, pension funds and their third-party administration as well as other
financial vehicles
► 6722: Companies that are open-end investment funds
► 6726: Companies that are other financial vehicles
► 6732: Companies that are grant-making foundations
► 6733: Asset management companies that deal with trusts, estates and agency accounts
► 6799: Special purpose acquisition companies (SPACs)
► We also applied the above SIC exclusion criteria for the follow-on activity analysis.
► In our analysis, unless stated otherwise, IPOs are attributed to the domicile of the company undertaking an IPO. The
primary exchange on which they are listed is as defined by Dealogic and EY research.
► A foreign listing is where the stock exchange nation of the company is different from the company's domicile (i.e.,
issuer's nation).
► For IPO listings on HKEx; SSE; SZE; Japan’s Tokyo Stock Exchange (TSE); TSE MOTHERS; Korea's KRX and
KOSDAQ; Thailand's SET and MAI; Indonesia IDX; WSE; NewConnect; TSX and TSX-V exchanges, we use their first
trading date in place of issue date.
Page 30 3Q15 Global IPO update
Appendix: Definitions
► Geographic definitions:
► Asia includes Bangladesh, Greater China, Indonesia, Japan, Laos, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand and Vietnam.
► Greater China includes mainland China, Hong Kong, Macau and Taiwan.
► Asia-Pacific includes Asia (as stated above) plus Australia, New Zealand, Fuji and Papua New Guinea.
► Central and South America includes Argentina, Bermuda, Brazil, Chile, Colombia, Ecuador, Jamaica, Mexico, Peru and Puerto Rico.
► EMEIA includes Armenia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary,
Iceland, India, Ireland, Isle of Man, Italy, Kazakhstan, Luxembourg, Lithuania, Netherlands, Norway, Pakistan, Poland, Portugal, Russian Federation, Spain,
Sweden, Switzerland, Turkey, Ukraine and United Kingdom plus the Middle East and Africa countries listed below.
► Middle East includes Bahrain, Iran, Israel, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen.
► Africa includes Algeria, Botswana, Egypt, Ghana, Kenya, Madagascar, Malawi, Morocco, Namibia, Rwanda, South Africa, Tanzania, Tunisia, Uganda,
Zambia and Zimbabwe.
► North America consists of the United States and Canada.
► Emerging markets or rapid-growth markets include issuers from Argentina, Armenia, Bangladesh, Bolivia, Brazil, Bulgaria, Chile, Colombia,
Croatia, Cyprus, Egypt, Ethiopia, Greater China, Hungary, India, Indonesia, Ireland, Israel, Kenya, Kuwait, Kazakhstan, Laos, Lithuania,
Malaysia, Mauritius, Mexico, Namibia, Pakistan, Peru, Philippines, Poland, Qatar, Russian Federation, Saudi Arabia, Sierra Leone, Singapore,
Slovenia, South Africa, South Korea, Sri Lanka, Tanzania, Thailand, Tunisia, Turkey, Ukraine, United Arab Emirates, Vietnam and Zambia.
► Developed markets include issuers from Australia, Austria, Belgium, Bermuda, Canada, Denmark, Finland, France, Germany, Greece,
Guernsey, Isle of Man, Italy, Japan, Jersey, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, the
United Kingdom and the United States.
► State-owned enterprise (SOE) privatizations refers to former state-owned entities that have completed their IPO listings to become public
companies.
► Many stock exchanges have set up main markets and junior markets. Main markets are where medium and large IPOs (by capital raised)
are usually listed and traded. Junior markets are where small-cap companies or smaller IPOs are listed or traded. Stock exchanges without
junior markets are classified as main markets.
► Junior markets include:
► Americas: American, Canadian National Stock Exchange, Toronto Venture Exchange and Jamaica.
► Asia-Pacific: Malaysia ACE Market, Bombay SME, Hong Kong Growth Enterprise Market, Japan JASDAQ, Korea KOSDAQ, Thailand Market for Alternative
Investment, National SME, Shenzhen ChiNext, Singapore Catalist, Tokyo Stock Exchange MOTHERS Index.
► EMEA: Alternext, London Alternative Investment Market, Germany's Frankfurt Entry Standard, Spain's Mercado Alternativo Bursatil, NASDAQ OMX First
North, Warsaw New Connect, Johannesburg Alternative Market.
Global IPO press release and Global IPO update slides – 2015 Q3 Date published: 23 September 2015
For PR inquiries, please contact:
Will Brewster
Associate Director, EY Global Media Relations
+44 207 980 0812
For information about EY’s IPO services and our IPO point of view, please contact:
Jackie Kelley
EY Global and Americas IPO Markets Leader
+1 949 437 0237
Dr. Martin Steinbach
EY EMEIA IPO Leader
+49 6196 996 11574
Produced by Global Markets — EY Knowledge:
Anshul Singh, Market Performance, Global Markets – EY Knowledge
+91 124 619 2943
Contributors include: Akriti Kapoor
This report was requested by:
Eva Chan, Manager – Global IPO Center, Strategic Growth Markets
+44 207 980 0254
Visit the EY Knowledge CHS for help accessing and using knowledge tools and services.
Ringo Choi
EY Asia-Pacific IPO Leader
+86 755 25028298
Shinichiro Suzuki
EY Japan IPO Leader
+81 3 3503 1504
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