A PwC IPO Centre publication
Global IPO WatchQ3 2019PwC 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]
Christine van den Bos (author)[email protected]
Martin [email protected]
Ross [email protected]
Nadja [email protected]
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 PIPOs 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. The same applies to countries and regions. This does not apply to two exchanges within the same country or two countries within the same region. Country indicates the company’s country of domicile. Industry classification is based on the FTSE Russell Industry Classification Benchmark. Index performance is based on pricing data extracted from Bloomberg.
PwC
IPO and FO highlights
Q3 2019Global IPO Watch3
The largest European IPO of Q3 2019 took place on Deutsche Börse, as software company TeamViewer raised $2.2bn in September
2Difficult listing conditions led to notably The We Company withdrawing its intended IPO
1
In Q3 2019, 32 IPOs raised $5.3bn on the recently opened STAR Market
5
The largest global IPO of Q3 2019 took place on HKEX, as Budweiser Brewing Company APAC raised $5.0bn in late September
3
Dovish moves from both the Fed and ECB should continue to make equity markets an attractive source for returns
4
The largest FO in Q3 2019 was undertaken by Recruit, raising $3.5bn on the Tokyo Stock Exchange in September
6
PwC
Global money raised via IPOs and FOs
Q3 2019Global IPO Watch4
Global money raised via IPOs and FOs (10-year overview) Top countries 2019YTD
With activity levels subdued in Q3 2019, expectations for Q4 are adjusted downwards
Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 30 September 2019
FO m
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$299.1bn
$178.8bn$142.5bn
$195.6bn
$274.3bn
$206.9bn
$142.5bn
$209.0bn $223.5bn
$125.7bn
1,2581,041
728 8651,167 1,185 1,013
1,5231,196
693
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
$642.0bn
$479.9bn $509.3bn$588.2bn $613.5bn
$685.8bn$551.1bn
$620.8bn
$461.9bn
$321.5bn
3,5622,902 2,508
3,046 3,178 3,323 3,186 3,5712,838
2,012
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
United States 44%
China 13%
Hong Kong 12%
United Kingdom 5%
Germany 3%Sweden 3%
India 2%
Other 19%
United States 43%
United Kingdom 7%India 6%
Australia 5%China 5%
Brazil 5%
Japan 4%
Other 26%
PwC
Overview of global IPO and FO activity
Q3 2019Global IPO Watch5
• FO activity was more resilient, as proceeds decreased by 9% and the number of deals by 4%.
• There is a notable increase in the number of IPOs pricing above its range, driven by the Americas, where 1/5 IPOs prices above its initial pricing range.
• At 10.9% for 2019YTD IPOs, the performance of transactions is strong this year. This is mainly driven by strong performance of Asia-Pacific IPOs.
• Global equity markets were volatile this quarter, as trade war escalations and Brexit deadlock were followed by more monetary easing by the ECB and the Fed, all in thin market trading.
Global IPO and FO activity
IPO pricing dynamics Post-IPO performance (median) Global indices
In the third quarter of 2019, IPO proceeds decreased by 22% whereas the number of transactions decreased by 19% as compared to last year
1
2
1
2
3
3
2018 2019YTD
1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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’.
Source: Dealogic, Bloomberg as of 30 September 2019
4
4
2017 2018 2017YTD 2018YTD 2019YTD Q3 2017 Q3 2018 Q3 2019IPO activity Number of IPOs 1,523 1,196 1,082 895 693 345 279 226
% sponsor-backed 9.5% 7.9% 9.2% 9.3% 7.8% 6.1% 7.2% 8.0%Money raised $209.0bn $223.5bn $141.2bn $166.0bn $125.7bn $49.2bn $51.6bn $40.4bn
% sponsor-backed 22.8% 42.5% 23.6% 17.8% 22.4% 12.6% 16.5% 22.3%
Advanced metrics Free float % 31.8% 32.3% 32.1% 32.6% 31.3% 33.0% 31.1% 29.5%Overallotment exercised (%)1 25.3% 33.4% 24.9% 33.5% 33.4% 21.8% 34.1% 23.1%% secondary shares 14.6% 13.6% 13.4% 14.5% 12.5% 12.1% 10.6% 11.4%
FO activityNumber of FOs 3,571 2,838 2,560 2,287 2,012 730 627 602 Money raised $620.8bn $461.9bn $476.3bn $391.3bn $321.5bn $143.6bn $114.3bn $104.1bn
6% 7% 7% 6% 6%14% 20% 13% 17% 20%
53% 47% 55% 47% 41%
22% 21% 21% 23% 24%
4% 5% 4% 6% 8%
2017 2018 2017YTD 2018YTD 2019YTD
Below range Bottom of range In range Top of range Above range
4.4%
12.5%
3.2%
11.7%
2.6%
10.8%
2.0%
8.4%
-2.3%
10.9%
1-Day 1-Week 1-Month 3-Month Current 75
100
125
150
175
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19
FTSE 100 Hang Seng S&P 500
PwC
Pricing date Issuer name Issuer country Sector Exchange Filing range Offer
price Pricing Money raised
Free float
Secondary shares (%)
Performance1-day 1-month Current
9-May-19 Uber Technologies Consumer Services NYSE 44.00 - 50.00 45.00 Bottom of range $8.1bn 10.7% 0.0% -7.6% -1.9% -32.3%24-Sep-19 Budweiser Brewing Company APAC Consumer Goods HKEX 27.00 - 30.00 27.00 Bottom of range $5.0bn 10.8% 0.0% 4.4% N/A 4.4%16-May-19 Avantor Health Care NYSE 18.00 - 21.00 14.00 Below range $3.3bn 44.6% 0.0% 3.6% 34.3% 5.0%28-Mar-19 Lyft Consumer Services NASDAQ 62.00 - 68.00 72.00 Above range $2.6bn 12.4% 0.0% 8.7% -20.5% -43.3%12-Apr-19 Nexi Industrials Borsa Italiana 8.50 - 10.35 9.00 In range $2.3bn 36.4% 65.2% -6.2% -6.6% 4.0%24-Sep-19 TeamViewer Technology Deutsche Börse 23.50 - 27.50 26.25 In range $2.2bn 37.5% 100.0% -3.6% N/A -5.9%17-Apr-19 Pinterest Technology NYSE 15.00 - 17.00 19.00 Above range $1.6bn 16.3% 0.0% 28.4% 40.5% 39.2%10-Apr-19 Network International Industrials LSE 3.95 - 4.65 4.35 In range $1.6bn 56.0% 100.0% 14.9% 20.2% 23.0%27-Jun-19 Traton Industrials Deutsche Börse; NASDAQ S’holm 27.00 - 33.00 27.00 Bottom of range $1.6bn 10.3% 100.0% -2.0% 0.2% -9.4%12-Apr-19 Stadler Rail Industrials SIX Swiss Exchange 33.00 - 41.00 38.00 In range $1.5bn 40.3% 100.0% 13.4% 10.6% 18.0%
Pricing date Issuer name Issuer country Sector Exchange Filing range Offer
price Deal Type Money raised
Secondary shares (%)
Performance1-day 1-month Current
4-May-19 Vodafone Idea Telecommunications BSE; NSE 12.50 - 12.50 12.50 FO - Rights Offer $3.6bn 0.0% 31.2% 10.7% -56.8%24-May-19 Bharti Airtel Telecommunications BSE; NSE 220.00 - 220.00 220.00 FO - Rights Offer $3.6bn 0.0% 59.1% 57.0% 59.5%29-Mar-19 AstraZeneca Health Care LSE 64.96 - 64.96 60.50 FO - Accelerated Bookbuild $3.5bn 0.0% 2.0% -5.4% 20.0%10-Sep-19 Recruit Industrials Tokyo SE 3,313.00 - 3,313.00 3,079.00 FO - Fully Marketed $3.5bn 100.0% 3.1% N/A 9.1%2-Sep-19 Enel Americas Utilities NYSE 8.31 - 8.31 8.31 FO - Rights Offer $3.1bn 0.0% -2.6% N/A 9.6%15-Apr-19 Japan Post Insurance Financials Tokyo SE 2,433.00 - 2,433.00 2,375.00 FO - Fully Marketed $2.9bn 100.0% 0.8% -13.7% -29.7%11-Sep-19 Baker Hughes Oil & Gas NYSE 24.11 - 24.11 21.50 FO - Accelerated Bookbuild $2.8bn 100.0% 5.3% N/A 7.9%23-Jul-19 BR Distribuidora Oil & Gas B3 24.81 - 24.81 24.50 FO - Fully Marketed $2.6bn 100.0% 7.6% 14.9% 12.4%25-Jun-19 VICI Properties Financials NYSE 22.79 - 22.79 21.50 FO - Accelerated Bookbuild $2.5bn 0.0% 0.4% -1.0% 5.4%30-Jul-19 Edison International Utilities NYSE 70.60 - 70.60 68.50 FO - Accelerated Bookbuild $2.2bn 0.0% 8.8% 5.5% 10.1%
Leading transactions 2019YTD
Q3 2019Global IPO Watch6
Top 10 largest IPOs 2019YTD
The largest IPO of Q3 2019, Budweiser Brewing Company APAC, priced at the bottom of its initial pricing range as listing conditions proved difficult
Top 10 largest FOs 2019YTD
Note: 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’.Source: Dealogic, Bloomberg as of 30 September 2019
PwC
IPO and FO activity per region
Q3 2019Global IPO Watch7
Americas
IPO activity fell in all regions in Q3 2019, but was most resilient in Asia-Pacific as the newly opened STAR Market in China proved popular
EMEA Asia-Pacific
Source: Dealogic, Bloomberg as of 30 September 2019
FO m
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$50.9bn
$30.8bn
$67.4bn$76.6bn
$60.4bn
248149
267 307181
2015 2016 2017 2018 2019YTD
$243.3bn$219.7bn $215.1bn
$190.3bn$162.9bn
1,054 1,0721,240
1,048847
2015 2016 2017 2018 2019YTD
$71.7bn
$35.7bn
$55.5bn$47.4bn
$19.9bn
269 181304 238
85
2015 2016 2017 2018 2019YTD
$190.8bn
$119.9bn
$189.9bn
$109.7bn
$68.5bn
808 754946
758518
2015 2016 2017 2018 2019YTD
$84.3bn$77.3bn
$86.1bn$99.7bn
$45.3bn
668 684952
653427
2015 2016 2017 2018 2019YTD
$259.7bn
$214.8bn $216.8bn
$162.3bn
$90.7bn
1,478 1,368 1,3951,043
652
2015 2016 2017 2018 2019YTD
PwC
Top exchanges globally based on money raised in 2019YTD
Q3 2019Global IPO Watch8
Money raised and number of IPOs per Exchange 2017-2019YTD
US exchanges are pulling ahead this year, supported by a solid US pipeline and continued cross-border interest
Top Exchanges 2019YTD
Money raised and number of FOs per Exchange 2017-2019YTD Top Exchanges 2019YTD
LSE Group Shanghai SEHKEXNYSENASDAQ (Global)
NYSE NSENASDAQ (Global) BSELSE Group
Note: LSE Group includes Borsa Italiana. Source: Dealogic as of 30 September 2019
$21bn$33bn $32bn $35bn $32bn $28bn
$14bn
$33bn
$15bn $21bn $15bn$9bn
$18bn$11bn $6bn
185 212 136
88 72 45
155 196
91 107 94 34
199
50 39
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
$115bn $106bn$90bn
$75bn $73bn$55bn $55bn
$38bn $28bn $18bn $9bn $18bn $18bn $9bn $18bn
376 276 240
622 616 503 374 319
201 81 50 48 80 52 47
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
NYSE 28%
NASDAQ (Global) 17%
LSE Group 9%
BSE 6%NSE 6%
ASX 5%
Japan Exchange Group 4%
Other 25%
NASDAQ (Global) 26%
NYSE 22%
HKEX 12%LSE Group 7%
Shanghai SE 4%
Shenzhen SE 4%
Deutsche Börse 3%
Other 22%
PwC
Global IPO and FO activity per sector
Q3 2019Global IPO Watch9
Money raised and number of IPOs and FOs per sector 2017 – 2019YTD
Financials are dominant in Q3 2019 and YTD, as Real Estate firms and SPACs continue enthusiastically using high equity valuations to raise money
IndustrialsBasic Materials Health Care TechnologyConsumer Goods Financials Oil & GasConsumer Services Telecommunication Utilities
Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic as of 30 September 2019
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9.3 4.5 2.6
24.3 19.3 8.8
26.3 24.6 23.3
67.2 66.8
32.3
13.3 21.5 17.8
35.1 27.3 20.1
10.3 4.6 2.2 17.5
30.8 15.4
1.6
21.9
1.6 4.0 2.4 1.6
101 53 23
200 121
51 156 137 94
309 335
161 157 156 103
377 215
147 36 16 8
155 133 96 8 10 4 24 20 6
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
51.0 30.5 11.5 46.7 31.9 15.7
50.9 45.9 31.6
208.5
127.9 110.3
54.7 64.4 36.4
101.7 63.4 42.9 41.0 26.0 18.6 32.6 43.2 24.5 9.7 4.2 11.1 24.0 24.5 19.1
387 292 194 296 210 140 333 253 168
853 632 552 526 555
396 562
413 234 225 171 97
290 230 168 37 22 22 62 60 41
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
PwC
Pricing date Issuer name Exchange Pricing Money
raisedPerformance
1-day 1-month Current
16-May-19 Avantor NYSE Below range $3.3bn 3.6% 34.3% 5.0%12-Apr-19 Nexi Borsa Italiana In range $2.3bn -6.2% -6.6% 4.0%24-Sep-19 TeamViewer Deutsche Börse In range $2.2bn -3.6% N/A -5.9%10-Apr-19 Network International LSE In range $1.6bn 14.9% 20.2% 23.0%21-Jun-19 Trainline LSE Top of range $1.4bn 17.4% 16.7% 19.7%11-Sep-19 SmileDirectClub NASDAQ Above range $1.3bn -27.5% N/A -39.7%24-Sep-19 EQT Partners NASDAQ S’holm Top of range $1.3bn 34.3% N/A 30.6%3-Apr-19 Tradeweb Markets NASDAQ Above range $1.2bn 32.6% 45.1% 37.0%
13-Jun-19 Chewy NYSE Above range $1.2bn 59.1% 54.4% 11.7%25-Sep-19 Peloton Interactive NASDAQ Top of range $1.2bn -11.2% N/A -13.5%
Financial sponsor-backed IPO activity globally
Q3 2019Global IPO Watch10
The Americas accounted for 53% of FS-backed IPO proceeds, and even 67% of the number of FS-backed transactions in Q3 2019
FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific
Top 10 largest FS-backed IPOs 2019YTD globally Global FS-backed IPOs (by money raised)
2018 2019YTD
Note: 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’.
Source: Dealogic as of 30 September 2019
$15.6bn$11.9bn
$24.8bn$19.1bn
$15.2bn
52 35
67 53
31
2015 2016 2017 2018 2019YTD
$30.7bn
$16.3bn $15.5bn
$9.7bn $10.1bn
67
40 51
26 14
2015 2016 2017 2018 2019YTD
$14.2bn
$4.9bn$7.4bn
$4.1bn $2.7bn
43 25 26 16 9
2015 2016 2017 2018 2019YTD
Sponsor backed,
15%
Not Sponsor backed,
85%
Sponsor backed,
22%
Not Sponsor backed,
78%54 (8%) sponsor-backed IPOs vs
693 non-sponsor-backed IPOs95 (8%) sponsor-backed IPOs vs 1,196 non-sponsor-backed IPOs
PwC
Volatility versus IPO activity
Q3 2019Global IPO Watch11
The uptick in volatility caused by geopolitical tensions led to a decrease in global money raised and the number of IPOs globally
Money raised via IPOs versus volatility
Number of IPOs versus volatility
Source: Dealogic, Bloomberg as of 30 September 2019
14.812.7 13.0
16.0 16.613.7
19.417.0
20.5
15.613.2 14.0
11.7 11.5 10.9 10.3
17.215.3
12.9
21.3
16.614.7 16.0
$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 Q3
2014 2015 2016 2017 2018 2019
Global money raised via IPOs VIX (average per quarter)
14.812.7 13.0
16.0 16.613.7
19.417.0
20.5
15.613.2 14.0
11.7 11.5 10.9 10.3
17.215.3
12.9
21.3
16.614.7 16.0
-
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 Q3
2014 2015 2016 2017 2018 2019
Number of IPOs globally VIX (average per quarter)
PwC
Americas
Q3 2019Global IPO Watch12
PwC
Money raised via IPOs and FOs in the Americas
Q3 2019Global IPO Watch13
Top countries 2019YTD
FO proceeds in Latin America are at their highest since 2014, and might well surpass that level by year-end
Money raised via IPOs and FOs in the Americas (10-year overview)
Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 30 September 2019
$61.2bn $54.0bn $63.9bn $83.1bn$105.8bn
$43.8bn $26.8bn$54.9bn $63.3bn $57.9bn
$11.8bn $7.0bn$13.6bn
$14.4bn$3.7bn
$7.1bn$4.3bn
$14.2bn $13.3bn$2.5bn
284 255 231322 346
248149
267 307181
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
North America Latin America Number of IPOs
$257.1bn$184.6bn $223.3bn $230.9bn $216.0bn $240.8bn $211.6bn $202.6bn $183.5bn $149.6bn
$87.4bn
$24.1bn$14.0bn $23.5bn $18.3bn $7.9bn
$8.1bn $13.3bn $6.8bn$16.4bn
1,4691,237 1,032 1,162 1,144 1,054 1,072 1,240 1,048 847
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
North America Latin America Number of FOs
United States 93%
Canada 3%Chile 2% Other 2%
United States 84%
Brazil 9%
Canada 6% Other 0%
PwC
Overview of IPO and FO activity in the Americas
Q3 2019Global IPO Watch14
• The percentage of secondary shares sold in an IPO has been decreasing since 2017, as companies executing an IPO are raising more new financing.
• A positive development took place on the FO market, where proceeds increased by 20% while the number of deals increased by 1%.
• The share of IPOs pricing above their initial pricing range is trending higher, whereas those pricing below is lower, a sign of investor appetite in the US.
• The non-financial NASDAQ 100 index is leaving its counterparts far behind since 2017.
IPO and FO activity in the Americas
IPO pricing dynamics Post-IPO performance (median) Global indices
In the third quarter of 2019, IPO proceeds decreased by 23% while the number of transactions fell by 32%
3
1
2
3
4
2018 2019YTD
1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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’.
Source: Dealogic, Bloomberg as of 30 September 2019
2 4
1
2017 2018 2017YTD 2018YTD 2019YTD Q3 2017 Q3 2018 Q3 2019IPO activity Number of IPOs 267 307 182 236 181 62 78 53
% sponsor-backed 25.1% 17.3% 28.0% 19.5% 17.1% 19.4% 15.4% 22.6%Money raised $67.4bn $76.6bn $47.4bn $64.1bn $60.4bn $12.6bn $19.9bn $15.3bn
% sponsor-backed 36.7% 24.9% 44.4% 27.5% 25.2% 31.1% 26.1% 31.1%
Advanced metrics Free float % 36.8% 36.3% 38.1% 35.9% 40.2% 42.1% 33.2% 41.3%Overallotment exercised (%)1 75.9% 73.2% 76.3% 73.7% 76.0% 68.0% 70.4% 72.0%% secondary shares 10.4% 6.0% 9.4% 7.0% 5.1% 9.9% 7.0% 4.5%
FO activityNumber of FOs 1,240 1,048 923 843 847 230 241 243 Money raised $215.1bn $190.3bn $170.5bn $158.4bn $162.9bn $52.0bn $47.2bn $56.6bn
20% 13% 20% 11% 9%
15%17% 13%
16% 12%
46% 47% 48%47% 49%
9% 11% 9%12% 10%
11% 12% 9% 13% 20%
2017 2018 2017YTD 2018YTD 2019YTD
Below range Bottom of range In range Top of range Above range
1.5%1.3%
0.5%
1.8%2.0%
1.5% 1.4%
2.9%
1.6%
3.0%
1-Day 1-Week 1-Month 3-Month Current 100
125
150
175
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19
Dow Jones NASDAQ 100 S&P 500
PwC
Pricing date Issuer name Issuer country Sector Exchange Filing range Offer
price Deal Type Money raised
Secondary shares (%)
Performance1-day 1-month Current
2-Sep-19 Enel Americas Utilities NYSE 8.31 - 8.31 8.31 FO - Rights Offer $3.1bn 0.0% -2.6% N/A 9.6%11-Sep-19 Baker Hughes Oil & Gas NYSE 24.11 - 24.11 21.50 FO - Accelerated Bookbuild $2.8bn 100.0% 5.3% N/A 7.9%23-Jul-19 BR Distribuidora Oil & Gas B3; NYSE 24.81 - 24.81 24.50 FO - Fully Marketed $2.6bn 100.0% 7.6% 14.9% 12.4%25-Jun-19 VICI Properties Financials NYSE 22.79 - 22.79 21.50 FO - Accelerated Bookbuild $2.5bn 0.0% 0.4% -1.0% 5.4%30-Jul-19 Edison International Utilities NYSE 70.60 - 70.60 68.50 FO - Accelerated Bookbuild $2.2bn 0.0% 8.8% 5.5% 10.1%19-Jul-19 IRB-Brasil Resseguros Financials B3 101.45 - 101.45 88.00 FO - Fully Marketed $2.0bn 100.0% 0.7% 15.8% 28.4%26-Jun-19 Petrobras Oil & Gas B3; NYSE 29.85 - 29.85 30.25 FO - Fully Marketed $1.9bn 100.0% 1.0% -2.6% -0.3%1-May-19 Wabtec Industrials NYSE 74.07 - 74.07 73.50 FO - Accelerated Bookbuild $1.9bn 100.0% 2.0% -15.1% -2.2%8-Aug-19 Restaurant Brands International Consumer Services NYSE 76.57 - 76.57 73.50 FO - Bought Deal $1.8bn 100.0% 1.1% 2.8% -3.2%8-Feb-19 Pinduoduo Consumer Services NASDAQ 30.33 - 30.33 25.00 FO - Accelerated Bookbuild $1.6bn 26.9% 3.8% 16.4% 28.9%
Pricing date Issuer name Issuer country Sector Exchange Filing range Offer
price Pricing Money raised
Free float
Secondary shares (%)
Performance1-day 1-month Current
9-May-19 Uber Technologies Consumer Services NYSE 44.00 - 50.00 45.00 Bottom of range $8.1bn 10.7% 0.0% -7.6% -1.9% -32.3%16-May-19 Avantor Health Care NYSE 18.00 - 21.00 14.00 Below range $3.3bn 44.6% 0.0% 3.6% 34.3% 5.0%28-Mar-19 Lyft Consumer Services NASDAQ 62.00 - 68.00 72.00 Above range $2.6bn 12.4% 0.0% 8.7% -20.5% -43.3%17-Apr-19 Pinterest Technology NYSE 15.00 - 17.00 19.00 Above range $1.6bn 16.3% 0.0% 28.4% 40.5% 39.2%25-Jun-19 BlackRock Science & Technology Trust II Financials NYSE N/A 20.00 N/A $1.5bn N/A 0.0% 0.1% 11.7% 3.6%11-Sep-19 SmileDirectClub Health Care NASDAQ 19.00 - 22.00 23.00 Above range $1.3bn 15.2% 0.0% -27.5% N/A -39.7%3-Apr-19 Tradeweb Markets Industrials NASDAQ 24.00 - 26.00 27.00 Above range $1.2bn 20.7% 0.0% 32.6% 45.1% 37.0%
13-Jun-19 Chewy Consumer Services NYSE 17.00 - 19.00 22.00 Above range $1.2bn 13.4% 88.0% 59.1% 54.4% 11.7%25-Sep-19 Peloton Interactive Consumer Services NASDAQ 26.00 - 29.00 29.00 Top of range $1.2bn 14.3% 0.0% -11.2% N/A -13.5%28-Jun-19 Cencosud Shopping Consumer Services Santiago SE 1,475.00 - 1,700.00 1,521.00 Bottom of range $1.1bn 27.7% 0.0% 1.6% 4.5% 22.6%
Leading transactions 2019YTD in the Americas
Q3 2019Global IPO Watch15
Top 10 largest IPOs 2019YTD in the Americas
The largest IPO of Q3 2019 in the Americas was SmileDirectClub, a direct-to-consumer platform for orthodontic products, which raised $1.3bn on NASDAQ
Top 10 largest FOs 2019YTD in the Americas
Note: 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’.Source: Dealogic, Bloomberg as of 30 September 2019
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IPO and FO activity per sector in the Americas
Q3 2019Global IPO Watch16
Money raised and number of IPOs and FOs per sector 2017 – 2019YTD
Financials only slightly outrank Consumer Services, as the latter is supported by some well-known Silicon Valley firms that went public this year
Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic as of 30 September 2019
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IndustrialsBasic Materials Health Care TechnologyConsumer Goods Financials Oil & GasConsumer Services Telecommunication Utilities
2.5 4.5 0.0 2.2 4.5 1.3
9.4 10.8 16.6
23.7 30.1
16.7
4.7 10.0 11.8
6.1 11.2
2.5 8.4
1.9 1.4 9.5 7.6 8.2
- - 0.9 0.8 0.5 1.1
13 1 1 12 15 5 29 27 16
106 124 71
44 81
52 18 18 6 17 8 3 26 30 23 1 2 3 3
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
12.9 6.5 2.6
12.3 10.3 7.1
24.8 26.0 23.1
56.8 43.6 46.4
37.8 40.3 25.4 26.1
15.2 16.2 28.6
14.6 12.0 9.6 12.9 14.8 0.7 0.6 1.0 5.5
20.2 14.3
132 87 62 57 45 41 99 89 80
290 203 202
331 364 267
124 80 67 109 60 34 75 82 72 7 5 3 16 33 19
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
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Top countries in terms of IPO activity in the Americas
Q3 2019Global IPO Watch17
IPO activity of top countries in the Americas 2015 – 2019YTD
The US is on track to raise more proceeds via IPOs in 2019 than in any of the previous four years
Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 30 September 2019
$38.9bn$26.1bn
$51.5bn$61.7bn
$56.2bn
189122
212247
166
2015 2016 2017 2018 2019YTD
$4.9bn $0.7bn $4.2bn $2.0bn $1.7bn
35 8 25 21 8
2015 2016 2017 2018 2019YTD
$0.0bn $0.2bn $0.3bn $0.6bn $1.1bn
0 1 2 2 2
2015 2016 2017 2018 2019YTD
$0.2bn $0.2bn$6.4bn $2.0bn $1.0bn
1 1 11 3 2
2015 2016 2017 2018 2019YTD
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EMEA
Q3 2019Global IPO Watch18
PwC
Money raised via IPOs and FOs in EMEA
Q3 2019Global IPO Watch19
Top countries 2019YTD
With geopolitical and economic headwinds, proceeds YTD are at a 7-year low
Money raised via IPOs and FOs in EMEA (10-year overview)
Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 30 September 2019
$40.4bn $33.3bn $15.9bn$37.2bn
$69.4bn $68.8bn$33.4bn $48.1bn $43.7bn
$18.0bn
$5.2bn $2.0bn$2.1bn
$3.3bn
$12.9bn $3.5bn
$2.4bn$7.4bn $4.8bn
$2.6bn
215 167 101182
279 269181
304 23885
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
Europe Middle East & Africa Number of IPOs
$135.2bn $132.4bn $115.1bn$174.2bn $192.4bn $179.1bn
$110.5bn$176.8bn
$97.9bn $64.4bn
$12.4bn $10.0bn $9.3bn
$6.8bn$13.9bn $12.2bn
$10.3bn
$13.3bn
$11.8bn$4.1bn
774 628 521 637 737 808 754946
758518
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
Europe Middle East & Africa Number of FOs
United Kingdom
27%
Germany 18%
Sweden 16%
Italy 11%
Switzerland 10%
Other 18%
United Kingdom
35%
Germany 14%France 8%
Netherlands 7%
Sweden 5%
Other 31%
PwC
Overview of IPO and FO activity in EMEA
Q3 2019Global IPO Watch20
• The free float of IPOs in EMEA is trending lower.
• On the FO market activity levels were subdued, as proceeds fell by 17% and the number of deals by 5%.
• Pricing volatility has increased in EMEA, approaching the level of the other two regions. This development is mainly due to more companies pricing at the bottom or even below their initial pricing range.
• Post-IPO performance remains solid in EMEA, with a 3.7% median return for 2019YTD IPOs. This performance is wobbly though, as evidenced by Peloton and TeamViewer’s drop in share price.
IPO and FO activity in EMEA
IPO pricing dynamics Post-IPO performance (median) Global indices
In the third quarter of 2019, IPO proceeds decreased by 10% whereas the number of transactions dropped by a massive 50%
1
2
3
4
2018 2019YTD
1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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’.
Source: Dealogic, Bloomberg as of 30 September 2019
4
1
2
3
2017 2018 2017YTD 2018YTD 2019YTD Q3 2017 Q3 2018 Q3 2019IPO activity Number of IPOs 304 238 210 184 85 57 40 20
% sponsor-backed 16.8% 10.9% 15.2% 12.5% 16.5% 8.8% 12.5% 20.0%Money raised $55.5bn $47.4bn $36.9bn $34.5bn $19.9bn $14.8bn $5.0bn $4.5bn
% sponsor-backed 28.0% 20.5% 21.8% 23.8% 50.9% 8.0% 41.9% 83.4%
Advanced metrics Free float % 43.5% 41.2% 45.3% 42.2% 37.2% 54.7% 38.0% 30.4%Overallotment exercised (%)1 26.4% 25.7% 28.0% 26.2% 26.9% 21.2% 21.1% 21.1%% secondary shares 32.4% 29.5% 31.5% 30.6% 34.3% 29.0% 23.2% 34.4%
FO activityNumber of FOs 946 758 684 597 518 174 148 141 Money raised $189.9bn $109.7bn $156.1bn $92.8bn $68.5bn $37.8bn $19.3bn $16.1bn
3% 8% 3% 9% 10%17%
20%17%
17% 24%
68%66%
67%66% 59%
10% 6% 10% 7% 4%2% 1% 3% 1% 3%
2017 2018 2017YTD 2018YTD 2019YTD
Below range Bottom of range In range Top of range Above range
2.1%
4.6%
1.9%
3.7%
1.4%2.4%
0.3%
7.4%
-2.9%
3.7%
1-Day 1-Week 1-Month 3-Month Current 80
90
100
110
120
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19
CAC 40 DAX FTSE 100
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Pricing date Issuer name Issuer country Sector Exchange Filing range Offer
price Deal Type Money raised
Secondary shares (%)
Performance1-day 1-month Current
29-Mar-19 AstraZeneca Health Care LSE 64.96 - 64.96 60.50 FO - Accelerated Bookbuild $3.5bn 0.0% 2.0% -5.4% 20.0%17-Jun-19 Infineon Technologies Technology Deutsche Börse 14.36 - 14.36 13.70 FO - Accelerated Bookbuild $1.7bn 0.0% 2.7% 19.5% 20.5%14-Jun-19 Huatai Securities Financials LSE 20.00 - 24.50 20.50 FO - Fully Marketed $1.7bn 0.0% N/A N/A N/A12-Mar-19 Adyen Industrials Euronext Amsterdam 656.20 - 656.20 600.00 FO - Accelerated Bookbuild $1.7bn 100.0% 4.0% 14.5% 0.7%22-Mar-19 Cellnex Telecom Telecommunications BME 17.89 - 17.89 17.89 FO - Rights Offer $1.4bn 0.0% 35.5% 45.8% 111.9%9-Jul-19 FinecoBank Financials Borsa Italiana 10.31 - 10.31 9.85 FO - Accelerated Bookbuild $1.2bn 100.0% 2.6% -5.4% -1.4%
12-Sep-19 Alstom Industrials Euronext Paris 39.38 - 39.38 37.00 FO - Accelerated Bookbuild $1.2bn 100.0% 1.2% N/A 2.8%8-May-19 FinecoBank Financials Borsa Italiana 10.30 - 10.30 9.80 FO - Accelerated Bookbuild $1.1bn 100.0% 3.7% -5.3% -0.6%20-Mar-19 Total Oil & Gas Euronext Paris 51.54 - 51.54 51.18 FO - Accelerated Bookbuild $1.0bn 100.0% -1.6% -1.7% -6.4%3-May-19 Adyen Industrials Euronext Amsterdam 708.00 - 708.00 680.00 FO - Accelerated Bookbuild $0.8bn 100.0% -0.4% 6.0% -11.1%
Pricing date Issuer name Issuer country Sector Exchange Filing range Offer
price Pricing Money raised
Free float
Secondary shares (%)
Performance1-day 1-month Current
12-Apr-19 Nexi Industrials Borsa Italiana 8.50 - 10.35 9.00 In range $2.3bn 36.4% 65.2% -6.2% -6.6% 4.0%24-Sep-19 TeamViewer Technology Deutsche Börse 23.50 - 27.50 26.25 In range $2.2bn 37.5% 100.0% -3.6% N/A -5.9%10-Apr-19 Network International Industrials LSE 3.95 - 4.65 4.35 In range $1.6bn 56.0% 100.0% 14.9% 20.2% 23.0%27-Jun-19 Traton Industrials Deutsche Börse; NASDAQ S’holm 27.00 - 33.00 27.00 Bottom of range $1.6bn 10.3% 100.0% -2.0% 0.2% -9.4%12-Apr-19 Stadler Rail Industrials SIX Swiss Exchange 33.00 - 41.00 38.00 In range $1.5bn 40.3% 100.0% 13.4% 10.6% 18.0%21-Jun-19 Trainline Consumer Services LSE 3.18 - 3.60 3.50 Top of range $1.4bn 65.0% 88.4% 17.4% 16.7% 19.7%24-Sep-19 EQT Partners Financials NASDAQ Stockholm 62.00 - 68.00 67.00 Top of range $1.3bn 20.0% 54.6% 34.3% N/A 30.6%28-Jun-19 Airtel Africa Telecommunications LSE 0.80 - 1.00 0.80 Bottom of range $0.7bn 18.0% 0.0% -15.3% -14.4% -36.5%14-May-19 Arabian Centres Financials Saudi SE 26.00 - 33.00 26.00 Bottom of range $0.7bn 20.0% 68.4% -3.9% 0.0% 15.4%4-Apr-19 Medacta Group Health Care SIX Swiss Exchange 88.00 - 104.00 96.00 In range $0.6bn 30.7% 100.0% 0.1% -5.0% -15.1%
Leading transactions 2019YTD in EMEA
Q3 2019Global IPO Watch21
Top 10 largest IPOs 2019YTD in EMEA
In Q3 2019, the largest IPO was undertaken by German software company TeamViewer, which raised $2.2bn on Deutsche Börse in late September
Top 10 largest FOs 2019YTD in EMEA
Note: 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’.Source: Dealogic, Bloomberg as of 30 September 2019
PwC
IPO and FO activity per sector in EMEA
Q3 2019Global IPO Watch22
Money raised and number of IPOs and FOs per sector 2017 – 2019YTD
Technology companies raised the most IPO proceeds in Q3 2019, but rank fourth YTD behind Industrials, Financials and Consumer Services
Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic as of 30 September 2019
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1.7 1.6 -
8.6 7.5 0.3
7.6 3.2 3.1
19.2 16.8
4.6 2.8 6.8
0.8
9.7 7.1 8.0 1.4 0.6 0.0 2.2 2.1 2.3 1.5 0.3 0.7 0.7 1.4 0.0
8 5 29 22
6 34 22 15
101 88
21 37
17 11
51 41 22 10 3 1
29 30 7 3 3 1 2 7 1
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
10.5 9.4 4.5 12.4 8.0 3.5 11.6 12.5 5.5
93.0
35.5 23.0
11.0 12.4 6.4 24.0 18.3 14.5
5.2 5.1 2.6 5.9 4.4 4.4 3.7 2.4 2.6 12.8
1.6 1.5
59 40 31 71 56 36
112 87 45
283 215 152
114 102 79 140 110 81 61 71 35
76 57 45 11 9 6 19 11 8
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
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Top countries in terms of IPO activity in EMEA
Q3 2019Global IPO Watch23
IPO activity of top countries in EMEA 2015 – 2019YTD
Despite 7 IPOs taking place in Italy in Q3 2019, the country drops to the fourth place in terms of IPO proceeds
Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 30 September 2019
$19.8bn
$7.6bn
$14.8bn$12.7bn
$6.1bn
7452
8068
19
2015 2016 2017 2018 2019YTD
$7.9bn$5.8bn
$3.2bn
$13.6bn
$4.0bn
16 6 11 184
2015 2016 2017 2018 2019YTD
$5.9bn$2.8bn $2.8bn $1.6bn
$3.5bn
32 3548
20 12
2015 2016 2017 2018 2019YTD
$6.2bn
$1.6bn
$6.2bn$2.4bn $2.5bn
239
27 26 15
2015 2016 2017 2018 2019YTD
PwC
Asia-Pacific
Q3 2019Global IPO Watch24
PwC
Money raised via IPOs and FOs in Asia-Pacific
Q3 2019Global IPO Watch25
Top countries 2019YTD
The STAR Market has opened in China and will further support activity levels amongst technology and science companies going forward
Money raised via IPOs and FOs in Asia-Pacific (10-year overview)
Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 30 September 2019
$175.3bn
$91.0bn$51.3bn $48.2bn $66.2bn $77.8bn $71.5bn $81.3bn $93.5bn
$43.0bn
$8.0bn
$1.5bn
$1.5bn $10.2bn$17.0bn $6.5bn $5.8bn $4.8bn
$6.1bn
$2.4bn
761 620397 363
542 668 684952
653427
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
Asia Australasia Number of IPOs
$206.8bn$115.1bn $135.1bn $140.5bn $160.1bn
$218.2bn $197.5bn $194.7bn$139.9bn
$74.1bn
$23.6bn
$23.5bn $17.6bn $20.7bn$22.3bn
$41.5bn$17.8bn $22.1bn
$22.4bn
$16.7bn
1,3521,077 978
1,265 1,325 1,478 1,368 1,3951,043
652
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
Asia Australasia Number of FOs
China 36%
Hong Kong 33%
India 6%
Australia 5%
Thailand 5%
Other 16%
India 20%
Australia 17%
China 17%Japan 16%
Hong Kong 15%
Other 15%
PwC
Overview of IPO and FO activity in Asia-Pacific
Q3 2019Global IPO Watch26
• Despite solid post-IPO share price performance, the number of overallotment options exercised fell to 7.2% in Q3 2019.
• On the FO market, proceeds fell by 34% whereas the number of deals fell 8%.
• In line with the other two regions, pricing volatility has increased in Asia-Pacific.
• With very strong share price developments on the STAR Market, the median 2019YTD IPO performance climbs to 29.7%, hereby far outperforming IPOs in the Americas and EMEA.
IPO and FO activity in Asia-Pacific
IPO pricing dynamics Post-IPO performance (median) Global indices
In the third quarter of 2019, IPO proceeds fell by 23%, while the number of transactions decreased by 6%
1
2
3
4
2018 2019YTD
1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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’.
Source: Dealogic, Bloomberg as of 30 September 2019
1
2
4
3
2017 2018 2017YTD 2018YTD 2019YTD Q3 2017 Q3 2018 Q3 2019IPO activity Number of IPOs 952 653 690 477 427 226 162 153
% sponsor-backed 2.7% 2.5% 2.5% 2.9% 2.1% 1.8% 1.9% 1.3%Money raised $86.1bn $99.7bn $57.0bn $67.4bn $45.3bn $21.8bn $26.7bn $20.6bn
% sponsor-backed 8.6% 4.1% 7.5% 5.6% 6.0% 5.0% 4.5% 2.5%
Advanced metrics Free float % 27.3% 27.5% 27.1% 27.4% 26.7% 26.1% 28.5% 25.5%Overallotment exercised (%)1 12.6% 19.7% 12.2% 18.0% 17.6% 11.7% 20.8% 7.2%% secondary shares 10.1% 11.5% 9.0% 12.1% 11.3% 8.5% 9.1% 10.8%
FO activityNumber of FOs 1,395 1,043 956 857 652 326 240 220 Money raised $216.8bn $162.3bn $150.0bn $140.5bn $90.7bn $53.9bn $47.9bn $31.5bn
2% 3% 3% 2% 4%13% 21% 12% 18% 24%
50% 40% 53% 41% 33%
33% 32% 30% 36% 36%
2% 3% 3% 3% 3%
2017 2018 2017YTD 2018YTD 2019YTD
Below range Bottom of range In range Top of range Above range
10.0%
29.7%
8.5%
29.6%
6.6%
29.1%
5.0%
23.6%
-2.9%
29.7%
1-Day 1-Week 1-Month 3-Month Current 75
100
125
150
175
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19
Hang Seng Nikkei 225 SENSEX
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Pricing date Issuer name Issuer country Sector Exchange Filing range Offer
price Deal Type Money raised
Secondary shares (%)
Performance1-day 1-month Current
4-May-19 Vodafone Idea Telecommunications BSE; NSE 12.50 - 12.50 12.50 FO - Rights Offer $3.6bn 0.0% 31.2% 10.7% -56.8%24-May-19 Bharti Airtel Telecommunications BSE; NSE 220.00 - 220.00 220.00 FO - Rights Offer $3.6bn 0.0% 59.1% 57.0% 59.5%10-Sep-19 Recruit Industrials Tokyo SE 3,313.00 - 3,313.00 3,079.00 FO - Fully Marketed $3.5bn 100.0% 3.1% N/A 9.1%15-Apr-19 Japan Post Insurance Financials Tokyo SE 2,433.00 - 2,433.00 2,375.00 FO - Fully Marketed $2.9bn 100.0% 0.8% -13.7% -29.7%9-Aug-19 CGN Power Utilities Shenzhen SE 1.87 - 1.87 2.49 FO - Fully Marketed $1.8bn 0.0% 44.2% 73.1% 68.7%26-Sep-19 Axis Bank Financials BSE; NSE N/A 629.00 FO - Accelerated Bookbuild $1.8bn 0.0% 8.0% N/A 8.0%9-Jul-19 China Railway Signal & Communication Industrials HKEX N/A 5.85 FO - Fully Marketed $1.5bn 0.0% 109.7% 73.5% 44.6%
20-Sep-19 Chongqing Rural Commercial Bank Financials Shanghai SE 6.04 - 6.04 7.36 FO - Fully Marketed $1.4bn 0.0% N/A N/A N/A18-Apr-19 Shenwan Hongyuan Group Financials HKEX 3.63 - 3.93 3.63 FO - Fully Marketed $1.2bn 0.0% -11.9% -12.7% -40.5%25-Jan-19 COSCO SHIPPING Industrials Shanghai SE N/A 3.78 FO - Cash Placing $1.1bn 0.0% 14.8% 34.4% 25.9%
Pricing date Issuer name Issuer country Sector Exchange Filing range Offer
price Pricing Money raised
Free float
Secondary shares (%)
Performance1-day 1-month Current
24-Sep-19 Budweiser Brewing Company APAC Consumer Goods HKEX 27.00 - 30.00 27.00 Bottom of range $5.0bn 10.8% 0.0% 4.4% N/A 4.4%27-Sep-19 Asset World Corp Financials Thailand SE 6.00 - 6.00 6.00 In range $1.4bn 22.5% 0.0% N/A N/A N/A29-Apr-19 Ningxia Baofeng Energy Group Basic Materials Shanghai SE N/A 11.12 N/A $1.2bn 10.0% 0.0% 44.0% 6.3% -11.1%5-Jun-19 Hansoh Pharmaceutical Group Health Care HKEX 13.06 - 14.26 14.26 Top of range $1.2bn 11.1% 0.0% 36.8% 68.0% 68.3%8-Jul-19 Prime US REIT Financials Singapore SE 0.88 - 0.88 0.88 In range $0.8bn 69.3% 0.0% 0.0% N/A 0.0%
22-Mar-19 Embassy Office Parks REIT Financials BSE; NSE N/A 300.00 N/A $0.7bn 20.5% 0.0% 7.5% 7.2% 32.9%16-May-19 Eagle Hospitality Trust Financials Singapore SE 0.80 - 0.81 0.78 Below range $0.7bn 83.6% 0.0% -6.4% -10.3% -14.1%4-Jun-19 China East Education Consumer Services HKEX 9.80 - 12.26 11.25 In range $0.6bn 20.2% 0.0% -11.8% 2.4% 27.1%
13-Jun-19 CNOOC Energy Technology & Services Oil & Gas Shanghai SE N/A 2.04 N/A $0.5bn 18.3% 0.0% 44.1% 80.9% 51.0%2-May-19 ARA US Hospitality Trust Financials Singapore SE 0.88 - 0.88 0.88 In range $0.5bn 81.0% 0.0% 0.0% -1.7% 0.0%
Leading transactions 2019YTD in Asia-Pacific
Q3 2019Global IPO Watch27
Top 10 largest IPOs 2019YTD in Asia-Pacific
In Q3 2019, the largest IPO and FO both took place in Asia-Pacific
Top 10 largest FOs 2019YTD in Asia-Pacific
Note: 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’.Source: Dealogic, Bloomberg as of 30 September 2019
PwC
IPO and FO activity per sector in Asia-Pacific
Q3 2019Global IPO Watch28
Money raised and number of IPOs and FOs per sector 2017 – 2019YTD
The STAR Market could give Industrials, Health Care and Technology companies a further boost in future Asia-Pacific rankings
Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic as of 30 September 2019
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IndustrialsBasic Materials Health Care TechnologyConsumer Goods Financials Oil & GasConsumer Services Telecommunication Utilities
5.1 2.9 2.6
13.6 7.3 7.2 9.3 10.7
3.6
24.2 19.9
11.0 5.8 4.7 5.1
19.3
8.9 9.6
0.4 2.2 0.8 5.8
21.1
4.9 0.1
21.6
0.0 2.5 0.4 0.5
80 48 22
159 85
40 93 88 63 102 123
69 76 58 40
308
156 119
9 5 4 100 73 66
5 7 2 20 10 2
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
28.3 14.7
4.4 22.0
13.6 5.5
14.6 7.4 3.0
58.7 48.8
40.9
6.1 11.8 4.7
51.8
29.8 12.1 7.2 6.3 4.0
17.2 25.9
5.2 5.3 1.2 7.4 5.6 2.6 3.4
201 170 102
168 109
64 122
77 43
280 215 199
83 90 52
299 223
86 56 43 28
140 92
51 19 8 13 27 16 14
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
'17 '18 '19YTD
PwC
Top countries in terms of IPO activity in Asia-Pacific
Q3 2019Global IPO Watch29
IPO activity of top countries in Asia-Pacific 2015 – 2019YTD
Despite hosting the second largest IPO of the year, activity levels on HKEX fall well short of last year, as political turmoil engulfs Hong Kong
Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 30 September 2019
$25.8bn $24.3bn
$31.6bn
$18.4bn $16.3bn
220 252
411
96 122
2015 2016 2017 2018 2019YTD
$23.7bn $21.3bn
$14.3bn
$33.4bn
$15.0bn
116 112155
196
91
2015 2016 2017 2018 2019YTD
$2.1bn $4.0bn
$11.5bn$5.3bn
$2.6bn
22 28 45 43 18
2015 2016 2017 2018 2019YTD
$6.5bn $5.6bn $4.8bn $6.1bn$2.2bn
78 65 71 51 28
2015 2016 2017 2018 2019YTD
pwc.com
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