PwC-Studie: IPO-Markt lebt auf / IPO Watch Europe Survey, Q4 2012

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IPO Watch Europe

SurveyQ4 2012

www.pwc.com



Contents Annual European IPO activity by value and volume 3

Quarterly European IPO activity by value and volume 4Market volatility index and stock market performance 5

Post-IPO performance 6

Outlook for 2013 7

IPO offering value 8

IPO volume 9

To five IPOs 10

PwC 2

PwC Q4 2012 IPO Watch Europe Survey

IPO value and volume by sector 11

US and Hong Kong overview 12

IPOs by market 13

About IPO Watch Europe 14



80'449

30'000

40'000

50'000

60'000

70'000

80'000

e

r i n g v a l u e ( € m ) 771

380430

300

400

500

600

700

800

m

b e r o f I P O s

Economic and political conditions plagued the European IPO markets for

much of the year, however the outlook for IPOs is more optimistic than we’ve

seen for a long time on the back of a strong final quarter

Annual European IPO activity by value and volume

PwC

13'9537'112

26'286 26'491

10,9280

10'000

20'000

2007 2008 2009 2010 2011 2012

O f f

Value of IPOs

295

126

263

0

100

200

2007 2008 2009 2010 2011 2012

N u

No of IPOs

PwC Q4 2012 IPO Watch Europe Survey 3

The 2012 European IPO markets performed poorly in 2012 compared with 2010 and 2011, with263 IPOs raising just € 10.9bn, compared with 430 IPOs raising € 26.5bn in the prior year. 69% of

proceeds were raised in the final quarter of the year, with the first three quarters plagued by the

unstable economic and political conditions in the Eurozone.

London remained the top IPO destination in Europe but suffered from the absence of any jumbo IPOs such as Glencore, with 73 IPOs raising just € 5.1bn in 2012 compared with 101 IPOs raising € 14.1bn in the prior year.



Q42012 Q42011 Q32012

Total European listings comprise those with:

No money raised 11 28 13

Money raised 59 50 43

Total number of listings 70 78 56

2012 ended with an uptick in activity in the final quarter – the strongest

quarterly performance since Q3 2011

QuarterlyEuropean IPOactivity by value and volume

Total money raised (€m) 7,538 866 367

121

78

56

81

56

70

€9,370

€2,297

€7,538

2'000

3'000

4'000

5'000

6'000

7'000

8'000

9'000

10'000

20

30405060708090

100110120130

V a l u e o f I P O s ( € m )

V o l u m e o f I P O s


* Average offering value has been calculated based on totaloffering valueover the numberof listings raising money.

The value of IPOs in Europe increased by more than seven-fold year on year in the fourth quarterof 2012, making it the strongest performance since Q3 2011, which saw 121 IPOs raise € 9.3bn. 70

IPOs raised € 7.5bn in Q4 2012 compared with 78 IPOs raising € 0.9bn in Q4 2011.

Q4 2012 saw the return of some higher value IPOs and was dominated by the IPOs of Direct Lineand Megafon in London and Talanx and Telefónica Deutschland in Germany which all raised more than € 0.75bn and accounted for 57% of total proceeds. Encouragingly, these IPOs have also

performed well in the aftermarket (refer to page 6 for details on post-IPO performance).

verage o er ng va ue m 12 17 9 €866 €726 €367 --

10

Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

IPOs Value €m



10

20

30

40

50

60

70

80

90

MarketVolatility Index(VIX)

Market volatility has remained stable and stock market indices have

continued to recover in the second half of the year, providing a more

positive outlook for IPOs in 2013

Eurozonefinancialcrisis

Sovereign debtcrisis Greek andSpanish

bailouts anddownturn in globaleconomic growth

Market Volatility Index (VIX)

Eyeof the storm andimpact of thefinancialcrisis

PwC

-


Source: S&P Volatility Index

Source: London Stock Exchange website

(10%)

(5%)

0%

5%

10%

15%

Jan-12 Feb-12 Mrz-12 Apr-12 Mai-12 Jun-12 Jul-12 Aug-12 Sep-12 Okt-12 Nov-12 Dez-12

YTD Indices - trading performance

FTSEAll Sha res FTSEu rofi rs t3 00



37%34%

24%19% 19%

12% 10%4% 3% 2%

33%

26%20% 19%

12%

5%2%

0%

50%

e

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

Overall, the post-IPO performance of Europe’s top 10 IPOs has been positive,

with average returns of 16%, which should provide a welcome boost to

investor confidence in the 2013

2012 GlobalTop 10 IPOs2012 Europe Top 10 IPOs

Post-IPO performance

PwC

(2%)

(30%)

(50%)

D K S H ( S I X S w i s s )

Z i g g o ( E u r o n e x t )

D i r e c t L i n e ( L

o n d o n M a i n M a r k e t )

T a l a n x ( D e u t s c h e B ö r s e )

M e g a F o n ( L


K c e l l ( L


A l i o r B a n k ( W a r s a w S t o c k E x c h a n g e )

M D M e d i c a l ( L


T e l e f ó n i c a ( F r a n k f u r t S t o c k E x c h a n g e )

S t a r w o o d ( L


S a n t a n d e r M e x i c o ( N Y S E / M e x i c a n

E x c h a n g e )

H a i t o n g S e

c u r i t i e s ( H o n g K o n g

E

x c h a n g e )

I H H H e a l t h c a r e ( B u r s a M a l a y s i a )

M e g a F o n ( L


P I C C ( H o

n g K o n g E x c h a n g e )

T e l e f o n i c a ( F r a n k f u r t S t o c k E x c h a n g e )

F e l d a G l o b a l V e n t u r e s ( B u r s a M a l a y s i a )

B T G P a c t u a l ( B o v e s p a )

J a p a n A i r l i n e s ( T o k

y o S t o c k E x c h a n g e )

F a c e b o o k ( N a s d a q )

%

m o v e m e n t r


* IPO performance has been calculated based on 31 December 2012 closing price

Source: Various stock market official websites



Outlook for 2013

Mark Hughes, PwC Capital Markets partner, said

“As we head into 2013, the outlook is encouraging with the equity markets strengthening and volatilityindices remaining stabile, together with the recent positive after market performances and the short-termdeal to stave off the US ‘fiscal cliff’.

Collectively, these factors should provide an impetus to those companies who have been biding their timeduring 2012 as well as provide investors with the confidence to loosen their purse strings during 2013 forquality IPOs priced sensibly.”

PwC 7


Period of low volatility

Positive indicators Negative indicators

FTSEabove 6000– Firsttime in 17

months

StrongIPO aftermarket

performances

Fragile investorconfidence

Cont nu

ngeconomic and

political unrest inEurope



9%

6%5% London

DeutscheBörse

Warsaw

Stock exchange offering value(€m) Q4 2012 Q4 2011 Q3 2012 FY12 FY11

London Stock Exchange Group (1) 3,929 806 270 5,305 14,607

Deutsche Börse 2,080 5 26 2,141 1,523

Warsaw 653 15 14 731 2,200

Luxembourg 462 - 54 564 451

Oslo Børs & Oslo Axess 230 7 - 291 815

London remained the top European market for IPOs in Q4 2012 and continues to be the listing destination of choice for Russian companies

seeking to raise money outside their domestic market IPOoffering value by exchange

PwC

28%Luxembourg

Others

w ss xc ange 120 - - 01 -

NASDAQ OMX 46 31 - 48 292

NYSE Euronext 17 2 3 1,038 154

BME (Spanish Exchange) 1 - - 9 6,083

Wiener Börse - - - - 366

Total 7,538 866 367 10,928 26,491

8 PwC Q4 2012 IPO Watch Europe Survey

After a quiet summer, London finished the year strongly with 26 IPOs raising € 3.9bn in the final quarter compared with 17 IPOs raising € 0.8bn in the same quarter of the prior year.

London retained its numbers one position in Europe for money raised, however, IPO also activityreturned to a number of the major European exchanges in the final quarter of 2012. The IPO of Telefónica Deutschland was the largest IPO in Germany for 5 years.

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



38%10%

12%

London

IPOvolume by exchange

Warsaw and London continued to dominate the European markets in

terms of transaction volumes in the quarter

Stock exchange v olume Q4 2 012 Q4 2 011 Q3 2 012

London Stock Exchange Group (1) 26 17 16

Warsaw 21 42 26

Deutsche Börse 7 3 5

NASDAQ OMX 8 11 4

Luxembourg 3 1 2

NYSE Euronext 2 1 1

PwC

29%

11%OMX

Deutsche Börse

Others


Oslo Børs & Oslo Axess 1 2 1

SIX Swiss Exchange 1 - 1

Wiener Börse - 1

BME (Spanish Exchange) - - -

Total 70 78 367

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



Topfive IPOs

Q4 2012 saw some high value IPOs return to the markets. London’s Direct

Line and MegaFon, and Germany’s Talanx and Telefónica Deutschland all

raised more than € 0.75bn

37%

Fivelargest IPOs of Q4 2012€m

raised Sector Market SegmentCountryof Origin

MegaFon 1,288 Telecommunications London Main Russia

Telefónica 1260 Telecommunications Deutsche Börse Prime Germany

Direct Line Insurance Group 976 Insurance London Main UK

Talanx 767 Insurance Deutsche Börse Prime Germany

Alior Bank 511 Banks Warsaw Main Poland

Total 4,802

PwC 10 PwC Q4 2012 IPO Watch Europe Survey

63%

Top 5 IPOs Others



Polymeta l Internationa l 421 Mining London Main RussiaBilfinger Berger GlobalInfrastructure

251 Investment Company London Main UK

D ami ll e I nv es tm ent s I I 6 3 In ve st me nt C om pany London SFM Guernsey

Hagar 31 Retail OMX Main Iceland

Secure Trust Bank 21 Banks London AIM UK

Total 787



Eland Oil and Gas 148 Oil & Gas London AIM NigeriaParadeTechnologies 48 Technology Luxembourg E uroMTF Taiwan

Revolymer 32 Chemicals London AIM UK

Ground Rents Income Fund 30 Investment Company London Main UK

Lotto24 15 Retail Deutsche Börse Prime Germany

Total 273



7%

16%

IPOvalueand volumeby sector

The Telecommunications and Insurance sectors contributed the top four

transactions in the quarter

IPO value by sectorSector

Company IPOs

Q4 2012

Company IPOs

Q4 2011

Company IPOs

Q3 2012

Industrial Goods & Services 12 19 7

Technology 8 12 9

Investment Companies 8 3 2

Mining 6 4 4

Pharmaceuticals & Biotech 6 3 2

Real Estate 4 1 2

PwC

23%

15%

Te le co mm un icat io ns I nsur an ce

Investment Companies Banks

Others


Retail 3 2 5

Travel & Leisure 3 3 2

Utilities 2 2 4

Oil & Gas 2 4 3

Health Care 2 4 2

Insurance 2 -

Construction & Materials 1 1 4

Financial Services 1 7 3

Chemicals 1 - 3

Food & Beverage 1 1 2

Personal & Household Goods 1 4 1

Media 1 2 -Banks 1 1 -

Automobiles & Parts 1 1 -

Basic Resources - 3 -

Total 70 78 56

Total value (€m) 7,538 866 367



US and Hong Kong overview

Investor concerns over US fiscal policy stalled momentum in the US markets

towards the end of Q4, while China’s change in leadership and the continued

global uncertainty also led to a slow-down in activity in Hong Kong

Q42012 Q4 2011 Q3 2012

Stock exchange IPOsOffering

value (€m) IPOsOffering


value(€m)

NYSE 20 4,218 15 2,659 12 3,983

NASDAQ 14 652 13 2,174 17 1,307

US total 34 4,870 28 4,833 29 5,290

Hong Kong 15 4,491 32 6,252 17 1,422

Europe 70 7,538 78 866 56 367

PwC 12 PwC Q4 2012 IPO Watch Europe Survey

The US IPO market began robustly in the fourth quarter, with October IPO volume equalling that of March - bothmonths were the highest of the year with 21 IPOs each. IPO activity began to slow down in November as investorsturned their attention to the Presidential election and as companies waited for clarity on U.S. fiscal policy.

Money raised in Hong Kong was down on last year but up on the prior quarter due to a decrease in the number of companies seeking to list. The market continues to be affected by the uncertainties in the global economy. Thelargest IPO of the quarter in Hong Kong was the People's Insurance Co of China, which raised € 2.8bn in early

December.



IPOs by market

Stockexchange

Q4 2012 Q4 2011 Q3 2012

IPOsOffering



value (€m)

TOTALLondon Stock Exchange Group (1) 26 3,929 17 806 16 270

Deutsche Börse 7 2,080 3 5 5 26

Warsaw 21 653 42 15 26 14

Luxembourg 3 462 1 - 2 54

SIX Swiss Exchange 1 120 - - 1 -

Oslo Børs & Oslo Axess 1 230 2 7 1 -

NASDAQ OMX 8 46 11 31 4 -

NYSE Euronext 2 17 1 2 1 3

BME (Spanish Exchange) 1 1 - - - -

Wiener Börse - - 1 - - -

Total 70 7,538 78 866 56 367

EU-REGULATED

London Stock Exchange Group (London Main) 13 3,554 4 672 1 30

Deutsche Börse (Prime and General Standard) 4 2,080 2 5 5 26

PwC 13

(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.(2) Cumulatively the WSE NewConnectraised €21.9m in Q4 2012. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of the rounded values.


Warsaw (Main) 5 632 4 - 2 9

SIX Swiss Exchange 1 120 - - 1 -

Oslo Børs 1 230 - - 1 -

NASDAQ OMX (Main) 4 38 4 31 2 -

NYSE Euronext (Euronext) 1 14 - - - -

Wiener Börse - - 1 - - -

EU-regulated sub-total 28 6,668 15 708 12 65

EXCHANGE-REGULATED

Luxembourg (EuroMTF) 3 462 1 - 2 54

London Stock Exchange Group (London AIM) 12 328 11 128 13 233

London Stock Exchange Group (London SFM) 1 47 - - - -

Warsaw (NewConnect) (2) 16 21 38 15 24 5

NASDAQ OMX (First North) 4 8 7 - 2 -

NYSE Euronext (Alternext) 1 3 1 2 1 3

BME (Spanish Exchange) (MAB) 1 1 - - - -

Deutsche Börse (Entry Standard) 3 - 1 - - -

London Stock Exchange Group (Borsa Italiana AIM) - - 2 6 2 7

Oslo Axess - - 2 7 - -

Exchange-regulated sub-total 41 870 63 158 44 302

Europe total 70 7,538 78 866 56 367



About IPO Watch Europe

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

Italy, Luxembourg, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the UK) on a

uarterl basis. Movements between markets on

PwC

the same exchange and greenshoe offerings areexcluded.

This survey was conducted between 1 Octoberand 31 December 2012 and captures new market

IPOs based on their transaction date. All market data is sourced from the stock marketsthemselves and has not been independentlyverified by PricewaterhouseCoopers LLP.




This publication has been preparedfor general guidance on matters of interest only, and doesnot constitute professional advice. You should not act upon the information contained in this

publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained inthis publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, itsmembers, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on theinformation contained in this publication or for any decision based on it.

© 2013 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” referstoPricewaterhouseCoopers LLP which is a member firm of PricewaterhouseCoopersInternational Limited,each member firm of which is a separate legal entity.

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