Q2’13 Global IPO update · 6% less capital raised in first six months of 2013 than same time...

Q2’13 Global IPO update

June 2013

Q2’13 Global IPO updatePage 2

Contents

Section Content

1 Q2’13 highlights

2 Global IPO activity trends

3 Regional analysis

4 Industry analysis

5 Stock exchange analysis

6 Emerging markets

7 Top 20 IPOs

8 Pricing range

9 Follow-on activity

10 Withdrawals and postponements

11 Appendices


Section 1: Q2’13 highlights


151 IPOs worldwide in Q2’13 compared to 242 in Q2’12 and 156 in Q1’13

Global IPO activity by deal volume and value

US$33.9b in capital raised in Q2’13 compared to US$43.8b in Q2’12 and $US24.3b in Q1’13

38% fewer IPOs in Q2’13 than Q2’12

23% less capital raised in Q2’13 than Q2’12

3% fewer IPOs in Q2’13 than Q1’13

40% more capital raised in Q2’13 than Q1’13

Note: The Q2’13 Global IPO update covers global IPO activity from 1 January to 17 June 2013.

US$58.2b raised in 307 IPOs during first half of 2013 vs US$61.8b raised in446 deals in first six months of 2012

31% fewer deals in first six months of 2013than same time period in 2012

6% less capital raised in first six months of2013 than same time period in 2012

An additional 47 IPOs are scheduled before the quarter’s end and will raise an additional

US$12.5b – if successful, capital raised will increase by nearly 92% over Q1’13.


Factors driving Q2’13 activity

Global IPO activity steadied in Q2 2013, with projected Q2 2013 IPO activity to achieve approximately195 deals with IPO proceeds of around US$46.4b. So far this quarter, there have been 151 IPO dealswhich raised US$34b. An additional 47 deals are scheduled before Q2’s end which should raise anadditional US$12.5b if successful.

Based on the projected Q2 2013 totals, global IPO activity is expected to be up 92% in terms of deal value andincrease by 27% in terms of deal numbers, compared to Q1 2013 (156 IPOs, US$24.3b).

For the first half of 2013(1H2013), around 354 IPO listings are expected to raise US$70.7b (14% rise compared toUS$61.8b in 2012 but a 21% drop (446 deals) by deal number, compared to FH2012.

Region-by-region, there were some important differences in activity.The US IPO market continue to record solid performance, at more than one-third of total deal values due toimproving market conditions and investor confidence.

Activity remained slow in Europe but we expect more large brands companies offering smaller IPOs, particularly inthe more mature markets in second half of 2013.

Asian IPO activity have recovered but not fully bounced back, reflecting a standstill in activity in China, due toregulatory factors. However, large deals in Hong Kong, Thailand, Tokyo and Singapore boosted total deal activity forthe region.

Emerging markets such as Thailand, Indonesia, Turkey and Mexico emerged as key players for IPOs.

From a sector standpoint, financials was dominant in Q2’13. It accounted for just under a third of totalfunds raised, with insurance IPOs a major driver. Industrials and real estate were also prominent.During Q2’13, 89% of IPOs were priced within or above their indicative price range. After-marketperformance has been improving. Several very large deals also completed successfully. Theseindicators of improving momentum in Q2’13 should carry into Q3’13.

Note: The Q2’13 Global IPO update covers global IPO activity from 1 January to 16 June 2013


Q3’13 outlook

Global IPO activity should sustain solid momentum in Q3’13. Deal volume will continue to rise inQ3’13, with higher median deal sizes. Overall proceeds are expected to exceed the Q3 average levelsof 2011-12, at US$35-45 billion via 225-275 deals.The key drivers for Q3’13 activity are:

US IPOs will remain firmly in the lead – due to positive market sentiment and post-IPO performance

Recovery continues in Asia – China IPO market expected to reopen in SH2013 and more activity from Hong Kong,Japan, Thailand, Singapore, Malaysia and Indonesia

European IPO recovery is deepening

Positive momentum in financial sponsor-backed exits – on rising valuation and liquidity needs

Industries to watch continue to include financials, real estate and diversified industrialsStronger investor confidence, supported by better economic fundamentals and supportive globalmonetary conditions suggests more offerings should come to market in second half of the year.The windows for completing IPO deals look increasingly open. Companies need to prepare earlier andbe ready to move fast once a viable market window opens.

Note: The Q2’13 Global IPO update covers global IPO activity from 1 January to 17June 2013

" We expect no single sector will clearly dominate IPOactivity globally for the rest of 2013. Sector diversity is asign that performance is improving across the board anda broader economic recovery is under way. But pricingwill be key — 91% of investors cite attractive pricing asa critical factor influencing IPO success.”

Maria Pinelli, Global Strategic Growth Markets Leader


Q2’13 biggest IPOs

The top three IPOs accounted for 26.4% of Q2’13 global capital raised:1. BB Seguridade Participacoes SA Brazil; financials – provider of insurance and pension products

Raised US$5.0b on Sao Paulo Exchange in April; constituted 14.9% of global capital raised in Q2’13.

World’s biggest IPO so far this year.

Biggest IPO in Brazil since July 2009 when Banco Santander Brasil SA raised US$7.5 b.

2. BTS Rail Mass Transit Growth Infrastructure Fund Thailand; industrials – transportation and infrastructure

Raised US$2.1b on the Stock Exchange of Thailand in April; constituted 6.3% of global capital raised in Q2’13.

Third biggest IPO globally so far this year.

Biggest IPO in Thailand on record.

3. Sinopec Engineering (Group) Co Ltd China; industrials – building/construction and engineering

Raised US$1.8b on Hong Kong Exchange in May; constituted 5.3% of global capital raised in Q2’13.

This is the fourth largest IPO globally so far this year.

Top 20 IPOs accounted for 67.7% of the global capital raised in Q2’13:Nine deals with capital raised above US$1b in Q2’13, compared to five deals in Q2’12 and six deals in Q1’13.

Note: The Q2’13 Global IPO update covers global IPO activity from 1 January to 16 June 2013Source: Dealogic, Ernst & Young


Q2’13 activity by geography, industry andexchangeGeographical analysis Industry analysis Exchange analysisBy number of IPOs:

Asia Pacific issuers maintained theirdominance in deal volume, accountingfor 38%, followed by North America,which accounted for 30%.The market shares of EMEA, andCentral and South America were 27%and 5% respectively.By country, the US, Greater China* andthe UK led the pack with 39, 13 and 10deals respectively.

By capital raised:Asia Pacific was also at the top interms of capital raised, accounting for37% of the global total.North America, and Central and SouthAmerica were ranked second and thirdwith 32% and 21% respectively, whileEMEA accounted for 10%.By country, the US, Brazil and GreaterChina* were top three countries inQ2’13 with 30% (US$10.2b), 18%(US$6.3b) and 14% (US$4.9b)respectively.

By number of IPOs:NYSE was the most active exchange,with 28 IPOs followed by NASDAQ with20 IPOs. The two accounted for 32% ofthe total number of deals.Among stock exchanges from AsiaPacific, the Australian SecuritiesExchange was the most active,accounting for nine IPOs.

By capital raised:The two exchanges in the US — NYSEand NASDAQ — accounted for 35% ofthe capital raised globally.NYSE was the top grosser of Q2’13raising US$10.0b (29% of the totalcapital raised globally).BM&F BOVESPA (US$6.3b) and HongKong Stock Exchange (US$3.8b) wereon second and third spots respectivelyaccounting for 18% and 11% share.

The top three sectors accounted for43% of total deal numbers. The leadingsectors by number of deals wereindustrials (25), health care (20) andFinancials (20).

By number of IPOs:

The top three sectors accounted for61% of total deal value; financials(US$10.1b), industrials (US$6.9b) andreal estate (US$3.7b)Average deal size globally during thisquarter stood at US$225m. Financialssector had an average deal size ofUS$503m – highest among all sectors.

By capital raised:

*Greater China includes Mainland China (6 deals raising US$3.4b), Hong Kong (6 deals, US$0.7b) and Taiwan(1, US$0.8b) issuers. Based on the listed company domicile.Data up to 17 June 2013


Emerging markets1 made up 45% of the global number of deals and 48% of capital raised in Q2’13:BRIC markets raised US$10b (30% of total) through 15 (10%) deals in Q2’13 as compared to US$10.9b (25%) through 82(34%) deals in Q2’12 and US$1.7b (7%) through 21(14%) deals in Q1’13.

Thailand, Poland and Indonesia were some of the other active emerging markets during this quarter.

Pricing:89% of global IPOs priced within or above their initial filing range in Q2’13.Majority of IPOs (85%) priced within their initial filing range compared to a historical 10-year average of 74%. Four percent of IPOs priced above their initial filing range, only 11% of IPOs were priced below.

Withdrawals and postponements:There were 35 postponed or withdrawn IPOs in Q2’13, compared to 23 in Q1’13 and 92 in Q2’12.

State-owned enterprises (SOEs):There were two IPOs from SOE privatization in Q2’13 – New Zealand’s power company Might River Private Limited,raising US$1.4b, and Chinese brokerage company China Galaxy Securities Co Ltd, raising US$1.1b.

Follow-on offerings:There were 738 global follow-on offerings, raising US$123.5b in Q2’13 as compared to 863 deals raising US$154.0b inQ1’13 and 712 deals raising US$89.2b in Q2’12.Follow-on offerings constituted 74% of global equity capital markets activity 2013 YTD by capital raised, while IPOsrepresented 15%. Convertibles accounted for 11%.

1Please see the Appendix for the definition of emerging markets . Based on the listed company domicile.Data up to 17 June 2013. Source: Dealogic, Ernst & Young

Q2’13 highlights


Q2’13 PE- and VC-backed IPO deals

PE-backed IPOsworldwide Q2’13 Q1’13 % change –

Q2’13 vs Q1’13 Q2’12 % change –Q2’13 vs Q2’12

Number of deals 27 (17.9% of globaltotal)

33 (21.2% of globaltotal)

-18.2% 26 (10.7% of globaltotal)

3.8%

Capital raised US$8.9b (26.3%) US$8.0b (32.9%) 11.7% US$4.0b (9.0%) 125.0%

Venture Capital:VC-backed IPOsworldwide Q2’13 Q1’13 % change –

Q2’13 vs Q1’13 Q2’12 % change –Q2’13 vs Q2’12

Number of deals 13 (8.6% of globaltotal)

15 (9.6% of globaltotal)

-13.3% 23 (9.5% of globaltotal)

-43.5%

Capital raised US$1.3b (3.8%) US$1.1b (4.5%) 20.6% US$17.6b (40.2%) -92.6%

*Data up to 17 June 2013

PE-backed and VC-backed IPOs continue their presence:PE and/or VC-backed IPOs in Q2’13 accounted for 24% of global IPO activity by deal numbers and 29% by capitalraised.

In the first six months of 2013, the US contributed around 35% of all PE-backed IPOs, but this proportion rises to 70%for the larger deals (deals with proceeds above US$500m).

Rising valuation, solid recent performance, with many PE-backed deals coming to market in Q2’13, sets a favourableprecedent for the second half of 2013, as financial sponsors seek to realize value from their investments.

Private Equity:


Section 2: Global IPO activity trends


Rising equity market, increasing investor appetite for risk and a wave of recent mega-deals, which is having an ice-breaker impact on the market, are supporting a strongregistration pipeline. This suggest a strong second half for the year.

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For 2013-to-date, the number of IPOs and capital raised have decreased by 31% and 6%respectively, as compared to the first six months of 2012. We expect an additional 47 dealsscheduled before the quarter’s end which could raise an further US$12.5b if successful.

Global IPO activity: number of deals andcapital raised by half-year

*Data up to 17 June 2013Source: Dealogic, Ernst & Young

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Global IPO activity: number of deals andcapital raised by quarterIn Q2’13, there have been 9 IPOs raising more than US$1b. These include: BB Seguridade ParticipacoesSA (US$5.0b), BTS Rail Mass Transit Growth Infrastructure Fund (US$2.1b), Sinopec Engineering (Group)Co Ltd (US$1.8b), Nomura Real Estate Master Fund Inc (US$1.7b) and ING US Inc (US$1.5b).

Source: Dealogic, Ernst & Young*Data up to 17 June 2013


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Global IPO activity: number of deals andcapital raised by monthJune 2013 has, so far, witnessed 24 IPO listings which has raised US$4.9b. 38 more dealsare expected to raise around US$13b by the end of the month.



Key global IPO statistics

1Percentage change from 2009 to 20102 Percentage change from 2010 to 20113 Percentage change from 2011 to 2012

4Consumer products includes consumer servicesPlease see Appendix for the list of stock exchangesSource for all charts and tables shown: Dealogic, Thomson Financial, Ernst & Young

2010 2011 2012 2013 Jan-JunNumber of deals 1367 ( 142%1) 1241 ( 9%2) 837 ( 33%3) 307

Capital raised (US$) $284.9b ( 136%1) $169.9b ( 40%2) $128.6b ( 24%3) $58.2b

Average deal size (US$) $208.3m $136.9m $153.6m $189.6m

PE-backed IPOs 155 deals, $35.0b 119 deals, $38.3b 107 deals, $19.4b 60 deals, $16.9b

VC-backed IPOs 129 deals, $13.7b 142 deals, $17.3b 92 deals, $23.2b 28 deals, $2.4b

Top 5 sectors(number of deals)

Materials (307)Industrials (236)Technology (180)Consumer staples (113)Energy (94)

Materials (268)Industrials (199)Technology (149)Consumer product4 (124)Energy (110)

Materials (140)Industrials (125)Technology (122)Energy (69)Consumer staples (58)

Industrials (47)Real estate (40)Financials (35)Health care (34)Technology (34)

Top 5 sectors(capital raised)

Financials ($80.0b)Industrials ($57.6b)Materials ($38.5b)Energy ($23.2b)Technology ($20.7b)

Materials ($29.2b)Industrials ($26.4b)Energy ($21.3b)Financials ($15.9b)Technology ($14.7b)

Technology ($23.5b)Financials ($19.4b)Industrials ($19.0b)Energy ($13.1b)Materials ($12.4b)

Financials ($12.5b)Real estate ($11.7b)Industrials ($9.0b)Health care ($5.5b)Energy ($4.6b)

Top 5 exchanges(number of deals)

Shenzhen – SME (205)Shenzhen – ChiNext (116)Australian (92)Hong Kong (87)New York (82)

Shenzhen – ChiNext (128)Warsaw – New Connect (123)Shenzhen – SME(115)Australian (101)Hong Kong (68)

New York (78)Shenzhen – ChiNext (74)Warsaw - New Connect (62)Shenzhen (55)NASDAQ (54)

New York (44)NASDAQ (36)Australian (19)Warsaw - New Connect (16)Hong Kong and London AIM(14 each)

Top 5 exchanges(capital raised)

Hong Kong ($57.4b)New York ($34.7b)Shenzhen – SME ($30.2b)Shanghai ($27.9b)Tokyo ($14.3b)

New York ($30.5b)Hong Kong ($25.3b)Shenzhen – SME ($15.7b)Shanghai ($15.1b)London ($13.9b)

New York ($24.0b)NASDAQ ($22.6b)Tokyo ($12.2b)Hong Kong ($11.5b)Kuala Lumpur ($7.6b)

New York ($16.5b)Sao Paulo ($6.6b)Hong Kong ($4.9b)NASDAQ ($3.9b)Tokyo ($3.6b)



Market confidence is improving

Global equity markets gains accelerated in Q2’13. Stronger performance in the majordeveloped markets, particularly Japan and US, drove gains, with emerging markets softin comparison.

Data updated as on 8 June 2013Source: Datastream

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Median deal value by regions

Median deal values rose in Q2’13, reflecting an increasing volume of larger-value IPOs inUS and Asia. For second half of 2013, median values are likely to push gradually higherwhile market confidence continues to build.

*Data updated as on 8 June 2013Source: Dealogic

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Steadying global economic conditions aresupportive for IPOsSteadying global economic conditions suggests macro concerns are diminishing forIPOs in 2013. Deal values and volumes are expected to increase in the second half of theyear.

Data updated as on 8 June 2013Source: OECD, Dealogic

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Section 3: Regional analysis


Asia Pacific

In Q2’13, Asian exchanges accounted for 29% of global IPO activity in terms of number of dealsand 31% in terms of capital raised:

The region witnessed 44 deals, raising a total of US$10.5b in Q2’13.Capital raised in Q2’13 was 94% higher but 34% lower by number of deals than Q1’13 (US$5.4b via 67 deals).Capital raised in Q2’13 was 31% lower in value and 61% lower by deal number than in Q2’12 (US$15.3b in 112deals).

In Q2’13 Greater Chinese* exchanges raised US$4.0b through 10 deals accounting forapproximately 40% of capital proceeds raised in the Asian region.

Hong Kong Stock Exchange (HKEx) was ranked third by global capital raised (US$3.8b via 5 deals) in Q2’13.

In Q2’13, Thailand emerged as one of the key countries in Asia with nine deals raising a total ofUS$2.6b (accounted for 25% of proceeds raised in the region).

The IPO of BTS Rail Mass Transit Growth Infrastructure Fund raised US$2.1b on Thailand (SET); the second largestdeal of the quarter.

During the quarter, Japan accounted for 6% of global fundraising in Q2’13.Japan witnessed 4 deals raising US$1.7b. The IPO listing of Nomura Real Estate Master Fund Inc raised US$1.6b –this is the fourth largest IPO this quarter.

In Q2’13, the Australian Securities Exchange saw nine deals raising US$696m while the NewZealand Exchange (NZX) had the sixth largest IPOs of the year: the Mighty River Power LimitedIPO raised US$1.4b, this is one of the largest IPO on NZX on record.

*Greater China includes Mainland China and Hong Kong (10 deals raising US $4.0b) issuers.Source: Dealogic, Ernst & Young


Americas

The US exchanges raised 35% of global proceeds; with 52% of deals and 65% of proceedsbacked by PE and/or VC firms:

US exchanges (NYSE, NASDAQ and AMEX) raised US$11.9b in 48 deals in Q2’13, accounting for 35% of globalproceeds and 32% of the number of IPOs.There was an increase of 45% in the number of deals and 38% in capital raised during this quarter compared toQ1’13 (33 deals raising US$8.6b). On a Y-o-Y basis, there was a 45% increase in the number of deals and a 49%decrease in capital raised during Q2’12 (33 deals raising US$23.2b).With US$10.0b raised in 28 deals, the New York Stock Exchange was the highest grossing exchange in Q2’13globally.PE and/or VC sponsored deals made up 52% of the deal count and 65% of the capital raised on US exchanges.Nine out of the top ten IPOs (by capital raised) in the US market were PE-backed.Heath care (11 IPOs raising US$1.8b) and financials (8 IPOs raising US$2.5b) were the two most active sectors inthe US markets.

Central and South American exchanges, led by Sao Paulo, raised 19% of capital globally:Central and South American exchanges, though accounting for only 4% of the global deal count, raised 19% of thecapital with an average deal size of more than US$1b – driven by Brazil.In April, the BM&F BOVESPA listed the world’s biggest IPO so far in 2013 raising US$5b by BB SeguridadeParticipacoes SA—a financial services company that provide insurance and pension products. The Brazil IPO marketshowed signs of recovery with 4 IPOs which raised US$6.3b.Mexico conducted one IPO which raised US$197.8m in Q2’13.



EMEA

European exchanges, led by the UK, raised 6% of global proceeds:European exchanges saw 27 IPOs raising a total of US$1.9b in Q2’13 (17.9% of global number of deals); a decreaseof 4% in the number of deals and 63% in the capital raised compared to Q1’13 (28 deals raising US$5.1b).European exchanges were majorly driven by London Main Market by capital raised and was ranked 10th globally infundraising with US$850m raised in two IPO offerings.London Alternative Investment Market (AIM) had the highest number of IPOs within European exchanges andranked fourth globally by number of deals (8) raising US$107.8m.

The Middle East and Africa IPO market remained relatively quiet in Q2’13:Middle East exchanges raised US$48m in three IPOs during this quarter compared to US$1.6b in three IPOs inQ1’13.

African exchanges raised US$85m in four IPOs during this quarter compared to US$9.2m in two IPOs in Q1’13.



AsiaPacific49%

Europe,Middle

East andAfrica21%

NorthAmerica

26%

Centraland SouthAmerica

4%

AsiaPacific54%

Europe,Middle

East andAfrica25%

NorthAmerica

18%


3%

Global IPO activity: distribution of IPOs byworld region (by number of deals)

Source: Dealogic, Ernst & Young

Q2’12

Q1’13

Q2’13

AsiaPacific38%

Europe,Middle

East andAfrica27%

NorthAmerica

30%


5%



Global IPO activity: distribution of IPOs byworld region (capital raised)

Source: Dealogic, Ernst & Young

Q2’12

Q1’13

Q2’13

AsiaPacific37%

Europe,Middle

East andAfrica10%

NorthAmerica

32%


21%

AsiaPacific23%

Europe,Middle

East andAfrica28%

NorthAmerica

37%


12%

AsiaPacific36%

Europe,Middle

East andAfrica4%

NorthAmerica

53%


7%



Q2’13 versus Q2’12 global IPOs by region

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Q2'13 Q2'12

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Number of deals Capital raised (US$b)

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$20

$25

Asia Pacific EMEA North America Central andSouth AmericaQ2'13 Q2'12

Source: Dealogic,, Ernst & Young

38 54 27 25 30 18 5 3 37 36 10 4 32 53 21 7



Developing countries accounted for 45% of the number of deals globally and 48% of the total global capital raised.BRICs together raised US$10b (30% of total capital raised) in 15 deals (10% of total deal numbers).

The US led in the number of deals, followed by Greater China* and the UK.

North America

US 25.8% (39)Canada 4.0% (6)

Central and South America

BrazilMexicoPuerto RicoJamaica

Asia PacificGr. ChinaThailandAustraliaJapanIndonesiaIndiaSingaporeSouth KoreaNew ZealandMalaysia

8.6% (13)6.0% (9)6.0% (9)4.0% (6)3.3% (5)2.6% (4)2.0% (3)2.0% (3)1.3% (2)1.3% (2)

EMEAUKPolandFranceTunisiaIsraelSaudi ArabiaIceland

6.6% (10)5.3% (8)4.0% (6)2.6% (4)2.0% (3)1.3% (2)1.3% (2)

30%

5%

27% 38%

Q2’13 global IPO activity (by region andnumber of deals)

*Greater China includes Mainland China (6 deals), Hong Kong (6) and Taiwan(1) issuers. Based on the listed company domicile. Data up to end of 17 June 2013.Source: Dealogic, Ernst & Young

2.6%(4)0.7%(1)0.7%(1)0.7%(1)


North America

US 30.0% ($10.2b)Canada 1.6% ($0.5b)

Central and South America

Asia PacificGr. China*ThailandJapanNew ZealandAustraliaIndonesiaPhilippinesIndia

14.3% ($4.9b)7.7% ($2.6b)6.0% ($2.0b)4.3% ($1.5b)2.1% ($0.7b)1.4% ($0.5b)0.5% ($0.2b)0.5% ($0.2b)

EMEAUKFranceGermanyTurkeyBelgiumSwitzerlandRussian Fed.

3.3% ($1.1b)1.5% ($0.5b)1.2% ($0.4b)1.0% ($0.3b)

0.7% ($0.25b)0.7% ($0.25b)0.6% ($0.2b)

32%

21%

Q2’13 global IPO activity (by region andcapital raised)

There were nine deals with capital raised above US$1b. The top three IPOs, accounting for 26.4% of the capitalraised globally, were from emerging markets including two from BRIC nations.

The US led by total capital raised (US$10.2b), followed by Brazil and Greater China*

10% 37%

*Greater China includes Mainland China (US$3.4b), Hong Kong (US$0.7b) and Taiwan (US$0.8b) issuers. Based on the listed company domicile. Capital raised for this slide is basedon US$. Data up to end of 17 June 2013. Source: Dealogic, Ernst & Young

18.5% ($6.3b)1.7% ($0.6b)0.6% ($0.2b)

BrazilPuerto RicoMexico


Section 4: Industry analysis


Global IPO activity: by industry andpercentage of global number of deals

17%

13% 13%11% 11%

9%7% 7% 7%

3% 2% 1%

14%

7%6%

3%

15% 16%

8% 8%

5%

8%7%

2%

0%

5%

10%

15%

20%

Indu

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mun

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ions

%of

glob

alnu

mbe

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Q2'13 Q2'12

Data up to 17 June 2013Source: Dealogic, Ernst & Young


Global IPO activity: by industry andpercentage of global capital raised

30%

20%

11%8% 7% 7% 6% 5% 3%

1% 1% 1%

14%

6% 5%

10%

1% 2%4% 3%

42%

0%2%

11%

0%

10%

20%

30%

40%

50%Fi

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Q2'13 Q2'12Data up to 17 June 2013Source: Dealogic, Ernst & Young


Section 5: Stock exchange analysis


ExchangeNo. ofdeals

Percentageof global

total

New York (NYSE) 28 18.5%

NASDAQ 20 13.2%

Australian Securities Exchange (ASX) 9 6.0%London Alternative Investment Market(AIM) 8 5.3%Warsaw NewConnect 7 4.6%

Thailand (SET) 6 4.0%Toronto (TSX) 6 4.0%

Hong Kong (HKEx) 5 3.3%Indonesia (IDX) 5 3.3%Hong Kong Growth Enterprise Market(GEM) 5 3.3%

Sao Paulo (BM&F BOVESPA) 4 2.6%

Singapore (SGX) 4 2.6%

All other exchanges 44 29.1%

Global total 151 100%

ExchangeCapitalraised(US$m)

Percentageof global

total

New York Stock Exchange (NYSE) $10,004 29.5%Sao Paulo (BM&F BOVESPA) $6,269 18.5%

Hong Kong (HKEx) $3,837 11.3%

Thailand (SET) $2,513 7.4%NASDAQ $1,868 5.5%

Tokyo (TSE) $1,656 4.9%

New Zealand (NZX) $1,454 4.3%

Singapore (SGX)$1,203

3.5%

Toronto (TSX) $883 2.6%

London Main Market (LSE) $850 2.5%Australian (ASX) $696 2.1%

Indonesia (IDX) $461 1.4%

All other exchanges $2,229 6.6%

Global total $33,923 100%

Q2’13 Global IPO activity: by stockexchanges*

*Data based on domicile of the exchange, regardless of the listed company domicile. Data up to end of 17 June 2013.**Shenzhen Stock Exchange includes listings on Mainboard (SME) and ChiNextSource: Dealogic, Ernst & Young

Top 12 by number of deals Top 12 by capital raised


Q2’12 Global IPO activity: by stockexchanges*

*Data based on domicile of the exchange, regardless of the listed company domicile**Shenzhen Stock Exchange includes listings on Mainboard (SME) and ChiNextSource: Dealogic, Ernst & Young

Top 12 by number of deals Top 12 by capital raised

Exchange No. ofdeals

Percentageof global

total

Shenzhen Stock Exchange (SZE)** 44 18.2%

Warsaw NewConnect 26 10.7%

New York (NYSE) 18 7.4%

Australian (ASX) 14 5.8%NASDAQ 14 5.8%

Shanghai (SSE) 11 4.5%London Alternative Investment Market(AIM) 11 4.5%

Hong Kong (HKEx) 10 4.1%

Toronto Venture (TSX-V) 9 3.7%

Istanbul (ISE) 7 2.9%

Japan JASDAQ 6 2.5%

Deutsche Borse 5 2.1%

All other exchanges 67 27.8%

Global total 242 100.0%

ExchangeCapitalraised(US$m)

Percentageof global

total

NASDAQ $17,671 40.2%

New York (NYSE) $5,506 12.5%

Shenzhen Stock Exchange (SZE)** $3,602 8.2%

Bursa Malaysia (KLSE) $3,530 8.0%

Hong Kong (HKEx) $2,632 6.0%

Shanghai (SSE) $2,321 5.3%

Sao Paulo (BM&F BOVESPA) $2,099 4.8%

Tokyo (TSE) $1,374 3.1%

Mexican (BMV) $792 1.8%

Philippines (PSE) $633 1.4%

Saudi (Tadawul) $591 1.3%

Singapore (SGX) $349 0.8%

All other exchanges $2,702 6.6%

Global total $43,803 100%


Section 6: Emerging markets


Emerging markets: IPO activity by year in theBRIC countriesEmerging markets have continued to see significant IPO activity in 2013 (47% of globaldeals and 43% of global capital raised). Emerging markets issuers have raised US$25.0bfrom 145 IPOs. BRIC issuers through 36 IPOs, have raised US$11.7b.

$9 $14 $20 $34 $96 $164 $34 $73 $131 $72 $33 $12

104 111

198 173

289

441

169203

573

413

246

36

0

100

200

300

400

500

600

0

20

40

60

80

100

120

140

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

YTD

Num

bero

fIPO

s

Cap

italr

aise

d(U

S$b

)




Emerging markets: IPO activity by quarter inthe BRIC countriesIn Q2’13, there were nine deals with capital raised above US$1b, of which four were fromthe emerging markets. Of the top 10 IPOs (by capital raised), five were from emergingmarkets. Of the top 20 IPOs, nine deals were from emerging markets.

$4 $7 $3 $6 $3 $10 $4 $16 $7 $18$24$46$22$43$37$62$17$13 $3 $0 $0 $7 $24$42$26$20$42$42$21$25$13$14 $7 $11 $6 $9 $2 $10

36

7057

3523

4635

6959

4964

117

94 95

125127

50

75

38

6 6 12

58

127136

123132

182

121125

95

7265

8270

29

21 15

0

50

100

150

200

0

10

20

30

40

50

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)




Section 7: Top 20 IPOs


Q2’13 top 20 IPOs by capital raisedEmerging markets represent five of the top 10 IPOs and nine of the top 20 IPOs. Five out of top 20 IPO deals werefrom BRIC nations

Nine of the top 20 deals were private equity-backed IPOs.

18 of the top 20 listed on their home exchange (as their primary exchange).

The three largest deals (by capital raised) were:Brazil’s insurance and pension products provider, BB Seguridade Participacoes SA, which listed on BM&F BOVESPA.Thailand’s BTS Rail Mass Transit Growth Infrastructure Fund, which listed on the Thailand Stock Exchange.China’s engineering and construction company, Sinopec Engineering (Group) Co Ltd, which listed on HKEx.

The top 10 IPOs together raised US$17.5b, which represents 52% of global proceeds. The top 20 IPOs togetherraised US$23.0b, which represents 68% of global proceeds.

Eight of the top 20 IPO deals listed in the US (NYSE), with Hong Kong and Brazil being the source of three dealseach.

The six other IPOs in the top 20 were from New Zealand, Germany, Japan, Singapore, Thailand and the UK.

The minimum deal value required to make the “top 20 club” was US$369m in Q2’13, compared to the US$343m forQ1’13 and the US$327m for Q2’12. The minimum deal value to join the global “top 10 club” was US$824m comparedto US$667m in Q1’13 and the US$504m for Q2’12.

The financials and the industrials sectors generated four IPOs each, whereas the media and entertainment sectorgenerated three IPOs. The consumer products and services, the energy and power and the materials sectors generated twodeals each.



Q2’13 top 20 IPOs by capital raised

Data up to end of 17 June 2013Source: Dealogic, Ernst & Young

Issuemonth Issuer name Domicile Sector Issuer business description

Capitalraised(US$m)

Exchange(s) Type of IPO

April BB Seguridade Participacoes SA Brazil Financials Provider of insurance and pensionproducts. 5,047 BM&F

BOVESPA

April BTS Rail Mass Transit GrowthInfrastructure Fund Thailand Industrials

Infrastructure fund with interests innet revenue of part of BTSSkyTrain mass transit business.

2,127 Thailand (SET)

May Sinopec Engineering (Group) CoLtd China Industrials

Engaged in undertaking theengineering and constructionprojects.

1,797 Hong Kong(HKEx)

June Nomura Real Estate Master FundInc Japan Real estate Real estate investment trust

(REIT). 1,656 Tokyo (TSE)

May ING US Inc UnitedStates Financials

Provider of retirement fundsmanagement, annuity and lifeinsurance products.

1,462 New York(NYSE)

May Mighty River Power Ltd NewZealand Energy and oower Power producer and retailer. 1,431 New Zealand

(NZX)

May China Galaxy Securities Co Ltd China Financials Provider of securities brokerageservices. 1,097 Hong Kong

(HKEx)

May Quintiles Transnational HoldingsInc

UnitedStates Health care

Provider of biopharmaceuticaldevelopment services andcommercial outsourcing services.

1,090 New York(NYSE)

PE-backedIPO

June Coty Inc UnitedStates

Consumer products andservices

Manufacturer of fragrances, colorcosmetics, skin & body care. 1,000 New York

(NYSE)PE-backedIPO

May Asian Pay Television Trust Taiwan Media andentertainment

Business Trust that has interests incable television operators inTaiwan.

824 Singapore(SGX)


Q2’13 top 20 IPOs by capital raised(continued)Issuemonth Issuer name Domicile Sector Issuer business description

Capitalraised(US$m)

Exchange(s) Type of IPO

April SeaWorld Entertainment Inc UnitedStates

Media andentertainment Theme park and entertainment company. 807 New York PE-backed IPO

June Partnership Assurance Group plc UnitedKingdom Financials Holding company for specialist provider of

annuities and life insurance products. 743 London PE-backed IPO

April Taylor Morrison Home Corp UnitedStates Industrials Home builder. 723 New York PE-backed IPO

April EVERTEC Inc PuertoRico

Consumerproducts andservices

Professional services provider. 576 New York PE-backed IPO

May Langham Hospitality InvestmentsLtd

HongKong

Media andentertainment

Engaged in the business of hotelmanagement. 549 Hong Kong

April Smiles SA Brazil Industrials Airline loyalty program. 498 Sao Paulo

April Intelsat SA UnitedStates

Telecommun-ications Provider of fixed satellite services. 400 New York PE-backed IPO

April Evonik Industries AG Germany MaterialsSpecialty chemical manufacturer servingthe automotive, plastics, pharmaceutical,and other industries.

391 DeutscheBorse PE-backed IPO

May Ply Gem Holdings Inc UnitedStates Materials Manufacturer of residential exterior

building products. 381 New York PE-backed IPO

April Alupar Investimento SA Brazil Energy andoower

Involved in the transmission andgeneration of electric energy. 369 Sao Paulo

Total capital raised by top 20 IPOs:Total global capital raised in Q2’13 :% of top 20:

US$23.0bUS$33.9b

68%*Data up to 17 June 2013Source: Dealogic, Ernst & Young


Section 8: Pricing range


Global number of IPOs by pricing range

8 9 24 21 15 14 6 25 19 22 23 301 2 16 3 7 12 6 8 13 16 18 9 18 11 11 6 6 13 6

15 28 19 3311

4026

4121 22 20

56

21 21 15 10 46 5 28 27 29 20 32 17 24

1222 21 18 18 14 9 15

119146 152

223

180

198

143

374

271

384

264

390

149177

967 3 60

152

222 222268

251

410

236

330

232 207

150185

138 161110 116

0

50

100

150

200

250

300

350

400

450

500

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Above Below In range

*For 3% of the IPOs, this range is not applicable. Data up to 17 June 2013. Source: Dealogic

84% of global IPOs* in 1H2013 were priced within their initial filing range and 7% werepriced above. Only 9% of IPOs were priced below their initial filing range.


Section 9: Follow-on activity


Follow-on offerings

738 follow-on offerings globally raised US$123.5b in Q2’13. This compares to 863 deals raisingUS$154.0b in Q1’13 and 712 deals raising US$89.2b in Q2’12.Follow-on offerings constituted 74% of global equity capital markets activity in Q2’13 by capital raised,while IPOs represented 15%.The four largest follow-on deals in Q2’13 were:

Netherlands telecom company Koninklijke KPN NV raising US$4.0b on Amsterdam Stock Exchange in May.Germany’s, Deutsche Bank, completed its US$3.9b offering on Frankfurt Prime in April.Russian financial group, VTB Group, raised US$3.3b on the Moscow exchange.Another German bank, Commerzbank, raised US$3.2b on Frankfurt Prime.

In Q2’13, there were 20 deals with capital raised above US$1b. 18 deals were from developedmarkets, two were from emerging markets. Seven of the 20 deals were priced in April, eleven dealswere priced in May and two deals were priced in June.In Q2’13, emerging markets made up around 36% of the global number of follow-on deals and 25% ofthe amount of capital raised (US$31.0b, 268 deals). Developed markets made up 64% of the numberof deals and 75% of capital raised (US$92.5b, 470 deals) via follow-on offerings globally.The top three stock exchanges by capital raised were New York (US$34.3b via 84 deals), FrankfurtPrime ($10.7b via 9 deals) and Paris (US$10.2b via 8 deals).The top three industries by capital raised were financials (US$19.7b via 50 follow-on deals), industrials(US$18.2b via 98 deals) and energy and power (US$18.1b via 90 deals).

*Date up to 17 June 2013.ECM = Equity Capital Markets, it includes IPO deals, follow-on deals and convertibles deals.


$325 $214 $194 $246 $337 $381 $433 $552 $552 $842 $642 $469 $506 $278

1,641 1,6821,971

2,774

3,442 3,5383,999

4,676

2,767

5,070 5,075

4,212

3,388

1,601

0

1,000

2,000

3,000

4,000

5,000

6,000

0

100

200

300

400

500

600

700

800

900

2000

2001

2002

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2010

2011

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YTD

Num

bero

fIPO

s

Cap

italr

aise

d(U

S$b)


So far this year, there were 20 deals with capital raised above US$1b, compared to 95 deals in2012 – of which 18 deals are from developed markets and two are from emerging markets.Global follow-on activity reached record highs in 2009.

Global follow-on activity: number of dealsand capital raised by year

ECM = Equity Capital Markets, it includes IPO deals, Follow on (FO) deals and Convertibles dealsSource: Dealogic, Ernst & Young

FO as %of globalECMactivity

50 45 51 50 57 59 51 53 69 78 62 67 73 74


$90 $70 $114$107$107$111 $81 $134$124$163$109$157 $78 $199$133$142$101$289$188$265$114$113$180$235$148$165 $83 $73 $134 $89 $152$131$154$124

918775

8969491,0371,065

712

1,185

1,125

1,374

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1,182

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631520

628

1,3731,438

1,631

1,1801,1301,030

1,735

1,3221,223

805862937

712735

1,004863

738

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0255075

100125150175200225250275300

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Global follow-on activity: number of dealsand capital raised by quarterIn Q2’13, the top three stock exchanges by capital raised were New York (US$34.3b via 84deals), Frankfurt Prime ($10.7b via 9 deals) and Euronext – Paris (US$10.2b via 8 deals). 20deals had capital raised of above US$1b – 18 were from developed markets.



Section 10: Withdrawals and postponements


Withdrawals and postponements

There were 7 postponed and 24 withdrawn IPOs in Q2’13.Of the 31 deals:

Fifteen were from the US, five from Australia and three from India.Five PE-backed; two VC backed.Six each from NASDAQ and New York Stock Exchange, five from the Australian Securities Exchange and threeeach from Bombay and Hong Kong exchanges.Seven deals from energy issuers, 5 from health care, while four each were from industrials and real estate issuers.

Many issuers cited market conditions as the reason for postponing the listing.By comparison, there were 21 postponed and two withdrawn IPOs in Q1’13. Q2’12 saw 15 postponedand 71 withdrawn IPOs.The proportion of postponed and withdrawn IPOs compared to completed IPO deals was highest (52%)in 2008, whereas the proportion was 31% in 2012 and 19% in the first five and a half months of 2013.On a quarterly basis, in Q1’13 and Q2’13, the ratio of postponed and withdrawn IPOs were 15% and23% respectively, compared to 38% in Q2’12. This ratio was highest in Q4’08 at 131%.2013-to-date, the CBOE Volatility S&P 500 Index (the VIX index ) was in the 11.30%–18.99% range,whereas during Q2’12, the VIX index was higher in the 15.64%–26.66% range. This reflects animproved environment for IPO candidates and investor confidence in the first 6 months of 2013.

*Data up to 17 June 2013Source: Dealogic, Capital IQ


Comparison of global completed IPOs withwithdrawn and postponed IPOs

941 864

14531618

17781967

756566

13671241

837

307

4 2

8

611

18

76

9

3252

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8583

117130

177165

320

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250280

232

46

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2002

2003

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2005

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2007

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YTD

Num

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fdea

ls

Completed IPOs Postponed IPOs Withdrawn IPOs

WithdrawnandpostponedIPOs as %ofcompletedIPOs

9 10 9 8 11 9 52 23 21 27 31 19



332411 368

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361450

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613

393

546440

588

242 273163

78 53 82142

289 293 314 302

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Completed IPOs Postponed IPOs Withdrawn IPOs

Comparison of global completed IPOs withwithdrawn and postponed IPOs by quarterQ1’13 and Q2’13 marked the lowest proportion of postponed and withdrawn IPOscompared to completed IPO deals since Q3’10 (15% and 23% respectively). The ratio washighest in Q4’08 (131%).



Appendix


Appendix: definitions

The data presented in the Q2’13 Global IPO update and press releases are from Dealogic and Ernst & Young. TheQ2'13 global IPO update covers global IPO activity from January to 17th June 2013.

For the purposes of these reports and press releases, we focus only on IPOs of operating companies and define anIPO as a company’s first offering of equity to the public.

This report includes only those IPOs for which Dealogic and Ernst & Young offer data regarding the issue date (the daythe offer is priced and allocations are subsequently made), trading date (the date on which the security first trades) andproceeds (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 acquisitioncompanies (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 otherfinancial 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. Theprimary exchange on which they are listed is as defined by Dealogic, Thomson Reuters and Ernst & Young research. Aforeign listing is where the stock exchange nation of the company is different from the company's domicile (i.e., issuer’snation). For IPO listings on HKEx, SSE, SZE, WSE, NewConnect, TSX and TSX-V exchanges, we use their firsttrading date in place of issue date.


Appendix: definitions

Geographic definitions:Asia includes Bangladesh, Greater China, India, Indonesia, Japan, Laos, Malaysia, Pakistan, Philippines, Singapore, South Korea, SriLanka, Thailand and VietnamGreater China includes Mainland China, Hong Kong, Macau and Taiwan onlyAsia Pacific includes Asia (as stated above) plus Australia, New Zealand, Fuji and Papua New GuineaCentral and South America includes Argentina, Bermuda, Brazil, Chile, Colombia, Ecuador, Jamaica, Mexico, Peru and Puerto RicoEurope includes Armenia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Kazakhstan, Luxembourg, Lithuania, Netherlands, Norway, Poland, Portugal, RussianFederation, Spain, Sweden, Switzerland, Turkey, Ukraine and United KingdomMiddle East includes Bahrain, Iran, Israel, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates and YemenAfrica includes Algeria, Botswana, Egypt, Ghana, Kenya, Madagascar, Malawi, Morocco, Namibia, Rwanda, South Africa, Tanzania,Tunisia, Uganda, Zambia and ZimbabweNorth America consists of the United States and Canada

Emerging 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, 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, United Kingdom and United States.

State-owned enterprise (SOE) privatizations refers to former state-owned entities that have completed their IPOlistings to become public companies.

Ernst & Young

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About Ernst & YoungErnst & Young is a global leader in assurance, tax, transaction andadvisory services. Worldwide, our 167,000 people are united by ourshared values and an unwavering commitment to quality. We makea difference by helping our people, our clients and our widercommunities achieve their potential.

Ernst & Young refers to the global organization of member firms ofErnst & Young Global Limited, each of which is a separate legalentity. Ernst & Young Global Limited, a UK company limited byguarantee, does not provide services to clients. For moreinformation about our organization, please visit www.ey.com.

About Ernst & Young’s IPO servicesErnst & Young is a leader in helping to take companies publicworldwide. With decades of experience our global network isdedicated to serving market leaders and helping businessesevaluate the pros and cons of an IPO. We demystify the process byoffering IPO readiness assessments, IPO preparation, projectmanagement and execution services, all of which help prepare youfor life in the public spotlight. Our Global IPO Center of Excellenceis a virtual hub which provides access to our IPO knowledge, tools,thought leadership and contacts from around the world in oneeasy-to-use source.www.ey.com/ipocenter

© 2013 EYGM Limited.All Rights Reserved.

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This publication contains information in summary form and is therefore intended forgeneral guidance only. It is not intended to be a substitute for detailed research or theexercise of professional judgment. Neither EYGM Limited nor any other member of theglobal Ernst & Young organization can accept any responsibility for loss occasioned toany person acting or refraining from action as a result of any material in this publication.On any specific matter, reference should be made to the appropriate advisor.

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