global ipo watch q2 2019 - pwc · 2019. 7. 8. · pwc ipo and fo highlights global ipo watch q2...
TRANSCRIPT
A PwC IPO Centre publication
Global IPO WatchQ2 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 Ethridge
Derek Thomson
Kennedy Liu
Geoffrey Tang
Jan-Willem de Groot (author)
Martin Coenen
Ross Hunter
Nadja Picard
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
Q2 2019Global IPO Watch
3
In Germany, it took two attempts for
Volkswagen to list its trucking business
Traton, raising $1.5bn on the occasion
3
With proceeds of $8.1bn, the IPO of
Uber Technologies is the biggest of
the quarter and year-to-date
1
The Science and Technology
Innovation Board was officially
implemented mid-June in
China, and should boost
technology and science IPOs
7
The largest FO of the quarter and
year was undertaken by Indian
telecommunications operator
Vodafone Idea, raising $3.6bn to
strengthen its balance sheet
4
Amongst others, the listing of some
high-profile Silicon Valley unicorns
has led to a 45% increase in IPO
proceeds in the Americas
5
Both the ECB and Fed
presidents have sounded
more dovish in recent
speeches, leading to a rally
in equity markets
6
It seems no amount of
Brexit drama can prevent
the UK from being the most
active European country on
both IPO and FO markets
2
PwC
Global money raised via IPOs and FOs
Q2 2019Global IPO Watch
4
Global money raised via IPOs and FOs (10-year overview) Top countries 2019YTD
With Silicon Valley backing, the United States takes the lead in terms of IPO activity, and accounts for almost half of global proceeds YTD
Note: Top countries have been selected based on money raised in 2019YTD.
Source: Dealogic as of 30 June 2019
FO
mo
ne
y r
ais
ed
& #
of
de
als
IPO
mo
ne
y r
ais
ed
& #
of
de
als
$642.0bn
$479.9bn $509.3bn$588.2bn $613.5bn
$685.8bn
$551.1bn$620.7bn
$461.5bn
$213.9bn
3,5622,902
2,5083,046 3,178 3,323 3,185 3,570
2,836
1,384
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
$299.1bn
$178.8bn$142.5bn
$195.6bn
$274.3bn
$206.9bn
$142.5bn
$208.9bn $223.6bn
$82.2bn
1,2581,041
728865
1,167 1,1851,013
1,522
1,196
456
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
United States; 49%
China; 11%
Hong Kong; 9%
United Kingdom; 7%
Italy; 3%
Other; 23%
United States; 44%
United Kingdom; 9%India; 6%Hong Kong; 5%
Australia; 4%
Other; 35%
PwC
Overview of global IPO and FO activity
Q2 2019Global IPO Watch
5
• FO activity was fairly low, as proceeds decreased by
13% and the number of deals by 6%.
• More IPOs are pricing in the bottom of their initial
range, which is mainly driven by volatile pricing in
Asia-Pacific.
• At 8.1% median post-IPO performance in the current
low interest rate environment, IPOs remain an
attractive investment option.
• Equity markets wobbled in May as Trump expressed
his displeasure with the pace of trade negotiations.
However, dovish central banks statements put
markets back on track in June.
Global IPO and FO activity
IPO pricing dynamics Post-IPO performance (median) Global indices
In the second quarter of 2019, IPO proceeds increased by 1% whereas the number of transactions decreased by 14% as compared to Q2 2018
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 June 2019
4
4
2017 2018 2017YTD 2018YTD 2019YTD Q2 2017 Q2 2018 Q2 2019
IPO activity
Number of IPOs 1,522 1,196 737 616 456 398 325 280
% sponsor-backed 9.3% 7.7% 10.6% 10.1% 6.6% 11.1% 10.5% 9.3%
Money raised $208.9bn $223.6bn $92.0bn $114.4bn $82.2bn $54.1bn $62.2bn $62.6bn
% sponsor-backed 22.7% 14.6% 29.4% 18.4% 20.9% 29.7% 20.8% 26.1%
Advanced metrics
Free float % 31.8% 32.3% 31.6% 33.2% 32.4% 31.8% 32.4% 32.8%
Overallotment exercised (%)1 25.3% 33.5% 26.3% 33.3% 33.1% 27.3% 36.6% 28.8%
% secondary shares 14.6% 13.6% 14.0% 16.3% 12.8% 13.8% 16.8% 14.6%
FO activity
Number of FOs 3,570 2,836 1,830 1,659 1,384 909 813 767
Money raised $620.7bn $461.5bn $332.7bn $276.9bn $213.9bn $164.4bn $133.5bn $116.7bn
6% 7% 7% 6% 7%
14% 20% 15% 15%22%
53% 47% 55% 51% 41%
22% 21% 19% 24% 22%
4% 5% 5% 5% 8%
2017 2018 2017YTD 2018YTD 2019YTD
Below range Bottom of range In range Top of range Above range
75
100
125
150
175
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19
FTSE 100 Hang Seng S&P 500
4.4%
9.6%
3.2%
8.9%
2.6%
9.4%
2.1%
11.7%
-1.0%
8.1%
1-Day 1-Week 1-Month 3-Month Current
PwC
Pricing date Issuer nameIssuer
countrySector Exchange Filing range
Offer
pricePricing
Money
raised
Free
float
Secondary
shares (%)
Performance
1-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% 3.1%
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% 36.4%
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% -8.7%
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% 0.7%
17-Apr-19 Pinterest Technology NYSE 15.00 - 17.00 19.00 Above range $1.6bn 16.3% 0.0% 28.4% 40.5% 43.3%
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% 36.3%
27-Jun-19 Traton Industrials Deutsche Börse; Nasdaq S’holm 27.00 - 33.00 27.00 Bottom of range $1.5bn 10.0% 100.0% -2.0% N/A -2.0%
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% 21.6%
21-Jun-19 Trainline Consumer Services LSE 3.18 - 3.60 3.50 Top of range $1.4bn 65.0% 88.4% 17.4% N/A 17.8%
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% 62.3%
Pricing date Issuer nameIssuer
countrySector Exchange Filing range
Offer
priceDeal Type
Money
raised
Secondary
shares (%)
Performance
1-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% -2.7%
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% 57.6%
29-Mar-19 AstraZeneca Health Care LSE 64.96 - 64.96 60.50 FO - Accelerated Bookbuild $3.5bn 0.0% 2.0% -5.4% 6.4%
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% -15.9%
25-Jun-19 VICI Properties Financials NYSE 22.79 - 22.79 21.50 FO - Accelerated Bookbuild $2.5bn 0.0% 0.4% N/A 2.5%
26-Jun-19 Petrobras Oil & Gas B3; NYSE 29.85 - 29.85 30.25 FO - Fully Marketed $1.9bn 100.0% 1.0% N/A -0.8%
1-May-19 Wabtec Industrials NYSE 74.07 - 74.07 73.50 FO - Accelerated Bookbuild $1.9bn 100.0% 2.0% -15.1% -2.4%
17-Jun-19 Infineon Technologies Technology Deutsche Börse 14.36 - 14.36 13.70 FO - Accelerated Bookbuild $1.7bn 0.0% 2.7% N/A 13.5%
14-Jun-19 Huatai Securities Financials LSE 20.00 - 24.50 20.50 FO - Fully Marketed $1.7bn 0.0% 8.9% N/A 8.9%
12-Mar-19 Adyen Industrials Euronext Amsterdam 656.20 - 656.20 600.00 FO - Accelerated Bookbuild $1.7bn 100.0% 4.0% 14.5% 13.1%
Leading transactions 2019YTD
Q2 2019Global IPO Watch
6
Top 10 largest IPOs 2019YTD
With proceeds of $8.1bn, Uber Technologies’ IPO becomes the 10th largest IPO in United States history
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 June 2019
PwC
IPO and FO activity per region
Q2 2019Global IPO Watch
7
Americas
Whereas IPO proceeds in Q2 2019 increased in both the Americas and EMEA, they fell in Asia-Pacific. In terms of the number of IPOs, a decrease applied to all regions
EMEA Asia-Pacific
Source: Dealogic, Bloomberg as of 30 June 2019
FO
mo
ne
y r
ais
ed
& #
of
de
als
IPO
mo
ne
y r
ais
ed
& #
of
de
als
$50.9bn
$30.8bn
$67.4bn$76.6bn
$43.4bn
248149
270 307
128
2015 2016 2017 2018 2019YTD
$84.3bn$77.3bn
$86.1bn$99.7bn
$23.4bn
668 684
952
653
265
2015 2016 2017 2018 2019YTD
$71.7bn
$35.7bn
$55.4bn$47.4bn
$15.3bn
269181
300238
63
2015 2016 2017 2018 2019YTD
$243.3bn$219.7bn $215.1bn
$190.3bn
$104.9bn
1,054 1,0721,240
1,048
595
2015 2016 2017 2018 2019YTD
$259.7bn
$214.8bn $216.7bn
$162.3bn
$57.3bn
1,478 1,367 1,394
1,042
421
2015 2016 2017 2018 2019YTD
$190.8bn
$119.9bn
$189.9bn
$109.4bn
$52.3bn
808 754946
757
371
2015 2016 2017 2018 2019YTD
PwC
Top exchanges globally based on money raised in 2019YTD
Q2 2019Global IPO Watch
8
Money raised and number of IPOs per Exchange 2017-2019YTD
With technology unicorns coming to market, NASDAQ and NYSE dominate
Top Exchanges 2019YTD
Money raised and number of FOs per Exchange 2017-2019YTD Top Exchanges 2019YTD
HKEX Shanghai SELSE GroupNYSENASDAQ
(Global)
NYSE BSENASDAQ
(Global)HKEXLSE Group
Note: LSE Group includes Borsa Italiana.
Source: Dealogic, as of 30 June 2019
$21bn
$34bn
$21bn
$35bn $32bn$21bn $21bn
$15bn$8bn
$14bn
$33bn
$8bn$18bn
$11bn$5bn
184 213
100 88 72 27
107 94
24
155 196
68
199
50 27
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
NASDAQ (Global), 26%
NYSE, 26%LSE Group, 10%
HKEX, 9%
Shanghai SE, 6%
Shenzhen SE, 5%
SIX Swiss Exchange, 3%
Other, 16%
$115bn$106bn
$60bn$75bn $73bn
$39bn$55bn
$38bn$21bn $18bn $9bn $13bn $18bn $9bn $13bn
376 276
169
621 616
374 374 319
141 81 50 31 80 52 30
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
2017 2018 2019YTD
NYSE, 28%
NASDAQ (Global), 18%
LSE Group, 10%
BSE, 6%
NSE, 6%
HKEX, 5%
ASX, 4%
Other, 22%
PwC
Global IPO and FO activity per sector
Q2 2019Global IPO Watch
9
Money raised and number of IPOs and FOs per sector 2017 – 2019YTD
Consumer Services take the lead in terms of IPO proceeds YTD, notably supported by the money raised by Uber and Lyft
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 June 2019
FO
mo
ne
y r
ais
ed
& #
of
de
als
IPO
mo
ne
y r
ais
ed
& #
of
de
als
9.3 4.5 2.3
24.3 19.3
2.9
26.3 24.6 20.6
67.2 66.8
18.2 13.3 21.5
12.4
35.1 27.3
14.6 10.3 4.6 2.2
17.5
30.8
5.9 1.6
21.9
1.6 4.0 2.4 1.4
10153
14
199121
31
156 13773
309 335
104157 156
75
377
215
9036 16 7
155 13355
8 10 4 24 20 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
51.0 30.5
6.8
46.7 31.9
10.9
50.9 45.9 22.0
208.5
127.9
75.2 54.6 64.4
25.5
101.7
63.4
24.7 41.0
25.6 10.7
32.6 43.2 18.1 9.7 4.2 10.5 24.0 24.5
9.6
387292
113296
210102
333 252128
853
632
367526 555
271
561413
165 225 17074
290 230121
37 22 15 62 60 28
'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
dateIssuer name Exchange Pricing
Money
raised
Performance
1-day 1-month Current
16-May-19 Avantor NYSE Below range $3.3bn 3.6% 34.3% 36.4%
12-Apr-19 Nexi Borsa Italiana In range $2.3bn -6.2% -6.6% 0.7%
10-Apr-19 Network International LSE In range $1.6bn 14.9% 20.2% 36.3%
21-Jun-19 Trainline LSE Top of range $1.4bn 17.4% N/A 17.8%
3-Apr-19 Tradeweb Markets NASDAQ Above range $1.2bn 32.6% 45.1% 62.3%
13-Jun-19 Chewy NYSE Above range $1.2bn 59.1% N/A 59.1%
11-Jun-19 CrowdStrike NASDAQ Above range $0.7bn 70.6% N/A 100.9%
26-Jun-19 Change Healthcare NASDAQ Below range $0.6bn 15.4% N/A 12.3%
2-May-19 ARA US Hospitality Trust Singapore SE In range $0.5bn 0.0% -1.7% 1.7%
19-Jun-19 Grocery Outlet NASDAQ Above range $0.4bn 29.6% N/A 49.5%
Financial sponsor-backed IPO activity globally
Q2 2019Global IPO Watch
10
The Americas accounts for a massive 59% of FS-backed IPO proceeds in 2019YTD, and 57% of the number of FS-backed transactions
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)
20182019
YTD
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 June 2019
$15.6bn$11.9bn
$24.8bn
$19.0bn
$10.1bn
52 35
67 52
17
2015 2016 2017 2018 2019YTD
$30.7bn
$16.3bn $15.5bn
$9.7bn$6.4bn
67
40 51
26 10
2015 2016 2017 2018 2019YTD
$14.2bn
$4.9bn$7.2bn
$3.9bn$0.7bn
43
25 24 14
3
2015 2016 2017 2018 2019YTD
Sponsor-backed;
15%
Not Sponsor-backed;
85%
Sponsor-backed;
21%
Not Sponsor-backed;
79%30 (7%) sponsor-backed IPOs vs
426 non-sponsor-backed IPOs
92 (8%) sponsor-backed IPOs vs
1,104 non-sponsor-backed IPOs
PwC
Volatility versus IPO activity
Q2 2019Global IPO Watch
11
A fall in average volatility compared to Q1 2019 has supported both IPO proceeds and the number of transactions
Money raised via IPOs versus volatility
Number of IPOs versus volatility
Source: Dealogic, Bloomberg as of 30 June 2019
14.812.7 13.0
16.0 16.6
13.7
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
$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
2014 2015 2016 2017 2018 2019
Global money raised via IPOs VIX (average per quarter)
14.812.7 13.0
16.0 16.6
13.7
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
-
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
2014 2015 2016 2017 2018 2019
Number of IPOs globally VIX (average per quarter)
PwC
Americas
Q2 2019Global IPO Watch
12
PwC
Money raised via IPOs and FOs in the Americas
Q2 2019Global IPO Watch
13
Top countries 2019YTD
The United States was the most active country for IPO and FO proceeds in the Americas and globally in Q2 2019
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 June 2019
$61.2bn $54.0bn $63.9bn$83.1bn
$105.8bn
$43.8bn$26.8bn
$54.9bn $63.3bn$41.0bn
$11.8bn$7.0bn
$13.6bn
$14.4bn
$3.7bn
$7.1bn
$4.3bn
$14.2bn$13.3bn
$2.4bn
284 255 231322 346
248
149
270 307
128
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
North America Latin America Number of IPOs United States, 93%
Chile, 3%
Brazil, 2% Other, 2%
$257.1bn$184.6bn
$223.3bn $230.9bn $216.0bn $240.8bn $211.7bn $202.6bn $183.5bn$100.1bn
$87.4bn
$24.1bn$14.0bn $23.5bn
$18.3bn$7.9bn
$8.1bn $13.3bn$6.8bn
$7.8bn
1,4691,237
1,032 1,162 1,144 1,054 1,0721,240
1,048
595
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
North America Latin America Number of FOs United States, 87%
Brazil, 7%
Canada, 6% Other, 0%
PwC
Overview of IPO and FO activity in the Americas
Q2 2019Global IPO Watch
14
• The percentage of secondary shares sold in an IPO
this year is at a multi-year low, as many companies
executing an IPO are raising new financing.
• On the FO market, proceeds decreased by 7% while
the number of deals actually rose by 7%.
• The share of IPOs pricing above their initial pricing
range is trending higher, whereas those pricing below
is trending lower. Investor appetite for IPOs remains.
• As macroeconomic risks amass, so a rate cut by the
Fed is priced into equity markets, driving them higher.
IPO and FO activity in the Americas
IPO pricing dynamics Post-IPO performance (median) Global indices
In the second quarter of 2019, IPO proceeds rose by 45% despite a 3% decrease in the number of transactions
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 June 2019
2
41
2017 2018 2017YTD 2018YTD 2019YTD Q2 2017 Q2 2018 Q2 2019
IPO activity
Number of IPOs 270 307 123 158 128 81 89 86
% sponsor-backed 24.8% 16.9% 31.7% 21.5% 13.3% 27.2% 21.3% 16.3%
Money raised $67.4bn $76.6bn $34.9bn $44.3bn $43.4bn $18.9bn $23.0bn $33.3bn
% sponsor-backed 36.7% 24.8% 49.1% 28.2% 23.2% 49.5% 28.1% 28.0%
Advanced metrics
Free float % 36.8% 36.4% 36.1% 37.4% 39.9% 36.9% 35.5% 35.3%
Overallotment exercised (%)1 75.9% 73.6% 80.2% 76.1% 73.5% 75.7% 78.8% 72.5%
% secondary shares 10.2% 6.0% 9.0% 7.0% 5.4% 7.6% 7.5% 6.5%
FO activity
Number of FOs 1,240 1,048 693 602 595 317 291 311
Money raised $215.1bn $190.3bn $118.5bn $111.1bn $104.9bn $54.5bn $57.3bn $53.3bn
19% 13% 20%12% 10%
15%17%
16%16% 12%
47%47%
45%48%
48%
9% 11% 8% 12%11%
10% 12% 11% 12% 19%
2017 2018 2017YTD 2018YTD 2019YTD
Below range Bottom of range In range Top of range Above range
75
100
125
150
175
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19
Dow Jones NASDAQ 100 S&P 500
1.5%1.4%
0.5%
0.9%
2.0%
0.8%
1.4%
3.1%
2.2%
3.0%
1-Day 1-Week 1-Month 3-Month Current
PwC
Pricing date Issuer nameIssuer
countrySector Exchange Filing range
Offer
priceDeal Type
Money
raised
Secondary
shares (%)
Performance
1-day 1-month Current
25-Jun-19 VICI Properties Financials NYSE 22.79 - 22.79 21.50 FO - Accelerated Bookbuild $2.5bn 0.0% 0.4% N/A 2.5%
26-Jun-19 Petrobras Oil & Gas B3; NYSE 29.85 - 29.85 30.25 FO - Fully Marketed $1.9bn 100.0% 1.0% N/A -0.8%
1-May-19 Wabtec Industrials NYSE 74.07 - 74.07 73.50 FO - Accelerated Bookbuild $1.9bn 100.0% 2.0% -15.1% -2.4%
8-Feb-19 Pinduoduo Consumer Services NASDAQ 30.33 - 30.33 25.00 FO - Accelerated Bookbuild $1.6bn 26.9% 3.8% 16.4% -17.5%
5-Mar-19 Sea Technology NYSE 23.20 - 23.20 22.50 FO - Fully Marketed $1.6bn 0.0% 4.2% 2.2% 47.6%
16-Apr-19 Americold Realty Trust Financials NYSE 30.70 - 30.70 29.75 FO - Accelerated Bookbuild $1.5bn 0.0% 2.3% 4.8% 9.0%
26-Feb-19 Danaher Industrials NYSE 123.15 - 123.15 123.00 FO - Accelerated Bookbuild $1.5bn 0.0% 2.8% 6.6% 16.2%
30-May-19 Eversource Energy Utilities NYSE 73.17 - 73.17 72.50 FO - Bought Deal $1.3bn 0.0% 1.9% 4.5% 4.5%
17-Apr-19 Aqua America Utilities NYSE 36.78 - 36.78 34.62 FO - Accelerated Bookbuild $1.3bn 0.0% 7.3% 13.6% 19.5%
28-Feb-19 Americold Realty Trust Financials NYSE 28.06 - 28.06 27.75 FO - Accelerated Bookbuild $1.3bn 100.0% 3.7% 10.0% 16.8%
Pricing date Issuer nameIssuer
countrySector Exchange Filing range
Offer
pricePricing
Money
raised
Free
float
Secondary
shares (%)
Performance
1-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% 3.1%
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% 36.4%
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% -8.7%
17-Apr-19 Pinterest Technology NYSE 15.00 - 17.00 19.00 Above range $1.6bn 16.3% 0.0% 28.4% 40.5% 43.3%
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% 62.3%
13-Jun-19 Chewy Consumer Services NYSE 17.00 - 19.00 22.00 Above range $1.2bn 13.4% 88.0% 59.1% N/A 59.1%
28-Jun-19 Cencosud Shopping Consumer Services Santiago SE 1,475.00 - 1,700.00 1,521.00 Bottom of range $1.1bn 26.5% 0.0% 1.6% N/A 1.6%
30-Jan-19 PIMCO Energy & Tactical Credit Opps Fund Financials NYSE N/A 20.00 N/A $0.9bn 0.0% 0.0% 1.0% 5.8% -1.9%
17-Apr-19 Zoom Video Communications Telecommunications NASDAQ 28.00 - 32.00 36.00 Above range $0.9bn 9.4% 52.5% 72.2% 149.9% 146.6%
28-Jun-19 Neoenergia Utilities B3 (Brasil, Bolsa, Balcão) 14.42 - 16.89 15.65 In range $0.8bn 17.1% 100.0% N/A N/A N/A
Leading transactions 2019YTD in the Americas
Q2 2019Global IPO Watch
15
Top 10 largest IPOs 2019YTD in the Americas
Four Silicon Valley IPOs are included in the Americas league table YTD
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 June 2019
PwC
IPO and FO activity per sector in the Americas
Q2 2019Global IPO Watch
16
Money raised and number of IPOs and FOs per sector 2017 – 2019YTD
The three sectors with most IPO and FO proceeds YTD in the Americas are Consumer Services, Financials and Health Care
Note: Financials include Closed-End Funds and Real Estate.
Source: Dealogic, as of 30 June 2019
FO
mo
ne
y r
ais
ed
& #
of
de
als
IPO
mo
ne
y r
ais
ed
& #
of
de
als
IndustrialsBasic Materials Health Care TechnologyConsumer Goods Financials Oil & GasConsumer Services Telecommunication Utilities
2.5 0.0 - 2.1 4.5
1.1
9.4 10.8 15.1
23.8
30.1
9.3 4.7
10.0 8.2 6.1 11.2
2.5 8.4
1.9 1.4
9.5 7.6 4.0
- - 0.9 0.8 0.5 0.9
13 1 11 15 329 27 13
110 124
46 4481
4018 18 6 17 8 3
26 30 14 1 2 3 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
12.9 6.5
0.9
12.3 10.3 4.9
24.8 26.0
15.1
56.8
43.6
32.0 37.7 40.3
17.2 26.1
15.2 9.3
28.6
14.6 5.5 9.6 12.9 11.8
0.7 0.6 1.0 5.5
20.2
7.2
13287
32 57 45 3199 89 64
290203
137
331 364
191124
80 45109
60 2475 82 57
7 5 2 16 33 12
'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 the Americas
Q2 2019Global IPO Watch
17
IPO activity of top countries in the Americas 2015 – 2019YTD
Chile advances to second place thanks to Cencosud Shopping’s billion-dollar+ IPO in Q2 2019
Note: Top countries have been selected based on money raised in 2019YTD.
Source: Dealogic as of 30 June 2019
$38.9bn
$26.1bn
$51.5bn
$61.8bn
$40.2bn
189
122
211247
114
2015 2016 2017 2018 2019YTD
$0.2bn $0.2bn$6.4bn
$2.0bn $1.0bn
1 111
3 2
2015 2016 2017 2018 2019YTD
$0.0bn $0.2bn $0.3bn $0.6bn $1.1bn
1 2 2 2
2015 2016 2017 2018 2019YTD
$4.9bn$0.7bn $4.3bn $2.0bn $0.8bn
35
8
2921
8
2015 2016 2017 2018 2019YTD
PwC
EMEA
Q2 2019Global IPO Watch
18
PwC
Money raised via IPOs and FOs in EMEA
Q2 2019Global IPO Watch
19
Top countries 2019YTD
With continued Brexit and trade uncertainties, listing activity in EMEA remained relatively 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 June 2019
$40.4bn $33.3bn$15.9bn
$37.2bn$69.4bn $68.8bn
$33.4bn$48.1bn $43.7bn
$13.8bn
$5.2bn$2.0bn
$2.1bn
$3.3bn
$12.9bn $3.5bn
$2.4bn
$7.3bn $4.8bn
$1.6bn
215167
101182
279 269181
300238
63
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
$97.6bn$49.7bn
$12.4bn $10.0bn$9.3bn
$6.8bn$13.9bn $12.2bn
$10.3bn
$13.3bn
$11.8bn
$2.6bn
774628 521
637 737 808 754946
757
371
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
Europe Middle East & Africa Number of FOs
United Kingdom,
36%
Germany, 14%
Netherlands, 8%
France, 7%
Sweden, 6%
Other, 31%
United Kingdom;
37%
Italy; 16%Switzerland;
15%
Sweden; 14%
Germany; 12%
Other; 17%
PwC
Overview of IPO and FO activity in EMEA
Q2 2019Global IPO Watch
20
• At 40.8%, the average free float of EMEA IPOs is
highest of the three regions. The number of
secondary shares also peaks in the region.
• On the FO market activity levels were subdued, as
proceeds fell by 28% and the number of deals by 9%.
• The number of IPOs pricing within the bottom of, and
below their initial range has increased from 21% in
2017 to 32% in 2019YTD.
• Recent dovish comments from ECB President Mario
Draghi in the face of persistently low inflation have
boosted equity markets.
IPO and FO activity in EMEA
IPO pricing dynamics Post-IPO performance (median) Global indices
In the second quarter of 2019, IPO proceeds rose by 19% even with a 43% drop in the number of transactions
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 June 2019
4
1
2
3
2017 2018 2017YTD 2018YTD 2019YTD Q2 2017 Q2 2018 Q2 2019
IPO activity
Number of IPOs 300 238 150 144 63 90 83 47
% sponsor-backed 17.0% 10.9% 18.0% 12.5% 15.9% 20.0% 10.8% 19.1%
Money raised $55.4bn $47.4bn $22.0bn $29.5bn $15.3bn $15.5bn $12.1bn $14.4bn
% sponsor-backed 28.0% 20.5% 31.1% 20.7% 41.6% 32.1% 37.6% 44.3%
Advanced metrics
Free float % 43.5% 41.2% 41.8% 43.5% 39.2% 39.1% 42.2% 40.8%
Overallotment exercised (%)1 26.4% 25.7% 30.7% 27.6% 20.3% 36.6% 28.4% 22.2%
% secondary shares 32.9% 29.5% 33.0% 32.6% 35.3% 33.2% 30.9% 42.3%
FO activity
Number of FOs 946 757 510 449 371 275 235 213
Money raised $189.9bn $109.4bn $118.3bn $73.5bn $52.3bn $67.6bn $40.4bn $29.1bn
75
100
125
150
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19
CAC 40 DAX FTSE 100
2.1%
3.9%
1.9%
3.5%
1.4%
4.3%
0.3%
3.9%
-3.7%
3.8%
1-Day 1-Week 1-Month 3-Month Current3% 8% 3% 7% 11%
18%20%
20% 15%21%
68%66%
63% 70%62%
10% 6%11% 7% 4%2% 1% 3% 2% 2%
2017 2018 2017YTD 2018YTD 2019YTD
Below range Bottom of range In range Top of range Above range
PwC
Pricing date Issuer nameIssuer
countrySector Exchange Filing range
Offer
priceDeal Type
Money
raised
Secondary
shares (%)
Performance
1-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% 6.4%
17-Jun-19 Infineon Technologies Technology Deutsche Börse 14.36 - 14.36 13.70 FO - Accelerated Bookbuild $1.7bn 0.0% 2.7% N/A 13.5%
14-Jun-19 Huatai Securities Financials LSE 20.00 - 24.50 20.50 FO - Fully Marketed $1.7bn 0.0% 8.9% N/A 8.9%
12-Mar-19 Adyen Industrials Euronext Amsterdam 656.20 - 656.20 600.00 FO - Accelerated Bookbuild $1.7bn 100.0% 4.0% 14.5% 13.1%
22-Mar-19 Cellnex Telecom Telecommunications BME 17.89 - 17.89 17.89 FO - Rights Offer $1.4bn 0.0% 35.5% 45.8% 81.9%
8-May-19 FinecoBank Financials Borsa Italiana 10.30 - 10.30 9.80 FO - Accelerated Bookbuild $1.1bn 100.0% 3.7% -5.3% 0.2%
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% -3.7%
3-May-19 Adyen Industrials Euronext Amsterdam 708.00 - 708.00 680.00 FO - Accelerated Bookbuild $0.8bn 100.0% -0.4% 6.0% -0.2%
13-May-19 Vonovia Financials Deutsche Börse 47.38 - 47.38 45.10 FO - Accelerated Bookbuild $0.8bn 0.0% 6.6% 1.9% -6.9%
22-Jan-19 Sika Industrials SIX Swiss Exchange 135.00 - 135.00 130.00 FO - Accelerated Bookbuild $0.8bn 100.0% 3.9% 3.7% 28.1%
Pricing date Issuer nameIssuer
countrySector Exchange Filing range
Offer
pricePricing
Money
raised
Free
float
Secondary
shares (%)
Performance
1-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% 0.7%
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% 36.3%
27-Jun-19 Traton Industrials Deutsche Börse; Nasdaq S’holm 27.00 - 33.00 27.00 Bottom of range $1.5bn 10.0% 100.0% -2.0% N/A -2.0%
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% 21.6%
21-Jun-19 Trainline Consumer Services LSE 3.18 - 3.60 3.50 Top of range $1.4bn 65.0% 88.4% 17.4% N/A 17.8%
28-Jun-19 Airtel Africa Telecommunications LSE 0.80 - 1.00 0.80 Bottom of range $0.7bn 18.0% 0.0% -15.3% N/A -15.3%
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% -1.0%
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% -8.1%
9-Apr-19 IsraCard Financials Tel Aviv SE 15.00 - 15.00 13.50 Below range $0.5bn 65.2% 100.0% 3.9% 1.3% -9.6%
22-Mar-19 Schiehallion Fund Financials LSE 1.00 - 1.00 1.00 In range $0.5bn 0.0% 0.0% 12.5% 14.5% 17.5%
Leading transactions 2019YTD in EMEA
Q2 2019Global IPO Watch
21
Top 10 largest IPOs 2019YTD in EMEA
Two payment processors going public almost simultaneously make up the top 2 spots of the EMEA IPO league table YTD
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 June 2019
PwC
IPO and FO activity per sector in EMEA
Q2 2019Global IPO Watch
22
Money raised and number of IPOs and FOs per sector 2017 – 2019YTD
Industrials take the lead as the 4 largest IPOs in the region are all from this sector, including Nexi and Network International which are both payment processors
Note: Financials include Closed-End Funds and Real Estate.
Source: Dealogic, as of 30 June 2019
FO
mo
ne
y r
ais
ed
& #
of
de
als
IPO
mo
ne
y r
ais
ed
& #
of
de
als
IndustrialsBasic Materials Health Care TechnologyConsumer Goods Financials Oil & GasConsumer Services Telecommunication Utilities
1.7 1.6 -
8.6 7.5
0.3
7.6 3.2 2.8
19.2 16.8
2.7 2.8 6.8
0.8
9.7 7.1 7.8
1.4 0.6 0.0 2.2 2.1 0.2 1.5 0.3 0.7 0.7 1.4 -
8 5
29 223
3422
11
97 88
14
3717 9
5141
18 10 3 1
29 30
6 3 3 1 2 7
'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 3.0
12.4 8.0 2.8 11.6 12.5
4.4
93.0
35.5
17.8 11.0 12.4
5.6
24.0 18.3 10.5 5.2 4.8 1.9 5.9 4.4 3.2 3.7 2.4 2.1
12.8 1.6 1.0
59 40 2171 56
27
112 8732
283215
109 114 10250
140110
64 61 7027
76 57 33 11 9 3 19 11 5
'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 EMEA
Q2 2019Global IPO Watch
23
IPO activity of top countries in EMEA 2015 – 2019YTD
Despite an approaching Brexit deadline and a Tory leadership race, the United Kingdom remains popular for IPO activity in 2019YTD
Note: Top countries have been selected based on money raised in 2019YTD.
Source: Dealogic as of 30 June 2019
$19.8bn
$7.6bn
$14.8bn$12.7bn
$5.7bn
74
52
8068
16
2015 2016 2017 2018 2019YTD
$2.6bn$0.9bn
$4.6bn$3.5bn
$2.3bn
2 3 4 6 3
2015 2016 2017 2018 2019YTD
$6.2bn
$1.6bn
$6.2bn
$2.4bn $2.4bn
239
27 268
2015 2016 2017 2018 2019YTD
5.9
$2.8bn $2.8bn$1.6bn $2.1bn
32 3548
2010
2015 2016 2017 2018 2019YTD
PwC
Asia-Pacific
Q2 2019Global IPO Watch
24
PwC
Money raised via IPOs and FOs in Asia-Pacific
Q2 2019Global IPO Watch
25
Top countries 2019YTD
The Science and Technology Innovation Board has launched in China and should support activity levels amongst technology and science companies going forward
Money raised via IPOs and FOs in Asia-Pacific (10-year overview)
$175.3bn
$91.0bn$51.3bn $48.2bn
$66.2bn $77.8bn $71.5bn $81.3bn $93.5bn
$8.2bn
$8.0bn
$1.5bn
$1.5bn $10.2bn$17.0bn $6.5bn $5.8bn
$4.8bn$6.1bn
$0.0bn
761
620397 363
542668 684
951
653
115
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 $197.4bn $194.6bn
$139.8bn
$19.7bn
$23.6bn
$23.5bn$17.6bn $20.7bn
$22.3bn
$41.5bn$17.8bn $22.1bn
$22.4bn
$2.4bn
1,3521,077 978
1,265 1,325 1,478 1,367 1,3931,042
173
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD
Asia Australasia Number of FOs
Note: Top countries have been selected based on money raised in 2019YTD.
Source: Dealogic as of 30 June 2019
Hong Kong, 19%
India, 23%
Australia, 16%
China, 14%
Japan, 14%
Other, 16%
China; 37%
Hong Kong; 32%
India; 6%
Australia; 6%
Japan; 6%
Other; 12%
PwC
Overview of IPO and FO activity in Asia-Pacific
Q2 2019Global IPO Watch
26
• The Chinese regulator has accelerated its approval of
IPO candidates, leading to a higher number of IPOs
in Q2 2019 in Mainland China as compared to Q1.
• On the FO market, proceeds fell by 2% to $34.9bn
whereas the number of deals fell 16% to 245.
• Despite a similar share of IPOs pricing within the
initial pricing range, those falling in the bottom 25%
thereof has increased.
• Global IPO returns are again driven by Asia-Pacific,
where 2019YTD IPOs had a healthy current median
post-IPO performance of 18.7%.
IPO and FO activity in Asia-Pacific
IPO pricing dynamics Post-IPO performance (median) Global indices
In the second quarter of 2019, IPO proceeds fell by 45% and the number of transactions by 4%
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 June 2019
1
2
4
3
2017 2018 2017YTD 2018YTD 2019YTD Q2 2017 Q2 2018 Q2 2019
IPO activity
Number of IPOs 952 653 464 315 265 227 153 147
% sponsor-backed 2.5% 2.1% 2.6% 3.2% 1.1% 1.8% 3.9% 2.0%
Money raised $86.1bn $99.7bn $35.2bn $40.8bn $23.4bn $19.7bn $27.1bn $15.0bn
% sponsor-backed 8.4% 3.9% 8.8% 6.1% 2.9% 8.9% 7.3% 4.6%
Advanced metrics
Free float % 27.3% 27.5% 27.6% 26.9% 27.5% 27.5% 25.3% 28.8%
Overallotment exercised (%)1 12.6% 19.7% 12.5% 16.6% 17.8% 8.6% 18.2% 6.3%
% secondary shares 10.1% 11.5% 9.2% 13.7% 11.0% 8.4% 14.4% 10.5%
FO activity
Number of FOs 1394 1042 630 616 421 318 290 245
Money raised $216.7bn $162.3bn $96.1bn $92.6bn $57.3bn $42.3bn $35.8bn $34.9bn
75
100
125
150
175
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19
Hang Seng Nikkei 225 SENSEX
10.0%18.5%
8.5%
19.6%
6.6%
23.7%
5.0%
34.4%
-0.7%
18.7%
1-Day 1-Week 1-Month 3-Month Current2% 3% 3% 1% 4%
13%21%
12% 13%28%
50%40% 56%
44%
32%
33% 32% 27%39% 34%
2% 3% 2% 3% 3%
2017 2018 2017YTD 2018YTD 2019YTD
Below range Bottom of range In range Top of range Above range
PwC
Pricing date Issuer nameIssuer
countrySector Exchange Filing range
Offer
priceDeal Type
Money
raised
Secondary
shares (%)
Performance
1-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% -2.7%
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% 57.6%
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% -15.9%
18-Apr-19 Shenwan Hongyuan Financials HKEX 3.63 - 3.93 3.63 FO - Fully Marketed $1.2bn 0.0% -11.9% -12.7% -25.6%
25-Jan-19 COSCO Shipping Industrials Shanghai SE N/A 3.78 FO - Cash Placing $1.1bn 0.0% 14.8% 34.4% 32.8%
22-Feb-19 Kotak Mahindra Bank Financials BSE; NSE 1,225.00 - 1,250.00 1,225.00 FO - Accelerated Bookbuild $1.0bn 100.0% 1.3% 10.3% 20.5%
27-Mar-19 China Vanke Financials HKEX 29.68 - 29.68 29.68 FO - Cash Placing $1.0bn 0.0% 6.3% 1.8% -1.3%
13-Feb-19 Axis Bank Financials BSE; NSE N/A 695.00 FO - Accelerated Bookbuild $0.8bn 100.0% 0.0% 6.3% 16.2%
4-Mar-19 Nintendo Consumer Goods Tokyo SE 30,030.00 - 30,030.00 29,488.00 FO - Fully Marketed $0.7bn 100.0% 2.9% 10.0% 33.9%
22-Jan-19 Sapura Energy Oil & Gas Bursa Malaysia 0.30 - 0.30 0.30 FO - Rights Offer $0.7bn 0.0% -5.0% 5.0% 0.0%
Pricing date Issuer nameIssuer
countrySector Exchange Filing range
Offer
pricePricing
Money
raised
Free
float
Secondary
shares (%)
Performance
1-day 1-month Current
29-Apr-19 Ningxia Baofeng Energy Basic materials Shanghai SE N/A 11.12 N/A $1.2bn 10.0% 0.0% 44.0% 6.3% 6.2%
5-Jun-19 Hansoh Pharmaceutical Health Care HKEX 13.06 - 14.26 14.26 Top of range $1.0bn 9.7% 0.0% 36.8% N/A 44.8%
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% 22.8%
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% -8.3%
4-Jun-19 China East Education Consumer Services HKEX 9.80 - 12.26 11.25 In range $0.6bn 20.0% 0.0% -11.8% N/A -1.2%
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% N/A 74.0%
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% 1.7%
20-May-19 Xinyi Energy Utilities HKEX 1.89 - 2.35 1.94 Bottom of range $0.5bn 30.3% 0.0% 0.0% 16.0% 10.8%
19-Jun-19 Jinxin Fertility Health Care HKEX 7.76 - 8.54 8.54 Top of range $0.4bn 15.0% 0.0% 8.7% N/A 2.3%
26-Jun-19 Bank of Suzhou Financials Shenzhen SE N/A 7.86 N/A $0.4bn 10.0% 0.0% N/A N/A N/A
Leading transactions 2019YTD in Asia-Pacific
Q2 2019Global IPO Watch
27
Top 10 largest IPOs 2019YTD in Asia-Pacific
Sizeable Indian IPOs were missing in Q2 2019, but two Indian Telecommunications FOs dominate the Asia-Pacific league table this quarter and year
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 June 2019
PwC
IPO and FO activity per sector in Asia-Pacific
Q2 2019Global IPO Watch
28
Money raised and number of IPOs and FOs per sector 2017 – 2019YTD
Financials are dominant in Asia-Pacific YTD, especially on the FO market
Note: Financials include Closed-End Funds and Real Estate.
Source: Dealogic, as of 30 June 2019
FO
mo
ne
y r
ais
ed
& #
of
de
als
IPO
mo
ne
y r
ais
ed
& #
of
de
als
IndustrialsBasic Materials Health Care TechnologyConsumer Goods Financials Oil & GasConsumer Services Telecommunication Utilities
5.1 2.9 2.3
13.6 7.3
1.4
9.3 10.7
2.7
24.2 19.9
6.2 5.8 4.7 3.4
19.3
8.9 4.4
0.4 2.2 0.8 5.8
21.1
1.7 0.1
21.6
0.0 2.5 0.4 0.5
8048
14
159
8525
93 8849
102 123
4476 58
26
308
156
669 5 3
100 7335
5 7 2 20 10 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
28.3
14.7 2.9
22.0 13.6
3.7 14.6
7.4 2.5
58.7 48.8
25.3
6.1 11.8
2.8
51.7
29.8
4.9 7.2 6.3 3.3
17.2 25.9
3.1 5.3 1.2 7.4 5.6 2.6 1.4
201170
61
168109
45
12276
32
280215
12183 90
31
298
223
56 56 43 23
14092
31 19 8 10 27 16 11
'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
Q2 2019Global IPO Watch
29
IPO activity of top countries in Asia-Pacific 2015 – 2019YTD
China and Hong Kong continue to be the epicentre of new listing activity within Asia-Pacific, despite the anti-extradition bill protests in Hong Kong
Note: Top countries have been selected based on money raised in 2019YTD.
Source: Dealogic as of 30 June 2019
$25.8bn $24.3bn
$31.6bn
$18.4bn
$8.8bn
220252
411
9664
2015 2016 2017 2018 2019YTD
$2.1bn$4.0bn
$11.5bn
$5.3bn$1.4bn
22 28 45 4312
2015 2016 2017 2018 2019YTD
$23.7bn$21.3bn
$14.3bn
$33.4bn
$7.6bn
116 112155
196
68
2015 2016 2017 2018 2019YTD
$6.5bn $5.6bn $4.8bn $6.1bn
$1.4bn
78 65 71 5121
2015 2016 2017 2018 2019YTD
pwc.com
Disclaimer
© 2019 PwC. All rights reserved. Not for further distribution without the permission of PwC. “PwC” refers to the network of member firms of PricewaterhouseCoopers
International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as
agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its
member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of
any other member firm nor can it control the exercise of another member firm’s professional judgment or bind another member f irm or PwCIL in any way.