Nadja Picard Christoph Gruss Dirk Menker Dr. Rüdiger …uk.pwc.com ... versus 210 deals raising $85.8bn in 2014 ... 27-Mar-15 Danske Bank Financials NASDAQ OMX C’gen 176.80

Sehr geehrte Damen und Herren,

für Rückfragen zu der beigefügten Publikation „IPO Watch Europe Q4 2015“ stehen Ihnen folgende Ansprechpartner gerne zur Verfügung:

Nadja [email protected]. +49 211 981-2978

Christoph [email protected]. +49 69 9585-3415

Dirk [email protected]. +49 89 5790-5806

Dr. Rüdiger [email protected]. +49 211 981-2839

mailto:[email protected]




PwC IPO CentreQ4 2015 Equity Capital Markets Briefing

PwC 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.

Edition: 2015, the year in review

Martin [email protected]

Clifford [email protected]

Nadja [email protected]

Jan-Willem de [email protected]





PwC

Q4 2015

Global money raised via IPOs and FOsThe number of IPOs in 2015 remained fairly stable as compared to 2014 whereas the total amount of money raised through IPOs decreased by 26%

2

Quarterly ECM Briefing

Global money raised via IPOs and FOs (10-year overview)

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

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Top countries 2015

Source: Dealogic as of 31 December 2015

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2015. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries

$429,1bn

$569,4bn $557,3bn

$841,6bn

$641,2bn

$470,7bn$509,3bn

$586,4bn $612,8bn$681,7bn

3.0013.677

1.965

3.550 3.5462.894

2.5063.038 3.170 3.281

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

$295,8bn

$371,2bn

$105,7bn $120,3bn

$295,8bn

$178,3bn

$140,6bn

$194,6bn

$272,5bn

$200,7bn

1.6211.885

567 497

1.2481.036

719858

1.154 1.144

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US, 31%

China, 12%Hong Kong,

10%UK, 8%

Australia, 5%

Other, 34%

US, 19%

China, 13%

Hong Kong, 11%

UK, 10%Japan,

8%

Other, 39%

PwC

Q4 2015

3

Quarterly ECM Briefing Source: Dealogic, Bloomberg as of 31 2015

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. 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’

Overview of global IPO and FO activityGlobal IPO issuance in Q4 2015 significantly increased as compared to Q3 2015, although it fell short in terms of money raised and number of IPOs in Q4 2014 and 2013

Global IPO and FO activity

2013 2014 2015 Q4 2013 Q4 2014 Q4 2015

IPO activity

Number of IPOs 858 1,154 1,144 327 342 305

% sponsor-backed 20.3% 18.2% 13.9% 21.4% 13.2% 11.1%

Money raised $194.6bn $272.5bn $200.7bn $77.5bn $75.2bn $69.0bn

% sponsor-backed 30.5% 31.5% 30.0% 38.2% 17.8% 27.4%

Advanced metrics

Free float % 35.8% 33.1% 34.7% 34.5% 30.4% 30.4%

Overallotment exercised (%) 42.9% 40.2% 30.8% 41.2% 36.2% 21.7%

% secondary shares 14.9% 18.5% 16.8% 16.6% 17.4% 18.9%

FO activity

Number of FOs 3,038 3,170 3,218 907 736 747


• Global money raised stood at $200.7bn via 1,144 IPOs in 2015 versus $272.5bn via 1,154 IPOs in 2014

• Increased market volatility, due to a combi-nation of fears over economic development in the emerging markets and the Fed’s policy change, led to a thin summer market

• Global sponsor-backed IPO activity slowed down with 159 deals raising $60.1bn in 2015 versus 210 deals raising $85.8bn in 2014

• Global FO activity in 2015 outpaces 2014 with 3,218 FOs raising $681.7bn (2014: 3,170 FOs raising $612.8bn)

1

2

3

4

3

4

Global indicesIPO pricing dynamics Post-IPO performance (median)

1

2014YTD 2015YTD

10% 13% 9% 14% 13%12% 13% 13% 9% 17%

49% 50% 52% 49%48%

20% 18% 20% 23%19%

8% 7% 6% 6% 3%

2013 2014 2015 Q4 2014 Q4 2015

Below range Bottom of range In range Top of range Above range

75

100

125

150

Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15

FTSE 100 Hang Seng S&P 500

7,5%

11,5%

8,3%

14,3%

9,1%

16,8%

11,9%

21,0%

11,5%

14,5%

1-Day 1-Week 1-Month 3-Month Current

PwC

Q4 2015

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Country indicates the company’s Country of domicile. Sector classification is based on the Industry Classification Benchmark (ICB).

Leading transactions in 2015The 2015 global IPO league table is dominated by Q4 activity as seven out of the top ten issues (three in Asia-Pacific and three in EMEA) listed in October and November

4


Top 10 largest IPOs 2015

Pricing

dateIssuer name

Issuer

countrySector Exchange Filing range

Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance

1-day 1-month Current

26-Oct-15 Japan Post Holdings Financials Tokyo SE 1,100 - 1,400 1,400 Top of range $5.7bn 11.0% 100.0% 25.7% 38.4% 35.2%

19-Oct-15 Japan Post Bank Financials Tokyo SE 1,250 - 1,450 1,450 Top of range $5.0bn 9.2% 100.0% 15.2% 22.7% 20.4%

17-Jun-15 Guotai Junan Securities Financials Shanghai SE N.A. 19.71 Fixed price $4.9bn 20.0% 0.0% 44.0% 44.1% 21.8%

10-Feb-15 Aena Industrials BME 43.00 - 55.00 58.00 Above range $4.8bn 48.9% 100.0% 20.7% 43.1% 81.5%

20-Nov-15 ABN AMRO Group Financials Euronext A’dam 16.00 - 20.00 17.75 In range $4.1bn 23.0% 100.0% 3.4% 12.7% 17.0%

13-Oct-15 Worldpay Group Industrials LSE 2.25 - 2.60 2.40 In range $3.8bn 51.8% 56.1% 10.4% 15.0% 26.7%

23-Oct-15 Poste Italiane Financials Milan 6.00 - 7.50 6.75 In range $3.5bn 35.3% 100.0% -0.7% 2.0% 5.9%

14-Oct-15 First Data Corp Industrials NYSE 18.00 - 20.00 16.00 Below range $2.8bn 20.0% 0.0% -1.6% 6.1% 2.6%

22-Oct-15 China Huarong Asset Mgt Financials HKEx 3.03 - 3.39 3.09 Bottom of range $2.5bn 16.6% 0.0% 0.3% -1.0% 0.0%

05-Feb-15 Sunrise Communications Telecommunications SIX Swiss Exchange 57.00 - 78.00 68.00 In range $2.5bn 74.3% 31.8% 11.8% 11.9% -13.1%

Top 10 largest FOs 2015

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)

Performance


08-Jan-15 Santander Financials BME 6.64 - 6.64 6.18 Accelerated Bookbuild $8.9bn 0.0% -4.7% -0.6% -25.2%

27-Apr-15 Telefonica Brasil Telecommunications NYSE; BOVESPA 50.60 - 50.60 47.00 Rights Offer $5.5bn 0.0% 6.1% -6.0% -22.4%

27-Mar-15 Danske Bank Financials NASDAQ OMX C’gen 176.80 - 176.80 177.27 Guaranteed Pref. Alloc. $5.3bn 100.0% 3.1% 10.7% 4.7%

11-Dec-15 Standard Chartered Financials HKEx; LSE 4.65 - 4.65 4.65 Rights Offer $5.1bn 0.0% 6.5% N.A. 24.9%

22-May-15 Huatai Securities Financials HKEx 20.68 - 24.80 24.80 Fully Marketed $5.0bn 0.0% 4.8% -11.7% -26.6%

28-May-15 Inn. Mon. Baotou St. Un. Basic Materials Shanghai SE 3.61 - 3.61 1.80 Cash Placing $4.9bn 0.0% 252.8% 195.6% 102.8%

3-Dec-15 Credit Suisse Group Financials SIX Swiss Exchange 18.00 – 18.00 18.00 Rights Offer $4.6bn 0.0% 22.5% N.A. 21.6%

15-May-15 Haitong Securities Financials HKEx 15.62 - 15.62 17.18 Cash Placing $4.2bn 0.0% 32.7% 39.7% -19.0%

24-Feb-15 Actavis Health Care NYSE 284.00 - 284.00 288.00 Fully Marketed $4.2bn 0.0% 0.8% 7.3% 3.8%

31-Mar-15 GF Securities Financials HKEx 15.65 - 18.85 18.85 Fully Marketed $4.1bn 0.0% 34.8% 27.3% 5.5%


PwC

Q4 2015

IPO and FO activity per regionAsia-Pacific proved to be the dominant region for IPO and FO activity during 2015, both in terms of money raised and number of deals

5


Americas EMEA Asia-Pacific

IPO

mo

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of

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FO

mo

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& #

of

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als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions


$60,5bn$71,5bn

$96,2bn$107,8bn

$45,3bn

250 222317 338

225

2011 2012 2013 2014 2015

$202,8bn

$235,0bn$250,2bn

$230,3bn$242,5bn

1.2361.031

1.162 1.1441.051

2011 2012 2013 2014 2015

$92,5bn

$52,8bn$58,3bn

$83,1bn $83,9bn

620

397 362

539

657

2011 2012 2013 2014 2015

$137,4bn$152,6bn $160,2bn

$182,4bn

$257,2bn

1.074978

1.263 1.325 1.459

2011 2012 2013 2014 2015

$35,3bn

$18,0bn

$40,5bn

$81,7bn$71,5bn

167101

181277 262

2011 2012 2013 2014 2015

$133,9bn$122,4bn

$179,3bn$203,7bn

$189,9bn

624519

631729 788

2011 2012 2013 2014 2015

PwC

Q4 2015

Top exchanges globally based on money raised in 2015After a strong fourth quarter LSE Group turned out to be the leading exchange in terms of IPO money raised whereas NYSE continued to dominate FO activity in 2015

6


Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place on two or more exchanges, the total money raised is attributed to all exchanges. LSE Group includes Borsa Italiana.

Money raised and number of FOs per Exchange 2013 – 2015

Money raised and number of IPOs per Exchange 2013 – 2015 Top Exchanges 2015

Top Exchanges 2015

NASDAQ OMX

HKEx NYSELSE Group Shanghai SE

NYSE Shanghai SENASDAQ

OMXLSE GroupHKEx

LSE, 13%

NASDAQ OMX, 12%

HKEx, 11%

NYSE, 10%Shanghai,

9%

Other, 45%

$23bn

$32bn$26bn

$19bn

$32bn$25bn

$19bn

$29bn$23bn

$60bn$76bn

$21bn

$6bn

$18bn

87

132 97

124

206 184

92 108 114 137 121

56 43

89

2013 2014 2015 2013 2014 2015 2013 2014 2015 2013 2014 2015 2013 2014 2015

$159bn

$134bn$152bn

$69bn $65bn$83bn

$33bn $38bn

$69bn

$48bn$64bn $66bn

$26bn $29bn$48bn

458 421

309

466 434 415

223

314392

250

341

248

78 95 79

2013 2014 2015 2013 2014 2015 2013 2014 2015 2013 2014 2015 2013 2014 2015

NYSE, 21%

NASDAQ OMX, 11%

HKEx, 9%

LSE, 9%Shanghai, 7%

Other, 43%


PwC

Q4 2015

Global IPO and FO activity per sectorFinancials dominated both IPO and FO activity with a total amount of money raised of $71.6bn via IPOs and $241.1bn via FOs in 2015

7


Money raised and number of IPOs and FOs per sector 2013 – 2015 (in $bn and #)

IPO

mo

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of

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FO

mo

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& #

of

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als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regionsSector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate.

IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods

Financials Oil & GasConsumer

ServicesTelecom-

municationUtilities

Source: Dealogic, Bloomberg as of 31 December 2015

38,0 30,8 47,9 44,7 41,2 45,1

68,8 59,2 75,7

214,4 215,6 241,1

30,3 32,8

71,3 71,2 94,4 84,2

52,5 68,6

47,2 29,9 24,7 24,6 13,9 21,4 21,6 22,8 24,0 22,9

281 312 259 227 257 283 326 306 374

769 800817

340 352492 461 507 484

303 287 217 234 228 240

26 48 39 71 73 76

'13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15

3,8 8,0 6,3 16,6 18,7 17,9

26,4

62,0

15,7

78,5 87,9

71,6

11,3 19,4 16,1

20,7

32,1 37,7

16,9 17,1 6,5

12,3 11,9 14,3

1,9 4,1 7,1 6,2 11,2 7,4

35 55 70 77

132164

109

167142

275234

243

91

179157

115

194217

48 4824

84109 99

4 13 11 19 23 17

'13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15

PwC

Q4 2015

Note: included deals > $5m; Country indicates the company’s Country of domicile; 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’. If IPOs or FOs take place in two or more regions, the total money raised is attributed to all regions.

Sponsor-backed;

31%

Not Sponsor-backed;

69%

Sponsor-backed;

30%

Not Sponsor-backed;

70%

Financial sponsor-backed IPO activity globallyDespite a slight slowdown as compared to 2014, Financial sponsor-backed activity continued to be a strong driver of IPO issuance in the Americas and EMEA regions

8


Pricing

dateIssuer name Exchange Pricing

Money

raised

Performance


13-Oct-15 Worldpay Group plc LSE In range $3.8bn 10.4% 15.0% 26.7%

14-Oct-15 First Data Corp NYSE Below range $2.8bn -1.6% 6.1% 2.6%

22-Oct-15 China Huarong Asset Mgt HKEx Bottom of range $2.5bn 0.3% -1.0% 0.0%

5-Feb-15 Sunrise Communications SIX Swiss Exchange In range $2.5bn 11.8% 11.9% -13.1%

19-Mar-15 Auto Trader Group LSE In range $2.4bn 8.9% 16.1% 85.4%

6-May-15 Tallgrass Energy GP NYSE Above ranbe $1.4bn 9.5% 7.2% -52.2%

5-Feb-15 GrandVision Euronext A’dam In range $1.3bn 1.8% 2.8% 38.4%

30-Sep-15 Scout24 Holding Deutsche Börse In range $1.2bn -3.0% 1.7% 6.1%

9-Jun-15 SPIE Euronext Paris In range $1.1bn 5.8% 6.5% 1.8%

16-Nov-15 Dali Foods Group HKEx Bottom of range $1.1bn -4.8% -21.3% -17.7%

Top 10 largest FS-backed IPOs 2015 globally

FS-backed activity Americas FS-backed activity EMEA FS-backed activity Asia-Pacific

IPO

mo

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& #

of

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als

2014 2015

159 (14%) sponsor-backed IPOs vs 985 (86%) non-sponsor-backed IPOs

210 (18%) sponsor-backed IPOs vs 944 (82%) non-sponsor-backed IPOs

Global FS-backed IPOs (by money raised)

$30,3bn

$16,0bn

$35,3bn $35,8bn

$15,8bn

62 68

99 96

53

2011 2012 2013 2014 2015

$3,1bn $3,2bn

$18,1bn

$33,1bn$30,4bn13 7

35

67 66

2011 2012 2013 2014 2015

$6,4bn$4,8bn

$6,4bn

$16,9bn$13,9bn

4132

41 4740

2011 2012 2013 2014 2015


PwC

Q4 2015

Volatility versus IPO activityHigh volatility hampered IPO activity in Q3, resulting in the lowest quarterly amount of money raised of the past three years. However, IPO activity bounced back in Q4 2015

9


Money raised via IPOs versus volatility

Number of IPOs versus volatility

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges.


23,9

31,427,2

23,1 22,9 22,0

37,3 37,5

25,129,5

23,919,9 18,4 19,9 19,0

16,9 18,616,0 16,8

21,6 22,7 23,126,7

23,3

$0bn

$25bn

$50bn

$75bn

$100bn

$125bn

$150bn

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2010 2011 2012 2013 2014 2015

Global money raised via IPOs VIX (average per quarter)

23,9

31,4

27,2

23,1 22,9 22,0

37,3 37,5

25,1

29,5

23,919,9 18,4 19,9 19,0

16,918,6

16,0 16,8

21,6 22,7 23,126,7

23,3

-

100

200

300

400

500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2010 2011 2012 2013 2014 2015

Number of IPOs globally VIX (average per quarter)

PwC

Q4 2015

Americas

10


PwC

Q4 2015

Money raised via IPOs and FOs in the AmericasAfter three consecutive years of growth, IPO money raised in 2015 reached its lowest level since 2015

11


Money raised via IPOs and FOs in the Americas (10-year overview)

IPO

mo

ne

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ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Top countries 2015

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both North and Latin America, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2015. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


$70,5bn

$106,2bn

$32,8bn $33,3bn$61,2bn $54,0bn $63,9bn

$83,1bn$105,8bn

$43,2bn

$9,7bn

$38,7bn

$7,1bn $13,2bn

$8,5bn$6,5bn

$11,7bn

$13,5bn

$1,9bn

$2,1bn

421523

87 112

276 250 222317 338

225

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

North America Latin America Number of IPO's

$143,3bn $163,1bn$238,3bn

$291,4bn$256,9bn

$184,6bn$223,2bn $230,9bn $216,0bn $240,1bn

$8,0bn$10,2bn

$20,7bn

$16,7bn $87,4bn

$24,1bn$14,0bn $23,5bn

$18,3bn$7,9bn

1.232 1.256

773

1.382 1.4651.236

1.031 1.162 1.144 1.051

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

North America Latin America Number of FO's

United States,

87%

Canada, 10%

Brazil, 3%

United States, 84%

Canada, 11%

Mexico, 4% Other, 1%

PwC

Q4 2015

Main indices in the Americas

IPO and FO activity in the Americas

2013 2014 2015 Q4 2013 Q4 2014 Q4 2015

IPO activity

Number of IPOs 317 338 225 89 87 41

% sponsor-backed 31.2% 28.4% 23.6% 41.6% 31.0% 17.1%


% sponsor-backed 36.6% 33.2% 34.8% 55.7% 41.9% 38.7%

Advanced metrics

Free float % 35.1% 32.6% 37.7% 33.4% 31.1% 29.8%



FO activity

Number of FOs 1,162 1,144 1,051 326 210 169


• Q4 2015 IPO activity in the Americas was relatively weak, resulting in 41 IPOs raising a total of $9.7bn. This represents less than half of the money raised and number of IPOs in the same quarter last year

• In contrast, FO activity in the Americas remained stable in 2015 as the amount of money raised via FOs reached $242.5bn through 1,051 deals

• IPO performance indicators display a negative current return as a result of decreased overall equity prices

1

1

2

3 IPO pricing dynamics Post-IPO performance (median)

2014YTD 2015YTD

Overview of IPO and FO activity in the AmericasWhile IPO activity slowed down across the Americas, FO activity remained stable as compared to 2013 and 2014, particularly as a result of a strong first half of 2015

12


Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. 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’.

2

3


3,2%

4,6% 4,3%5,5% 6,0%

4,5%

7,3%

0,1%

-2,0%-2,0%

1-Day 1-Week 1-Month 3-Month Current 75

100

125

150

175

200


Dow Jones NASDAQ 100 S&P 500

21%34%

26% 33%45%

12%

13%

9%11%

13%39%28%

40%34%

37%11% 10% 8% 6%

3%17% 16% 18% 17%

3%

2013 2014 2015 Q4 2014 Q4 2015


PwC

Q4 2015

Leading 2015 transactions in the AmericasDuring 2015, the Americas saw only four IPOs with a total value of over $1bn, being First Data Corp, Tallgrass Energy GP, Hydro One and Columbia Pipeline

13


Top 10 largest IPOs 2015 in the Americas

Top 10 largest FOs 2015 in the Americas

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance


14-Oct-15 First Data Corp Industrials NYSE 18.00 - 20.00 16.00 Below range $2.8bn 20.0% 0.0% -1.6% 6.1% 2.6%

06-May-15 Tallgrass Energy GP Oil & Gas NYSE 24.00 - 27.00 29.00 Above range $1.4bn 30.4% 0.0% 9.5% 7.2% -52.2%

12-Oct-15 Hydro One Utilities Toronto 19.00 – 21.00 20.50 Top of range $1.4bn 15.0% 100.0% 5.5% 8.8% 8.8%

05-Feb-15 Columbia Pipeline Oil & Gas NYSE 19.00 - 21.00 23.00 Above range $1.2bn 57.5% 0.0% 16.5% 22.7% -27.0%

20-Oct-15 Ferrari Consumer Goods NYSE 48.00 - 52.00 52.00 Top of range $1.0bn 10.0% 100.0% 5.8% -7.5% -7.8%

17-Jun-15 Univar Basic Materials NYSE 20.00 - 22.00 22.00 Top of range $0.9bn 29.2% 42.9% 15.5% 13.7% -22.8%

17-Jun-15 Fitbit Consumer Goods NYSE 14.00 - 16.00 20.00 Above range $0.8bn 20.4% 38.8% 48.4% 135.9% 46.8%

21-Jul-15 Blue Buffalo Pet Products Consumer Goods NASDAQ 16.00 - 18.00 20.00 Above range $0.8bn 19.8% 100.0% 36.0% 34.6% -4.1%

24-Jun-15 TransUnion Industrials NYSE 21.00 - 23.00 22.50 Top of range $0.8bn 19.1% 0.0% 12.9% 10.4% 23.1%

30-Jun-15 Tenedora Nemak Consumer Goods Mexican SE 20.00 - 23.00 20.00 Bottom of range $0.8bn 99.7% 0.0% 0.0% -1.0% 15.9%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)

Performance


27-Apr-15 Telefonica Brasil Telecommunications NYSE; BOVESPA 50.60 - 50.60 47.00 Rights Offer $5.5bn 0.0% 6.1% -6.0% -22.4%

24-Feb-15 Actavis Health Care NYSE 284.00 - 284.00 288.00 Fully Marketed $4.2bn 0.0% 0.8% 7.3% 3.8%

25-Mar-15 Citizens Financial Group Financials NYSE 25.49 - 25.49 23.75 Fully Marketed $3.7bn 100.0% 1.6% 7.7% 12.1%

03-Jun-15 AerCap Holdings Financials NYSE 48.24 - 48.24 49.00 Accelerated Bookbuild $3.5bn 100.0% -1.0% -6.9% -11.2%

02-Dec-15 Teva Pharmaceutical Ind. Health Care NYSE 63.47 - 63.47 62.50 Accelerated Bookbuild $3.4bn 0.0% 1.7% N.A. 5.9%

11-May-15 Hilton Worldwide Hold. Consumer Services NYSE 30.10 - 30.10 29.85 Bought Deal $2.7bn 100.0% -0.5% -4.0% -27.0%

07-Apr-15 General Motors Consumer Goods NYSE 36.66 - 36.66 35.90 Bought Deal $2.6bn 100.0% -0.5% -3.2% -3.9%

29-Oct-15 Citizens Financial Group Financials NYSE 24.11 - 24.11 23.50 Bought Deal $2.6bn 100.0% 3.4% 12.3% 13.3%

28-Jul-15 Citizens Financial Group Financials NYSE 27.96 – 27.96 26.00 Fully Marketed $2.6bn 100.0% 0.0% -5.0% 2.4%

25-Feb-15 American Tower Corp Financials NYSE 97.33 - 97.33 97.00 Accelerated Bookbuild $2.5bn 0.0% 1.9% -1.6% 2.5%



PwC

Q4 2015

IPO and FO activity per sector in the AmericasFinancials proved to be the most active sector in terms of both IPO and FO money raised in 2015, followed by Health care

14


Money raised and number of IPOs and FOs per sector 2013 – 2015 in the Americas

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Sector classification is based on the Industry Classification Benchmark (ICB). Financials include Closed-End Funds and Real Estate.

IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


1,2 3,4

1,1 5,4

2,6 4,4

14,2

34,8

2,6

39,3

31,5

12,5 8,8 9,9

6,5 3,9 2,4

7,2 12,5 14,0

5,0 9,1

6,3 3,4

0,7 0,5 1,2 2,4 2,5

6 9 3 13 13 1334 38

16

12489 76

50

107

66

19 17 19 26 259

40 32 192 1 3 7 4

'13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15

16,9 11,0 9,9 13,1 9,7 11,8

37,0

26,7 33,0

73,6

63,1 61,5

19,7 21,9

48,6

26,1 22,8 17,6

36,8

50,6

32,6

17,1 13,5 11,8

2,4 4,0 8,7 7,5 7,0 6,9

94 10961 39 42 39

118 93 110

312288 227

194 203

296

116 11982

175 185132

86 76 678 8 10 20 21 27

'13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15

PwC

Q4 2015

Top countries in terms of IPO activity in the AmericasIPO activity in 2015 in the United States was down by over 60% in terms of money raised relative to 2014

15


IPO activity of top countries in the Americas 2011 – 2015

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in two or more countries, the total money raised and number of IPOs is attributed to all countries. Top countries have been selected based on the money raised in 2015.


$48,2bn

$61,0bn

$77,8bn

$100,5bn

$38,4bn

164 175

254302

184

2011 2012 2013 2014 2015

$6,0bn $3,0bn $5,5bn $5,4bn $4,9bn

68

29

43

30 33

2011 2012 2013 2014 2015

$4,4bn $2,6bn$8,4bn

$0,2bn $0,2bn

114

101 1

2011 2012 2013 2014 2015

$0,7bn$6,8bn $5,0bn $1,7bn $1,9bn

3 6 9 5 7

2011 2012 2013 2014 2015

PwC

Q4 2015

EMEA

16


PwC

Q4 2015

Money raised via IPOs and FOs in EMEAAfter a very strong fourth quarter with several multi-billion offerings, 2015 IPO and FO activity in Europe just fell short of 2014 levels

17


Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2015

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both Europe and Middle East & Africa, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2015. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


United Kingdom,

28%

Spain, 12%

Germany, 10%

France, 9%

Italy, 6%

Other, 35%

United Kingdom,

27%

Spain, 13%

Germany, 11%

Netherlands, 10%

Italy, 9%

Other, 30%

$118,4bn $118,9bn

$21,0bn$8,0bn

$40,4bn $33,3bn$15,9bn

$37,2bn

$69,4bn $68,6bn

$9,0bn $17,5bn

$15,6bn$2,5bn

$5,2bn$2,0bn

$2,1bn

$3,3bn

$12,8bn $3,4bn

605675

18060

214 167101

181277 262

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Europe Middle East & Africa Number of IPO's

$171,2bn$216,1bn $226,3bn

$318,8bn

$134,6bn $124,4bn $115,1bn$173,3bn $191,8bn $178,2bn

$9,4bn

$16,7bn$28,8bn

$9,7bn

$12,4bn $10,0bn $9,3bn

$6,8bn$13,8bn

$11,9bn

8051.047

572815 763

624519

631 729 788

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Europe Middle East & Africa Number of FO's

PwC

Q4 2015


Main indices in the EMEA

IPO and FO activity in EMEA

2013 2014 2015 Q4 2013 Q4 2014 Q4 2015

IPO activity

Number of IPOs 181 277 262 81 62 71

% sponsor-backed 19.3% 24.2% 25.2% 18.5% 14.5% 22.5%


% sponsor-backed 44.5% 40.5% 42.5% 41.2% 11.2% 35.0%

Advanced metrics

Free float % 42.9% 40.0% 50.9% 42.4% 35.2% 41.3%



FO activity

Number of FOs 631 729 788 217 197 215


• IPO activity in the EMEA region in 2015 lagged 2014 activity

• Financial sponsor-backed activity continued to be a major driver with 42.5% of total money raised via IPOs relating to sponsor-backed transactions

• Although the number of FOs is up by 8% relative to 2014, the amount of money raised in 2015 is below last year’s level (minus 7%)

• IPO pricing dynamics slightly improved during 2015 with 16% of all IPOs being priced above or in the top of the filing range

1

1

2

3

4 IPO pricing dynamics Post-IPO performance (median)

Overview of IPO and FO activity in EMEAAlthough an agreement was reached in the Greek debt crisis, equity markets in the EMEA region displayed elevated levels of volatility

18


2

3

4

2014YTD 2015YTD


2,9%3,4%

3,9%3,6%2,9%

4,5% 4,5%

7,0%6,1%

4,0%

1-Day 1-Week 1-Month 3-Month Current 75

100

125

150

175


CAC 40 DAX FTSE 100

4% 4% 5% 11% 11%13%

22% 25% 19%30%

70%63% 56%

68% 50%

12% 11% 14%3% 9%

1% 1% 2%

2013 2014 2015 Q4 2014 Q4 2015


PwC

Q4 2015

Leading 2015 transactions in EMEAEMEA experienced a strong fourth quarter in terms of IPO money raised as three listings exceeded $3bn, being ABN AMRO Group, Worldpay Group and Poste Italiane

19


Top 10 largest IPOs 2015 in EMEA

Top 10 largest FOs 2015 in EMEA

Pricing

dateIssuer name

Issuer

CountrySector Exchange Filing range

Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance


10-Feb-15 Aena Industrials BME 43.00 - 55.00 58.00 Above range $4.8bn 48.9% 100.0% 20.7% 43.1% 81.5%

20-Nov-15 ABN AMRO Group Financials Euronext A’dam 16.00 - 20.00 17.75 In range $4.1bn 23.0% 100.0% 3.4% 12.7% 17.0%

13-Oct-15 Worldpay Group Industrials London 2.25 - 2.60 2.40 In range $3.8bn 51.8% 56.1% 10.4% 15.0% 26.7%

23-Oct-15 Poste Italiane Financials Milan 6.00 - 7.50 6.75 In range $3.5bn 35.3% 100.0% -0.7% 2.0% 5.9%

05-Feb-15 Sunrise Communications Telecommunications SIX Swiss Exchange 57.00 - 78.00 68.00 In range $2.5bn 74.3% 31.8% 11.8% 11.9% -13.1%

05-May-15 Cellnex Telecom Telecommunications BME 12.00 - 14.00 14.00 Top of range $2.4bn 66.0% 100.0% 10.1% 14.3% 21.4%

19-Mar-15 Auto Trader Consumer Services LSE 2.00 - 2.50 2.35 In range $2.4bn 67.9% 66.8% 8.9% 16.1% 85.4%

11-Nov-15 Amundi Group Financials Euronext Paris 42.00 - 52.50 45.00 In range $1.8bn 22.3% 100.0% 3.6% -1.3% -5.4%

02-Oct-15 Covestro Basic Materials Deutsche Börse 26.50 - 35.50 24.00 Below of range $1.7bn 30.9% 0.0% 10.4% 17.3% 41.9%

15-Jul-15 Deutsche Pfandbriefbank Financials Deutsche Börse 10.75 – 12.75 10.75 Bottom of range $1.3bn 80.0% 100.0% 6.5% 10.2% 5.1%

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Secondary

shares (%)

Performance


08-Jan-15 Santander Financials BME 6.64 - 6.64 6.18 Accelerated Bookbuild $8.9bn 0.0% -4.7% -0.6% -25.2%

27-Mar-15 Danske Bank Financials NASDAQ OMX C’gen 176.80 - 176.80 177.27 Guaranteed Pref. Alloc. $5.3bn 100.0% 3.1% 10.7% 4.7%

11-Dec-15 Standard Chartered Financials HKEx; London 4.65 - 4.65 4.65 Rights Offer $5.1bn 0.0% 6.5% N.A. 24.9%

03-Dec-15 Credit Suisse Group Financials SIX Swiss Exchange 18.00 – 18.00 18.00 Rights Offer $4.6bn 0.0% 22.5% N.A. 21.6%

16-Jun-15 Monte dei Paschi Financials Borsa Italiana 1.17 - 1.17 1.17 Acc. Book.;Rights Offer $3.4bn 0.0% 52.6% 51.6% 6.7%

04-Aug-15 Royal Bank of Scotland Financials LSE 3.38 – 3.38 3.30 Accelerated Bookbuild $3.2bn 100.0% 2.7% 1.3% -6.0%

17-Apr-15 Telefonica Telecommunications BME 10.84 - 10.84 10.84 Rights Offer $3.2bn 0.0% 24.3% 19.9% -3.3%

16-Sep-15 Glencore Basic Materials LSE 1.23 – 1.23 1.25 Acc. Book.;Cash Placing $2.5bn 0.0% 7.8% -5.8% -25.5%

01-Jul-15 Deutsche Annington Im. Financials Deutsche Börse 20.90 – 20.90 20.90 Rights Offer $2.5bn 0.0% 24.4% 35.9% 37.5%

04-Dec-15 Naspers Consumer Services Johannesburg 2,070 - 2,070 1,975 Accelerated Bookbuild $2.5bn 0.0% 0.1% N.A. 7.3%



PwC

Q4 2015

IPO and FO activity per sector in EMEAIn 2015, Financials proved the most active sector in terms of both IPO and FO activity, followed by Industrials

20


Money raised and number of IPOs and FOs per sector 2013 – 2015 in EMEA

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


1,8 1,0 2,0 2,6 2,9 5,3 4,1

18,5

7,6

17,1

34,4

24,2

0,8 3,0 3,8

9,5

14,6 17,3

1,5 2,1 0,2 0,4 0,7

3,6 1,3

3,5 6,9

1,5 1,0 0,7

10 9 9 14 2131

19

51

32

63 7385

1632 29 29

45 44

6 135

13 16 172 9 7 8 8 3

'13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15

9,3 6,9 10,5 8,6 16,9

7,7 16,8

22,5 24,5

85,6 94,6

88,4

2,7 5,7 6,6

25,3 25,3 29,7

7,9 7,3 2,5 6,7 2,8 4,1 10,7 11,2 11,7

5,8 10,5 4,2

39 46 44 37 48 5175 82 97

181

231281

5180 89 106 113 109

61 49 41 58 46 4911 14 14 12 20 13

'13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15

PwC

Q4 2015

$5,3bn$6,5bn

$9,5bn

4 8 10

2011 2012 2013 2014 2015

$2,1bn $2,7bn $3,3bn$4,7bn

$7,8bn

12 8 5 816

2011 2012 2013 2014 2015

$2,9bn

$9,1bn$7,5bn

2 6 8

2011 2012 2013 2014 2015

Top countries in terms of IPO activity in EMEAPartly as a result of the Q4 IPOs of Covestro ($1.7bn) and ABN AMRO Group ($4.1bn), Germany and the Netherlands ranked three and four in terms of money raised in 2015

21


IPO activity of top countries in EMEA 2011 – 2015



$19,2bn

$6,6bn

$21,1bn

$27,9bn

$19,8bn

42 37

77

112

74

2011 2012 2013 2014 2015

PwC

Q4 2015

Asia-Pacific

22


PwC

Q4 2015

Money raised via IPOs and FOs in Asia-PacificStrong activity in China, Hong Kong and Japan characterised IPO issuance in Asia-Pacific in 2015, whilst FO activity was substantial

23


Money raised via IPOs and FOs in the Asia-Pacific region (10-year overview) Top countries 2015

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. If IPOs or FOs take place in both Asia and Australasia, total money raised is attributed to both regions. Top countries have been selected based on money raised in 2015. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.


$89,6bn $85,2bn

$30,2bn

$68,3bn

$175,2bn

$91,0bn

$51,3bn $48,2bn$66,1bn $77,5bn

$6,5bn $8,0bn

$1,6bn

$2,5bn

$8,0bn

$1,5bn

$1,5bn $10,2bn

$17,0bn $6,4bn

604697

301 325

760620

397 362

539657

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Asia Australasia Number of IPO's

$101,1bn$148,1bn

$63,7bn

$183,5bn $206,8bn

$113,8bn $135,1bn $139,6bn $160,1bn$215,7bn$28,8bn

$37,8bn

$35,4bn

$63,5bn $23,5bn

$23,5bn$17,6bn $20,7bn

$22,3bn

$41,5bn

1.056

1.437

650

1.381 1.3501.074 978

1.263 1.325 1.459

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Asia Australasia Number of FO's

China, 33%

Hong Kong, 27%

Australia, 15%

Japan, 8%

India, 7%

Other, 10%

China, 31%

Hong Kong, 28%

Japan, 18%

Australia, 8%

Thailand, 5%

Other, 10%

PwC

Q4 2015

Main indices in the APAC

IPO and FO activity in the Asia-Pacific region

2013 2014 2015 Q4 2013 Q4 2014 Q4 2015

IPO activity

Number of IPOs 362 539 657 157 193 193

% sponsor-backed 11.3% 8.7% 6.1% 11.5% 4.7% 5.7%


% sponsor-backed 10.9% 20.4% 16.6% 14.9% 6.3% 18.8%

Advanced metrics

Free float % 32.8% 29.8% 27.5% 31.2% 28.6% 26.6%



FO activity

Number of FOs 1,263 1,325 1,459 372 335 366


• The Chinese government reinstated the suspension of IPOs in order to safeguard market liquidity

• The amount of money raised was at its highest level since 2011, while the number of IPOs stood at its highest level since 2010 with post-IPO performance skyrocketing in 2015

• FO activity stood at $257.2bn during 2015, the highest level throughout the last decade

1

1

2

3

IPO pricing dynamics Post-IPO performance (median)

Overview of IPO and FO activity in Asia-PacificQ4 IPO activity in Asia-Pacific was particularly strong with money raised at $34.5bn, almost 5 times the Q3 2015 amount

24



2

3

2014YTD 2015YTD


75

100

125

150

175

200

225


Hang Seng Nikkei 225 SENSEX

4% 3% 3% 6% 7%12% 9% 10% 6%

14%

49% 60% 56% 51%49%

31% 25% 27% 34% 26%

3% 3% 3% 3% 3%

2013 2014 2015 Q4 2014 Q4 2015


25,0%

44,0%

23,5%

45,1%

24,5%

61,1%

31,8%

100,0%

29,3%

47,1%

1-Day 1-Week 1-Month 3-Month Current

PwC

Q4 2015

Leading 2015 transactions in Asia-PacificJapan Post and Chinese companies listing on Shanghai Stock Exchange or HKExdominate the IPO league table with nine of the top ten transactions

25


Top 10 largest IPOs 2015 in the Asia-Pacific region

Top 10 largest FOs 2015 in the Asia-Pacific region

Pricing

dateIssuer name

Issuer


Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance


26-Oct-15 Japan Post Holdings Financials Tokyo SE 1,100 - 1,400 1,400 Top of range $5.7bn 11.0% 100.0% 25.7% 38.4% 35.2%

19-Oct-15 Japan Post Bank Financials Tokyo SE 1,250 - 1,450 1,450 Top of range $5.0bn 9.2% 100.0% 15.2% 22.7% 20.4%

17-Jun-15 Guotai Junan Securities Financials Shanghai SE N.A. 19.71 Fixed price $4.9bn 20.0% 0.0% 44.0% 44.1% 21.8%

22-Oct-15 China Huarong Asset Mgt Financials HKEx 3.03 - 3.39 3.09 Bottom of range $2.5bn 16.6% 0.0% 0.3% -1.0% 0.0%

01-Jun-15 China National Nuclear P. Utilities Shanghai SE N.A. 3.39 Fixed price $2.2bn 25.0% 0.0% 44.0% 166.1% 180.2%

19-Oct-15 China Reinsurance Corp Financials HKEx 2.25 - 2.70 2.70 Top of range $2.1bn 14.4% 0.0% 0.0% -2.2% -11.5%

19-Jun-15 Legend Holdings Technology HKEx 39.80 - 43.00 42.98 Top of range $2.0bn 15.1% 0.0% -0.1% -18.9% -30.6%

03-Dec-15 China Energy Eng. Industrials HKEx 1.59 - 1.73 1.59 Bottom of range $1.8bn 29.7% 9.1% -0.6% N.A. 0.6%

03-Feb-15 Jasmine Br. Int. Gr. Fund Technology Thailand SE 10.00 - 10.50 10.00 Bottom of range $1.7bn 54.3% 0.0% -3.0% -4.5% -10.0%

10-Mar-15 Orient Securities Financials Shanghai SE N.A. 10.03 Fixed price $1.6bn 18.9% 0.0% 44.0% 237.6% 136.9%

Pricing

dateIssuer name

Issuer


Offer

priceDeal type

Money

raised

Secondary

shares (%)

Performance


11-Dec-15 Standard Chartered Financials HKEx; LSE 4.65 - 4.65 4.65 Rights Offer $5.1bn 0.0% 6.5% N.A. 24.9%

22-May-15 Huatai Securities Financials HKEx 20.68 - 24.80 24.80 Fully Marketed $5.0bn 0.0% 4.8% -11.7% -26.6%

28-May-15 Inn. Mon. Baotou St. Un. Basic Materials Shanghai SE 3.61 - 3.61 1.80 Cash Placing $4.9bn 0.0% 252.8% 195.6% 102.8%

15-May-15 Haitong Securities Financials HKEx 15.62 - 15.62 17.18 Cash Placing $4.2bn 0.0% 32.7% 39.7% -19.0%

31-Mar-15 GF Securities Financials HKEx 15.65 - 18.85 18.85 Fully Marketed $4.1bn 0.0% 34.8% 27.3% 5.5%

30-Jan-15 Coal India Basic Materials BSE; NSE 358.00 - 358.00 357.13 Accelerated Bookbuild $3.7bn 100.0% -0.6% 10.7% -10.0%

30-Mar-15 Caltex Australia Oil & Gas ASX 34.20 - 34.20 35.00 Bought Deal $3.7bn 100.0% -1.6% 2.1% 7.6%

15-Jun-15 CITIC Securities Financials HKEx 27.75 - 27.75 24.60 Cash Placing $3.5bn 0.0% 19.1% -9.2% -24.4%

21-Apr-15 Sun Pharmaceutical Ind. Health Care BSE; NSE 930.00 - 1,043.80 930.00 Accelerated Bookbuild $3.2bn 100.0% 4.1% 5.5% -12.8%

27-Apr-15 China Galaxy Securities Financials HKEx 11.99 - 11.99 11.99 Cash Placing $3.1bn 0.0% 2.9% 14.1% -40.1%



PwC

Q4 2015

IPO and FO activity per sector in Asia-PacificMulti-billion IPOs and FOs spur money raised in 2015 by Financials, whilst Industrials rank second

26


Money raised and number of IPOs and FOs per sector 2013 – 2015 in the Asia-Pacific region

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als


IndustrialsBasic

MaterialsHealth

CareTechnology

Consumer Goods


ServicesTelecom-

municationUtilities


13,8 13,8

27,6 23,1

15,7 25,6

15,0 10,0

18,8

55,5 58,1

97,9

8,0 6,5 16,6 19,8

46,3 36,9

8,5 10,7 12,1 6,1 8,4 8,7

0,9 6,2

1,2 9,6 6,6

11,8

155 168 158 151 168194

133 131169

277 283313

10175

112

239275

294

69 57 4492 108 124

7 27 1539 33 36

'13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15

1,2 3,6 3,2

8,7 13,2

8,2 8,1 8,7 5,6

22,2 22,0

35,0

1,7 6,5 5,8 7,3

15,1 13,2

2,9 1,0 1,4 2,8 4,9

7,3

0,2 0,2 3,5

7,9 4,2

2137

58 50

98120

5678

94 8872 82

2540

62 67

132154

16 10 1031

61 63

3 4 8 8 10

'13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15 '13 '14 '15

PwC

Q4 2015

$42,0bn

$14,5bn $12,9bn

$25,8bn

271

142 126

221

2011 2012 2013 2014 2015

$31,5bn

$8,0bn

$18,9bn

$28,7bn

$23,5bn

7755

92 108 114

2011 2012 2013 2014 2015

$1,4bn $1,5bn

$10,0bn

$16,7bn

$6,4bn

5125

5072 76

2011 2012 2013 2014 2015

$2,0bn

$12,7bn$10,2bn $11,6bn

$15,6bn

33 42 5475 78

2011 2012 2013 2014 2015

Top countries in terms of IPO activity in Asia-PacificAfter China was set for a record year in terms of IPO activity, the Chinese government suspended IPOs in (mainland) China as of early July and only reopened in November

27


IPO activity of top countries in the Asia-Pacific region 2011 – 2015



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