29
Sehr geehrte Damen und Herren, für Rückfragen zu der beigefügten Publikation „PwC IPO Centre – Q3 2016 Equity Capital Markets Briefing“ stehen Ihnen folgende Ansprechpartner gerne zur Verfügung: Nadja Picard [email protected] Tel. +49 211 981-2978 Christoph Gruss [email protected] Tel. +49 69 9585-3415 Dirk Menker [email protected] Tel. +49 89 5790-5806 Dr. Rüdiger Loitz [email protected] Tel. +49 211 981-2839

Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

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Page 1: Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

Sehr geehrte Damen und Herren,

für Rückfragen zu der beigefügten Publikation „PwC IPO Centre –Q3 2016 Equity Capital Markets Briefing“ 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

Page 2: Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

PwC IPO CentreQ3 2016 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.

Martin [email protected]

Clifford [email protected]

Nadja [email protected]

Jan-Willem de [email protected]

Page 3: Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

PwC

Q3 2016

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

ne

y r

ais

ed

& #

of

de

als

Top countries 2016YTD

Source: Dealogic as of 30 September 2016

Note: included deals > $5m, excluding PIPO’s and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries

IPO

mo

ne

y r

ais

ed

& #

of

de

als

$371,2bn

$105,8bn $120,3bn

$222,8bn

$178,3bn

$140,6bn

$195,2bn

$274,3bn

$206,4bn

$85,5bn

1.885

570 497

1.2491.036

719863

1.165 1.177

627

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

$570,1bn $557,4bn

$841,6bn

$415,1bn$470,7bn

$509,3bn$586,4bn $612,8bn

$685,3bn

$421,5bn

3.719

1.968

3.550 3.5462.894

2.5063.039 3.171 3.314

2.282

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

US, 32%

China, 26%

Canada, 6%

UK, 5%

Hong Kong, 4%

Other, 27%

US, 19%

Hong Kong, 18%

China, 15%

Denmark, 7%

Japan, 6%

Other, 35%

Global money raised via IPOs and FOsWith three quarter of the year done, IPO activity is clearly lacking previous years

Page 4: Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

PwC

Q3 2016

• As the summer calm settled, volatility came down and central banks kept their policies unchanged. This led to healthy IPO conditions in the third quarter.

• Global money raised rose by 47% compared to Q3 2015, as proceeds totalled $35.8bn via 230 IPOs.

• FO activity rose less starkly, as 848 deals raised a total of $150.4bn. This represents a 9% rise compared to Q3 2015.

• Stock markets were driven higher by the continuance of monetary stimulus, with the S&P 500 hitting a record high.

3

Quarterly ECM Briefing Source: Dealogic, Bloomberg as of 30 September 2016

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’

Global IPO and FO activity

2014 2015 2014YTD 2015YTD 2016YTD Q3 2014 Q3 2015 Q3 2016

IPO activity

Number of IPOs 1,165 1,177 815 849 627 248 178 230

% sponsor-backed 18.1% 13.7% 20.4% 14.7% 11.2% 15.3% 15.2% 9.6%

Money raised $274.3bn $206.4bn $197.5bn $134.8bn $85.5bn $69.6bn $24.4bn $35.8bn

% sponsor-backed 30.5% 29.2% 35.5% 30.5% 25.2% 19.8% 28.8% 19.2%

Advanced metrics

Free float % 33.2% 33.0% 34.3% 33.8% 31.9% 32.3% 39.0% 31.8%

Overallotment exercised (%)1 40.0% 32.5% 41.7% 34.1% 24.8% 34.5% 37.0% 17.2%

% secondary shares 18.4% 16.4% 19.0% 15.8% 16.6% 14.9% 17.0% 12.4%

FO activity

Number of FOs 3,171 3,314 2,434 2,539 2,282 757 687 848

Money raised $612.8bn $685.3bn $482.6bn $547.6bn $421.5bn $149.5bn $117.2bn $150.4bn

1

2

3

43

4 Global indicesIPO pricing dynamics Post-IPO performance (median)

2

1

12% 8% 12% 7% 7%

13% 13%14%

11% 15%

51% 53%51%

54% 49%

18% 20% 16% 20% 26%

7% 6% 7% 8% 3%

2014 2015 2014YTD 2015YTD 2016YTD

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

75

100

125

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

FTSE 100 Hang Seng S&P 500

13,0%14,0% 15,8%

14,3%

17,8%15,1%

18,3%15,6%

10,0%

24,0%

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

Overview of global IPO and FO activityIPO and FO proceeds and number of deals rose compared to the same quarter last year

1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full)

2015 2016YTD

Page 5: Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

PwC

Q3 2016

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). 1) ArcelorMittal’s primary listing is on Euronext Amsterdam; it is also listed on Euronext Paris, NYSE, Luxembourg SE and BME.

4

Quarterly ECM Briefing

Top 10 largest IPOs 2016YTD

Top 10 largest FOs 2016YTD

Source: Dealogic as of 30 September 2016

Pricing

dateIssuer name

Issuer

countrySector Exchange Filing range

Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance1-day 1-month Current

21-Sep-16 Postal Savings Bank China Financials HKEx 4.68 - 5.18 4.76 Bottom of range $7.4bn 15.0% 0.0% 0.2% N/A 0.2%

9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0%

23-Sep-16 Nets Financials NASDAQ OMX C’gen 130.00 - 160.00 150.00 In range $2.4bn 52.5% 65.1% -3.3% N/A -1.5%

21-Mar-16 China Zheshang Bank Financials HKEx 3.92 - 4.12 3.96 Bottom of range $1.9bn 21.7% 9.1% 0.0% -1.0% 0.5%

11-Jul-16 LINE Corp Technology NYSE; Tokyo SE 2,700 - 3,200 3300.00 Above range $1.3bn 19.2% 0.0% 31.7% 28.3% 47.3%

9-Jun-16 a.s.r. Financials Euronext Amsterdam 18.00 - 22.00 19.50 In range $1.2bn 36.3% 100.0% 2.6% -10.4% -7.1%

19-Apr-16 MGM Growth Properties Financials NYSE 18.00 - 21.00 21.00 Top of range $1.2bn 27.6% 0.0% 4.8% 8.5% 24.1%

25-May-16 US Foods Consumer Goods NYSE 21.00 - 24.00 23.00 In range $1.2bn 23.9% 0.0% 8.3% 1.5% 2.7%

24-May-16 BOC Aviation Industrials HKEx 42.00 - 42.00 42.00 In range $1.1bn 30.0% 50.0% 0.0% -6.3% -5.0%

28-Jun-16 Bank of Jiangsu Financials Shanghai SE N/A 6.27 N/A $1.1bn 10.0% 0.0% 44.0% 91.6% 59.5%

Pricing

dateIssuer name

Issuer

countrySector Exchange Filing range

Offer

priceDeal type

Money

raised

Secondary

shares (%)

Performance1-day 1-month Current

11-Feb-16 Saipem Oil & Gas Borsa Italiana 0.36 - 0.36 0.36 FO - Rights Offer $3.9bn 0.0% -16.7% 6.3% 4.1%

15-Apr-16 China Yangtze Power Utilities Shanghai SE 12.08 - 12.08 12.08 FO - Cash Placing $3.7bn 0.0% 2.2% 2.6% 10.1%

17-Mar-16 TransCanada Oil & Gas TMX 49.42 - 49.42 45.75 FO - Bought Deal $3.3bn 0.0% 7.3% 9.8% 36.2%

4-Apr-16 ArcelorMittal Basic Materials Euronext Amsterdam1 2.20 - 2.20 2.20 FO - Rights Offer $3.2bn 0.0% 80.9% 113.6% 147.6%

17-Jun-16 Banco Popular Espanol Financials Bolsa de Madrid 1.25 - 1.25 1.25 FO - Rights Offer $2.8bn 0.0% 11.3% 4.0% -11.9%

28-Jan-16 Molson Coors Brewing Consumer Goods NYSE 87.76 - 87.76 86.50 FO – Accelerated Bookbuild $2.6bn 0.0% 4.6% -1.5% 26.9%

7-Sep-16 Hainan Airlines Consumer Services Shanghai SE 3.64 - 3.64 3.58 FO - Cash Placing $2.5bn 0.0% -6.7% N/A -10.6%

7-Jan-16 Bohai Leasing Industrials Shenzhen SE N/A 6.07 FO - Cash Placing $2.5bn 0.0% 24.1% 12.4% 18.3%

16-Mar-16 Baxalta Health Care NYSE 39.09 - 39.09 37.75 FO - Accelerated Bookbuild $2.4bn 100.0% 1.3% 7.3% 21.9%

19-May-16 Tesla Motors Consumer Goods NASDAQ 211.17 - 211.17 215.00 FO - Accelerated Bookbuild $2.3bn 29.9% 2.5% 0.2% -5.1%

Leading transactions 2016YTDThe IPO of Postal Savings Bank of China is by far the largest this year, raising $7.4bn on the HKEx in September

Page 6: Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

PwC

Q3 2016

5

Quarterly ECM Briefing

Americas EMEA Asia-Pacific

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 two or more regions, the total money raised is attributed to all regions

Source: Dealogic as of 30 September 2016

$71,5bn

$96,8bn$109,5bn

$50,6bn

$17,2bn

222321 346

244

96

2012 2013 2014 2015 2016YTD

$52,8bn$58,3bn

$83,1bn $84,1bn

$46,6bn

397 363

542

664

412

2012 2013 2014 2015 2016YTD

$18,0bn

$40,5bn

$81,7bn$71,7bn

$23,0bn

101181

277 269

120

2012 2013 2014 2015 2016YTD

$235,0bn$250,2bn

$230,3bn$243,0bn

$169,3bn

1.0311.162 1.143

1.053

767

2012 2013 2014 2015 2016YTD

$122,4bn

$179,3bn$203,8bn

$190,4bn

$88,5bn

519632

731 798

509

2012 2013 2014 2015 2016YTD

$152,6bn $160,2bn$182,4bn

$259,8bn

$167,0bn

978

1.263 1.325 1.480

1.012

2012 2013 2014 2015 2016YTD

IPO and FO activity per regionAfter a strong third quarter in terms of both IPO and FO numbers and proceeds, the Asia-Pacific region remains at the epicentre of activity this year

Page 7: Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

PwC

Q3 2016

6

Quarterly ECM Briefing

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 IPOs per Exchange 2014 – 2016YTD Top Exchanges 2016YTD

Top Exchanges 2016YTDMoney raised and number of FOs per Exchange 2014 – 2016YTD

HKEx LSE GroupNYSENASDAQ

OMXShanghai SE

NYSE LSE GroupShenzhen SE Shanghai SENASDAQ

OMX

Source: Dealogic as of 30 September 2016

$29bn$24bn

$15bn

$32bn$25bn

$15bn

$76bn

$21bn

$9bn $6bn

$18bn$9bn

$32bn$26bn

$6bn

108 116

65

206 192

108 121

59 25 43

89 60

132 97

43

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

$130bn$147bn

$96bn

$29bn $38bn

$63bn $65bn$83bn

$52bn

$29bn$48bn$48bn

$64bn $66bn

$31bn

413 371

252

121 186

232

438 516

372

95 114 114

341 345

219

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

2014 2015 2016YTD

Top exchanges globally based on money raised in 2016YTDHKEx and NASDAQ OMX are the dominant exchanges in terms of IPO activity this year-to-date, particularly as a result of some jumbo transactions

HKEx, 17%

NASDAQ OMX, 17%

NYSE, 10%

Shanghai SE, 10%

LSE Group, 6%

Other, 40%

NYSE, 22%

Shenzhen SE, 15%

NASDAQ OMX, 12%

Shanghai SE, 11%

LSE Group, 7%

Other, 34%

Page 8: Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

PwC

Q3 2016

7

Quarterly ECM Briefing

Money raised and number of IPOs and FOs per sector 2014 – 2016YTD

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 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 30 September 2016

8,0 6,3 2,7

18,7 18,0 9,7

62,0

15,6 9,0

89,7

77,1

36,9

19,4 16,4 5,4

32,1 37,7

12,0 17,2

6,6 0,8

11,9 14,3 4,8 4,1 7,1

0,0 11,2 7,4 4,1

55 7133

132169

75

167140

79

243 266

124179 161

82

194218

146

5024 8

109 10069

13 11 1 23 17 10

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

30,8 47,7 35,9 41,2 45,5 38,7

59,2 75,5

39,0

215,2 244,4

94,9

32,8

71,8

35,1

95,7 83,6 71,3 67,7 47,3 58,0

24,7 25,1 23,1 21,4 21,6 6,2

24,0 22,9 19,3

310 256 273 257 290 213306 375

198

800 827

448353

498329

510 493370

285 217 198 229 244 18248 39 30 73 75 41

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

Global IPO and FO activity per sectorFinancials (including real estate) maintained their lead in terms of both IPO and FO proceeds, whilst Industrials rank second

Page 9: Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

PwC

Q3 2016

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.

8

Quarterly ECM Briefing

Top 10 largest FS-backed IPOs 2016YTD globally

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

IPO

mo

ne

y r

ais

ed

& #

of

de

als

2015 2016 YTD

70 (11%) sponsor-backed IPOs vs 557 (89%) non-sponsor-backed IPOs

Global FS-backed IPOs (by money raised)

Source: Dealogic as of 30 September 2016

161 (14%) sponsor-backed IPOs vs 1,016 (86%) non-sponsor-backed IPOs

$16,0bn

$35,1bn $35,8bn

$15,8bn

$6,1bn

68

98 96

53

23

2012 2013 2014 2015 2016YTD

$3,2bn

$18,1bn

$30,7bn $30,5bn

$12,8bn

7

35

67 66

33

2012 2013 2014 2015 2016YTD

$4,8bn$6,4bn

$17,0bn$14,1bn

$2,6bn

32 41

48 42

14

2012 2013 2014 2015 2016YTD

Sponsor-backed;

29%

Not Sponsor-backed;

71%

Sponsor-backed;

25%

Not Sponsor-backed;

75%

Pricing date

Issuer name Exchange PricingMoney raised

Performance

1-day 1-month Current

9-Jun-16 Dong Energy NASDAQ OMX C’gen In range $3.0bn 9.8% 7.7% 17.0%

23-Sep-16 Nets NASDAQ OMX C’gen In range $2.4bn -3.3% N/A -1.5%

25-May-16 US Foods NYSE In range $1.2bn 8.3% 1.5% 2.7%

20-Jul-16 Patheon NYSE In range $0.7bn 19.0% 32.7% 41.1%

28-Apr-16 Parques Reunidos Bolsa de Madrid Bottom of range $0.7bn -4.8% -4.7% -20.5%

14-Apr-16 VAT Group SIX Swiss Exchange Top of range $0.6bn 14.6% 18.9% 83.0%

25-Apr-16 Telepizza Group Bolsa de Madrid In range $0.6bn -19.4% -16.1% -47.9%

26-Apr-16 Red Rock Resorts NASDAQ In range $0.6bn -4.1% 1.7% 21.0%

4-Mar-16 Metro Bank LSE Bottom of range $0.6bn 7.5% -5.8% 38.1%

20-Jun-16 Komeda Tokyo SE Top of range $0.6bn -4.1% -4.8% -17.7%

Financial sponsor-backed IPO activity globallyWith $12.8bn raised via 33 IPOs, FS activity in the EMEA region is responsible for 59% of proceeds and 47% of the number of global FS-backed IPOs

Page 10: Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

PwC

Q3 2016

9

Quarterly ECM Briefing

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.

Source: Dealogic, Bloomberg as of 30 September 2016

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

28,425,8

20,7

$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 Q3

2011 2012 2013 2014 2015 2016

Global money raised via IPOs VIX (average per quarter)

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

28,425,8

20,7

-

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 Q3

2011 2012 2013 2014 2015 2016

Number of IPOs globally VIX (average per quarter)

Volatility versus IPO activityAverage volatility came down again in the third quarter as a result of thin summer trading and the absence of major news headlines

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PwC

Q3 2016

Americas

10

Quarterly ECM Briefing

Page 12: Nadja Picard Christoph Gruss - PwC...9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0% 23-Sep-16 Nets Financials

PwC

Q3 2016

11

Quarterly ECM Briefing

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

IPO

mo

ne

y r

ais

ed

& #

of

de

als

FO

mo

ne

y r

ais

ed

& #

of

de

als

Top countries 2016YTD

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 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.

Source: Dealogic as of 30 September 2016

$106,2bn

$32,8bn $33,3bn$47,1bn $54,0bn $63,9bn

$83,1bn$105,8bn

$43,7bn$16,9bn

$38,7bn

$7,1bn $13,2bn$8,2bn $6,5bn

$11,7bn

$14,1bn

$3,7bn

$6,9bn

$0,6bn

524

87 112

276 250 222321 346

244

96

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

North America Latin America Number of IPO's

$163,1bn$238,3bn

$291,4bn

$139,5bn$184,6bn

$223,2bn $230,9bn $216,0bn $240,5bn$164,7bn

$10,2bn

$20,7bn

$16,7bn

$10,7bn

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

$18,3bn$7,9bn

$4,6bn

1.256

773

1.383 1.4661.236

1.031 1.162 1.143 1.053767

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

North America Latin America Number of FO's

United States, 82%

Canada, 15%

Other, 3%

United States, 94%

Canada, 2%

Argentina, 2%Other, 2%

Money raised via IPOs and FOs in the AmericasIPO activity in the Americas is low, partly due to political uncertainty surrounding the upcoming US presidential election

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PwC

Q3 2016

IPO and FO activity in the Americas

2014 2015 2014YTD 2015YTD 2016YTD Q3 2014 Q3 2015 Q3 2016

IPO activity

Number of IPOs 346 244 253 192 96 76 54 43

% sponsor-backed 27.7% 21.7% 27.3% 24.0% 24.0% 23.7% 20.4% 25.6%

Money raised $109.5bn $50.6bn $86.3bn $38.7bn $17.2bn $44.6bn $11.9bn $8.2bn

% sponsor-backed 32.7% 31.2% 31.0% 31.0% 35.8% 9.1% 22.5% 31.3%

Advanced metrics

Free float % 32.7% 37.1% 33.2% 38.8% 33.1% 34.3% 42.5% 33.1%

Overallotment exercised (%)1 77.4% 75.0% 79.2% 76.8% 65.5% 76.5% 77.8% 62.5%

% secondary shares 9.2% 6.3% 8.5% 6.2% 8.3% 9.2% 6.7% 10.5%

FO activity

Number of FOs 1,143 1,053 933 884 767 236 189 272

Money raised $230.3bn $243.0bn $185.6bn $208.3bn $169.3bn $52.1bn $36.4bn $56.1bn

1

2

3

12

Quarterly ECM Briefing Source: Dealogic, Bloomberg as of 30 September 2016

34%26%

34%22% 24%

13%

9%

13%

8% 11%

28%40%

26%

40%39%

10% 8% 11%9%

15%

16% 18% 16% 21%11%

2014 2015 2014YTD 2015YTD 2016YTD

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

2,8%2,1% 3,1%

4,3% 3,9%3,3%

0,0%

9,4%

-3,9%

17,1%

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

100

125

150

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

Dow Jones NASDAQ 100 S&P 500

Overview of IPO and FO activity in the AmericasThe Federal Reserve held back on raising rates in September, which should provide further support for equity indices

• In Q3 2016, 43 IPOs raised a total of $8.2bn. The region is underperforming compared to Q3 2015 and on a YTD basis.

• In contrast, FO activity rose in the third quarter, with 272 deals raising $56.1bn, which represents an increase of 54% compared to Q3 2015.

• Despite geopolitical turmoil, IPOs remain an attractive investment with a median current return of 17% for 2016 transactions.

1

2

3

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’

Global indicesIPO pricing dynamics Post-IPO performance (median)

1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full)

2015 2016YTD

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PwC

Q3 2016

13

Quarterly ECM Briefing

Top 10 largest IPOs 2016YTD in the Americas

Top 10 largest FOs 2016YTD in the Americas

Source: Dealogic as of 30 September 2016

Pricing

dateIssuer name

Issuer

countrySector Exchange Filing range

Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance1-day 1-month Current

11-Jul-16 LINE Corp Technology NYSE; Tokyo SE 2,700 - 3,200 3300.00 Above range $1.3bn 19.2% 0.0% 31.7% 28.3% 47.3%

19-Apr-16 MGM Growth Properties Financials NYSE 18.00 - 21.00 21.00 Top of range $1.2bn 27.6% 0.0% 4.8% 8.5% 24.1%

25-May-16 US Foods Consumer Goods NYSE 21.00 - 24.00 23.00 In range $1.2bn 23.9% 0.0% 8.3% 1.5% 2.7%

22-Sep-16 Valvoline Consumer Goods NYSE 20.00 - 23.00 22.00 In range $0.8bn 17.3% 0.0% 5.0% N/A 6.8%

20-Jul-16 Patheon Health Care NYSE 19.00 - 22.00 21.00 In range $0.7bn 24.3% 16.0% 19.0% 32.7% 41.1%

19-May-16 CF Corp Basic Materials NASDAQ 10.00 - 10.00 10.00 In range $0.7bn 92.0% 0.0% -0.1% -0.8% 2.0%

26-Apr-16 Red Rock Resorts Consumer Services NASDAQ 18.00 - 21.00 19.50 In range $0.6bn 25.6% 0.7% -4.1% 1.7% 21.0%

3-Aug-16 First Hawaiian Financials NASDAQ 21.00 - 23.00 23.00 Top of range $0.6bn 17.4% 100.0% 5.4% 18.2% 16.8%

23-Feb-16 Silver Run Acquisition Financials NASDAQ 10.00 - 10.00 10.00 In range $0.5bn 88.9% 0.0% 2.1% 3.3% 80.1%

14-Jul-16 AdvancePierre Foods Consumer Goods NYSE 20.00 - 23.00 21.00 In range $0.4bn 27.2% 40.4% 14.3% 18.9% 31.2%

Pricing

dateIssuer name

Issuer

CountrySector Exchange Filing range

Offer

priceDeal type

Money

raised

Secondary

shares (%)

Performance1-day 1-month Current

17-Mar-16 TransCanada Oil & Gas TMX 49.42 - 49.42 45.75 FO - Bought Deal $3.3bn 0.0% 7.3% 9.8% 36.2%

4-Apr-16 ArcelorMittal Basic Materials Euronext Amsterdam1 2.20 - 2.20 2.20 FO - Rights Offer $3.2bn 0.0% 80.9% 113.6% 147.6%

28-Jan-16 Molson Coors Brewing Consumer Goods NYSE 87.76 - 87.76 86.50 FO - Accelerated Bookbuild $2.6bn 0.0% 4.6% -1.5% 26.9%

16-Mar-16 Baxalta Health Care NYSE 39.09 - 39.09 37.75 FO - Accelerated Bookbuild $2.4bn 100.0% 1.3% 7.3% 21.9%

19-May-16 Tesla Motors Consumer Goods NASDAQ 211.17 - 211.17 215.00 FO - Accelerated Bookbuild $2.3bn 29.9% 2.5% 0.2% -5.1%

7-Jun-16 Suncor Energy Oil & Gas TMX 36.50 - 36.50 35.00 FO - Bought Deal $2.2bn 0.0% 1.3% 3.0% 4.1%

12-Sep-16 Anadarko Petroleum Oil & Gas NYSE 57.79 - 57.79 54.50 FO - Bought Deal $2.2bn 0.0% 5.7% N/A 16.3%

24-Feb-16 Enbridge Oil & Gas TMX 43.16 - 43.16 40.70 FO - Bought Deal $1.7bn 0.0% 12.0% 21.8% 41.7%

5-Jan-16 Pioneer Natural Resources Oil & Gas NYSE 125.17 - 125.17 117.00 FO - Bought Deal $1.6bn 0.0% -0.7% 1.5% 58.7%

16-Aug-16 Southern Utilities NYSE 50.96 - 50.96 49.56 FO - Bought Deal $1.6bn 0.0% 3.9% 4.9% 3.5%

Leading transactions 2016YTD in the AmericasOnly three billion-dollar+ IPOs were executed in the Americas this year-to-date, whereas the dual IPO of LINE Corp demonstrates continued international allure

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). 1) ArcelorMittal’s primary listing is on Euronext Amsterdam; it is also listed on Euronext Paris, NYSE, Luxembourg SE and BME.

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PwC

Q3 2016

14

Quarterly ECM Briefing

Money raised and number of IPOs and FOs per sector 2014 – 2016YTD 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

Financials Oil & GasConsumer

ServicesTelecom-

municationUtilities

Source: Dealogic, Bloomberg as of 30 September 2016

3,4 1,1 0,7 2,6 4,4 2,7

34,8

2,6 1,4

33,2

17,8

5,8 9,9

6,5 2,9 2,4

7,2

0,7

14,0

5,0 0,4

6,3 3,4 2,6 0,5 - -

2,4 2,5 -

9 3 1 13 13 938

16 7

96 95

27

107

6632 17 19 5

269 2

32 19 13 1 7 4

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

11,0 9,9 13,6 9,7 11,8 10,7

26,7 32,6

11,5

62,6 61,5

33,5

21,9

49,0

22,2 23,3 18,0

10,2

50,6

32,7

46,6

13,5 11,8 9,4 4,0

8,7 1,6

7,0 6,9 10,0

10861

10042 39 25

93 10947

287227

147203

298

195120

83 55

185132 134

76 67 41 8 10 6 21 27 17

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

IPO and FO activity per sector in the AmericasIn the Americas Financials are not dominant in terms of FO proceeds, as Oil & Gas companies have raised $46.6bn this year

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PwC

Q3 2016

15

Quarterly ECM Briefing

IPO activity of top countries in the Americas 2012 – 2016YTD

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 2016YTD.

Source: Dealogic as of 30 September 2016

$61,0bn

$77,8bn

$100,5bn

$38,8bn

$16,5bn

175

254302

187

88

2012 2013 2014 2015 2016YTD

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

29

44

30 33

2

2012 2013 2014 2015 2016YTD

- - $0,0bn - $0,3bn

1 2

2012 2013 2014 2015 2016YTD

$6,8bn $5,6bn $3,5bn $6,7bn$0,3bn

612 12

23

4

2012 2013 2014 2015 2016YTD

Top countries in terms of IPO activity in the AmericasResponsible for 19% of proceeds and 14% of the number of global IPOs, the US is the most active country in the world, despite a historically weak year

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PwC

Q3 2016

EMEA

16

Quarterly ECM Briefing

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PwC

Q3 2016

17

Quarterly ECM Briefing

Money raised via IPOs and FOs in EMEA (10-year overview) Top countries 2016YTD

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 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.

Source: Dealogic as of 30 September 2016

$118,9bn

$21,0bn$8,0bn

$33,9bn $33,3bn$15,9bn

$37,2bn

$69,4bn $68,8bn

$21,6bn

$17,5bn

$15,6bn

$2,5bn

$3,3bn $2,0bn

$2,1bn

$3,3bn

$12,8bn $3,5bn

$1,4bn

675

18060

215 167101

181277 269

120

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Europe Middle East & Africa Number of IPO's

$216,1bn $226,3bn

$318,8bn

$103,7bn $124,4bn $115,1bn$173,3bn $191,8bn $178,8bn

$81,9bn

$16,7bn$28,8bn

$9,7bn

$8,6bn$10,0bn $9,3bn

$6,8bn$13,8bn

$12,3bn

$7,4bn

1.047

572813 763

624519

632 731 798

509

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Europe Middle East & Africa Number of FO's

United Kingdom,

26%

France, 11%

Netherlands, 8%Spain, 8%

Italy, 7%

Other, 40%

Denmark, 25%

United Kingdom,

19%

Netherlands, 14%

Sweden, 7%

Spain, 6%

Other, 29%

Money raised via IPOs and FOs in EMEAThe fallout from the Brexit hit Europe hard in the third quarter, which led to a fall to third place in terms of both IPO and FO proceeds and numbers

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PwC

Q3 2016

IPO and FO activity in EMEA

2014 2015 2014YTD 2015YTD 2016YTD Q3 2014 Q3 2015 Q3 2016

IPO activity

Number of IPOs 277 269 215 192 120 42 33 18

% sponsor-backed 24.2% 24.5% 27.0% 26.0% 27.5% 19.0% 18.2% 22.2%

Money raised $81.7bn $71.7bn $62.4bn $46.6bn $23.0bn $9.8bn $5.3bn $4.7bn

% sponsor-backed 37.6% 42.5% 45.6% 46.5% 55.6% 25.4% 38.3% 58.7%

Advanced metrics

Free float % 40.0% 43.4% 41.3% 44.4% 39.9% 33.9% 48.7% 53.6%

Overallotment exercised (%)1 30.2% 37.8% 31.0% 40.3% 30.8% 17.1% 25.8% 11.1%

% secondary shares 31.9% 33.0% 32.1% 34.4% 38.8% 24.1% 26.9% 33.1%

FO activity

Number of FOs 731 798 533 577 509 164 159 158

Money raised $203.8bn $190.4bn $160.4bn $138.5bn $88.5bn $44.6bn $29.7bn $24.4bn

1

32

18

Quarterly ECM Briefing Source: Dealogic, Bloomberg as of 30 September 2016

2015 2016YTD

4% 5% 3% 3% 1%

22% 24% 22% 22% 28%

63% 57% 61% 58%61%

11% 13% 12% 15%10%

1% 1% 1% 2%

2014 2015 2014YTD 2015YTD 2016YTD

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

75

100

125

150

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

CAC 40 DAX FTSE 100

3,7%4,5%

4,1%4,5% 5,2%

4,3%

6,7%5,6%

-0,2%

9,3%

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

Overview of IPO and FO activity in EMEAThe number of IPOs pricing above or at the top of the initial pricing range is the lowest in years in EMEA

• IPO activity in the EMEA region was especially weak in the third quarter, as proceeds totalled $4.7bn via 18 IPOs.

• The performance of IPOs in EMEA is lacking the other two regions, although performance of year-to-date IPOs is currently at a healthy 9.3%.

• The FTSE recovered remarkably quickly from the surprise Brexit referendum outcome, as investors went bargain hunting in the UK market.

1

2

3

1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full)

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’

Global indicesIPO pricing dynamics Post-IPO performance (median)

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PwC

Q3 2016

19

Quarterly ECM Briefing

Top 10 largest IPOs 2016YTD in EMEA

Top 10 largest FOs 2016YTD in EMEA

Source: Dealogic as of 30 September 2016

Pricing

dateIssuer name

Issuer

countrySector Exchange Filing range

Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance1-day 1-month Current

9-Jun-16 Dong Energy Utilities NASDAQ OMX C’gen 200.00 - 255.00 235.00 In range $3.0bn 20.1% 100.0% 9.8% 7.7% 17.0%

23-Sep-16 Nets Financials NASDAQ OMX C’gen 130.00 - 160.00 150.00 In range $2.4bn 52.5% 65.1% -3.3% N/A -1.5%

9-Jun-16 a.s.r. Financials Euronext Amsterdam 18.00 - 22.00 19.50 In range $1.2bn 36.3% 100.0% 2.6% -10.4% -7.1%

26-May-16 Philips Lighting Industrials Euronext Amsterdam 18.50 - 22.50 20.00 In range $1.0bn 28.8% 100.0% 10.0% 4.3% 18.4%

21-Jul-16 ENAV Industrials Borsa Italiana 2.90 - 3.50 3.30 In range $0.9bn 46.6% 100.0% 10.6% 10.6% 10.9%

6-May-16 MONETA Money Bank Financials Prague SE 68.00 - 85.00 68.00 Bottom of range $0.8bn 57.5% 100.0% 0.1% 8.2% 12.7%

28-Apr-16 Parques Reunidos Consumer Services Bolsa de Madrid 15.50 - 20.50 15.50 Bottom of range $0.7bn 48.0% 12.5% -4.8% -4.7% -20.5%

14-Apr-16 VAT Group Industrials SIX Swiss Exchange 39.00 - 46.00 45.00 Top of range $0.6bn 46.0% 100.0% 14.6% 18.9% 83.0%

25-Apr-16 Telepizza Group Consumer Services Bolsa de Madrid 7.00 - 9.50 7.75 In range $0.6bn 81.3% 78.4% -19.4% -16.1% -47.9%

3-Feb-16 CYBG Financials LSE 1.75 - 2.35 1.80 Bottom of range $0.6bn 25.0% 100.0% 6.7% 8.6% 47.6%

Pricing

dateIssuer name

Issuer

countrySector Exchange Filing range

Offer

priceDeal type

Money

raised

Secondary

shares (%)

Performance1-day 1-month Current

11-Feb-16 Saipem Oil & Gas Borsa Italiana 0.36 - 0.36 0.36 FO - Rights Offer $3.9bn 0.0% -16.7% 6.3% 4.1%

4-Apr-16 ArcelorMittal Basic Materials Euronext Amsterdam1 2.20 - 2.20 2.20 FO - Rights Offer $3.2bn 0.0% 80.9% 113.6% 147.6%

17-Jun-16 Banco Popular Espanol Financials Bolsa de Madrid 1.25 - 1.25 1.25 FO - Rights Offer $2.8bn 0.0% 11.3% 4.0% -11.9%

24-Aug-16 Melrose Industries Industrials LSE 0.95 - 0.95 0.95 FO - Accelerated Bookbuild $2.2bn 0.0% 53.2% 80.8% 83.7%

14-Apr-16 NN Group Financials Euronext Amsterdam 30.68 - 30.68 30.15 FO - Accelerated Bookbuild $1.6bn 100.0% -0.8% -3.4% -9.3%

22-Sep-16 CaixaBank Financials Bolsa de Madrid 2.35 - 2.35 2.26 FO - Accelerated Bookbuild $1.5bn 0.0% -0.1% N/A -0.5%

26-Apr-16 SABMiller Consumer Goods LSE 42.17 - 42.17 41.80 FO - Accelerated Bookbuild $1.4bn 100.0% 0.4% 2.1% 7.5%

5-Apr-16 Schaeffler Consumer Goods Deutsche Börse 13.10 - 13.50 13.10 FO - Accelerated Bookbuild $1.4bn 100.0% -1.4% -2.6% 7.5%

4-May-16 Compagnie de St-Gobain Industrials Euronext Paris 39.50 - 39.50 38.50 FO - Accelerated Bookbuild $1.3bn 100.0% -0.2% 3.4% -0.1%

3-Feb-16 LafargeHolcim Industrials SIX Swiss Exchange 39.89 - 39.89 36.25 FO - Accelerated Bookbuild $1.3bn 100.0% 6.5% 18.0% 44.8%

Leading transactions 2016YTD in EMEATwo Q3 IPOs managed to reach the top 5 largest IPOs this year, namely Nets on NASDAQ OMX and ENAV on Borsa Italiana

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). 1) ArcelorMittal’s primary listing is on Euronext Amsterdam; it is also listed on Euronext Paris, NYSE, Luxembourg SE and BME.

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PwC

Q3 2016

20

Quarterly ECM Briefing

Money raised and number of IPOs and FOs per sector 2014 – 2016YTD in EMEA

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

Financials Oil & GasConsumer

ServicesTelecom-

municationUtilities

Source: Dealogic, Bloomberg as of 30 September 2016

1,0 2,0 0,2 2,9

5,3 2,4

18,5

7,6 3,9

34,4

24,2

8,1

3,0 3,9 1,1

14,6 17,4

3,7 2,1 0,2 0,1 0,7 3,6

0,2 3,5

6,9

0,0 1,0 0,7 3,4

9 10 321

3113

5132

18

7388

31 32 3119

45 45

20 135 2

16 178 9 7 1 8 3 5

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

6,9 10,5 7,3 16,9

7,7 7,9

22,5 24,5

7,5

94,6 90,4

29,9

5,7 6,6 4,1

25,3 28,2 18,3

7,3 2,5 7,4 2,8 4,1 4,0 11,2 11,7

0,5 10,5

4,2 1,7

46 44 35 48 51 4082 97

51

231287

154

81 9167

113 11072 49 41 36 47 50 43

14 14 5 20 13 6

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

IPO and FO activity per sector in EMEAIn line with the global trend, Financials were the most active sector in terms of both IPO and FO activity in EMEA

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PwC

Q3 2016

21

Quarterly ECM Briefing

IPO activity of top countries in EMEA 2012 – 2016YTD

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 2016YTD.

Source: Dealogic as of 30 September 2016

$2,9bn

-

$9,1bn$7,5bn

$3,1bn

2 6 8 5

2012 2013 2014 2015 2016YTD

- $0,7bn

$4,0bn$5,9bn

$1,5bn

215

3221

2012 2013 2014 2015 2016YTD

- $0,5bn$2,3bn

$0,2bn

$5,9bn

1 2 1 3

2012 2013 2014 2015 2016YTD

6,6

$21,1bn

$27,9bn

$19,8bn

$4,4bn

37

77

112

74

37

2012 2013 2014 2015 2016YTD

Top countries in terms of IPO activity in EMEADespite being the clear leader in terms of number of IPOs, the UK is outpaced by Denmark in terms of total money raised

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PwC

Q3 2016

Asia-Pacific

22

Quarterly ECM Briefing

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PwC

Q3 2016

23

Quarterly ECM Briefing

Money raised via IPOs and FOs in Asia-Pacific (10-year overview) Top countries 2016YTD

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 2016YTD. If IPOs or FOs take place in two or more countries, total money raised is attributed to all countries.

Source: Dealogic as of 30 September 2016

$85,2bn

$30,2bn

$68,3bn

$125,6bn$91,0bn

$51,3bn $48,2bn$66,2bn $77,7bn

$43,0bn

$8,0bn

$1,6bn

$2,5bn

$7,5bn

$1,5bn

$1,5bn $10,2bn

$17,0bn $6,4bn

$3,7bn

697

301 325

760620

397 363

542664

412

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Asia Australasia Number of IPO's

$148,1bn

$65,6bn

$183,5bn$144,3bn

$113,8bn $135,1bn $139,6bn $160,1bn$218,3bn

$154,2bn

$37,8bn

$35,4bn

$63,5bn

$17,2bn$23,5bn

$17,6bn $20,7bn$22,3bn

$41,6bn

$12,8bn

1.437

650

1.381 1.3491.074 978

1.263 1.3251.480

1.012

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Asia Australasia Number of FO's

China, 66%

Hong Kong, 9%

Austrailia, 8%

Japan, 5%

South Korea, 3%Other, 9%

Hong Kong, 33%

China, 28%

Japan, 12%

Australia, 8%

India, 6%

Other, 13%

Money raised via IPOs and FOs in Asia-PacificWith Chinese growth worries fading to the background and monetary stimulus kicking in in Japan, the Asia-Pacific region experienced an active third quarter

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PwC

Q3 2016

IPO and FO activity in Asia-Pacific

2014 2015 2014YTD 2015YTD 2016YTD Q3 2014 Q3 2015 Q3 2016

IPO activity

Number of IPOs 542 664 347 465 412 130 91 170

% sponsor-backed 8.9% 6.3% 11.2% 6.2% 3.4% 9.2% 11.0% 4.1%

Money raised $83.1bn $84.1bn $48.8bn $49.5bn $46.6bn $15.1bn $7.2bn $24.2bn

% sponsor-backed 20.5% 16.7% 30.5% 15.1% 5.6% 48.0% 32.1% 6.3%

Advanced metrics

Free float % 30.0% 27.6% 30.6% 27.9% 29.3% 30.8% 33.6% 29.1%

Overallotment exercised (%)1 22.9% 17.3% 22.6% 16.2% 14.5% 17.5% 19.8% 7.6%

% secondary shares 17.3% 13.4% 18.4% 12.1% 12.0% 15.2% 19.5% 10.6%

FO activity

Number of FOs 1,325 1,480 990 1,092 1012 364 340 420

Money raised $182.4bn $259.8bn $137.8bn $203.6bn $167.0bn $53.3bn $51.1bn $69.9bn

1

2

3

24

Quarterly ECM Briefing Source: Dealogic, Bloomberg as of 30 September 2016

3% 3% 1% 1% 3%9% 11% 11% 8% 13%

60% 56% 64%59% 48%

25% 27% 21%28% 34%

3% 3% 3% 4% 2%

2014 2015 2014YTD 2015YTD 2016YTD

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

75

100

125

150

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

Hang Seng Nikkei 225 SENSEX

44,0%43,9%

70,6%

43,0%

90,6%

39,9%

92,2%

39,2%46,8%

37,1%

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

• In Q3 2016, 170 IPOs raised a total of $24.4bn. This represents a massive increase of 87% in terms of number of IPOs and 237% in terms of proceeds.

• FO activity grew less rapidly in the third quarter, with the number of deals climbing by 24% and proceeds by 37%. Activity was nonetheless higher than in the other regions.

• Despite massive monetary stimulus in Japan, the performance of the Nikkei 225 remains abysmal YTD, especially compared to the stellar performance of its Indian cousin.

1

2

3

Overview of IPO and FO activity in Asia-PacificInvestor appetite remains strong in Asia-Pacific, as over a third of IPOs priced above or at the top of their initial pricing range

2015 2016YTD

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’

Global indicesIPO pricing dynamics Post-IPO performance (median)

1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either partly or in full)

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PwC

Q3 2016

25

Quarterly ECM Briefing

Top 10 largest IPOs 2016YTD in Asia-Pacific

Top 10 largest FOs 2016YTD in Asia-Pacific

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).

Source: Dealogic as of 30 September 2016

Pricing

dateIssuer name

Issuer

countrySector Exchange Filing range

Offer

pricePricing

Money

raised

Free

float

Secondary

shares (%)

Performance

1-day 1-month Current

21-Sep-16 Postal Savings Bank of China Financials HKEx 4.68 - 5.18 4.76 Bottom of range $7.4bn 15.0% 0.0% 0.2% N/A 0.2%

21-Mar-16 China Zheshang Bank Financials HKEx 3.92 - 4.12 3.96 Bottom of range $1.9bn 21.7% 9.1% 0.0% -1.0% 0.5%

11-Jul-16 LINE Corp Technology Tokyo SE; NYSE 2,700 – 3,200 3,300 Above range $1.3bn 19.2% 0.0% 31.7% 28.3% 43.7

24-May-16 BOC Aviation Industrials HKEx 42.00 - 42.00 42.00 In range $1.1bn 30.0% 50.0% 0.0% -6.3% -5.0%

28-Jun-16 Bank of Jiangsu Financials Shanghai SE N/A 6.27 N/A $1.1bn 10.0% 0.0% 44.0% 91.6% 59.5%

20-Mar-16 Bank of Tianjin Financials HKEx 7.37 - 9.58 7.39 Bottom of range $1.0bn 17.2% 9.1% 0.0% 1.4% -12.5%

4-Feb-16 LaSalle Logiport REIT Financials Tokyo SE 92,000 - 100,000 100,000 Top of range $0.9bn 104.4% 0.0% 5.4% 5.3% 7.5%

22-Sep-16 ICICI Prudential Life Insurance Financials BSE; NSE 300.00 - 334.00 334.00 Top of range $0.9bn 12.7% 100.0% -10.9% N/A -7.2%

30-Jun-16 China Development Bank Financials HKEx 1.90 - 2.45 2.00 Bottom of range $0.8bn 24.9% 0.0% -7.0% -2.5% -4.0%

28-Apr-16 Reliance Worldwide Industrials Australian SE 2.27 - 2.50 2.50 Top of range $0.7bn 70.0% 0.0% 18.0% 24.4% 24.0%

Pricing

dateIssuer name

Issuer

countrySector Exchange Filing range

Offer

priceDeal type

Money

raised

Secondary

shares (%)

Performance

1-day 1-month Current

15-Apr-16 China Yangtze Power Utilities Shanghai SE 12.08 - 12.08 12.08 FO - Cash Placing $3.7bn 0.0% 2.2% 2.6% 10.1%

7-Sep-16 Hainan Airlines Consumer Services Shanghai SE 3.64 - 3.64 3.58 FO - Cash Placing $2.5bn 0.0% -6.7% N/A -10.6%

7-Jan-16 Bohai Leasing Industrials Shenzhen SE N/A 6.07 FO - Cash Placing $2.5bn 0.0% 24.1% 12.4% 18.3%

22-Jul-16 BYD Consumer Goods Shenzhen SE N/A 57.40 FO - Cash Placing $2.2bn 0.0% 5.4% 2.9% -3.2%

12-Sep-16 Recruit Holdings Industrials Tokyo SE 4,135 - 4,135 3,797 FO - Fully Marketed $2.1bn 100.0% 2.5% N/A 8.2%

7-Jul-16 Fengfan Stock Consumer Goods Shanghai SE N/A 29.80 FO - Cash Placing $2.0bn 0.0% 13.6% 4.4% 10.3%

7-Jan-16 Industrial Securities Financials Shanghai SE 13.13 - 13.13 8.19 FO - Rights Offer $1.9bn 0.0% 14.3% -4.8% -7.7%

28-Jun-16 True Corp Telecommunications Thailand SE 7.15 - 7.15 7.15 FO - Rights Offer $1.7bn 0.0% 2.1% 25.2% -2.8%

25-Mar-16 Guangzhou Friendship Group Consumer Services Shenzhen SE 9.40 - 9.40 8.90 FO - Cash Placing $1.5bn 0.0% 182.5% 131.2% 62.8%

19-Sep-16 Henan Billions Chemicals Basic Materials Shenzhen SE 18.93 - 18.93 7.62 FO - Cash Placing $1.5bn 0.0% 102.8% N/A 87.1%

Leading transactions 2016YTD in Asia-PacificThe widely anticipated dual IPO of LINE Corp on the Tokyo Stock Exchange and NYSE raised over $1.3bn in July

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PwC

Q3 2016

26

Quarterly ECM Briefing

Money raised and number of IPOs and FOs per sector 2014 – 2016YTD in Asia-Pacific

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

Financials Oil & GasConsumer

ServicesTelecom-

municationUtilities

Source: Dealogic, Bloomberg as of 30 September 2016

3,6 3,2 1,9

13,2 8,2

4,6 8,7

5,4 3,7

22,1

35,1

23,0

6,5 6,0 1,4

15,1 13,2 7,7

1,0 1,4 0,3 4,9

7,3 3,4

0,2 0,2 -

7,9 4,2

0,7

3758

29

98125

5378

92

5474 83

6640

64

31

132154

121

11 10 4

61 6449

3 4 8 10 5

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

13,8

27,3 18,2 15,7

26,0 20,2

10,0 19,0 20,0

58,1

99,2

31,5

6,5 16,6

8,8

47,1 37,4

42,9

9,9 12,1 4,0 8,4 9,2 9,6 6,2

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

167 155 140168

201149 131

171

100

284 317

147

75114

67

277 301243

55 44 30

108 12799

27 15 19 33 35 18

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

'14 '15 '16YTD

IPO and FO activity per sector in Asia-PacificWhereas Financials dominate the IPO market in terms of IPO proceeds, Industrials are the most active in terms of number of IPOs and FOs well as in terms of FO proceeds

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PwC

Q3 2016

27

Quarterly ECM Briefing

IPO activity of top countries in Asia-Pacific 2012 – 2016YTD

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 2016YTD.

Source: Dealogic as of 30 September 2016

$8,0bn

$18,9bn

$28,7bn

$23,7bn

$15,4bn

5592 108 116

65

2012 2013 2014 2015 2016YTD

$14,5bn

-

$12,9bn

$25,8bn

$13,3bn

142 126

220

138

2012 2013 2014 2015 2016YTD

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

$15,6bn

$5,5bn

42 5475 78

50

2012 2013 2014 2015 2016YTD

$1,5bn

$10,0bn

$16,7bn

$6,4bn$3,5bn

2550

72 7638

2012 2013 2014 2015 2016YTD

Top countries in terms of IPO activity in Asia-PacificHong Kong remains one of the most active countries worldwide for IPOs, remaining a gateway into Mainland China for Western investors

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