Global IPO
trends: Q4 2017
A busy 2017 with more
mega-IPOs on the horizon
Contents
Global IPO market3
Americas7
Asia-Pacific11
Europe, Middle East, India and Africa21
Appendix30
About this report
EY
Global IPO trends
report is released every quarter and looks
at the IPO markets, trends and outlook for the Americas, Asia-
Pacific, Japan and EMEIA regions.
The report provides insights, facts and figures on the 2017
IPO market year-to-date and analyzes the implications for
companies planning to go public in the short and medium term.
You will find this report at the EY Global IPO Center, where you
can also subscribe for future editions.
All values are US$ unless otherwise noted.
Global IPO trends: Q4 2017|Page 3
Global IPO market
Everything is in place for
an exceptional 2018
“2017 will close with more IPOs than any year since 2007.
With this great momentum IPO candidates are lining up
for 2018. The outlook appears bright, driven by lower
volatility across regions, high valuation levels and a
renewed appetite for cross-border IPOs, particularly in
the US, Hong Kong and London. A healthy global pipeline
across a broad range of sectors and markets suggests
IPO activity levels will be up and with more megadeals
increasing the global proceeds in 2018.”
Dr. Martin Steinbach
EY Global and EMEIA IPO Leader
Global IPO trends: Q4 2017|Page 4All values are US$ unless otherwise noted.|Q4 2017 and Q4 17 refer to the fourth quarter of 2017 and cover priced IPOs from 1 October to 1 December 2017 plus expected IPOs by the end of December. YTD 2017 and 2017 refers to the full year of 2017 and covers priced IPOs from 1 January to 1 December 2017 plus expected IPOs by the end of December.
Markets
Highlights from the markets
2007 by deal number (1,974 IPOs, which raised US$338.4b).
2017 with 1,624 IPOs raising US$188.8b, compared with
1,093 deals raising US$134.5b in 2016.
stalled due to weaker-than-expected activity levels on Asia-
Pacific exchanges. This was partly due to uncertainty around
China’s National People’s Congress, changes in Hong Kong
listing rules and the trend for smaller deals.
of deals and proceeds in 2017, accounting for more than half
(58%) of deal number and more than a third (39%) by proceeds.
capital raised was up 67%.Megadeals (with proceeds of more
than US$1b) were up on 2016, increasing average deal sizes by
45% on the main markets.
of deals and proceeds. The region recorded eight megadeals
and 28 IPOs with proceeds of more than US$500m, with
cross-border deals accounting for 24% of US IPO activity,
reflecting the resurgence of investor confidence, particularly
in US exchanges.
exchanges all turned in strong performances. Greater China
contributed to 36% of global deal numbers.
for IPOs as a class. Industrials and technology were the most
active sectors by deal number, with a strong showing from
consumer products. Whereas financial services led by
proceeds, followed by technology and industrials.
terms of the proportion of global deal number.
deal number and proceeds, compared with 2016.
Global IPO market
ActivityQ4 2017
Stock
exchanges
by highest total
proceeds
New York
(NYSE)
$7.7b
18 IPOs
Bombay
(BSE) and
SME
$5.5b
17 IPOs
Shanghai
(SSE)
$4.9b
39 IPOs
IPOs
largest by
proceeds
BAWAG
Group AG
$2.0b
Financials
Austria
Wiener Brse
(Vienna)
General
Insurance
Corp of India
Ltd. $1.7b
Financials
India
Bombay (BSE)
Petrobras
Distribuidora
SA
$1.6b
Energy
Brazil
Sao Paulo (B3)
Sectors
by highest
number of IPOs
Industrials
78 IPOs
$6.2b
Technology
70 IPOs
$9.7b
Consumer
products
51 IPOs
$2.6b
Sources ofIPOs
2017
All amounts in table are in US$
23%
5%
72%
Percentage
of proceeds
9.7%
0.6%
89.7%
Percentage
of IPOs
$0
$1,000
$2,000
$3,000
$4,00010,000
20,000
30,000
40,000
20132014201520162017
M&A activity
Number of M&ADeal value US$b
28%27%17%13%9.7%
2%1%
1%1%0.6%
70%72%82%86%89.7%
20132014201520162017
$0
$50
$100
$150
$200
$250
$300500
1,000
1,500
2,000
20132014201520162017
IPO activity
Number of IPOsProceeds US$b
Figures may not total 100% due to rounding
2017Change on prioryearQ42017Change on prioryearquarter
1,624
IPOs globally
409
IPOs globally
$188.8b
proceeds
$56.0b
proceeds
All amounts in table are in US$
11%49%
40%6%
Global IPO trends: Q4 2017|Page 5All values are US$ unless otherwise noted.|Q4 2017 and Q4 17 refer to the fourth quarter of 2017 and cover priced IPOs from 1 October to 1 December 2017 plus expected IPOs by the end of December. YTD 2017 and 2017 refers to the full year of 2017 and covers priced IPOs from 1 January to 1 December 2017 plus expected IPOs by the end of December.
Regional performance and trends
31%
25%
16%
12%
13%
27%
30%
31%
29%
29%
42%
45%
53%
59%
58%
2013
2014
2015
2016
2017
Regional share by number of IPOs
46%
38%
19%
17%
27%
20%
31%
36%
28%
34%
34%
31%
45%
54%
39%
2013
2014
2015
2016
2017
Regional share by proceeds
Global IPO market
The stronger-than-expected turnaround in economic activity in the Eurozone has boosted
expectations for global economic growth. With China and the US remaining positive, all the major
engines of growth in the global economy are now synchronized in an upward trajectory for the first
time since the end of the global financial crisis.
Top IPO issuers 2017
by number of IPOs outside home country
Top IPO destinations* 2017
by number of IPOs
or = increase or decrease for YTD 2017 compared with the full year of 2016
Figures may not total 100% due to rounding.
9%
10%
8%
6%
7%
2013
2014
2015
2016
2017
Cross-border IPOs
Percentage by number of IPOs globally
*IPO destinations refer to stock exchanges.
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