pwc/globaltechipo
Global Technology IPO Review Full-year and Q4 2015
Technology Institute A quarterly and annual look at global trends in the technology IPO market February 2016
A resilient end to 2015, but momentum may not be sustained*
Welcome to the full-year and fourth quarter 2015 issue of PwC's Global Technology IPO Review. Overall, 2015 was the second best year for technology IPOs globally in the last five years with broad geographic participation. 2015 highlights:Rebound of Europe as a source of technology IPOsBroader geographical distribution of IPOs with 15 countries participatingInternet Software & Services continuing as top subsectorAbundant pre-IPO funding supporting a healthy pipeline The tech IPO market encountered challenges as well. Uncertainties over Federal Reserve and European monetary policies and concern over the Chinese economy led to weak and volatile markets in the US and China. Further, a large unresolved disparity between public and private market valuations tempered technology IPO activity in the second half of the year. Overall, 2015 represented 21% of both the number of tech IPOs (92) and total proceeds (US$27.1 billion) during the 2011-2015 period, just behind 2014 (40% and 27%, respectively). Though average proceeds were higher in both 2012 (US$336 million) and 2014 (US$434 million), owing to the mega Facebook and Alibaba IPOs, 2015 included a number of big-ticket (US$1 billion plus) offerings which resulted in average proceeds of US$295 million. Europe had its biggest year in a decade, delivering big-ticket IPOs and broad market participation. Three of the five big-ticket tech IPOs in 2015 were from Europe, compared to two out of seven in 2014 and none in 2011, 2012 or 2013. Seven European countries participated in 2015: Denmark, Germany, Ireland, Italy, Poland, Sweden and the UK. The UK had a particularly strong year with two of the five 2015 US$1-billion-plus tech IPOs (Auto Trader Group Plc in the first quarter and Worldpay Group Plc in the fourth quarter), and 45% of the European technology offerings. The Internet Software & Services subsector continued to cash in on strong investor sentiment with US$15.9 billion in proceeds and 40 listings in 2015. Tremendous upside from social media, e-commerce, and online applications across industries boosted investors' confidence. The subsector contributed 59% of total proceeds and 43% of total offerings. In terms of geographic distribution, the US continued to lead with US$8.4 billion in proceeds, followed by the UK at US$7.8 billion. China posted relatively low proceeds, reflecting a more cautious approach by investors and keener focus on valuations. Shenzhen raised US$1.5 billion from 17 IPOs and Shanghai US$437 million from 5 IPOs. Following a rather stable March to June, the VIX (Volatility Index) rose sharply in September, reaching a high near 30 and then came back down in October to roughly 15. It then rose and fell again in November and Decemb
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