2011 Q1 Global IPO Update

Q1’11 Global IPO Update

April 2011


Global IPO activity by number of IPOs, was slightly lower in Q1’11 (290 deals)

compared with Q1’10 (293 deals) and this was significantly lower than Q4’10

(484 deals):

Q1’11 key highlights

Total capital raised in Q1’11 was slightly lower (US$46.1 billion) than Q1’10

(US$53.6 billion) and significantly lower than Q4’10 (US$131.5 billion):

1% less IPOs in Q1’11 than Q1’10.

14% less capital raised in Q1’11 than

in Q1’10.

40% less IPOs than Q4’10.

65% less capital raised in Q1’11

than in Q4’10.



► Global IPO volume reached US$46.1 billion in 290 deals in Q1’11. This was 14% lower than the

US$53.6 billion raised in the first quarter of 2010.

► US financial sponsor backed IPO listings drove global IPO activity in Q1’11.

► New York Stock Exchange led among world exchanges by capital raised (US$13.8 billion in 16 deals),

taking the lead for the first time in two years.

► The last few weeks of Q1’11 saw choppy stock markets spiked by the Japanese disaster and Middle

East political unrest, which slowed down the overall pace of global IPO activity, particularly in EMEIA.

► January 2011 global capital raised was the largest for that month on record (US$13.4 billion from 109

deals surpassing the US$12.2 billion from 87 deals in January 2010).

► The top three IPOs accounted for 28% of the first three months’ global capital raised.

► Hong Kong’s Hutchison Port Holding Trust raised US$5.4 billion which constituted 12% of global capital raised in

Q1’11. It is the largest IPO listed on Singapore Stock Exchange on record (topping the October 2010 Singaporean

Global Logistic Properties listing worth US$3.0 billion. It is the largest IPO so far this year.

► This quarter saw the largest Private Equity (PE) backed IPO ever: the US$4.3 billion IPO of the America’s largest

hospital chain operator, HCA Holdings Inc in March on the New York Stock Exchange (NYSE). It is the second

largest IPO this quarter.

► The third largest IPO in Q1’11 was the US$3.3 billion IPO of US energy company Kinder Morgan Inc. It is also the

third largest PE backed IPO ever.



► Emerging markets made up around 72% by global number of deals and 65% by amount of

capital raised in Q1’11:

► Of the top 10 IPOs (by capital raised), 6 deals were from emerging countries. Of the top 20 IPOs, 12 deals were

from emerging countries.

► BRIC markets recorded 129 deals and US$21.0 billion, or 45.5% of total capital raised in Q1’11. This

compares with US$26.3 billion and 136 deals in Q1’10.

► In first three months of 2010, Asian issuers continue to dominate global IPO activity. The

region accounted for 57% of dollar volume or US$26.4 billion in 164 deals.

► Greater Chinese issuers dominated, bolstered by solid economic fundamentals and market

liquidity. Greater China issuers alone made up around 52% of global fundraising:

► Greater Chinese issuers raised US$23.9 billion in 111 deals – a 21% increase in total proceeds from Q1’10.

► US exchanges raised 32% of global proceeds, 84% by capital raised are backed by PE and VC

firms:

► US exchanges (NYSE, NASDAQ and AMEX) raised 32% of global proceeds, or a total of US$15.0 billion in 34

deals.

► NYSE took the lead among exchanges for the first time in two years. There were 16 deals which raised US$13.8

billion in Q1’11. This represents a 286% increase in capital raised from Q1’10.

► PE and VC sponsored deals made up 59% by number of US new issuances and 84% by capital raised. There were

14 PE backed IPO deals worth US$12.1 billion.



► Central & South American issuers raised 5.8% of global capital raised, led by Brazil.

► Issuers from Central & South America US$2.7 billion in 7 deals (2.4% of global deal number).

► Brazil conducted 5 IPOs, raising US$2.1 billion as local companies tapped the stock exchange to finance expansion

plans.

► European exchanges raises 5.4% of global proceeds, led by Norway and UK:

► Due to market volatility exacerbated by the euro zone sovereign debt crisis, Japanese disaster and Middle East

political unrest, European exchanges launched 51 IPOs worth US$2.5 billion.

► While there was a 6% increase by number of deals in Q1’11 compared to Q1’10, capital raised decreased by 70%

from Q1’11 to Q1’10.

► Olso Bors led Europe in fundraising with US$1.3 billion raised in 3 IPO offerings.

► Polish exchanges launched the second highest number of IPOs globally with 34 deals worth US$151m.

► UK exchanges raised US$463 million through 4 deals.

► Issuers from the Middle East raised US$57 million in 6 IPOs. The Middle East and Africa IPO market

were relatively quiet in Q1’11.

► Nine IPOs expected to raised around US$4.7 billion altogether were postponed or withdrawed in EMEA during March

2011. This was the largest monthly estimated volume since October 2008.

► There were 5 deals with capital raised above US$1 billion in the first 3 months of 2011, compared to 9

deals in Q1’10. Of the 5 deals, 3 were from US issuers while the other 2 deals were from Greater

China issuers.



► Financial sponsor*-backed IPOs continues its comeback

► Globally, PE firms exited 21 companies via IPO, raising around US$13.5 billion (29.2% of total funds raised).

► US PE backed IPO listings drove global IPO activity in Q1’11. There were 11 IPOs which raised US$11.5 billion,

this was around 25% of global capital raised in Q1’11.

► VC backed firms exited 18 companies through an IPO, worth US$1.5b (3.3%).

► Q1’11 saw two of the three largest PE-backed ever.

► The largest PE-backed IPO ever is the US$4.3 billion IPO of the America’s largest hospital chain operator, HCA

Holdings Inc in March on New York Stock Exchange (NYSE). The China Pacific Insurance US$4.1 billion IPO in

2007 is now the second place.

► The third largest PE backed IPO ever was also launched in Q1’11. It was the US$3.3 billion IPO of US energy

company Kinder Morgan Inc.

► Global SOE privatization accounted for 5 IPOs worth US$1.5 billion. This was 2% of global deals and

3% of total capital raised in the first three months of 2011.

► Of the five privatization deals, three deals from Chinese issuers, one deal each from Indonesia and Bangladesh.

► Around 9 out of 10 global IPOs** priced within or above their initial filing range in Q1’11:

► While price-sensitive investors grew more cautious after mixed performances of some high-profile debuts, 85% of

global IPOs in Q1’11 priced within their initial filing range – compared to a historical 10 year average of 74.3%.

► Only 8% of IPOs priced below their initial price, while 7% priced above.

*Financial sponsor backed IPOs refer to private equity backed IPO deals. A financial sponsor is defined by data provider, Dealogic as “a private equity investment firm that

acquires existing and operating companies through a leveraged or management buyout, engages in restructuring activities for the acquired companies and eventually

monetizes its positions through a sale of equity, recapitalization, secondary buyout or trade sale.”

**Analysis focus on open-price IPOs with deal value above US$50 million that is priced above, below or within their initial filing range



► Follow-on offerings:

► There were 1,283 follow on offerings globally, which raised US$143 billion in Q1’11.

► This constitute 67% of global Equity capital markets activity.

► Q1’11’s three largest follow on deals are:

► The US$6.9 billion listing by Japanese bank Resona Holdings on Tokyo and Osaka Stock Exchanges in January.

► US’s MetLife Inc US$6.3 billion listing on New York Stock Exchange in early March.

► Russia’s VTB Bank US$3.3 billion listing on London and Russian exchanges in February.

► In the first quarter of 2011, there were 24 deals with capital raised above US$1 billion – 18 were from developed

markets, 6 were from emerging markets.

► Withdrawals/postponements:

► 68 IPOs have been postponed or withdrawn in Q1’11 compared with 45 deals put on hold or withdrawn during

Q1’10, according to Dealogic.

► Globally, there were 30 postponed or withdrawed IPO deals in March 2011:

► Of the 30 deals, 10 deals was from China, while US had four deals and Japan had three deals.

► Of the 30 deals, 7 deals were financial sponsor backed deals.



Geographical analysis Industry analysis Exchange analysis

By number of IPOs► Asia Pacific continues to be the leading

region with 65.2% market share.

► EMEA and North America regions had

19.3% and 13.1% market share

respectively. Central & South America

had 2.4% market share.

► Greater China, Poland and US were

market share leaders with 111, 31 and

27 IPOs respectively.

By capital raised► Asia Pacific was the market share

leader with 57.7% in Q1’11.

► North America and Central & South

America were ranked second and third

with 31.7% and 5.8% market share

respectively, while EMEA had 4.8%.

► Greater China, US and Brazil issuers

were market share leaders in Q1’11

with 52% (US$23.9b), 31.4%

(US$14.5b) and 4.5% (US$2.1b)

respectively.

By number of IPOs► Due to demand for Chinese high

growth companies and attractive

pricing, Shenzhen Stock Exchange

was the most active by number of

deals, with 78 deals (26.9% of total

numbers).

► Warsaw’s NewConnect saw 29 deals

(10.0%), and the Australian Securities

exchange hosted 26 deals (9.0%).

By capital raised► The NYSE, buoyed by the HCA

Holdings , Kinder Morgan Inc and

Nielsen Holdings listings (the second,

third and fourth largest deals globally in

Q1’11), raised US$13.8b in 16 IPOS

(29.8% of global proceeds).

► Shenzhen Stock exchange ranked

second, raising US$11.2b (24.3%) while

Singapore Stock Exchange came in

third, raising US$5.6b (12.2%), due to

hosting this quarter’s largest IPO.

► The top three sectors accounted for

58% of total value: industrials

(US$ 12.6b), energy (US$7.9b) and

health care (US$6.2b).

► The leading sectors by number of deals

were materials (60 IPOs); industrials

(48); and high technology (35).


Q1’11 key highlightsThe global “Top 20 Club” (top 20 IPOs by capital raised)

► Emerging markets represent 6 of the top 10 IPOs and 12 of the top 20 IPOs:► Five out of the top 20 deals were private equity-backed IPOs. 2 out of the top 20 were state owned enterprises.

► 18 of the top 20 listed on their home exchange (as their primary exchange).

► Two of the top 20 that listed on a foreign exchange: ► Hong Kong’s transportation conglomerate, Hutchison Port Holdings which listed on Singapore Stock Exchange.

► Argentina’s agricultural company Adecoagro SA which listed on New York Stock Exchange.

► The top 10 IPOs together raised US$20.5 billion which represents about 44% of global proceeds.

► The top 20 IPOs together raised US$25.9 billion which represents about 56% of global proceeds.

► Greater China was the source of 8 of the top 20 IPOs in Q1’11, while US was the source of 7 deals:

► Other IPOs in top 20 were from Brazil, Norway, Indonesia, South Korea and Argentina, each country accounted for

1 deal each.

► The minimum deal value required to make the top 20 was US$ 361 million in Q1’11, compared to

the US$420 million in Q1’10.

► The minimum deal value to join the global Top 10 Club was US$713 million compared to

US$982 million in Q1’10.

► The energy and industrials sectors generated five and four IPOs respectively:

► While financials generated three deals and consumer staples and materials had two deals. Consumer products and

services, health care, real estate and technology sectors generated one IPO each respectively.


$132 $145 $116 $177 $210 $99 $70 $58 $131 $180 $267 $295 $96 $113 $285

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Capital raised (US$b) Number of deals

Global IPO activity in 2010 is 153% higher than 2009 by global capital raised. Improved

economic conditions in many countries, stronger performance of global equity markets and

increasing investor optimism contributed to this increase in IPO activity.

Global IPO activity: number of deals and capital raised by year

Source: Dealogic, Thomson Financial, Ernst & Young


$29 $33 $29 $39 $29 $39 $38 $74 $39 $66 $49 $112 $37 $95 $59 $105 $41 $39 $13 $2 $1 $10 $34 $67 $54 $47 $53 $132 $46

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Global IPO activity: number of deals and capital raised by quarter

In the first three months of 2011, there were 5 deals with capital raised above US$1

billion. Of the top 10 IPOs (by capital raised), 6 deals were from emerging countries. Of

the top 20 IPOs, 12 deals were from emerging countries.



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Global IPO activity: number of deals and capital raised by month

January 2011 saw US$13.4 billion, raised from 109 deals. This is the largest January

capital raised on record, surpassing January 2010 (US$12.2 billion from 87 deals).



Asia-Pacific63%

Europe, Middle

East and Africa21%

North America

14%

Central & South

America2%

Global IPO activity: distribution of IPOs by world region (by number of deals)


Q1’10

Q4’10

Q1’11

Asia-Pacific65%

Europe, Middle

East and Africa19%

North America

13%

Central & South

America3%

Asia-Pacific64%

Europe, Middle

East and Africa19%

North America

14%

Central & South

America3%


Global IPO activity: distribution of IPOs by world region (by capital raised)


Q1’10

Q4’10

Q1’11

Asia-Pacific57%

Europe, Middle

East and Africa

5%

North America

32%

Central & South

America6%

Asia-Pacific65%

Europe, Middle

East and Africa12%

North America

20%

Central & South

America3%

Asia-Pacific67%

Europe, Middle

East and Africa17%

North America

10%

Central & South

America6%


Q1’10 versus Q1’11 global IPOs by region

184

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43

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189

56

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Asia-Pacific EMEA North America Central and South America

Q1'10 Q1'11

percentage

of global IPO

activity

Number of deals Capital raised, US$b

$36

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Asia-Pacific EMEA North America Central and South America

Q1'10 Q1'11


63 65 21 19 14 13 2 3 67 57 17 5 10 32 6 6


Developing countries made up 72% of the number of deals globally and 65% of the total global capital raised.

BRICs together raised US$21.0 billion (46% of total capital raised) in 121 deals (42% of total deal numbers).

Greater China lead by number of deals, followed by Poland and US

North America

US 9.3% (27)

Canada 3.8% (11)

Central & South America

Brazil 1.7% (5)

Argentina 0.3% (1)

Mexico 0.3% (1)

Asia-Pacific

Gr. China*

Australia

South Korea

India

Japan

Malaysia

Singapore

Indonesia

Sri Lanka

38.3% (111)

8.6% (25)

4.8% (14)

3.4% (10)

2.4% (7)

2.4% (7)

1.7% (5)

1.4% (4)

0.7% (2)

EMEA

Poland

Turkey

Israel

UK

France

Norway

Germany

Russian Fed

Netherlands

UAE

10.7% (31)

1.4% (4)

1.4% (4)

1.0% (3)

0.7% (2)

0.7% (2)

0.3% (1)

0.3% (1)

0.3% (1)

0.3% (1)

13%

3%

19% 65%

Q1’11 Global IPO activity (by region and number of deals)

*Greater China includes Mainland China (105 deals), Hong Kong (5) and Taiwanese (1) issuers. Based on the listed company domicile country



North America

US 31.4% ($14.5b)

Canada 0.3% ($0.1m)

Central & South America

Brazil 4.5% ($2.1b)

Argentina 0.8% ($0.4b)

Mexico 0.6% ($0.3b)

Asia-Pacific

Gr. China*

South Korea

Indonesia

India

Japan

Australia

Singapore

Laos

52% ($23.9b)

2.0% ($0.9b)

1.3% ($0.6b)

0.6% ($0.3b)

0.4% ($0.2b)

0.4% ($0.2b)

0.4% ($0.2b)

0.3% ($0.1b)

EMEA

Norway

Russian Fed

Turkey

Netherlands

UK

Poland

Germany

Israel

Lithuania

France

1.5% ($0.7b)

0.8% ($0.4b)

0.7% ($0.3b)

0.7% ($0.3b)

0.4% ($0.2b)

0.3% ($0.1b)

0.2% ($0.1b)

0.1% ($36m)

0.1% ($26m)

0.1% ($20m)

32%

6%

Q1’11 Global IPO activity (by region and capital raised)

Of the 5 deals with capital raised above US$1 billion, 2 were from emerging markets. Six of the top 10 IPOs and 12

of the top 20 IPOs (by capital raised) were from emerging countries.

Greater China lead by total capital raised (US$b), followed by US and Brazil

5% 57%

*Greater China includes Mainland China (US$18.3b), Hong Kong ($5.5b) and Taiwanese ($12m) issuers . Based on the listed company domicile country



Global IPO activity: by industry and % of global number of deals

21%

16%

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10%9%

8%7% 6%

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22%

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Q1'11 Q1'10Source: Dealogic, Thomson Financial, Ernst & Young


Global IPO activity: by industry and % of global capital raised

27%

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Q1'11 Q1'10Source: Dealogic, Thomson Financial, Ernst & Young


Top 12 by number of deals Top 12 by capital raised

Exchange No. of

deals

percentage

of global

total

Shenzhen Stock Exchange (SZE)** 78 26.9%

Warsaw – NewConnect 29 10.0%

Australian Securities Exchange (ASX) 26 9.0%

NASDAQ 16 5.5%

New York Stock Exchange (NYSE) 16 5.5%

KOSDAQ 11 3.8%

Shanghai Stock Exchange (SSE) 11 3.8%

Bombay Stock Exchange (BSE) 10 3.4%

Hong Kong Exchanges & Clearing

Limited (HKEx) 9 3.1%

Toronto Venture Exchange (TSX-V) 9 3.1%

Sao Paulo Stock Exchange

(BOVESPA) 5 1.7%

Warsaw Stock Exchange (WSE) 5 1.7%

All other exchanges 65 22.5%

Global total 290 100.0%

Exchange Capital

raised

(US$m)

percentage

of global

total

New York Stock Exchange (NYSE) $13,766 29.8%

Shenzhen Stock Exchange (SZE)** $11,218 24.3%

Singapore Stock Exchange (SGX) $5,627 12.2%

Shanghai Stock Exchange (SSE) $4,542 9.8%

Hong Kong Exchanges & Clearing

Limited (HKEx) $2,157 4.7%

Sao Paulo Stock Exchange (BOVESPA) $2,064 4.5%

Oslo Bors $1,310 2.8%

NASDAQ $1,161 2.5%

Korea Stock Exchange (KRX) $634 1.4%

Indonesia Stock Exchange (IDX) $577 1.3%

London Stock Exchange (LSE) $360 0.8%

Istanbul Stock Exchange (ISE) $343 0.7%

All other exchanges $2,384 5.2%

Global total $46,143 100.0%

Q1’11 Global IPO activity: by stock exchanges*

*Data based on domicile of the exchange, regardless of the listed company domicile

**Shenzhen Stock Exchange includes listings on Mainboard (SME) and ChiNextSource: Dealogic, Thomson Financial, Ernst & Young


Top 10 by number of deals Top 10 by capital raised

Exchange No. of

deals

percentage

of global

total

Shenzhen Stock Exchange (SZE)** 321 23.0%

Australian Securities Exchange (ASX) 92 6.6%

Hong Kong Exchanges & Clearing Ltd

(HKEx)

87 6.2%

New York Stock Exchange (NYSE) 82 5.9%

NASDAQ 76 5.5%

Warsaw – NewConnect 71 5.1%

Bombay Stock Exchange (BSE) 62 4.4%

KOSDAQ 56 4.0%

Toronto Venture Exchange (TSX-V) 42 3.0%

London Alternative Investment

Market (AIM)

40 2.9%

All other exchanges 464 33.4%

Global total 1393 100.0%

Exchange Capital raised

(US$m)

percentage

of global

total

Hong Kong Exchanges &

Clearing Ltd (HKEx)$57,383 20.2%

Shenzhen Stock Exchange

(SZE)**$44,295 15.6%

New York Stock Exchange

(NYSE)$34,717 12.2%

Shanghai Stock Exchange (SSE) $27,879 9.8%

Tokyo Stock Exchange (TSE) $14,268 5.0%

London Stock Exchange (LSE) $8,861 3.1%

NASDAQ $8,726 3.1%

Bombay Stock Exchange (BSE) $8,304 2.9%

Australian Securities Exchange

(ASX)$7,905 2.8%

Korea Stock Exchange (KRX) $7,750 2.7%

All other exchanges $64,506 22.7%

Global total $284,607 100.0%

2010 global IPOs by stock exchanges*

*Data based on domicile of the exchange, regardless of the listed company domicile

**Shenzhen Stock Exchange includes listings on Mainboard (SME) and ChiNextSource: Dealogic, Thomson Financial, Ernst & Young


Emerging markets: IPO activity by year in the BRIC countries

$9 $13 $18 $30 $88 $121 $28 $65 $130

91109

176148

284

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163199

573

0

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Emerging market continues to drive global IPO activity in Q1’11 (72% by global deals)

and 65% by global capital raised). Emerging markets issuers raised US$29.8b from 209

IPO deals. There were 121 IPOs which raised US$21.0 billion by BRIC issuers.


Emerging markets: IPO activity by quarter in the BRIC countries


$4 $6 $3 $5 $4 $8 $4 $15 $7 $18 $18 $44 $13 $37 $28 $43 $13 $11 $3 $0 $0 $7 $23 $35 $26 $20 $42 $42 $21

37

70

35 3421

4029

58 6049

60

115

91 93

123126

46

73

37

7 612

57

124136

123132

182

121

0

50

100

150

200

0

10

20

30

40

50

Q1

04

Q2

04

Q3

04

Q4

04

Q1

05

Q2

05

Q3

05

Q4

05

Q1

06

Q2

06

Q3

06

Q4

06

Q1

07

Q207

Q3

07

Q4

07

Q1

08

Q2

08

Q3

08

Q4

08

Q1

09

Q2

09

Q3

09

Q4

09

Q1

'10

Q2

'10

Q3

'10

Q4'1

0

Q1

'11

Nu

mb

er

of

IPO

s

Cap

ita

l ra

ise

d (

US

$b

)


In Q1’11, 2 of the 5 deals with capital raised above US$1 billion were from emerging

markets. Of the top 10 IPOs (by capital raised), 6 deals were from emerging countries. Of

the top 20 IPOs, 12 deals were from emerging countries.


Q1’11 Top 20 IPOs by capital raised

Issue

month

Issuer name Domicile

country

Sector Issuer business description Capital

raised

(US$m)

Exchange(s) Type of IPO

Mar Hutchison Port Holdings Trust Hong Kong IndustrialsPort and harbour operator and

provider of warehousing services5,454 Singapore

Mar HCA Holdings Inc US Health careOperator of hospitals and surgery

centers4,354 New York PE backed IPO

Feb Kinder Morgan Inc US Energy

Transportation and storage of natural

gas, refined petroleum and crude

petroleum

3,294 New York PE backed IPO

Jan Nielsen Holdings NV USConsumer products

and services

An information and measurement

company that provides data on

consumers preferences and behavior

1,889 New York PE backed IPO

Jan Sinovel Wind Group Co Ltd China Industrials

Renewable energy company

engaged in developing, designing,

manufacturing and marketing large-

scale wind turbines

1,435 Shanghai

Feb QGEP Participacoes SA Brazil Energy Oil and gas exploration company 905 BOVESPA

Jan BankUnited Inc US Financials Commercial bank 900 New York PE backed IPO

Mar China Hongqiao Group Ltd China Materials Aluminum product manufacturer 817 Hong Kong

Mar Far East Horizon Ltd China FinancialsSpecializing in customized financial

solutions through financial leasing757 Hong Kong PE backed IPO

MarZhejiang Semir Garment Co

LtdChina Consumer staples

Engaged in manufacturing,

distributing casual wear and

children's clothing, including fashion

design

713 Shenzhen



Q1’11 Top 20 IPOs by capital raised

Total capital raised by top 20 IPOs:

Total global capital raised in Q1’11:

% of top 20:Source: Dealogic, Thomson Financial, Ernst & Young

US$25.9b

US$46.1b

56%

Issue

month

Issuer name Domicile

country

Sector Issuer business description Capital

raised

(US$m)

Exchange(s) Type of IPO

JanChina Hainan Rubber

Industry Group Co LtdChina Materials

Natural rubber planting and

processing company711 Shanghai Former SOE

Feb Aker Drilling ASA Norway Energy Drilling company 691 Oslo

Jan American Assets Trust Inc US Real estate

Real Estate Investment Trust that

owns, operates, acquires and

develops retail and office properties

648 New York

Mar Pacific Drilling SA US Energy Ultra-deepwater drilling contractor 600 Oslo

MarApollo Global Management

LLCUS Financials Private equity investment firm 565 New York

FebPT Garuda Indonesia

(Persero) TbkIndonesia Industrials State-owned air carrier 524 Jakarta Former SOE

Jan Hyundai Wia Corp South Korea Industrials A motor vehicle part manufacturer 466 Korea

Feb

Inner Mongolia Junzheng

Energy & Chemical Industry

Co Ltd

China EnergyEngaged in power production, power

supply, heat production and supply456 Shanghai

JanShanghai Great Wisdom Co

LtdChina Technology

Engaged in developing and

producing information technology in

financial products

388 Shanghai

Jan Adecoagro SA Argentina Consumer Staples

Agricultural company engaged in the

production of crops and other

agricultural products

361 New York


Global number of IPOs* by pricing range

7 921 18 14 13 6

26 21 20 1429

1 2 6 1 6 5 4 6 11 1012 21 10 20

521

15

28

10 1916

32

5 122 3

2 318 17 24 17

2511

53

72 65

102

93

101

63

185

115

205

118

198

39

65

247 3

21

74

133 144154

124

237

124

0

50

100

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250

300

Q1'0

5

Q2

'05

Q3

'05

Q4

'05

Q1

'06

Q2

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Q3

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'06

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'07

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7

Q4

'07

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Q2

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Q3

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'10

Q2'1

0

Q3

'10

Q4

'10

Q1

'11

Nu

mb

er

of

de

als

Above Below In range

*Chart shows the number of open-price IPOs with deal value above US$50 that is priced above, below or within

their initial filing rangeSource: Dealogic


$325 $215 $194 $247 $337 $381 $433 $552 $553 $842 $640 $143

1.642 1.6831.970

2.777

3.442 3.541

3.998

4.663

2.765

5.058 5.026

1.283

0

1.000

2.000

3.000

4.000

5.000

6.000

0

100

200

300

400

500

600

700

800

900

20

00

20

01

2002

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

Q1

' 20

11

Nu

mb

er

of

IPO

s

Ca

pita

l ra

ise

d (

US

$b

)


Global follow on activity reached record highs worldwide in 2009, accounting for 78% of

global equity issuance. In the first quarter of 2011, there were 24 deals with capital raised

above US$1 billion – 18 were from developed markets, 6 were from emerging markets.

Global follow on activity: number of deals and capital raised by year

ECM = Equity Capital Markets, it includes IPO deals, Follow on deals and Convertibles deals


FO as % of

global ECM

activity50 45 51 50 57 59 51 53 69 78 62 67


Appendix: definitions

► The data presented in the Ernst & Young Global IPO trends 2011 report and Quarterly Global IPO update and press

releases are from Dealogic, Thomson Financial and Ernst & Young.

► For the purposes of these reports and press releases, we focus only on IPOs of operating companies and define an

IPO as follows:

► A company’s first offering of equity to the public

► This report includes only those IPOs for which Dealogic, Thomson Financial and Ernst & Young offer data regarding

the issue date (the day the offer is priced and allocations are subsequently made), trading date (the date on which the

security first trades) and proceeds (funds raised, including any overallottment sold). Postponed IPOs or those which

have not yet been priced are therefore excluded. Over-the-counter (OTC) listings are also excluded.

► In an attempt to exclude non-operating company IPOs such as trusts, funds and special purpose acquisition

companies (SPACs), companies with the following Standard Industrial Classification (SIC) codes are excluded:

► 6091: Financial companies that conduct trust, fiduciary and custody activities

► 6371: Asset management companies such as health and welfare funds, pension funds and their third-party administration as

well as other financial vehicles

► 6722: Companies that are open-end investment funds

► 6726: Companies that are other financial vehicles

► 6732: Companies that are grant-making foundations

► 6733: Asset management companies that deal with trusts, estates and agency accounts

► 6799: Special Purpose Acquisition Companies (SPACs)

► We also applied the above SIC exclusion criteria for the follow on activity analysis.

► In our analysis, unless stated otherwise, IPOs are attributed to the domicile nation of the company undertaking an IPO.

The primary exchange on which they are listed is as defined by Dealogic, Thomson Financial and Ernst & Young

research. A foreign listing is where the stock exchange nation of the company is different from the company's domicile

nation (i.e., issuer’s nation). For IPO listings on HKEx, SSE, SZE, WSE, NewConnect, TSX and TSX-V exchanges, we

use their first trading date in place of issue date.

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© 2011 EYGM Limited.

All Rights Reserved.

EYG no. CY0137

This publication contains information in summary form and is therefore

intended for general guidance only. It is not intended to be a substitute for

detailed research or the exercise of professional judgment. Neither EYGM

Limited nor any other member of the global Ernst & Young organization can

accept any responsibility for loss occasioned to any person acting or

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specific matter, reference should be made to the appropriate advisor.

2011 Q1 Global IPO Update

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