3Q15 Global IPO update - DIRK...Sunrise Communications AG Switzerland Telecommunications SIX Swiss...

3Q15 Global IPO update January-September 2015

3Q15 Global IPO update

Table of contents

Section Content Slides

1 2015 January-September highlights 4-8

2 Global IPO activity trends Global analysis

Regional analysis

Industry analysis

Stock exchange analysis

10-14

3 PE-backed IPO activity 16-19

4 Appendices 21-30


106,8

41,3

80,4

86,6

3Q14 YTD 3Q15 YTD*

187.2 -32%

266 160

608 730

3Q14 YTD 3Q15 YTD*

The first nine months of 2015 (3Q15 YTD*) saw a 32% decrease in global proceeds despite a 2% increase in deal numbers compared with 3Q14 YTD.

Financial sponsor backed IPOs refers to deals that are backed by PE or VC investors or both.

*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time.

Issuer name Domicile country Industry Exchange Proceeds (US$m) % of global capital

Huatai Securities Co. Ltd. China Financials Hong Kong (HKEx) 4,998.9 3.9%

Guotai Junan Securities Co. Ltd.1 China Financials Shanghai (SSE) 4,912.7 3.8%

Aena SA Spain Industrials Bolsa de Madrid 4,823.8 3.8%


Sunrise Communications AG Switzerland Telecommunications SIX Swiss Exchange 2,459.3 1.9%

Auto Trader Group plc United Kingdom Industrials London (LSE) 2,358.2 1.8%

GrandVision NV Netherlands Retail Euronext (Amsterdam) 1,277.9 1.0%


Fitbit Inc. United States Industrials New York (NYSE) 841.2 0.7%

Blue Buffalo Pet Products Inc. United States Consumer products NASDAQ 778.1 0.6%

Inovalon Holdings, Inc. United States Technology NASDAQ 684.8 0.5%

Global IPO activity summary

By number of deals By proceeds raised (US$b)

Financial sponsored (PE/VC backed) Non-financial sponsoredTop three IPO deals (by capital raised) during 3Q15 YTD*

Top three PE-backed IPOs (by capital raised) during 3Q15 YTD*

Top three VC-backed IPOs (by capital raised) during 3Q15 YTD*

890

127.9

2%

43,9

5,0

23,5

12,9

3Q14 3Q15*

67.4

17.9

-73%

69 26

208

166

3Q14 3Q15*

277

By number of deals By proceeds raised (US$b)

192

874

-31%


Global IPO activity To access this infographic in PDF format, please go to EY’s IPO webpages (ey.com/ipo) to access the EY Global IPO Trends: 2015 Q3 report.


Asia-Pacific1 and Greater China2 IPO activity To access this infographic in PDF format, please go to EY’s IPO webpages (ey.com/ipo) to access the EY Global IPO Trends: 2015 Q3 report.

1Based on IPO activity on Asia-Pacific stock exchanges. 2Based on IPO activity on Greater China stock exchanges (i.e., Shanghai Stock Exchange, Shenzhen Stock

Exchange – the Mainboard, SME and ChiNext, Hong Kong Stock Exchange – Main Board, GEM and Taiwanese Stock Exchange).


EMEIA1 and UK2 IPO activity To access this infographic in PDF format, please go to EY’s IPO webpages (ey.com/ipo) to access the EY Global IPO Trends: 2015 Q3 report.

1Based on IPO activity on EMEIA stock exchanges. 2Based on IPO activity on London Main Market and Alternative Investment Market (AIM).


US IPO activity1 To access this infographic in PDF format, please go to EY’s IPO webpages (ey.com/ipo) to access the EY Global IPO Trends: 2015 Q3 report.

1Based on IPO activity on US stock exchanges: NYSE, NASDAQ.


Table of contents




Regional analysis

Industry analysis


10-14


4 Appendices 21-30


Global IPO activity trends IPO activity in 3Q15* decreased by 31% and 73% in terms of deal number and proceeds, respectively, compared with 3Q14. This is due to the market volatility caused by turmoil in certain Asian markets.

Quarterly IPO activity (1Q11-3Q15*)

Global IPO activity (2011-3Q15 YTD*) % of cross-border listings

$46.9 $65,4 $28,7 $29,2 $18,0 $43,8 $29,6 $37,2 $24,4 $46,3 $25,6 $74,9 $47,2 $72,7 $67,4 $71,9 $39,9 $70,1 $17,9

306

384

293

260

203

243

192 201 163

205 202

325

262

335

277

366

274

424

192

0

50

100

150

200

250

300

350

400

450

0

10

20

30

40

50

60

70

80

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)

Capital raised (US$b) Number of deals

9,2%

10,2%

8,0%

0%

2%

4%

6%

8%

10%

12%

2013 2014 3Q15 YTD*

Cross-border listing


$284,6 $170,2 $128,6 $171,1 $259,2 $127,9

1.365 1.243

839 895

1.240

890

0

200

400

600

800

1.000

1.200

1.400

1.600

0

50

100

150

200

250

3002010

2011

2012

2013

2014

3Q

15

YT

D*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)



Rapid-growth markets and developed markets IPO activity Compared with 3Q14 YTD, China led IPO volume in the rapid-growth markets to a 20% increase prior its suspension of IPOs. Lower volume in the US and Europe resulted a 14% decline in developed markets.

Please see the Appendix for the definition of rapid-growth markets. Rapid-growth and developed markets are based on the listed company domicile.

$30 $36 $17 $19 $9 $18 $16 $19 $9 $19 $9 $29 $17 $15 $41 $34 $15 $38 $7

222

259

199

173

125

154 142

101 84 90

103

164

133 119

155

190

154

234

100

0

50

100

150

200

250

300

0

5

10

15

20

25

30

35

40

45

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)

Quarterly IPO activity in rapid-growth markets

Capital raised (US$b)

$17 $29 $11 $10 $9 $26 $14 $18 $16 $27 $16 $46 $31 $57 $26 $38 $25 $32 $11

84

125

94 87

78 89

50

100

79

115 99

161

129

216

122

176

120

190

92

0

50

100

150

200

250

0

10

20

30

40

50

60

70

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)

Quarterly IPO activity in developed markets


$67 $67 $105 $152 $67

390

317

454

643

402

0

100

200

300

400

500

600

700

0

20

40

60

80

100

120

140

160

20

11

20

12

20

13

20

14

3Q

15

YT

D*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)

Annual IPO activity in developed markets


$103 $62 $66 $108 $61

853

522

441

597

488

0

100

200

300

400

500

600

700

800

900

0

20

40

60

80

100

120

20

11

20

12

20

13

20

14

3Q

15

YT

D*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)

Annual IPO activity in rapid-growth markets




Industry analysis Average deal size in most industries is lower in 3Q15 YTD* compared with 3Q14 YTD; health care sector led global activity in 3Q15 YTD* by deal number while financials led by proceeds.

377.9 407.7

148.2

113.7 78.9

380.6 94.5

155.9 146.4

298.4 225.6

47.5 678.8

111.9 86.1

293.9 134.0

140.9 97.3

227.9

183.9 82.2

3Q14 YTD 3Q15 YTD*

Average deal size (US$m)

53

59

59

47

77

12

73

67

113

147

97

70

38

41

51

43

79

13

51

80

124

156

156

58

Media andentertainment

Real estate

Consumer staples

Retail

Materials

Telecommunications

Energy

Consumer products

Technology

Health care

Industrials

Financials

3Q15 YTD* 3Q14 YTD

9,7

13,4

8,3

13,8

8,6

0,6

21,8

10,4

43,0

16,7

14,3

26,5

3,1

4,4

5,0

5,8

6,8

8,8

11,5

11,7

11,7

12,3

23,1

23,6

Media andentertainment

Real estate

Consumer staples

Retail

Materials

Telecommunications

Energy

Consumer products

Technology

Health care

Industrials

Financials

3Q15 YTD* 3Q14 YTD

Number of IPOs Capital raised (US$b)

147.2

107.0



Exchange analysis – summary Led by a strong 1H15 on Greater China exchanges before the suspension of IPOs in July 2015, Asia-Pacific exchanges dominated global IPO landscape in terms of capital raised and deal volume in 3Q15 YTD*.

Regional share by capital raised (US$b)

Regional share by number of IPOs

Greater China exchanges led in terms of total proceeds raised (US$44.3b); US (US$25.4) and Spain (US$9.4b) ranked second and third,

respectively.

There were 19 deals with capital raised above US$1b in 3Q15 YTD. Nine of these deals listed on Asia-Pacific exchanges while eight listed on

EMEIA exchanges. US exchanges accounted for only two deals.

Greater China exchanges (262 deals) led globally in terms of deal number, followed by the US (139 deals) and Japan (66 deals), which ranked

second and third, respectively.

1Greater China exchanges includes Mainland China exchanges (192 deals raised US$24.0b), Hong Kong Main Market and Growth Enterprise Market (66 deals raised US$20.1b) and

Taiwan exchange (4 deals raised US$0.2b).

Based on the listed company exchange.

Asia-Pacific EMEIA Americas

$2,3

$2,6

$3,3

$3,4

$44,3

South Korea

Japan

Australia

Thailand

Greater China

32%

64%

22%

43%

47%

22%

45%

25%

21%

14%

33%

31%

3Q15*

3Q14

3Q15 YTD*

3Q14 YTD

22

36

48

66

262

Thailand

South Korea

Australia

Japan

Greater China

$3,6

$3,6

$3,8

$7,7

$9,4

Germany

France

Sweden

UK

Spain

20

20

43

44

44

Italy

France

UK

India

Sweden

$0,2

$1,0

$1,7

$25,4

Brazil

Canada

Mexico

US

1

5

13

139

Brazil

Mexico

Canada

US

19%

25%

18%

27%

53%

48%

52%

40%

28%

27%

30%

33%

3Q15*

3Q14

3Q15 YTD*

3Q14 YTD

Americas Asia-Pacific EMEIA



3Q14 YTD 3Q15 YTD*

Stock exchange analysis Hong Kong Main Market led global IPO activity in 3Q15 YTD* by proceeds, while Shenzhen Stock Exchange led by number of deals.

**Data based on domicile of the exchange, regardless of the listed company domicile. Euronext includes Euronext (Amsterdam), Euronext (Paris) and Lisbon; Shenzhen includes

Shenzhen (SZSE) includes the Main Board, SME Board and ChiNext.

Capital raised (US$b)**

Number of

IPOs**

377

42

43

46

48

49

79

93

113

All other exchanges

Tokyo MOTHERS

London Main & AIM

New York (NYSE)

Australia (ASX)

Hong Kong (HKEx)

Shanghai (SSE)

NASDAQ

Shenzhen (SZSE)

$34,9

$6,5

$7,2

$7,7

$9,4

$11,1

$14,3

$16,8

$19,9

All other exchanges

Euronext

Shenzhen (SZSE)

London Main & AIM

Bolsa de Madrid

NASDAQ

New York (NYSE)

Shanghai (SSE)

Hong Kong (HKEx)

$37,1

$6,0

$6,5

$8,5

$12,3

$16,8

$16,9

$22,0

$61,0

All other exchanges

Tokyo (TSE)

Bolsa de Madrid

Australia (ASX)

Euronext

Hong Kong (HKEx)

NASDAQ

London Main & AIM

New York (NYSE)

346

25

29

41

59

64

88

90

132

All other exchanges

Euronext

Bombay SME

Australia (ASX)

Shenzhen (SZSE)

Hong Kong (HKEx)

New York (NYSE)

London Main & AIM

NASDAQ


.


Table of contents




Regional analysis

Industry analysis


10-14


4 Appendices 21-30


Global PE-backed IPO activity trends Market volatility makes IPO exits challenging in 3Q and PE firms are willing to wait for better valuations for exit opportunity.

*EMEA refers to Europe, Middle East and African exchanges. India is included in Asia-Pacific.

**3Q15 YTD (the first nine months of 2015) and 3Q15 shows IPOs that have been priced by 15 September and excludes expected IPOs.

Quarterly PE-backed IPO activity (2012-3Q15**)

Annual global PE-backed IPOs by region (capital raised)

Key insights The last two years have seen record levels of exit activity via IPO from PE investors

seeking to liquidate portfolio companies. 2013 saw PE firms sell companies valued

at US$59b, and 2014 saw a marked increase – PE deals broke US$100b for the

first time ever.

2015 has seen a more muted market for IPOs, and sponsor-backed deals in

particular. PE inventories are significantly reduced from two years ago, when many

companies acquired during the 2006-2007 period remained in PE portfolios.

Moreover, market volatility in 3Q15 made pricing new deals challenging. The

quarter saw just 15 PE-backed IPOs, a decline of more than 70% from Q2 2015,

and a decline of 63% from 3Q14.

However, while market volatility is having a detrimental impact on IPOs, many PE

firms are cautiously optimistic about the outlook. Valuations for new acquisitions

have in many cases exceeded the heights of ‘07, and firms have become

increasingly vocal about their willingness to step back and wait for better pricing.

29 37 31

80 96 99 92

10 31

86 62 69

103 88

42 6

10 12

30 28

40 66

37 21

51

42 36

49 53

22 9 13 6

40

56

60

58

4 4

19

13 6

35

70

44

0

50

100

150

200

250

Num

ber

of deals

Americas Asia-Pacific EMEA*

$6 $7 $7 $15 $21 $23 $21

$3 $10 $16

$30 $15

$35 $33

$10 $1 $1

$1

$8 $3

$7 $16

$4

$6 $9

$6

$4

$6

$43

$5 $1 $4 $2

$8 $14

$20 $21

$3

$1

$10 $3

$2

$18

$34

$20

$0

$20

$40

$60

$80

$100

$120

Capital ra

ised (

US

$b)

Americas Asia-Pacific EMEA*

$6 $7 $4 $5 $8 $15 $8 $28 $17 $37 $41 $14 $14 $17 $4

35 30 20 25

33

47 36

71

40

82

41 48

37

56

15

0

20

40

60

80

100

0

10

20

30

40

50

Num

ber

of deals

Capital ra

ised (

US

$b)


Annual global PE-backed IPOs by region (number of deals)


335

562

545

625

435

359

543

644

599

634

720

452

227

318

335

384

199

83

249

301

322

299

350

228

149

180

197

216

51

56

156

117

110

187

211

108

0 200 400 600 800 1.000 1.200 1.400

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

3Q15 YTD

Strategic sales Secondary sales IPOs

Global PE exit trends Activity by strategic acquirers declines 7% year-over-year, but remains a key exit route for PE.

Strategic sales are sales to corporations (i.e., M&A) while secondary sales are sales to other PE firms.

* 3Q15 YTD shows 2015 IPOs that have been priced between January to 15 September.

Key insights Strategic acquirers continue to be active, accounting for 57% of PE exits so far in 2015.

Indeed, the IPO pipeline has become a fertile hunting ground for corporates and PE firms alike. 2015 has seen a number of PE-backed companies

withdraw their IPOs in light of acquisition offers from strategic and secondary acquirers. Thus far, 11 PE-backed companies have withdrawn their IPOs

to pursue acquisitions. Of those, six were from other PE firms.

PE firms have signaled their intention to pursue additional listings. The last three months have seen a number of large investments file to go public. PE

firms will be closely watching the progression of these deals for signs that the IPO window has reopened following the market ’s August volatility.

Univision (acquired in 2007 by TPG, Thomas H. Lee Partners, Providence, and MDP for US$13.7b) filed on July 2.

Albertsons (acquired by Cerberus Capital for US$9.6b in 2005) filed on July 8.

First Data (acquired by KKR for US$29b in 2007) filed on July 20.

Annual global PE exits by deal volume (2004-3Q15 YTD)

$74,9

$143,3

$89,5

$143,6

$111,6

$51,9

$155,1

$182,1

$148,5

$158,8

$296,6

$218,5

$60,3

$68,1

$91,9

$158,2

$28.5

$12.8 $65,9

$53,5

$69,9

$58,7

$34.7

$48,9

$31,6

$38,4

$50,0

$57,7

$9,9

$16,8

$35,5

$38,8

$22,0

$58,5

$110,0

$35,0

$0 $100 $200 $300 $400 $500 $600

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

3Q15 YTD


Annual global PE exits by deal value (US$m) (2004-3Q15 YTD)

IPOs as % of

PE exits

11.5%

23.1%

21.1%

9.2%

14.2%

13.8%

20.2%

6.6%

16.1%

21.6%

15.4%

18.9%

IPOs as % of

PE exits

13.7%

16.5%

16.7%

10.7%

11.0%

16.4%

11.2%

7.4%

17.6%

18.3%

16.9%

21.0%


PE exit trends by region IPO exits see slight drop in the Americas and EMEA in the first nine months of 2015.

119

169

181

201

115

95

231

219

248

234

305

195

103

140

126

160

77

27

114

123

176

135

178

113

80

96

99

92

10

31

86

62

69

103

88

42

0 200 400 600

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

3Q15 YTD


187

338

294

325

262

193

223

303

246

283

316

200

118

172

195

208

110

50

118

157

126

144

158

107

40

56

60

58

4

4 19

13

6

35

70

44

0 200 400 600 800

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

3Q15 YTD


33,3

76,3

43,4

59,8

59,1

23,7

84,1

73,4

76,9

99,7

148,3

142,3

31,0

27,0

25,2

68,0

$4.1

$2.5

29,7

14,4

44,4

28,3

$24.6

15,2

15,3

21,2

23,4

21,3

2,8

10,1

16,2

29,8

15,3

34,6

32,7

9,9

0 50 100 150 200 250

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

3Q15 YTD


33,9

51,7

40,9

71,0

46,5

20,9

56,1

76,5

57,8

44,0

113,9

60,0

28,9

40,6

65,6

83,8

21,8

$8.9

34,5

31,9

21,4

28,4

$9.5 29,3

8,2

14,4

20,1

20,9

3,2

0,8

10,2

3,1

2,3

17,8

34,5

19,7

0 50 100 150 200

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

3Q15 YTD


Americas PE exits by deal volume (2004-3Q15 YTD)

EMEA1 PE exits by deal volume (2004-3Q15 YTD)

12.0%

15.4%

21.8%

14.1%

15.4%

20,0%

20.2%

5.0%

20.3%

24.4%

23.7%

26.4%

IPOs as % of

PE exits

IPOs as % of

PE exits

5.9%

14.8%

21.8%

11.2%

25.4%

12.4%

27.8%

4.2%

14.3%

25.4%

17.0%

19.1%

Americas PE exits by deal value (US$m) (2004-3Q15 YTD)

IPOs as % of

PE exits

12.5%

12.8%

7.6%

1.6%

2.7%

5.3%

1.6%

1.1%

9.8%

10.9%

9.9%

11.6%

IPOs as % of

PE exits EMEA1 PE exits by deal value (US$m) (2004-3Q15 YTD)

18.0%

19.5%

18.5%

2.8%

2.8%

10.1%

2.6%

4.4%

11.9%

15.9%

13.5%

11.7%

1EMEA refers to Europe, Middle East and African exchanges. India is included within Asia-Pacific

Strategic sales are sales to corporations (i.e., M&A) while secondary sales are sales to other PE firms.

3Q15 YTD shows IPOs that have been priced by 15 September.


PE exit trends by region IPO exits will see significant decrease in Asia-Pacific; China investors to be challenged by moratorium.

29

55

70

99

58

71

89

122

105

117

99

57

6

6

14

16

12

6

17

21

20

20

14

8

30

28

40

66

37

21

51

42

36

49

53

22

0 100 200

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

3Q15 YTD


7,7

15,3

5,2

12,8

6,0

7,3

15,0

32,3

13,7

15,1

34,4

16,1

0,4

0,5

1,0

6,3

2,6

1,4

1,7

7,2

4,0

2,0

1,7

0.3

8,1

2,8

6,5

15,6

3,9

5,8

9,1

5,9

4,4

6,0

42,8

5,4

0 20 40 60 80

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

3Q15 YTD


Key insights ► The Americas has seen a steep drop-off in exits in the first nine months of the year. To date, just 42 deals have priced in the region, raising US$9.9b in

aggregate. This compares with more thaner US$32.0b for the entire year in 2014, when 88 deals priced. The third quarter was particularly quiet, with just 8

deals pricing over the period.

► Similarly, exits in Asia-Pacific have seen a marked decline on the China IPO moratorium and a lack of M&A activity. PE firms have thus far exited 87

companies, compared with 166 in all of 2014. China’s IPO moratorium, enacted in response to the summer’s market volatility, w ill further challenge exits in

the region. However, PE firms are less reliant on IPOs as an exit route than they once were. The 2012-2013 moratorium forced many China investors to

look at alternative avenues for exiting investments, including sales to strategic investors and secondary buyouts.

► EMEA1 remains an area of relative strength, although activity has weakened as the year has worn on. PE firms have announced 351 exits deals so far this

year, compared with 544 for all of last year.

► There is evidence that the intense focus on exits may be beginning to abate, as PE firms unwind from boom year acquisitions. According to Preqin,

average hold periods for 2015 exits dropped to 5.5 years, down from 5.9 years for companies exited in 2014.

IPOs as % of

PE exits IPOs as % of

PE exits

25.2%

31.9%

26.3%

22.4%

22.7%

32.3%

21.4%

34.6%

36.5%

32.3%

31.5%

46.2%

20.8%

54,2%

25.8%

19.7%

12.9%

35.3%

40.2%

30.3%

44.8%

51.1%

15.1%

50.0%

Asia-Pacific PE exits by deal volume (2004-3Q15 YTD) Asia-Pacific PE exits by deal value (US$m) (2004-3Q15 YTD)

Strategic sales are sales to corporations (i.e., M&A) while secondary sales are sales to other PE firms. 1EMEA refers to Europe, Middle East and African exchanges. India is included within Asia-Pacific.

3Q15 YTD shows IPOs that have been priced by 15 September.


Table of contents




Regional analysis

Industry analysis


10-14


4 Appendices 21-30


Asia-Pacific1 IPO activity trends IPO activity increased by 34% in 3Q15 YTD* in terms of volume and 22% in terms of value when compared with levels seen during the same period in 2014.1

Former state-owned enterprise (SOE) IPO activity in Asia-

Pacific (2007-3Q15 YTD*)

3Q15 YTD* Asia-Pacific IPOs by sector

IPO pricing and performance: 3Q15 YTD* IPOs

Measures 3Q15 YTD* IPOs

% of IPOs priced within or above initial pricing range 98.9%

First-day average return +28.1%

% change of offer price vs. 15 Sept. +57.2%

Median post-IPO market cap US$166.7m

Hang Seng Index – 2015 YTD returns -8.9%

Shanghai SE Composite Index – 2015 YTD returns -1.1%

Nikkei 225 – 2015 YTD returns +4.7%

Sectors Number of

deals Proceeds (US$m)

Industrials 100 6,445.0

Technology 85 5,747.1

Health care 49 4,522.4

Materials 48 4,549.6

Consumer products 42 2,983.1

Consumer staples 28 3,016.3

Energy 26 5,237.5

Retail 22 1,849.2

Financials 21 17,784.9

Real estate 20 2,027.0

Media and entertainment 19 1,653.6

Telecommunications 6 1,944.4

Grand total 466 57,760.0

Asia-Pacific IPO activity (2007-3Q15 YTD*)

1Based on IPO activity on Asia-Pacific stock exchanges. For more information on 3Q15 YTD*, please see the Asia-Pacific infographic on slide 6.

$125 $32 $72 $179 $88 $56 $59 $84 $58

760

350 347

746

675

437

376

563

466

0

100

200

300

400

500

600

700

800

0

20

40

60

80

100

120

140

160

180

200

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

3Q

15

YT

D*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)


$65 $14 $22 $54 $1 $12 $11 $16 $1

69

27 24

73

4 7 8

10

1

0

10

20

30

40

50

60

70

80

0

10

20

30

40

50

60

70

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

3Q

15

YT

D*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)




EMEIA1 IPO activity trends EMEIA IPO activity declined in 3Q15 YTD*, both in terms of number of deals and capital raised by 9% and 28% respectively, compared with the same period in 2014.

EMEIA financial sponsor-backed IPO activity (2007-3Q15 YTD*)

Annual EMEIA IPO activity (2007-3Q15 YTD*)

1Based on IPO activity on EMEIA stock exchanges. See Appendix for definitions of main market and junior market.

$126 $36 $14 $48 $33 $16 $34 $75 $42

823

310

112

354 353

209 240

365 266

0

100

200

300

400

500

600

700

800

900

0

20

40

60

80

100

120

140

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

3Q

15

YT

D*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)


$22 $3 $2 $11 $4 $3 $17 $36 $20

101

15 8

37 30

14

38

77

52

0

20

40

60

80

100

120

0

5

10

15

20

25

30

35

40

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

3Q

15

YT

D*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)


3Q15 YTD* EMEIA IPOs by sector



% of IPOs priced within or above initial pricing range 99.0%

EMEIA main market IPOs – first-day average return +11.0%

EMEIA main market IPO – % change of offer price vs.

15 Sept. +17.5%

EMEIA main markets’ IPO – median post-IPO market cap US$310.1m

FTSE 100 – 2015 YTD returns -6.8%

DAX – 2015 YTD returns +3.2%

CAC40 – 2015 YTD returns +6.5%

Sectors Number of

deals Proceeds (US$m)





Materials 22 444.5


Consumer staples 20 1,617.2

Media and entertainment 16 993.8

Retail 14 2,612.3

Energy 13 1,015.2

Real estate 13 865.6

Telecommunications 6 6,814.9




US1 IPO activity trends IPO activity in the US decreased considerably (37% and 67% in terms of deal numbers and proceeds, respectively) in 3Q15 YTD* compared with the same period in 2014.

US financial sponsor-backed IPO activity (2007-3Q15 YTD*)

Annual US IPO activity (2007-3Q15 YTD*)

1Based on IPO activity on US stock exchanges: NYSE, NASDAQ and NYSE – AMEX.

$50 $27 $27 $43 $40 $47 $62 $96 $25

214

35

65

162

124 133

226

291

139

0

50

100

150

200

250

300

350

0

20

40

60

80

100

120

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

3Q

15

YT

D*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)


$24 $3 $10 $17 $30 $32 $41 $70 $16

124

13

36

108

80 87

144

186

87

0

20

40

60

80

100

120

140

160

180

200

0

10

20

30

40

50

60

70

80

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

3Q

15

YT

D*

Num

ber

of IP

Os

Capital ra

ised (

US

$b)


3Q15 YTD* US IPOs by sector



% of IPOs priced within or above initial filing range 70.5%

First-day average return +21.1%

% change of offer price vs. 15 Sept. +7.9%

Median post-IPO market cap US$487.0m

S&P 500 – 2015 YTD returns -4.8%

DJIA – 2015 YTD returns -7.8%

CBOE Volatility Index® (VIX®) - change from 1 Jan. +20.8%

Sectors Number of deals Proceeds (US$m)




Energy 10 5,250.0



Real estate 6 1,361.8

Retail 6 1,119.9

Materials 5 1,446.7

Media and entertainment 3 476.6

Consumer staples 3 328.7

Telecommunications 1 65.0




Pricing range Ninety-five percent of global IPOs1 were priced within or above the initial filing range in 3Q15* compared with 86% in 3Q14.

1Chart shows the number of open-price IPOs with deal value above US$50m that are priced above, below or within their initial filing range. For 3% of IPOs, this range is not applicable.

12% 11% 14% 16% 9% 7%

3% 11% 10% 10% 7% 7% 6% 6% 5% 9% 11%

8% 11% 7% 6%

12% 9% 10% 8%

12% 14% 14%

5% 7% 4%

87% 88% 86% 84%

91%

74%

95%

86% 85% 88% 90% 90%

88% 88% 92% 83% 83% 87%

85% 90%

85%

83%

80% 82% 85%

82% 78% 80%

90% 85% 85%

1% 1%

19%

2% 3% 5% 2% 3% 3% 6% 5% 4%

8% 6% 5% 4% 3% 9%

5% 11%

8% 7% 6% 8% 6% 5% 8% 10%

2%

12%

22%

32%

42%

52%

62%

72%

82%

92%

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

*

Num

ber

of deals

Below In range Above

227 276 171 84 52 84 141 288 282 313 296 474 306 384 293 260 203 243 192 201 163 205 202 325 262 335 277 366 274 424 192 Total

number of

IPOs

Eighty-seven percent of global IPOs in 3Q15 YTD* were priced within their initial filing range, 8% were priced above their initial filing range and

5% of IPOs were priced below their initial filing range.



Global IPO activity trends on main and junior markets Median values for EMEIA grew substantially on main markets in 3Q15 YTD*.

Please see the Appendix for the definition of main markets and junior markets.

Annual median deal size by region (US$m)

Quarterly median deal size by region (US$m)

Americas EMEIA Asia-Pacific

Main markets Junior markets

Annual median deal size by region (US$m)

Global

median

Global

median

Quarterly median deal size by region (US$m)

174

132 138

108 113

21 30

51

91 89

67 56

72 69 61

2011 2012 2013 2014 3Q15 YTD*

137

203

155

167

103

145

123 1

54

120

118

122

215

93

115

97

147

88 1

11

117

18 3

8

18

8

30

17

8

79

50

15

72

112

190

156

48

110

96

133

40

88

66

62

64

46 66

74

31

42

83

69

73

70

79

62

67

60

67

42

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

*

2 1 1

16

2 1 1 3

7

3

39

19

9

15

24

2011 2012 2013 2014 3Q15 YTD*

1 2 3 1 1 1 4

1 1 1 3 1

8

18

39

6 2 0 1 1 1 1 1 1 1

4 2 3 2

10 9 8 3

9 4 2 3

79

57

43

12

50 47

12 10 8 10 8 13

51

13 13 11

20

31

9

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

*

8 9 6 7 9 7 6 8 4 5 6 11 34 9 8 11 10 20 8 80 82 64 67 70 71 85 92 81 96 95 129 91 109 67 96 63 87 64



Appendix: Key global IPO statistics (US$)

1Percentage change from 2010 to 2011. 2Percentage change from 2011 to 2012. 3Percentage change from 2012 to 2013. 4Percentage change from 2013 to 2014.

5Consumer products includes consumer services. 6Throughout slides, financial sponsor backed IPOs refer to IPOs backed by PE and/or VC funds. In 1H15, there were 123 IPOs raising US$32.7b.

Please see Appendix for the list of stock exchanges.


2011 2012 2013 2014 3Q15 YTD*

Number of deals 1,243 (▼ 9%1) 839 (▼ 33%2) 895 (▲7%3) 1,240 (▲38.5%4) 890

Capital raised $170.2b (▼ 40%1) $128.6b (▼ 24%2) $171.1b (▲33%3) $260.0b (▲52.0%4) $127.9b

Average deal size $137.0m $153.3m $191.1m $209.6m $143.7m

PE-backed IPOs 119 deals, $38.3b 107 deals, $19.4b 185 deals, $58.3b 211 deals, $109.9b 108 deals, $35.0b

VC-backed IPOs 143 deals, $17.3b 92 deals, $23.2b 129 deals, $14.1b 159 deals, $23.1b 62 deals, $8.2b

Top 5 sectors

(number of deals)

Materials (271)

Industrials (215)

Technology (146)

Energy (101)

Consumer products 5(98)

Materials (143)

Industrials (135)

Technology (115)

Energy (63)

Consumer staples (58)

Industrials (117)

Technology (115)

Real estate (100)

Health care (100)

Financials (92)

Health care (197)

Technology (169)

Industrials (146)

Consumer products

(111)

Materials (106)

Industrials (156)

Health care (156)

Technology (124)

Consumer products (80)

Materials (79)

Top 5 sectors

(capital raised)

Materials ($29.2b)

Industrials ($27.0b)

Energy ($20.8b)

Financials ($15.9b)

Technology ($15.5b)

Technology ($23.1b)


Financial ($19.4b)

Real estate ($12.5b)

Energy ($12.1b)

Financials ($28.6b)


Energy ($22.0b)


Health care ($12.4b)

Technology ($50.6b)

Financials ($43.3b)

Energy ($31.4b)



Financials ($23.6b)



Technology ($11.7b)

Consumer products ($11.7b)

Top 5 exchanges

(number of deals)

Warsaw – New Connect

(136)

Shenzhen – ChiNext (128)

Shenzhen – SME (115)

Australian (101)

Hong Kong (68)

New York (78)

Shenzhen – ChiNext (74)

Warsaw – New Connect (62)

Shenzhen (55)

NASDAQ (54)

New York (116)

NASDAQ (109)

Hong Kong (76)

London AIM (54)

Australian (52)

NASDAQ (174)

New York (117)

Hong Kong (90)

London AIM (74)

Australian (70)

Shenzhen SZSE (113)

NASDAQ (93)

Shanghai SSE (79)

Hong Kong (49)

Australian (48)

Top 5 exchanges

(capital raised)

New York ($30.5b)

Hong Kong ($25.3b)

Shenzhen ($15.7b)

Shanghai ($15.1b)

London ($13.9b)

New York ($24.0b)

NASDAQ ($22.6b)

Tokyo ($12.2b)

Hong Kong ($11.5b)

Bursa Malaysia ($7.6b)

New York ($45.8b)

Hong Kong ($21.4b)

NASDAQ ($15.8b)

London ($12.9b)

Tokyo ($9.3b)

New York ($73.9b)

Hong Kong ($29.7b)

NASDAQ ($22.2b)

London ($19.4b)

Australian ($16.0b)

Hong Kong ($19.9b)

Shanghai SSE ($16.8b)

New York ($14.3b)

NASDAQ ($11.1b)

Bolsa de Madrid ($9.4b)


Appendix: 3Q15 YTD* top 20 IPOs by capital raised

Issue

month Issuer name Domicile Sector Issuer business description

Capital

raised

(US$m)

Exchange(s) Type of IPO

June Huatai Securities Co. Ltd. China Financials

Integrated securities broker engaged in

broking, research, investment banking

and asset management services.

4,998.9 Hong Kong

(HKEx)

June Guotai Junan Securities Co.

Ltd. China Financials Securities company. 4,912.7

Shanghai

(SSE)

February Aena SA Spain Industrials Airports operator. 4,823.8 Bolsa de

Madrid Former SOE

April GF Securities Co. Ltd. China Financials

Provides services in securities trading,

investment banking and asset

management.

4,137.3 Hong Kong

(HKEx)

February Sunrise Communications AG Switzerland Telecommunicat

ions

Fixed line telecommunications services

provider. 2,459.3

SIX Swiss

Exchange PE backed

May Cellnex Telecom SA Spain Telecommunicat

ions

Providers of wireless telecommunication

and broadcasting services including

mobile, audio-visual and security.

2,390.8 Bolsa de

Madrid

March Auto Trader Group plc UK Industrials

Provider of online motoring digital

marketplace for motor vehicle buyers and

sellers.

2,358.2 London (LSE) PE backed

June China National Nuclear Power

Co. Ltd. China Energy

Nuclear power plant operations and

maintenance company. 2,160.1

Shanghai

(SSE)

June Legend Holdings Corp. China Technology Personal computer maker. 1,974.9 Hong Kong

(HKEx)

February Jasmine Broadband Internet

Infrastructure Fund Thailand

Telecommunicat

ions

Infrastructure Fund invest in fiber-optic

network for broadband internet. 1,686.3 Thailand (SET)

*Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time


Appendix: 3Q15 YTD* top 20 IPOs by capital raised

Issue

month Issuer name Domicile Sector Issuer business description

Capital

raised

(US$m)

Exchange(s) Type of IPO

March Orient Securities Co. Ltd.

(China) China Financials Provider of financial services. 1,629.1 Shanghai (SSE)

August China Railway Signal &

Communication Corporation China Industrials Rail transit communication and signal. 1,454.6

Hong Kong

(HKEx) Former SOE

May Tallgrass Energy GP LP US Energy Provider of natural gas, transportation of

crude oil. 1,384.0

New York

(NYSE)

July Deutsche Pfandbriefbank AG Germany Financials Real estate finance bank. 1,281.6 Deutsche Borse Former SOE

February GrandVision NV Netherlands Retail Retailer of optical products including

eyeglasses, sunglasses and contact lenses. 1,277.9

Euronext

(Amsterdam) PE backed

February Columbia Pipeline Partners

LP US Energy

Owns, operates and develops a portfolio of

pipelines for natural gas transmission. 1,238.2

New York

(NYSE)

June SPIE SA France Industrials Provides electrical, mechanical, energy and

communications services. 1,148.0

Euronext

(Paris) PE backed

March Fuyao Glass Industry Group

Co. Ltd. China Materials Manufacturer of various glass products. 1,095.3

Hong Kong

(HKEx)

June Europcar Groupe SA France Consumer

Products Car rental company. 1,009.4

Euronext

(Paris) PE backed

June Infrastrutture Wireless

Italiane SpA - Inwit Italy

Telecommuni

cations

Management and maintenance of towers

which host the radio transmission

equipment for the mobile telephony

networks of Telecom Italia.

985.6 Borsa Italiana

Total capital raised by top 20 IPOs in 3Q15 YTD*

Total global capital raised in 3Q15 YTD*:

% of top 20:

US$44.4b

US$127.9b

34.7% *Data for 3Q15 YTD and 3Q15 is based on priced IPOs as of 14 September and expected

IPOs by end of September; data is up to 15 September 2015, 9:00 a.m. India time


Appendix: Definitions

► The data presented in the 3Q15 Global IPO update and press releases is from Dealogic and EY. 3Q15 YTD (the first

nine months) and 3Q15 is based on priced IPOs as of 14 September 2015 and expected IPOs in September. Data is

up to 15 September 2015, 9:00 a.m. India time. All data contained in this document is sourced to Dealogic and EY

unless otherwise noted.

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

IPO as a company's first offering of equity to the public.

► This report includes only those IPOs for which Dealogic and EY 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 over-allotment 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 of the company undertaking an IPO. The

primary exchange on which they are listed is as defined by Dealogic and EY research.

► A foreign listing is where the stock exchange nation of the company is different from the company's domicile (i.e.,

issuer's nation).

► For IPO listings on HKEx; SSE; SZE; Japan’s Tokyo Stock Exchange (TSE); TSE MOTHERS; Korea's KRX and

KOSDAQ; Thailand's SET and MAI; Indonesia IDX; WSE; NewConnect; TSX and TSX-V exchanges, we use their first

trading date in place of issue date.


Appendix: Definitions

► Geographic definitions:

► Asia includes Bangladesh, Greater China, Indonesia, Japan, Laos, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand and Vietnam.

► Greater China includes mainland China, Hong Kong, Macau and Taiwan.

► Asia-Pacific includes Asia (as stated above) plus Australia, New Zealand, Fuji and Papua New Guinea.

► Central and South America includes Argentina, Bermuda, Brazil, Chile, Colombia, Ecuador, Jamaica, Mexico, Peru and Puerto Rico.

► EMEIA includes Armenia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary,

Iceland, India, Ireland, Isle of Man, Italy, Kazakhstan, Luxembourg, Lithuania, Netherlands, Norway, Pakistan, Poland, Portugal, Russian Federation, Spain,

Sweden, Switzerland, Turkey, Ukraine and United Kingdom plus the Middle East and Africa countries listed below.

► Middle East includes Bahrain, Iran, Israel, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen.

► Africa includes Algeria, Botswana, Egypt, Ghana, Kenya, Madagascar, Malawi, Morocco, Namibia, Rwanda, South Africa, Tanzania, Tunisia, Uganda,

Zambia and Zimbabwe.

► North America consists of the United States and Canada.

► Emerging markets or rapid-growth markets include issuers from Argentina, Armenia, Bangladesh, Bolivia, Brazil, Bulgaria, Chile, Colombia,

Croatia, Cyprus, Egypt, Ethiopia, Greater China, Hungary, India, Indonesia, Ireland, Israel, Kenya, Kuwait, Kazakhstan, Laos, Lithuania,

Malaysia, Mauritius, Mexico, Namibia, Pakistan, Peru, Philippines, Poland, Qatar, Russian Federation, Saudi Arabia, Sierra Leone, Singapore,

Slovenia, South Africa, South Korea, Sri Lanka, Tanzania, Thailand, Tunisia, Turkey, Ukraine, United Arab Emirates, Vietnam and Zambia.

► Developed markets include issuers from Australia, Austria, Belgium, Bermuda, Canada, Denmark, Finland, France, Germany, Greece,

Guernsey, Isle of Man, Italy, Japan, Jersey, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, the

United Kingdom and the United States.

► State-owned enterprise (SOE) privatizations refers to former state-owned entities that have completed their IPO listings to become public

companies.

► Many stock exchanges have set up main markets and junior markets. Main markets are where medium and large IPOs (by capital raised)

are usually listed and traded. Junior markets are where small-cap companies or smaller IPOs are listed or traded. Stock exchanges without

junior markets are classified as main markets.

► Junior markets include:

► Americas: American, Canadian National Stock Exchange, Toronto Venture Exchange and Jamaica.

► Asia-Pacific: Malaysia ACE Market, Bombay SME, Hong Kong Growth Enterprise Market, Japan JASDAQ, Korea KOSDAQ, Thailand Market for Alternative

Investment, National SME, Shenzhen ChiNext, Singapore Catalist, Tokyo Stock Exchange MOTHERS Index.

► EMEA: Alternext, London Alternative Investment Market, Germany's Frankfurt Entry Standard, Spain's Mercado Alternativo Bursatil, NASDAQ OMX First

North, Warsaw New Connect, Johannesburg Alternative Market.

Global IPO press release and Global IPO update slides – 2015 Q3 Date published: 23 September 2015

For PR inquiries, please contact:

Will Brewster

Associate Director, EY Global Media Relations

+44 207 980 0812

[email protected]

For information about EY’s IPO services and our IPO point of view, please contact:

Jackie Kelley

EY Global and Americas IPO Markets Leader

+1 949 437 0237

[email protected]

Dr. Martin Steinbach

EY EMEIA IPO Leader

+49 6196 996 11574

[email protected]

Produced by Global Markets — EY Knowledge:

Anshul Singh, Market Performance, Global Markets – EY Knowledge

+91 124 619 2943

[email protected]

Contributors include: Akriti Kapoor

This report was requested by:

Eva Chan, Manager – Global IPO Center, Strategic Growth Markets

+44 207 980 0254

[email protected]

Visit the EY Knowledge CHS for help accessing and using knowledge tools and services.

Ringo Choi

EY Asia-Pacific IPO Leader

+86 755 25028298

[email protected]

Shinichiro Suzuki

EY Japan IPO Leader

+81 3 3503 1504

[email protected]

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Excellence is a virtual hub which provides access to our IPO knowledge,

tools, thought leadership and contacts from around the world in one easy-

to-use source. ey.com/ipocenter

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