Global IPO Watch - PwC• The share of FS-backed IPO fell to a multi-year low of 2.3% in Q1 2019, as...

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A PwC IPO Centre publication Global IPO Watch Q1 2019 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. David Ethridge [email protected] Derek Thomson [email protected] Kennedy Liu [email protected] Geoffrey Tang [email protected] Jan-Willem de Groot (author) [email protected] Martin Coenen [email protected] Ross Hunter [email protected] Nadja Picard [email protected]

Transcript of Global IPO Watch - PwC• The share of FS-backed IPO fell to a multi-year low of 2.3% in Q1 2019, as...

Page 1: Global IPO Watch - PwC• The share of FS-backed IPO fell to a multi-year low of 2.3% in Q1 2019, as pricing issues take centre stage. • Namely, the share of IPOs pricing in the

A PwC IPO Centre publication

Global IPO WatchQ1 2019PwC 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.

David [email protected]

Derek [email protected]

Kennedy [email protected]

Geoffrey [email protected]

Jan-Willem de Groot (author)[email protected]

Martin [email protected]

Ross [email protected]

Nadja [email protected]

Page 2: Global IPO Watch - PwC• The share of FS-backed IPO fell to a multi-year low of 2.3% in Q1 2019, as pricing issues take centre stage. • Namely, the share of IPOs pricing in the

Basis of preparationThe Global IPO Watch analyses IPO and FO trends on a quarterly basis, both at a global and regional level. It is based on data extracted from Dealogic, whereby only transactions with a minimum of $5 million money raised have been included. Transaction proceeds include the overallotment option (if exercised). The data excludes PIPOs and transactions on Over-The-Counter exchanges. In case IPOs or FOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges. The same applies to countries and regions. This does not apply to two exchanges within the same country or two countries within the same region. Country indicates the company’s country of domicile. Industry classification is based on the FTSE Russell Industry Classification Benchmark. Index performance is based on pricing data extracted from Bloomberg.

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IPO and FO highlights

Q1 2019Global IPO Watch3

A rare example of increased activity levels in Q1 2019, the number of IPOs in Japan grew by 44% to 26, raising over $819m

5The largest FO in Q1 2019 was undertaken by pharmaceutical giant AstraZeneca, as it raised $3.5bn on LSE in March

3

With proceeds of $2.3bn so far, the IPO of ride-hailing business Lyft is the largest IPO in Q1 2019

1

China was not immune to the global slowdown in IPO activity, as proceeds fell by 45% compared to 24% for the number of IPOs

10

Despite a national liquidity crunch, the largest IPO in Asia-Pacific was Indian, namely Embassy Office Parks REIT ($689m)

4

The longest government shutdown in history (35 days) meant the US IPO and FO markets experienced a delayed start to the quarter

6

With proceeds of $58m, the IPO of Al MoammarInformation Systems on the Saudi Stock Exchange becomes the third largest in EMEA

9

As global growth begins to stagnate, so the ECB and Fed are adopting more cautious tones and have slammed the brakes on quantitative tightening

A privatisation program in Brazil is expected to support activity levels on capital markets in the near future

7

8

Despite ongoing Brexituncertainties, LSE was the

most active exchange in EMEA with 3 IPOs raising

proceeds of $629m

2

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Global money raised via IPOs and FOs

Q1 2019Global IPO Watch4

Global money raised via IPOs and FOs (10-year overview) Top countries 2019YTD

Geopolitical uncertainties caused a cautionary stance amongst investors, as global IPO proceeds fell by 64% compared to Q1 2018, while IPO numbers fell by 41%

Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 31 March 2019

$642,0bn

$479,9bn $509,3bn$588,2bn $613,5bn

$685,8bn$551,1bn

$620,4bn

$461,4bn

$94,7bn

3.5622.902 2.508

3.046 3.178 3.323 3.185 3.5682.835

602

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

$299,1bn

$178,8bn$142,5bn

$195,6bn

$274,3bn

$206,9bn

$142,5bn

$208,9bn $223,5bn

$19,1bn

1.2581.041

728 8651.167 1.185 1.013

1.5211.195

173

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

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United States; 49%

China; 16%

Hong Kong; 14%

India; 5%

Japan; 4%

Other; 12%

United States, 48%

United Kingdom, 9%

Hong Kong, 5%India, 4%

China, 4%

Other, 29%

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4,4%

8,2%

3,2%

7,5%

2,6%

8,7%

2,2%

0,0%1,2%

13,0%

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

2017 2018 Q1 2017 Q1 2018 Q1 2019IPO activity Number of IPOs 1,521 1,195 339 291 173

% sponsor-backed 9.3% 7.6% 10.0% 9.6% 2.3%Money raised $208.9bn $223.5bn $37.9bn $52.3bn $19.1bn

% sponsor-backed 22.7% 14.2% 28.9% 15.5% 4.1%

Advanced metrics Free float % 31.8% 32.3% 31.4% 34.1% 32.8%Overallotment exercised (%)1 25.2% 33.5% 25.2% 29.6% 24.8%% secondary shares 14.6% 13.6% 14.3% 15.8% 10.1%

FO activityNumber of FOs 3,568 2,835 921 845 602Money raised $620.4bn $461.4bn $168.3bn $143.3bn $94.7bn

Overview of global IPO and FO activity

Q1 2019Global IPO Watch5

• The share of FS-backed IPO fell to a multi-year low of 2.3% in Q1 2019, as pricing issues take centre stage.

• Namely, the share of IPOs pricing in the middle of their pricing range fell to 41%.

• Despite subdued activity levels, the post-IPOperformance of 2019YTD IPOs is high. This is the result of to the large share of high performing Asia-Pacific IPOs, and the rise in markets in Q1 2019.

• Notably, equity markets had one of the best starts to the year historically, as trade optimism, solid corporate earnings, and dovish stances from the ECB and Fed supported valuations.

Global IPO and FO activity

IPO pricing dynamics Post-IPO performance (median) Global indices

In the first quarter of 2019, 173 IPOs raised $19.1bn, whereas 602 FOs raised proceeds of $94.7bn

1

2

1

2

3

3

2018 2019YTD

1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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’.

Source: Dealogic, Bloomberg as of 31 March 2019

75

100

125

150

175

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19

FTSE 100 Hang Seng S&P 500

6% 7% 7% 6% 3%14% 19% 11% 15% 23%

53% 47% 54% 51% 41%

22% 21% 23% 24% 27%

4% 5% 5% 4% 6%

2017 2018 2017YTD 2018YTD 2019YTD

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

4

4

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Pricing date Issuer name Issuer country Sector Exchange Filing range Offer

price Deal Type Money raised

Secondary shares (%)

Performance1-day 1-month Current

29-Mar-19 AstraZeneca Health Care LSE 64.96 - 64.96 60.50 FO - Accelerated Bookbuild $3,523m 0.0% N/A N/A N/A12-Mar-19 Adyen Industrials Euronext Amsterdam 656.20 - 656.20 600.00 FO - Accelerated Bookbuild $1,691m 100.0% 10.7% N/A 16.3%8-Feb-19 Pinduoduo Consumer Services NASDAQ 30.33 - 30.33 25.00 FO - Accelerated Bookbuild $1,581m 26.9% 3.8% 16.4% -0.8%26-Feb-19 Danaher Industrials NYSE 123.15 - 123.15 123.00 FO - Accelerated Bookbuild $1,556m 0.0% 2.8% 6.6% 7.3%5-Mar-19 Sea Technology NYSE 23.20 - 23.20 22.50 FO - Fully Marketed $1,553m 0.0% 4.2% N/A 4.5%

22-Mar-19 Cellnex Telecom Telecommunications BME 17.89 - 17.89 17.89 FO - Rights Offer $1,365m 0.0% 35.5% N/A 46.2%28-Feb-19 Americold Realty Trust Financials NYSE 28.06 - 28.06 27.75 FO - Accelerated Bookbuild $1,290m 100.0% 3.7% 10.0% 10.0%27-Feb-19 Equinix Financials NASDAQ 425.84 - 425.84 416.00 FO - Accelerated Bookbuild $1,242m 0.0% 1.8% 7.7% 8.9%12-Mar-19 MercadoLibre Consumer Services NASDAQ 481.11 - 481.11 480.00 FO - Accelerated Bookbuild $1,150m 0.0% 5.8% N/A 5.8%25-Jan-19 COSCO SHIPPING Industrials Shanghai SE N/A 3.78 FO - Cash Placing $1,138m 0.0% 14.8% 34.4% 39.7%

Leading transactions 2019YTD

Q1 2019Global IPO Watch6

Top 10 largest IPOs 2019YTD

Ride-hailing firm Lyft made its debut on public markets in March, raising $2.3bn on NASDAQ so far and becoming the largest IPO of Q1 2019

Top 10 largest FOs 2019YTD

Pricing date Issuer name Issuer country Sector Exchange Filing range Offer

price Pricing Money raised

Free float

Secondary shares (%)

Performance1-day 1-month Current

28-Mar-19 Lyft Consumer Services NASDAQ 62.00 - 68.00 72.00 Above range $2,340m 11.4% 0.0% 8.7% N/A 8.7%30-Jan-19 PIMCO Energy & Tactical Credit Opp. Fund Financials NYSE N/A 20.00 N/A $892m 0.0% 0.0% 1.0% 5.8% 1.9%20-Mar-19 Levi Strauss & Co Consumer Goods NYSE 14.00 - 16.00 17.00 Above range $717m 10.9% 74.2% 31.8% N/A 38.5%22-Mar-19 Embassy Office Parks REIT Financials BSE; NSE N/A 300.00 N/A $689m 20.5% 0.0% N/A N/A N/A22-Mar-19 Schiehallion Fund Financials LSE 1.00 - 1.00 1.00 In range $477m 0.0% 0.0% 12.5% N/A 14.5%31-Jan-19 Gores Metropoulos Financials NASDAQ 10.00 - 10.00 10.00 In range $400m 85.3% 0.0% 1.2% 2.1% 2.4%19-Feb-19 CStone Pharmaceuticals Health Care HKEX 11.10 - 12.80 12.00 In range $328m 21.8% 0.0% 7.2% 31.2% 32.3%19-Feb-19 Qingdao Rural Commercial Bank Financials Shenzhen SE N/A 3.96 N/A $325m 10.0% 0.0% 43.9% N/A 91.7%7-Feb-19 Gossamer Bio Health Care NASDAQ 16.00 - 16.00 16.00 In range $317m 31.4% 0.0% 12.1% 20.3% 35.4%22-Jan-19 Bank of Xian Financials Shanghai SE N/A 4.68 N/A $306m 10.0% 0.0% 44.0% N/A 151.1%

Note: 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’.Source: Dealogic, Bloomberg as of 31 March 2019

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IPO and FO activity per region

Q1 2019Global IPO Watch7

Americas

EMEA activity suffered not only from global geopolitical uncertainties, but also from the weakening of local economic fundamentals

EMEA Asia-Pacific

$50,9bn$30,8bn

$67,4bn$76,6bn

$9,8bn

248149

270 306

42

2015 2016 2017 2018 2019YTD

$243,3bn$219,7bn $214,8bn

$190,3bn

$49,5bn

1.054 1.0721.239

1.048

275

2015 2016 2017 2018 2019YTD

$71,7bn

$35,7bn$55,4bn $47,4bn

$0,9bn

269181

300 238

16

2015 2016 2017 2018 2019YTD

$190,8bn

$119,9bn

$189,9bn

$109,4bn

$23,2bn

808 754946

756

155

2015 2016 2017 2018 2019YTD

$84,3bn $77,3bn$86,1bn

$99,7bn

$8,3bn

668 684

951

653

115

2015 2016 2017 2018 2019YTD

$259,7bn

$214,8bn $216,7bn

$162,2bn

$22,1bn

1.478 1.367 1.3931.042

173

2015 2016 2017 2018 2019YTD

Source: Dealogic, Bloomberg as of 31 March 2019

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Top exchanges globally based on money raised in 2019YTD

Q1 2019Global IPO Watch8

Money raised and number of IPOs per Exchange 2017-2019YTD

As IPO and FO activity was largely concentrated in the US this quarter, so the NASDAQ (Global) and NYSE are the two most active exchanges globally

Top Exchanges 2019YTD

Money raised and number of FOs per Exchange 2017-2019YTD Top Exchanges 2019YTD

Shenzhen SE Shanghai SEHKEXNYSENASDAQ (Global)

NYSE BSENASDAQ (Global) HKEXLSE Group

Note: LSE Group includes Borsa Italiana. Source: Dealogic, as of 31 March 2019

$21bn$34bn

$6bn

$35bn $32bn

$3bn$14bn

$33bn

$3bn$13bn $7bn $2bn

$18bn$11bn

$1bn

184 212

33 88 72

7

155 196

34

212

46 15

199

50 10

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

$115bn $106bn

$25bn

$75bn $73bn

$21bn$55bn

$38bn$9bn

$27bn $31bn$5bn $18bn $9bn $4bn

375 276

77

621 616

176 374 318

62

270 165

28 81 50 17

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

2017 2018 2019YTD

NASDAQ (Global), 34%

NYSE, 15%HKEX, 14%

Shenzhen SE, 8%

Shanghai SE, 7%

BSE, 5%

NSE, 5%

Other, 11%

NYSE, 27%

NASDAQ (Global), 22%LSE Group, 10%

HKEX, 5%

BSE, 4%

NSE, 4%

Euronext, 4%

Other, 23%

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Global IPO and FO activity per sector

Q1 2019Global IPO Watch9

Money raised and number of IPOs and FOs per sector 2017 – 2019YTD

Behind Financials, Consumer Services rank second in terms of IPO proceeds, thanks to Lyft’s listing. Industrials rank second in terms of the number of IPOs

IndustrialsBasic Materials Health Care TechnologyConsumer Goods Financials Oil & GasConsumer Services Telecommunication Utilities

9,3 4,5 0,5

24,3 19,3 1,2

26,3 24,6

3,5

67,1 66,8

8,0 13,3 21,5

2,4

35,1 27,3

1,8 10,3 4,6 0,5

17,5 30,8

1,2 1,6

21,9

0,0 4,0 2,4 -

101 533

199121

12

156 13725

309 334

43157 156

29

377215

34 36 16 2

154 13324 8 10 1 24 20 0

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

51,0 30,5 3,2

46,7 31,9 4,9

50,9 45,9 11,5

208,5

127,8

30,6 54,3 64,4

13,6

101,7 63,3

11,9 41,0 25,6 5,4

32,6 43,2 8,7 9,7 4,2 1,6

24,0 24,5 3,5

387 29245

296 21041

333 25264

853631

156

525 556

123

561412

72224 170

29290 230

57 37 22 6 62 60 9

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic, as of 31 March 2019

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Pricing date Issuer name Exchange Pricing Money

raisedPerformance

1-day 1-month Current

31-Jan-19 Gores Metropoulos NASDAQ In range $400m 1.2% 2.1% 2.4%

30-Jan-19 New Fortress Energy NASDAQ Below range $292m -6.6% 11.7% -16.6%

13-Feb-19 TCR2 Therapeutics NASDAQ In range $86m 0.5% 27.2% 16.2%

22-Feb-19 Arcure Euronext Paris Bottom of range $9m 12.9% 10.7% 2.9%

Financial sponsor-backed IPO activity globally

Q1 2019Global IPO Watch10

With only 4 FS-backed IPOs taking place in Q1 2019, activity levels were well below those seen in earlier quarters

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

Top 4 largest FS-backed IPOs 2019YTD globally Global FS-backed IPOs (by money raised)

Sponsor-backed;

14%

Not Sponsor-backed;

86%

Sponsor-backed;

4%

Not Sponsor-backed;

96% 4 (2%) sponsor-backed IPOs vs 169 (98%) non-sponsor-backed IPOs

91 (8%) sponsor-backed IPOs vs 1,104 (92%) non-sponsor-backed

IPOs

2018 2019YTD

$15,6bn$11,9bn

$24,8bn

$19,0bn

$0,8bn

52 35

67 52

3

2015 2016 2017 2018 2019YTD

$30,7bn

$16,3bn $15,5bn

$9,7bn

$0,0bn

67

40 51

26 1

2015 2016 2017 2018 2019YTD

$14,2bn

$4,9bn$7,2bn

$3,0bn$0,0bn

43 25 24

13 -

2015 2016 2017 2018 2019YTD

Note: 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’.

Source: Dealogic, as of 31 March 2019

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Volatility versus IPO activity

Q1 2019Global IPO Watch11

A decrease in volatility has not yet translated into increased global IPO activity

Money raised via IPOs versus volatility

Number of IPOs versus volatility

Source: Dealogic, Bloomberg as of 31 March 2019

14,812,7 13,0

16,0 16,613,7

19,417,0

20,5

15,613,2 14,0

11,7 11,5 10,9 10,3

17,215,3

12,9

21,3

16,6

$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

2014 2015 2016 2017 2018 2019

Global money raised via IPOs VIX (average per quarter)

14,812,7 13,0

16,0 16,613,7

19,417,0

20,5

15,613,2 14,0

11,7 11,5 10,9 10,3

17,215,3

12,9

21,3

16,6

-

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

2014 2015 2016 2017 2018 2019

Number of IPOs globally VIX (average per quarter)

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Americas

Q1 2019Global IPO Watch12

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Money raised via IPOs and FOs in the Americas

Q1 2019Global IPO Watch13

Top countries 2019YTD

Even more than usual, activity in the Americas was concentrated in the US, as it accounted for 94% of IPO proceeds and 91% of FO money raised

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

$61,2bn $54,0bn $63,9bn $83,1bn$105,8bn

$43,8bn $26,8bn$54,9bn $63,3bn

$9,5bn

$11,8bn $7,0bn$13,6bn

$14,4bn$3,7bn

$7,1bn$4,3bn

$14,2bn $13,3bn

$0,3bn

284 255 231322 346

248149

270 306

42

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

North America Latin America Number of IPOs

$257,1bn$184,6bn $223,3bn $230,9bn $216,0bn $240,8bn $211,7bn $202,3bn $183,5bn

$47,5bn

$87,4bn

$24,1bn$14,0bn $23,5bn $18,3bn $7,9bn

$8,1bn $13,3bn $6,8bn

$2,0bn

1.4691.237 1.032 1.162 1.144 1.054 1.072 1.239 1.048

275

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

North America Latin America Number of FOs

Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 31 March 2019

United States, 94%

Canada, 3%Mexico, 3% Other, 1%

United States, 91%

Canada, 5%Other, 4%

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2017 2018 Q1 2017 Q1 2018 Q1 2019IPO activity Number of IPOs 270 306 42 69 42

% sponsor-backed 24.8% 17.0% 40.5% 21.7% 7.1%Money raised $67.4bn $76.6bn $15.9bn $21.3bn $9.8bn

% sponsor-backed 36.7% 24.8% 48.6% 28.3% 7.9%

Advanced metrics Free float % 36.7% 36.7% 34.7% 39.8% 49.2%Overallotment exercised (%)1 75.4% 73.6% 88.9% 72.4% 59.5%% secondary shares 10.2% 6.0% 11.6% 6.2% 3.2%

FO activityNumber of FOs 1,239 1,048 376 311 275Money raised $214.8bn $190.3bn $64.0bn $53.8bn $49.5bn

1,6%

0,7% 0,6%0,7%

2,0%

0,7%

1,4%

0,0%

3,0%

1,0%

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

Overview of IPO and FO activity in the Americas

Q1 2019Global IPO Watch14

• In Q1 2019, 42 IPOs raised $9.8bn. This represents a decrease of 54% in terms of proceeds and 39% in the number of IPOs compared to last year.

• The free float % is at a multi-year high, as companies are selling a larger share of their shares at IPO on average.

• FO activity declined, though less significantly than IPO activity. Proceeds fell by 8% and deal numbers by 12%.

• The NASDAQ 100 is up by 17% YTD, compared to 11% for both the Dow Jones and the S&P 500.

IPO and FO activity in the Americas

IPO pricing dynamics Post-IPO performance (median) Global indices

Investor caution means a larger share of IPOs pricing in the middle of their pricing range in the Americas

1

1

2

3

4

2018 2019YTD

1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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’.

Source: Dealogic, Bloomberg as of 31 March 2019

75

100

125

150

175

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19

Dow Jones NASDAQ 100 S&P 500

19% 13% 19% 12% 5%

14% 17% 5% 22%11%

47% 46% 49%49%

68%

9% 11% 11%9% 3%

11% 12% 16% 9% 13%

2017 2018 2017YTD 2018YTD 2019YTD

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

3 4

2

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Pricing date Issuer name Issuer country Sector Exchange Filing range Offer

price Deal Type Money raised

Secondary shares (%)

Performance1-day 1-month Current

8-Feb-19 Pinduoduo Consumer Services NASDAQ 30.33 - 30.33 25.00 FO - Accelerated Bookbuild $1,581m 26.9% 3.8% 16.4% -0.8%26-Feb-19 Danaher Industrials NYSE 123.15 - 123.15 123.00 FO - Accelerated Bookbuild $1,556m 0.0% 2.8% 6.6% 7.3%5-Mar-19 Sea Technology NYSE 23.20 - 23.20 22.50 FO - Fully Marketed $1,553m 0.0% 4.2% N/A 4.5%

28-Feb-19 Americold Realty Trust Financials NYSE 28.06 - 28.06 27.75 FO - Accelerated Bookbuild $1,290m 100.0% 3.7% 10.0% 10.0%27-Feb-19 Equinix Financials NASDAQ 425.84 - 425.84 416.00 FO - Accelerated Bookbuild $1,242m 0.0% 1.8% 7.7% 8.9%12-Mar-19 MercadoLibre Consumer Services NASDAQ 481.11 - 481.11 480.00 FO - Accelerated Bookbuild $1,150m 0.0% 5.8% N/A 5.8%13-Mar-19 EQM Midstream Partners Oil & Gas NYSE 42.51 - 42.51 48.77 FO - PIPE $1,100m 0.0% N/A N/A N/A19-Mar-19 Invitation Homes Financials NYSE 23.30 - 23.30 23.30 FO - Bought Deal $1,002m 100.0% 0.0% N/A 4.4%20-Mar-19 AXA Equitable Financials NYSE 20.87 - 20.87 20.50 FO - Accelerated Bookbuild $943m 100.0% 1.4% N/A -1.8%8-Jan-19 Annaly Capital Management Financials NYSE 10.04 - 10.04 9.74 FO - Bought Deal $840m 0.0% 0.6% 7.1% 2.6%

Pricing date Issuer name Issuer country Sector Exchange Filing range Offer

price Pricing Money raised

Free float

Secondary shares (%)

Performance1-day 1-month Current

28-Mar-19 Lyft Consumer Services NASDAQ 62.00 - 68.00 72.00 Above range $2,340m 11.4% 0.0% 8.7% N/A 8.7%30-Jan-19 PIMCO Energy & Tactical Credit Opp. Fund Financials NYSE N/A 20.00 N/A $892m 0.0% 0.0% 1.0% 5.8% 1.9%20-Mar-19 Levi Strauss & Co Consumer Goods NYSE 14.00 - 16.00 17.00 Above range $717m 10.9% 74.2% 31.8% N/A 38.5%31-Jan-19 Gores Metropoulos Financials NASDAQ 10.00 - 10.00 10.00 In range $400m 85.3% 0.0% 1.2% 2.1% 2.4%7-Feb-19 Gossamer Bio Health Care NASDAQ 16.00 - 16.00 16.00 In range $317m 31.4% 0.0% 12.1% 20.3% 35.4%

28-Feb-19 Hennessy Capital Acquisition Corp IV Industrials NASDAQ 10.00 - 10.00 10.00 In range $300m 90.2% 0.0% 0.2% 0.8% 0.8%21-Feb-19 Acamar Partners Acquisition Corp Financials NASDAQ 10.00 - 10.00 10.00 In range $300m 100.0% 0.0% 0.0% -0.2% 0.0%30-Jan-19 New Fortress Energy Oil & Gas NASDAQ 17.00 - 19.00 14.00 Below range $292m 12.5% 0.0% -6.6% 11.7% -16.6%27-Feb-19 DiamondPeak Financials NASDAQ 10.00 - 10.00 10.00 In range $280m 89.6% 0.0% 0.0% 0.0% 0.2%5-Mar-19 Tuscan Financials NASDAQ 10.00 - 10.00 10.00 In range $276m 92.7% 0.0% 1.5% N/A 4.3%

Leading transactions 2019YTD in the Americas

Q1 2019Global IPO Watch15

Top 10 largest IPOs 2019YTD in the Americas

The listing of Lyft is expected to open the floodgates for technology unicorns

Top 10 largest FOs 2019YTD in the Americas

Note: 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’.Source: Dealogic, Bloomberg as of 31 March 2019

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IPO and FO activity per sector in the Americas

Q1 2019Global IPO Watch16

Money raised and number of IPOs and FOs per sector 2017 – 2019YTD

IPOs this quarter were mainly Financials and Health Care companies, yet as a result of the Lyft IPO Consumer Services rank second in terms of money raised

Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic, as of 31 March 2019

2,5 0,0 - 2,1 4,5 0,7

9,4 10,8 2,4

23,8 30,1

4,7 4,7 10,0

1,2 6,1

11,2

0,3 8,4

1,9 0,3

9,5 7,6 0,2 - - - 0,8 0,5 -

13 1 11 15 129 27

2

110 123

22 4481

14 18 18 1 17 8 126 30

1 2 3 0

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

12,9 6,5 0,4

12,3 10,3 2,0

24,8 26,0

8,4

56,8 43,6

15,0

37,4 40,3

8,6

26,1 15,2

4,0

28,6 14,6

2,2 9,6 12,9

6,2 0,7 0,6 - 5,5 20,2

2,7

132 8714 57 45 10

99 89 30

290203

70

330 364

93 124 8017

109 60 1075 82 27 7 5 0 16 33 4

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

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IndustrialsBasic Materials Health Care TechnologyConsumer Goods Financials Oil & GasConsumer Services Telecommunication Utilities

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Top countries in terms of IPO activity in the Americas

Q1 2019Global IPO Watch17

IPO activity of top countries in the Americas 2015 – 2019YTD

With proceeds of merely $69m via a single real estate IPO, Chile makes it into the top 4 most active countries in the Americas

$38,9bn$26,1bn

$51,5bn$61,7bn

$9,3bn

189122

211246

37

2015 2016 2017 2018 2019YTD

$6,9bn $3,6bn $6,4bn $10,6bn$0,2bn

2315 18

31

1

2015 2016 2017 2018 2019YTD

$4,9bn $0,7bn $4,3bn $2,0bn $0,3bn

35

8

2921

3

2015 2016 2017 2018 2019YTD

$0,0bn $0,2bn $0,3bn $0,6bn $0,1bn

0 1 2 2 1

2015 2016 2017 2018 2019YTD

Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 31 March 2019

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EMEA

Q1 2019Global IPO Watch18

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Money raised via IPOs and FOs in EMEA

Q1 2019Global IPO Watch19

Top countries 2019YTD

Despite ongoing Brexit haggling, the United Kingdom was the epicentre of IPO activity this quarter, accounting for 67% of proceeds

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

Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 31 March 2019

$40,4bn $33,3bn $15,9bn$37,2bn

$69,4bn $68,8bn$33,4bn $48,1bn $43,7bn

$0,8bn

$5,2bn$2,0bn

$2,1bn

$3,3bn

$12,9bn $3,5bn

$2,4bn$7,3bn $4,8bn

$0,1bn

215 167 101182

279 269181

300 238

16

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

Europe Middle East & Africa Number of IPOs

$135,2bn $132,4bn $115,1bn$174,2bn $192,4bn $179,1bn

$110,5bn$176,8bn

$97,6bn$21,8bn

$12,4bn $10,0bn $9,3bn

$6,8bn $13,9bn $12,2bn

$10,3bn

$13,3bn

$11,8bn

$1,4bn

774 628 521 637 737 808 754946

756

155

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

Europe Middle East & Africa Number of FOs

United Kingdom;

67%

Saudi Arabia; 6%

Malta; 6%

Italy; 4%

Belgium; 3%

Other; 13%

United Kingdom, 38%

Germany, 11%The

Netherlands, 10%

Spain, 8%

France, 6%

Other, 27%

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2,0%2,6% 2,0%3,2%

1,5%

6,2%

0,3%0,0%

-4,8%

4,0%

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

2017 2018 Q1 2017 Q1 2018 Q1 2019IPO activity Number of IPOs 300 238 60 61 16

% sponsor-backed 17.0% 10.9% 15.0% 14.8% 6.3%Money raised $55.4bn $47.4bn $6.5bn $17.4bn $0.9bn

% sponsor-backed 28.0% 20.5% 28.9% 9.0% 1.0%

Advanced metrics Free float % 43.5% 41.0% 46.0% 45.5% 33.7%Overallotment exercised (%)1 26.4% 25.9% 21.8% 26.4% 7.1%% secondary shares 32.9% 29.5% 32.8% 34.9% 15.0%

FO activityNumber of FOs 946 756 235 214 155Money raised $189.9bn $109.4bn $50.7bn $33.0bn $23.2bn

Overview of IPO and FO activity in EMEA

Q1 2019Global IPO Watch20

• In Q1 2019, 16 IPOs raised $933m. This represents a massive drop of 95% in terms of proceeds and 74% in terms of the number of IPOs compared to last year.

• FO activity also suffered, as proceeds decreased by 30% while the number of transactions fell by 28%.

• There were no IPOs pricing outside of their initial pricing range in EMEA this quarter.

• The solid uptick in equity markets in Q1 2019 has lifted the current median post-IPO performance of 2019YTD IPOs to 4%.

IPO and FO activity in EMEA

IPO pricing dynamics Post-IPO performance (median) Global indices

Equity capital markets in EMEA had a difficult quarter, due to the combination of global uncertainties and local economic headwinds

1

2

3

4

2018 2019YTD

1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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’.

Source: Dealogic, Bloomberg as of 31 March 2019

4

75

100

125

150

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19

CAC 40 DAX FTSE 100

1

2

3

3% 8% 4% 7%18%

20% 18% 16% 31%

68%66%

65% 65%69%

10% 6% 10% 7%2% 1% 4% 4%

2017 2018 2017YTD 2018YTD 2019YTD

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

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Pricing date Issuer name Issuer country Sector Exchange Filing range Offer

price Deal Type Money raised

Secondary shares (%)

Performance1-day 1-month Current

29-Mar-19 AstraZeneca Health Care LSE 64.96 - 64.96 60.50 FO - Accelerated Bookbuild $3,523m 0.0% N/A N/A N/A12-Mar-19 Adyen Industrials Euronext Amsterdam 656.20 - 656.20 600.00 FO - Accelerated Bookbuild $1,691m 100.0% 10.7% N/A 16.3%22-Mar-19 Cellnex Telecom Telecommunications BME 17.89 - 17.89 17.89 FO - Rights Offer $1,365m 0.0% 35.5% N/A 46.2%20-Mar-19 Total Oil & Gas Euronext Paris 51.54 - 51.54 51.18 FO - Accelerated Bookbuild $1,005m 100.0% -1.6% N/A -3.2%22-Jan-19 Sika Industrials SIX Swiss Exchange 135.00 - 135.00 130.00 FO - Accelerated Bookbuild $820m 100.0% N/A N/A N/A1-Feb-19 Deutsche Wohnen Financials Deutsche Börse 43.59 - 43.59 41.50 FO - Accelerated Bookbuild $801m 100.0% 3.2% -1.2% 4.2%28-Mar-19 Hochtief Industrials Deutsche Börse 140.90 - 140.90 131.00 FO - Accelerated Bookbuild $640m 100.0% -4.0% N/A -1.5%15-Feb-19 SEGRO Financials LSE 6.47 - 6.47 6.35 FO - Accelerated Bookbuild $578m 0.0% 3.0% 7.5% 6.1%13-Mar-19 Norilsk Nickel Basic Materials Moscow Exchange 14,380.00 - 14,380.00 13,450.00 FO - Accelerated Bookbuild $552m 100.0% 3.0% N/A 2.0%20-Mar-19 Moncler Consumer Goods Borsa Italiana 37.05 - 37.05 36.50 FO - Accelerated Bookbuild $506m 100.0% -0.3% N/A -1.6%

Pricing date Issuer name Issuer country Sector Exchange Filing range Offer

price Pricing Money raised

Free float

Secondary shares (%)

Performance1-day 1-month Current

22-Mar-19 Schiehallion Fund Financials LSE 1.00 - 1.00 1.00 In range $477m 0.0% 0.0% 12.5% N/A 14.5%11-Mar-19 DWF Group Consumer Services LSE N/A 1.22 N/A $124m 26.0% 21.2% 2.6% N/A -0.4%24-Mar-19 Al Moammar Information Systems Technology Saudi SE N/A 45.00 N/A $58m 30.0% 100.0% N/A N/A N/A15-Feb-19 BMIT Technologies Technology Malta SE 0.49 - 0.49 0.49 In range $55m 49.0% 100.0% 10.2% 6.1% 6.1%22-Feb-19 Gear 1 Industrials Borsa Italiana 10.00 - 10.00 10.00 In range $34m 99.8% 0.0% 1.0% N/A 4.0%8-Feb-19 Sequana Medical Health Care Euronext Brussels 8.50 - 9.00 8.50 Bottom of range $31m 24.6% 0.0% -0.9% -27.3% -20.5%18-Mar-19 Diaceutics Health Care LSE - AIM N/A 0.76 N/A $28m 39.2% 18.1% 25.7% N/A 36.2%29-Jan-19 Marinomed Biotech Health Care Vienna SE 75.00 - 90.00 75.00 Bottom of range $26m 23.7% 0.0% 1.3% 5.6% 5.3%6-Mar-19 Ascelia Pharma Health Care NASDAQ Stockholm 25.00 - 25.00 25.00 In range $21m 35.4% 0.0% -0.5% N/A -0.8%10-Jan-19 Icon Properties Financials Malawi SE 8.75 - 8.75 8.75 In range $20m 25.1% 0.0% 37.1% 20.6% 25.7%

Leading transactions 2019YTD in EMEA

Q1 2019Global IPO Watch21

Top 10 largest IPOs 2019YTD in EMEA

Billion-dollar+ transactions are missing from the largest IPOs in EMEA this quarter, as listing conditions remain difficult

Top 10 largest FOs 2019YTD in EMEA

Note: 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’.Source: Dealogic, Bloomberg as of 31 March 2019

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IPO and FO activity per sector in EMEA

Q1 2019Global IPO Watch22

Money raised and number of IPOs and FOs per sector 2017 – 2019YTD

Activity in Industrials and Health Care outnumbered Financials, but the latter nonetheless accounted for the lion’s share of IPO proceeds in EMEA in Q1 2019

1,7 1,6 -

8,6 7,5 -

7,6 3,2 0,1

19,2 16,8

0,5 2,8 6,8

0,1

9,7 7,1 0,1 1,4 0,6 - 2,2 2,1 0,1 1,5 0,3 - 0,7 1,4 -

8 5 029 22

0

34 221

97 88

3

3717

4

51 41

5 10 3 029 30

3 3 3 0 2 7 0

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

10,5 9,4 1,3 12,4 8,0 0,9

11,6 12,5 2,1

93,0

35,5

5,7 11,0 12,4 4,1 24,0 18,3

4,9 5,2 4,8 1,5 5,9 4,4 1,2 3,7 2,4 1,5 12,8

1,6 -

59 40 1071 56

9

112 8715

283 215

43114 102

21

140 10926 61 70

1176 57

18 11 9 2 19 11 0

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic, as of 31 March 2019

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$0,0bn $0,0bn $0,0bn $0,0bn $0,1bn

0 0 0 1 1

2015 2016 2017 2018 2019YTD

Top countries in terms of IPO activity in EMEA

Q1 2019Global IPO Watch23

IPO activity of top countries in EMEA 2015 – 2019YTD

Economic weakening in large European countries results in Saudi Arabia and Malta being amongst the most active countries in EMEA this quarter

$19,8bn

$7,6bn

$14,8bn$12,7bn

$0,6bn

7452

8068

3

2015 2016 2017 2018 2019YTD

$1,1bn $0,7bn $1,0bn $1,2bn $0,1bn

4 316 11 1

2015 2016 2017 2018 2019YTD

Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 31 March 2019

6,2

$1,6bn

$6,2bn$2,4bn

$0,0bn

239

27 262

2015 2016 2017 2018 2019YTD

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Asia-Pacific

Q1 2019Global IPO Watch24

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Money raised via IPOs and FOs in Asia-Pacific

Q1 2019Global IPO Watch25

Top countries 2019YTD

The newly established Science and Technology Innovation Board gives the Shanghai Stock Exchange greater autonomy to attract new listings

Money raised via IPOs and FOs in Asia-Pacific (10-year overview)

$175,3bn

$91,0bn$51,3bn $48,2bn $66,2bn $77,8bn $71,5bn $81,3bn $93,5bn

$8,2bn

$8,0bn

$1,5bn

$1,5bn $10,2bn$17,0bn $6,5bn $5,8bn $4,8bn

$6,1bn

$0,0bn

761620

397 363542 668 684

951653

115

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

Asia Australasia Number of IPOs

$206,8bn$115,1bn $135,1bn $140,5bn $160,1bn

$218,2bn $197,4bn $194,6bn$139,8bn

$19,7bn

$23,6bn

$23,5bn $17,6bn $20,7bn$22,3bn

$41,5bn$17,8bn $22,1bn

$22,4bn

$2,4bn

1.3521.077 978

1.265 1.325 1.478 1.367 1.3931.042

173

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

Asia Australasia Number of FOs

Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 31 March 2019

China; 36%

Hong Kong; 33%

India; 12%

Japan; 10%

South Korea; 6%Other; 4%

Hong Kong, 23%

India, 19%

China, 18%

Japan, 14%

Australia, 10%

Other, 17%

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10,0%19,2%

8,3%

21,4%

6,1%

27,0%

5,1%0,0% 1,9%

35,5%

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

2017 2018 Q1 2017 Q1 2018 Q1 2019IPO activity Number of IPOs 951 653 237 162 115

% sponsor-backed 2.5% 2.0% 3.4% 2.5% 0.0%Money raised $86.1bn $99.7bn $15.5bn $13.7bn $8.3bn

% sponsor-backed 8.4% 3.0% 8.6% 3.9% 0.0%

Advanced metrics Free float % 27.3% 27.5% 27.6% 28.3% 27.5%Overallotment exercised (%)1 12.6% 19.7% 16.2% 15.0% 15.8%% secondary shares 10.1% 11.5% 10.0% 13.0% 12.0%

FO activityNumber of FOs 1,393 1,042 312 325 173Money raised $216.7bn $162.2bn $53.8bn $56.7bn $22.1bn

Overview of IPO and FO activity in Asia-Pacific

Q1 2019Global IPO Watch26

• In Q1 2019, 115 IPOs raised $8.3bn. This represents a drop of 40% in terms of proceeds and 34% in the number of IPOs compared to last year.

• FO activity suffered even more, as proceeds feel by 61% whereas the number of deals fell by 47%.

• With only 25% of IPOs pricing in the middle of their pricing range, pricing volatility has increased alongside overall volatility in Asia-Pacific.

• Global IPO returns are again driven by Asia-Pacific, where 2019YTD IPOs had a current median post-IPO performance of 35.5%.

IPO and FO activity in Asia-Pacific

IPO pricing dynamics Post-IPO performance (median) Global indices

The overall slowdown in IPO activity was least visible in Asia-Pacific, as the region is less exposed to the wide array of global geopolitical risks

1

2

3

4

2018 2019YTD

1) Overallotment exercised (%) presents the percentage of IPOs in which the overallotment option has been exercised (either fully or partially). Note: 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’.

Source: Dealogic, Bloomberg as of 31 March 2019

75

100

125

150

175

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19

Hang Seng Nikkei 225 SENSEX

1

2

2% 3% 5% 2% 2%13% 21% 10% 11%

27%

50% 41% 51% 46%25%

33% 32% 31% 39% 41%

2% 3% 3% 2% 5%

2017 2018 2017YTD 2018YTD 2019YTD

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

4

3

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Pricing date Issuer name Issuer country Sector Exchange Filing range Offer

price Deal Type Money raised

Secondary shares (%)

Performance1-day 1-month Current

25-Jan-19 COSCO SHIPPING Industrials Shanghai SE N/A 3.78 FO - Cash Placing $1,138m 0.0% 14.8% 34.4% 39.7%22-Feb-19 Kotak Mahindra Bank Financials BSE; NSE 1,225.00 - 1,250.00 1,225.00 FO - Accelerated Bookbuild $1,008m 100.0% 1.3% 10.3% 8.9%27-Mar-19 China Vanke Financials HKEX 29.68 - 29.68 29.68 FO - Cash Placing $994m 0.0% 6.3% N/A 11.2%13-Feb-19 Axis Bank Financials BSE; NSE N/A 695.00 FO - Accelerated Bookbuild $757m 100.0% 0.0% 6.3% 11.7%22-Jan-19 Sapura Energy Oil & Gas Bursa Malaysia 0.30 - 0.30 0.30 FO - Rights Offer $728m 0.0% -5.0% 5.0% 11.7%4-Mar-19 Nintendo Consumer Goods Tokyo SE 30,030.00 - 30,030.00 29,488.00 FO - Fully Marketed $640m 100.0% 2.9% N/A 7.0%

13-Mar-19 HDFC Life Insurance Financials BSE; NSE N/A 365.20 FO - Accelerated Bookbuild $522m 100.0% 0.4% N/A 3.6%20-Mar-19 WuXi Biologics (Cayman) Health Care HKEX 76.00 - 78.00 77.00 FO - Accelerated Bookbuild $510m 100.0% 1.5% N/A -0.8%27-Feb-19 People's Insurance (Group) of China Financials HKEX 3.39 - 3.43 3.40 FO - Accelerated Bookbuild $482m 100.0% 4.7% -2.4% -1.2%29-Mar-19 DLF Financials BSE; NSE 189.40 - 189.40 183.40 FO - Accelerated Bookbuild $459m 0.0% 9.9% N/A 9.9%

Pricing date Issuer name Issuer country Sector Exchange Filing range Offer

price Pricing Money raised

Free float

Secondary shares (%)

Performance1-day 1-month Current

22-Mar-19 Embassy Office Parks REIT Financials BSE; NSE N/A 300.00 N/A $689m 20.5% 0.0% N/A N/A N/A19-Feb-19 CStone Pharmaceuticals Health Care HKEX 11.10 - 12.80 12.00 In range $328m 21.8% 0.0% 7.2% 31.2% 32.3%19-Feb-19 Qingdao Rural Commercial Bank Financials Shenzhen SE N/A 3.96 N/A $325m 10.0% 0.0% 43.9% N/A 91.7%22-Jan-19 Bank of Xian Financials Shanghai SE N/A 4.68 N/A $306m 10.0% 0.0% 44.0% N/A 151.1%20-Mar-19 Zhejiang Sanmei Chemical Industry Basic Materials Shanghai SE N/A 32.43 N/A $289m 13.7% 0.0% N/A N/A N/A28-Jan-19 Maoyan Entertainment Technology HKEX 14.80 - 20.40 14.80 Bottom of range $250m 11.8% 0.0% -1.1% 8.7% 16.6%2-Feb-19 Chalet Hotels Consumer Services BSE; NSE 275.00 - 280.00 280.00 Top of range $230m 28.6% 42.1% 3.7% 0.0% 20.6%

19-Feb-19 Dexin China Financials HKEX 2.32 - 3.25 2.80 In range $215m 22.8% 0.0% 0.0% 0.4% 1.8%5-Mar-19 China Risun Group Basic Materials HKEX 2.76 - 3.18 2.80 Bottom of range $214m 15.0% 0.0% 0.0% N/A 1.8%20-Mar-19 Koolearn Technology Consumer Services HKEX 9.30 - 11.10 10.20 In range $214m 18.0% 0.0% 0.0% N/A -0.6%

Leading transactions 2019YTD in Asia-Pacific

Q1 2019Global IPO Watch27

Top 10 largest IPOs 2019YTD in Asia-Pacific

With two IPOs and four FOs in the top 10 largest transactions, Indian capital markets are displaying healthy levels of activity

Top 10 largest FOs 2019YTD in Asia-Pacific

Note: 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’.Source: Dealogic, Bloomberg as of 31 March 2019

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IPO and FO activity per sector in Asia-Pacific

Q1 2019Global IPO Watch28

Money raised and number of IPOs and FOs per sector 2017 – 2019YTD

Financials and Industrials dominate the industry rankings in Asia-Pacific, in terms of both IPO and FO activity

5,1 2,9 0,5

13,6 7,3

0,4 9,3 10,7

1,0

24,2 19,9

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

19,3

8,9 1,5 0,4 2,2 0,2

5,8

21,1

0,9 0,1

21,6

0,0 2,5 0,4 -

80 483

15985

1193 88

22102 123

1876 58

11

308

156

28 9 5 199 73

20 7 1 20 10 0

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

28,3 14,7

1,5

22,0 13,6

2,0 14,6 7,4 1,0

58,7 48,7

9,9 6,1 11,8 0,9

51,7

29,8

3,0 7,1 6,3 1,6 17,2

25,9

1,4 5,3 1,2 0,1 5,6 2,6 0,8

201 170

22

168109

22

12276

19

280214

4383 91

9

298223

29 55 43 8

14092

12 19 8 4 27 16 5

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

'17 '18 '19YTD

Note: Financials include Closed-End Funds and Real Estate. Source: Dealogic, as of 31 March 2019

FO m

oney

rais

ed &

# o

f dea

lsIP

O m

oney

rais

ed &

# o

f dea

ls

IndustrialsBasic Materials Health Care TechnologyConsumer Goods Financials Oil & GasConsumer Services Telecommunication Utilities

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$2,1bn $4,0bn

$11,5bn$5,3bn

$1,0bn

22 28 45 435

2015 2016 2017 2018 2019YTD

$15,6bn$10,6bn

$6,0bn

$26,7bn

$0,8bn

78 73 80 8826

2015 2016 2017 2018 2019YTD

Top countries in terms of IPO activity in Asia-Pacific

Q1 2019Global IPO Watch29

IPO activity of top countries in Asia-Pacific 2015 – 2019YTD

The number of IPOs in Japan displayed a rare uptick in IPO numbers as compared to other countries, as 26 companies went public compared to 18 in Q1 2018

$25,8bn $24,3bn

$31,6bn

$18,4bn

$3,0bn

220 252

411

9625

2015 2016 2017 2018 2019YTD

Note: Top countries have been selected based on money raised in 2019YTD. Source: Dealogic as of 31 March 2019

$23,7bn$21,3bn

$14,3bn

$33,4bn

$2,7bn

116 112155

196

34

2015 2016 2017 2018 2019YTD

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