PwC's Global Technology IPO Trends: 2010 - 2014
Transcript of PwC's Global Technology IPO Trends: 2010 - 2014
pwc.comGlobal Technology IPOTrends 2010 - 2014
December 5, 2014
Raman Chitkara,Global Technology IndustryLeader
Technology andChanging CapitalMarkets
NYU Centeron U.S.-ChinaRelations
PwC
Agenda
• Global technology IPOs 2010-2014
• Cross border IPOs
• Geographic distribution
• Stock exchange distribution
• Sub-sector distribution
• $10 billion+ technology IPOs
December 20142
PwC
Global Technology IPO Trends
December 20143
$17,952$15,857
$23,152
$11,446
$43,740109
87
69 64
84
0
20
40
60
80
100
120
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
2010 2011 2012 2013 9 months 2014
Nu
mb
er
of
IPO
s
InU
S$m
n
Issue size Number of IPOs (Right axis)
Source: Dealogic with analysis by PwC
PwC
US Technology IPO Trends
December 20144
$2,150
$5,104
$20,310
$7,591$6,134
19
24
32
35
28
0
5
10
15
20
25
30
35
40
0
5,000
10,000
15,000
20,000
25,000
2010 2011 2012 2013 9 months 2014
Nu
mb
er
of
IPO
s
InU
S$m
n
Issue size Number of IPOs (Right axis)
Source: Dealogic with analysis by PwC
PwC
China Technology IPO Trends
December 20145
$9,249$8,215
$2,440
$1,026
$27,62870
50
33
8
34
0
10
20
30
40
50
60
70
80
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2010 2011 2012 2013 9 months 2014
Nu
mb
er
of
IPO
s
InU
S$m
n
Issue size Number of IPOs (Right axis)
Source: Dealogic with analysis by PwC
PwC
ROW Technology IPO Trends
December 20146
$6,553
$2,538
$400
$2,829
$9,978
20
13
4
2122
0
5
10
15
20
25
0
5,000
10,000
15,000
2010 2011 2012 2013 9 months 2014
Nu
mb
er
of
IPO
s
InU
S$m
n
Issue size Number of IPOs (Right axis)
Source: Dealogic with analysis by PwC
pwc.comGlobal Technology IPOTrends
Cross Border IPOsTechnology andChanging CapitalMarkets
NYU Centeron U.S.-ChinaRelations
PwC
Cross Border IPOs
December 20148
$4,227$3,542
$343$1,829
$27,82820
14
3
13
18
0
5
10
15
20
25
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2010 2011 2012 2013 9 months 2014
Nu
mb
er
of
IPO
s
InU
S$m
n
Issue size Number of IPOs (Right axis)
Source: Dealogic with analysis by PwC
PwC
Cross Border IPOs by Origination Country 2010-2014
US1
China38
ROW29
December 20149
Source: Dealogic with analysis by PwC
PwC
Cross Border IPOs by Destination Country
US58
China2 ROW
8
December 201410
Source: Dealogic with analysis by PwC
pwc.comGlobal Technology IPOTrends
Geographical DistributionTechnology andChanging CapitalMarkets
NYU Centeron U.S.-ChinaRelations
PwC
Geographic Distribution 2010-2014 – Number of IPOs
US138
Chinaincluding
Hong Kong195
ROW80
December 201412
Source: Dealogic with analysis by PwC
PwC LLP
Geographic Distribution 2010-2014
December 2014
US75
China*153
ROW37
US35
China*8
ROW21
US28
China*34
ROW22
2010 - 2012 2013 9 mos 2014
13
* Including Hong Kong
Source: Dealogic with analysis by PwC
pwc.comGlobal Technology IPOTrends
Stock Exchange DistributionTechnology andChanging CapitalMarkets
NYU Centeron U.S.-ChinaRelations
PwC
Stock Exchange Distribution 2010-2014 – Number of IPOs
December 2014
US197
ChinaIncluding
Hong Kong159
ROW57
15
Source: Dealogic with analysis by PwC
Shenzhen133
Hong Kong18
Shanghai8
NYSE103
NASDAQ94
PwC LLP
Stock Exchange Distribution 2010-2014
December 2014
US108
China*130
ROW27
US45China*
5
ROW14
US44
China*24
ROW16
2010 - 2012 2013 9 mos 2014
16
* Including Hong Kong
Source: Dealogic with analysis by PwC
PwC
Stock Exchange Distribution 2010-2014 - Money Raised $B
December 2014
US$77.4
China$19.2
ROW$15.5
17
Source: Dealogic with analysis by PwC
pwc.comGlobal Technology IPOTrends
Sub-sector DistributionTechnology andChanging CapitalMarkets
NYU Centeron U.S.-ChinaRelations
PwC
Sub-sector Distribution 2010-2014 – Number of IPOs
Computers &Peripherals
30
InternetSoftware &Services
109
Semiconductorand Alternate
Energy84
Software86
CommsEquipment
32
Electronics9
IT Consulting &Services
45 Other18
December 201419
Source: Dealogic with analysis by PwC
PwC
US Tech Companies IPOs Sub-sector Distribution 2010-2014
Computers &Peripherals
11
InternetSoftware &Services
58
Semiconductor11
Software35
CommsEquipment
9
Electronics2
IT Consulting &Services
6Other
6
December 201420
Source: Dealogic with analysis by PwC
PwC
China Tech Companies IPOs Sub-sector Distribution2010-2014
Computers &Peripherals
11
InternetSoftware &Services
34
Semiconductorand Alternate
Energy57
Software30
CommsEquipment
15
Electronics5
IT Consulting &Services
32
Other11
December 201421
Source: Dealogic with analysis by PwC
PwC
ROW Tech Companies IPOs Sub-sector Distribution2010-2014
Computers &Peripherals
8
InternetSoftware &Services
17
Semiconductor16
Software20
CommsEquipment
8
Electronics2
IT Consulting &Services
7Other
2
December 201422
Source: Dealogic with analysis by PwC
pwc.comGlobal Technology IPOTrends
Ten Billion Plus Technology IPOsTechnology andChanging CapitalMarkets
NYU Centeron U.S.-ChinaRelations
PwC
$16.2B
$10B+ Market Cap Technology IPOs 2010-2014
December 2014
$275.2B
$28.1B
$30.7B
$32.0B
$216.6B
$17.7B
$18.0B
$26.5B
$9.4B
$9.5B
$9.8B
26
Market cap as of November 28, 2014 close
PwC
$10B+ market cap technology IPOs – Country
December 201425
IPO 7
IPO 1Population
Growth rate2000-2050
<0%
0-1%
1-2%
2% +
IPO 2IPO 1
IPO 1
PwC
23.0
Market Cap/Revenue Multiple
December 201427
77.7
26.5
22.1
19.3
15.6
14.1
10.6
8.9
3.9
3.3
2.2
3.8
5.4
1.8
Market cap as of November 28 and revenue TTM