全球科技行业IPO回顾：2017年第二季度.pdf

《全球科技行业IPO回顾：2017年第二季度.pdf》由会员分享，可在线阅读，更多相关《全球科技行业IPO回顾：2017年第二季度.pdf（46页珍藏版）》请在淘文阁 - 分享文档赚钱的网站上搜索。

1、 Global Technology IPO Review Q2 2017 PwC|Global Technology IPO Review Q2 2017 1 Global tech IPO market has best quarter in two years based on volume:28 IPOs Including four Unicorns In Q2 2017 Raman Chitkara Partner and Global Technology Industry Leader PricewaterhouseCoopers LLP Welcome to the Q2 2

2、017 issue of PwCs Global Technology IPO Review.It was the best quarter for technology initial public offerings(IPOs)in two years as the upbeat mood in the capital markets increased the appetite of investors for new public offerings.In the second quarter,28 technology companies completed IPOs for tot

3、al proceeds of US$5.1 billion.This is the most technology IPOs since Q2 2015 when there were 36.The improvement of economic fundamentals in the major developed economies,continued rallies in many equity markets and the backlog of tech companies waiting to go public led to the increased volume.While

4、four Unicorns completed their IPOs,the big names continued to stay on the sidelines.The pace of Unicorn IPOs in the remainder of calendar 2017 is likely to be influenced by the post-IPO performance of Unicorns that completed their IPOs in the first half.Geographically,China continued to show robust

5、growth in the technology IPO market with 16 companies raising a total of US$1.2 billion.Chinese IPOs were favorably impacted by the efforts of the China Securities Regulatory Commission(CSRC)to speed up the approval process.South Korea had a strong quarter with two IPOs,raising US$2.405 billion,incl

6、uding the largest IPO of Q2Netmarble Games Corp.with proceeds of US$2.356 billion.The US had six IPOs with total proceeds of less than a billion,a 50%improvement over the preceding quarter,though significantly below comparable historical levels achieved during strong IPO cycles.After a drought of fi

7、ve quarters,the UK had one technology IPO in Q2 2017,raising US$324 million.Rounding out Q2,Belgium,Canada and Israel had one IPO each.In a rare turn of events,Internet Software&Services shared first place for volume with another subsectorSemiconductors.Each had eight IPOs in Q2 2107.As for total pr

8、oceeds,Internet Software&Services raised US$3.5 billion,and Semiconductors a more modest US$832 million.Internet Software&Services benefitted from Netmarbles proceeds.Semiconductors benefitted from IPOs by five Chinese companies.It was the first time Semiconductors had eight or more IPOs since Q4 20

9、10,when it had 12.Looking ahead,we expect the second half of 2017 to continue the positive momentum of the first half.However,any significant decline or increase in volatility in the capital markets has the potential to change investor sentiment in a hurry.Factors to watch include Chinese regulatory

10、 developments;the tone,tenor and timing of US budget,debt ceiling and tax reform deliberations,and the continuity of overall global economic progress without inflationary pressures.Lastly,gaps between private company valuations in the recent past and the valuations investors are willing to give publ

11、ic companies will influence how many and which Unicorns test the capital markets in the second half of 2017.Sincerely,*Issue size greater than US$40 million(includes overallotment)and based on trade date;See Methodology PwC|Global Technology IPO Review Q2 2017 2 Table of contents 1.Q2 2017 Global te

12、ch IPO summary 3 Tech IPOs continue to ride high on positive investor sentiment 3 First-half 2017 average proceeds are higher than first-half 2015 and 2016 Led by six Unicorn listings 4 The Asian tech IPO market takes center stage this quarter 5 Tech IPOs in Q2 2017 have wider geographic spread than

13、 the previous quarter 6 Global macroeconomic conditions improve as Asia gains strength;political challenges continue in the US and Europe 7 Semiconductor surprise:Subsector shares top spot for number of IPOs with Internet Software&Services 8 2.Country and stock exchange detail 9 China 9 South Korea

14、10 US 11 UK 12 Stock exchange distribution 13 Q2 2017 tech IPOs Offering details 14 3.Key financials Q2 2017 16 4.Q2 2017 Technology IPO listings:Valuation metrics 20 5.Top three subsectors in Q2 2017 22 Internet Software&Services 22 Semiconductors 29 Software 36 6.Methodology 43 7.For more informat

15、ion 44 PwC|Global Technology IPO Review Q2 2017 3 Q2 2017 Global tech IPO summary Tech IPOs continue to ride high on positive investor sentiment After a positive start to the year,Q2 2017 saw an increase in technology IPOs.Deal volume increased significantly as 28 IPOs raised a total of US$5.1 billi

16、on in the second quarter;the number of listings rose 56%quarter over quarter and 100%year over year.Proceeds declined 12%from the previous quarter,but increased 246%year over year.Chinese technology companies led with 16 IPOs raising US$1.2 billion.South Korea had two IPOs that raised more than US$2

17、.4 billion.The US had six tech IPOs with total proceeds of US$764 million.Technology IPOs included four Unicorns,twice the number in Q1.All were in the Internet Software&Services subsector:Netmarble Games Corp of South Korea(proceeds of US$2.4 billion),China Rapid Finance Ltd of China(US$69 million)

18、,Okta Inc(US$187 million)and Cloudera Inc(US$259 million)of the US.While Netmarble and Okta were priced above pre-IPO valuations,the other two were priced lower than pre-IPO valuations.Figure 1:Global tech IPOs Q2 2016-Q2 2017 Source:S&P Capital IQ with analysis by PwC$1,480$5,382$1,742$5,813$5,1241

19、4 20 10 18 28 051015202530Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000US$millionsTotal proceeds(US$mn)Number of IPOsNo.of IPOsLooking ahead,we expect the second half of 2017 to continue the positive momentum of the first half.However,investor sentiment could change

20、 in a hurry as a result of a significant negative political development or increased volatility in the capital markets.”Raman Chitkara Global Technology Industry Leader PwC|Global Technology IPO Review Q2 2017 4 First-half 2017 average proceeds are higher than first-half 2015 and 2016 Led by six Uni

21、corn listings Two Unicorns in particular,Netmarble(Q2)and Snap(Q1),raised total proceeds disproportionately and acted as positive outliers in the Q2 and Q1 2017 IPO environments.As for average proceeds,H1 2017 was higher than the previous two first-half periods at US$238 million.H1 2015 had average

22、proceeds of US$207 million and H1 2016 had US$94 million.However,although the volume of tech IPOs rose substantially in Q2,average proceeds declined from US$323 in Q1 to US$183 in Q2 owing to smaller offerings including three of the four Unicorns garnering less than US$600 million in aggregate.Figur

23、e 2:H1 2010-H1 2017 total proceeds,average proceeds and no.of IPOs Source:S&P Capital IQ with analysis by PwC$8,699$8,710$20,817$4,588$18,955$12,225$2,249$10,937$158$164$416$170$287$207$94$23855 53 50 27 66 59 24 46 01530456075H1 2010H1 2011H1 2012H1 2013H1 2014H1 2015H1 2016H1 2017$0$5,000$10,000$1

24、5,000$20,000$25,000US$millionsTotal proceeds(US$mn)Avg proceeds(US$mn)No.of IPOsNo.of IPOs PwC|Global Technology IPO Review Q2 2017 5 The Asian tech IPO market takes center stage this quarter Asia reported 19 technology IPOs,the highest for any region in Q2,with total proceeds of US$3.7 billion.Chin

25、a led with 16 IPOs,followed by South Korea with two and Israel with one.South Koreas Netmarble was the biggest IPO in the Asian market and the largest tech IPO of the quarter,raising just under US$2.4 billion.China raised US$1.2 billion,and Israel had proceeds of US$46 million.Figure 3:Q2 2016-Q2 20

26、17 Asia total proceeds and no.of IPOs Source:S&P Capital IQ with analysis by PwC$536$1,921$932$1,322$3,6557113141903691215182124Q2 2016Q3 2016Q4 2016Q1 2017Q2 201705001,0001,5002,0002,5003,0003,5004,000Proceeds(US$mn)No.of IPOsUS$millionsNo.of IPOs PwC|Global Technology IPO Review Q2 2017 6 Tech IPO

27、s in Q2 2017 have wider geographic spread than the previous quarter Q2 2017 had a wider geographic distribution than the prior two quarters with seven countries reporting technology IPOs.China led with 16,followed by the US with six and South Korea with two.The UK,Canada,Belgium and Israel had one I

28、PO each.China accounted for 57%of IPOs in Q2 while South Korea had 47%of IPO proceeds.The UK reported one technology IPO after five quarters of none.Thats progress,but lingering uncertainty about the impact of Brexit continues to hinder UK and European IPO activity.Figure 4:Q2 2017 geographic distri

29、bution Source:S&P Capital IQ with analysis by PwC 1,2047642,40532426711446166211110369121518ChinaUnited States South KoreaUnitedKingdomBelgiumCanadaIsrael05001,0001,5002,0002,5003,000Total proceeds(US$mn)Number of IPOsUS$millionsNo.of IPs PwC|Global Technology IPO Review Q2 2017 7 Global macroeconom

30、ic conditions improve as Asia gains strength;political challenges continue in the US and Europe Europe had two IPOs,one each from Belgium and the UK,together raising US$591 million in Q2 2017.Nonetheless,it continued to lag behind Asia and North America with the fallout from Brexit still putting a d

31、amper on enthusiasm.Asia was at full throttle with 19 IPOs raising US$3.7 billion.In North America,the US had six IPOs and Canada had one.The valuation gap is still a concern for technology companies in the US,with private placements valuing them at much higher multiples compared to their likely IPO

32、 valuations.Figure 5:Regional analysis of IPO proceeds Source:S&P Capital IQ with analysis by PwC Figure 6:Regional analysis of number of IPOs Source:S&P Capital IQ with analysis by PwC$694$250$536$0$627$2,835$1,921$480$331$932$4,490$0$1,322$879$591$3,655$0$0$500$1,000$1,500$2,000$2,500$3,000$3,500$

33、4,000$4,500$5,000North AmericaEuropeAsiaRoWQ2 2016Q3 2016Q4 2016Q1 2017Q2 2017US$millions52706 3 11 5 2 3 4 0 14 7 2 19 0 02468101214161820North AmericaEuropeAsiaRoWQ2 2016Q3 2016Q4 2016Q1 2017Q2 2017No.of IPOs PwC|Global Technology IPO Review Q2 2017 8 Semiconductor surprise:Subsector shares top sp

34、ot for number of IPOs with Internet Software&Services The Semiconductor subsector matched Internet Software&Services the perennial tech IPO leader with eight IPOs in Q2 2107.Between them they had 16,more than half the total.The two subsectors also had the top proceeds.Internet Software&Services rais

35、ed US$3.5 billion and Semiconductors had US$832 million.All four Unicorns in the quarter were in the Internet Software&Services subsector,impacting those total proceeds.Internet Software&Services proceeds actually declined by 20%from the previous quarter although the number of IPOs was up by 60%.Sem

36、iconductors witnessed a sharp increase of 167%sequentially in the number of IPOs with proceeds increasing by 142%from the previous quarter.Of the eight Semiconductor IPOs,five were from China and one each from South Korea,Belgium and the US.Clearances issued by China regulatory authorities led to th

37、e upsurge in Semiconductor IPOs this quarter.The Software subsector was a distant third in Q2 with four IPOs raising a total of US$250 million.Figure 7:Subsector distribution showing total proceeds Source:S&P Capital IQ with analysis by PwC Figure 8:Subsector distribution showing number of IPOs Sour

38、ce:S&P Capital IQ with analysis by PwC$341$660$145$149$0$0$185$4,395$126$345$169$59$426$293$3,502$250$832$202$125$214$0$1,000$2,000$3,000$4,000$5,000Internet Software&ServicesSoftwareSemiconductorsElectronicsComputers&PeripheralsCommunicationsEquipmentIT Consulting&ServicesU.S$in millions Q2 2016Q1

39、2017Q2 20173622001513214284832300123456789Internet Software&ServicesSoftwareSemiconductorsElectronicsComputers&PeripheralsCommunicationsEquipmentIT Consulting&ServicesNo.of IPOS Q2 2016Q1 2017Q2 2017 PwC|Global Technology IPO Review Q2 2017 9 Country and stock exchange detail China The Chinese tech

40、IPO market continues its momentum with 16 IPOs in Q2 2017,or 57%of the total With 16 IPOs,China had the largest piece of the tech IPO market in Q2,with proceeds of US$1.2 billion.With this,China topped its numbers of the last five quarters.Significantly,only one of the 16 Chinese IPOs was listed on

41、the NYSE;the others were on the Chinese exchanges.The biggest IPO in China this quarter was Olympic Circuit Technology,which raised US$195 million.The increasing participation of companies from mainland China was due to the attraction of the relatively higher PE ratio for companies on Chinese exchan

42、ges compared to the US and European exchanges,and the acceleration of the IPO approval process by the regulatory authorities(CSRC).Figure 9:China tech IPOs Source:S&P Capital IQ with analysis by PwC$368$611$822$1,196$1,2045921216036912151821Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017$0$200$400$600$800$1,000

43、$1,200$1,400US$millionsTotal proceeds(US$mn)Number of IPOsNo.of IPOs“Though Chinese tech IPOs continued their escalating trend in Q2 2017,there have been signs that China regulatory authorities(CSRC)may slowdown the IPO approval process in the second half of 2017.In spite of this,number of Chinese t

44、ech IPOs is still expected to reach a historical high in 2017,due to the increase of small to medium sized deals.”Jianbin Gao Technology Industry Leader,PwC China PwC|Global Technology IPO Review Q2 2017 10 South Korea South Korea shines in the Q2 2017 tech IPO market with the high-profile listing o

45、f Netmarble After three quarters of no IPOs,South Koreas Netmarble raised the highest tech IPO proceeds globally in Q2 2017.Investors are now more comfortable with recent political developments in South Korea.Investor confidence in the economy has improved with exports becoming more robust and stron

46、ger-than-expected GDP figures reported for Q1 2017.The Korean currency has grown stronger along with stock prices reaching an all-time high as investors continued to buy technology stocks on the back of their promising outlooks,led by the South Korean tech giant Samsung Electronics with its record b

47、reaking Q2 earnings.The IPO market is also expected to receive a boost from the new rules introduced at the beginning of the year.These rules allow start-ups without net income to list;earlier laws allowed only listings by companies with reported net income.However,the IPO market in H2 2017 may slow

48、 down somewhat as a result of certain companies postponing their IPO plans and any further escalating tension with North Korea could also curtail enthusiasm.Figure 10:Q2 2017 South Korean tech IPOs Source:S&P Capital IQ with analysis by PwC$41$0$0$0$2,40512012345Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017$0

49、$500$1,000$1,500$2,000$2,500$3,000US$millionsTotal proceeds(US$mn)Number of IPOsNo.of IPOs“While favorable market factors led to an excellent second quarter for tech IPOs in South Korea,the second half of 2017 may not prove as robust due to several major companies postponing their listings.”Steven K

50、ang Technology Industry Leader,PwC South Korea PwC|Global Technology IPO Review Q2 2017 11 US Two Unicorns supported the US tech IPO market,although with much lower average proceeds The US reported six tech IPOs with proceeds of US$764 million,much lower than last quarters US$4.5 billion,most of whi