Global IPO Watch Q2 2021 - Pwc
Global IPO WatchQ2 2021A PwC Global IPO Centre publication
Q2 2021 in review and outlook for the remainder of 2021Q2 2021 in reviewOutlook for the remainder of 2021Global indices end the first half with gains as economies recoverGlobal recovery to remain on track, inflation is a growing concernGlobal equity markets delivered yet another strong quarter in Q2 2021, with indices in the US andEurope reaching a number of record highs and closing H1 with double digit gains. Reopening ofglobal economies boosted by the rollout of the vaccination programmes, strong macroeconomicindicators and accommodative monetary policies, all contributed to the strong equity marketssentiment. However, as the second quarter progressed, investors’ focus was shifting towards thepace of the recovery and inevitable implications for inflation including potential interest rateshikes, as demonstrated by the hawkish tone from the Federal Reserve.Whilst the signs are pointing towards global economies staying on the recovery path, inflation anda resurgence of COVID-19 remain potential sources of volatility. The key for central banks will beto navigate between these two risks and this path will have a fundamental bearing on equitymarkets in H2 2021. If inflation begins to take off, an increase in interest rates could put thebrakes on the equity markets bull run. However, there is a view that the current inflation spike istemporary and that the major central banks are still years away from raising interest rates,especially with COVID-19 remaining a risk to the downside for economies – if this is the case, thetailwinds to equity markets will remain in place.Strong Q2 2021 global IPO activity to close record breaking first halfIndex Rebased to 100A combination of strong equity markets, downward trend in volatility and supportive valuationsprovided an ideal backdrop for IPO issuance with H1 achieving record IPO issuance globally. Thefirst half of 2021 delivered 1,309 IPOs raising US 334bn, with both the Americas and EMEA IPOproceeds in H1 already exceeding total 2020 IPO proceeds. The 131.0bn raised in Q2 2021 is 87.4bn higher than Q2 2020. The bullish market sentiment cooled a touch in second quartercompared with the record first quarter as investors became more selective and price sensitive,particularly in certain territories. From a sector perspective, technology, e-commerce andfinancials dominated new issuance activity in the first half.Pw C Global IPO Watch Q2 2021Strong IPO issuance is expected in H2 2021, innovation is front of mindWith positive market sentiment providing continued support to global IPO activity and a significantnumber of companies gearing up for IPOs or SPAC mergers, we expect a steady pipeline of dealsin the second half of 2021. Ever since the traditional IPO route was disrupted by COVID-19,markets have adapted to virtual ways of working and innovation has been front of mind.As the SPAC market cooled in the US in Q2, we have seen an increased number of EuropeanSPACs starting to trade on various exchanges in Europe, and this trend is likely to continue.However, with a large number of SPACs looking to identify their targets, the focus will now beshifting towards SPAC mergers. The success of these so called “de-SPACing” transactions willhave a significant impact on the SPAC model in public equity markets.ESG will continue to be a growing priority for investorsWe have noted in our earlier reports that ESG strategy has now become an important pillar of theequity story and value factor for IPOs. This continues to be evidenced in recent transactions, withinvestors integrating ESG considerations into their investment decision making process. A morerobust ESG strategy, information on KPIs and reporting will be expected by investors from thecompanies looking to go public.Stuart NewmanPwC IPO Centre LeaderPwC United KingdomNadja PicardPwC Europe Capital Markets LeaderPwC Germany2
IPO and Further Offer (FO) Q2 2021 highlights.Q2 2021 highlightsWise w as the first fintech business to complete adirect listing on the London Stock Exchangeachieving a c. 9bn valuation. The share price w asdetermined via an opening auction, rather thanthrough a traditional bookbuilding and pricediscovery process. Strong aftermarketperformance also indicated that investors w eresatisfied w ith valuation and supportive of the story.Spanish B2B fund distributioncompany Allfunds raised 2.6bn onthe Euronext Amsterdam StockExchange. Its share price jumped by10% on the first trading day.IPOs Globally, there were 582 IPOs in Q22021, raising a total of 131bn.Whilst below the record levels in Q1,this was significantly ahead of Q22020 and one of the strongestsecond quarters on record. This can largely be attributed to aslow down in SPAC activity in Q2,where proceeds raised fell by 83%globally. The Americas has seen a markeddecrease in activity, with bothnumber of deals and proceeds raisedmore than halving from last quarter.The two largest raises for the regionin Q2 2021 have been by foreigncompanies. The momentum in EMEA hascontinued, with Q2 raising the samelevel of proceeds as Q1, despitesmaller average deal sizes.The largest IPO globally inQ2 w as Chinese ride-hailingcompany DiDi Global raisingUS 4.4bn on the New YorkStock Exchange.Other notable UStechnology IPOs in Q2included AppLovin US 2bnIPO on NASDAQ andUiPath US 1.5bn IPO onNYSE.Pw C Global IPO Watch Q2 2021Acciona Energia's 1.6bn IPO w as thelargest IPO on theSpanish StockExchange in six years. Activity in Asia-Pacific has trendedupwards from the dip last quarter,almost recovering to the high levelsseen in H2 2020.FOs. The largest IPO in Asia-Pacificw as JD Logistics Technologyw hich raised 3.6 bn on theHong Kong Stock Exchange.Five more companies raisedmore than 1bn on exchangesin Asia Pacific in Q2. 889 FOs raised 209.4bn in Q2 2021,a 16% decrease from Q1. TheAmericas is the only region with adrop in activity. There were several large raises inthe quarter, with four of the top fivetransactions in H1 2021 occurring inApril.3
Global money raised via IPOs and FOsGlobal IPO activity continued apace in Q2 with both numbers and proceeds raised significantly ahead of thesame quarter last year. FO activity lags both Q1 2021 and Q2 last year, albeit by a smaller amount. The UScontinues to hold its dominant position in global fundraising activity in the year to date.Top countries 2021 YTDFO money raised & # of dealsIPO money raised & # of dealsGlobal money raised via IPOs and FOs (10-year overview)Note: Top countries have been selected based on money raised in 2021YTD. Source: Dealogic as of 30 June 2021.Pw C Global IPO Watch Q2 2021Q2: 131.0bnQ2: 43.6bn% of totalmoney raisedQ2: 243.5bnQ2: 209.4bn% of totalmoney raised4
Overview of global IPO and FO activityWhilst below the record Q1 levels, IPO value and volumes in Q2 2021 continued at the strong levels seen ineach of Q3 and Q4 2020. The decrease versus Q1 can, to a large extent, be attributed to a slowdown in USSPAC activity. Despite a fall in numbers, average FO size has exceeded the previous four quarters.Global IPO and FO activityIPOsFOs 582 IPOs raised 131.0bnin Q2 2021, w ith only 12.7%( 16.6bn) attributable toSPAC IPOs. This comparesto 97.7bn raised by SPACsin Q1 2021. The 131.0bn raised in Q22021 is 87.4bn higher thanQ2 2022. IPO pricing dynamics Other than Financials, theIndustrials and Technologysectors led issuance in Q2w ith IPOs raising 21.3bnand 21.0bn respectively.94% of IPOs w ere priced inor above range in H1 2021,slightly low er than the 97%in 2020.Compared to Q1 2021, Q2had more IPOs priced at topof range. FO activity remainedelevated. Whilst the averagedeal size of 236m hasexceeded the previous fourquarters, the drop in dealvolumes has led to adecrease in overallproceeds raised. Largest FO of the quarter byTencent Holdings Ltd inHong Kong raised 14.7bn;more than tw ice the size ofthe largest FO in Q1 21. Both MSCI World and S&P500 indices continued theirrise in the 2nd quarter. The performance of HangSeng and FTSE 100 w asmore subdued, remaining ata level close to their 1stquarter close.Index performanceSource: Dealogic, Bloomberg as of 30 June 2021.Pw C Global IPO Watch Q2 20215
IPO and FO activity per regionIn both Americas and EMEA, IPO proceeds in H1 2021 have exceeded total 2020 proceeds, with EMEA almost doubling thetotal amount raised in the whole of 2020. IPO activity in Asia also more than doubled that of H1 2020. Whilst all three regionssaw higher FO activity than H1 2020, the Americas has seen a relative slowdown, compared to Q1 2021 and Q2 2020.IPO money raised & # of dealsAmericasEMEAH1 20: 42.1bnQ2FO money raised & # of dealsQ1Pw C Global IPO Watch Q2 2021Q3Q4Asia-PacificH1 20: 7.1bnQ1Q2Q3H1 20: 30.8bnQ4Q1Q2Q3Q4H1 20: 165.3bnH1 20: 75.3bnH1 20: 100.0bnSource: Dealogic, Bloomberg as of 30 June 2021.6
Volatility background to IPO and FO activityMarket volatility is starting to fall as signs of a global economic recovery from COVID-19 continue. The relativelyelevated volatility in H2 2020 and H1 2021 as compared to 2017 – 2019, has not dampened IPO and FOactivity which have achieved record levels in 2021Money raised via IPOs and FOs versus volatilityNumber of IPOs and FOs versus volatilitySource: Dealogic, Bloomberg as of 30 June 2021.Pw C Global IPO Watch Q2 20217
Q2 2021 overviewAmericasExceptional H1 new issuance activity, whilst SPAC markets cools inQ2H1 delivered exceptional new issuance activity. Q2 2021 IPO activity fellcompared to Q1 but still yielded proceeds of 63.3bn – more than twice thelevel of proceeds raised in Q2 2020. The fall in number and proceedsversus Q1 was largely attributable to a slow down in SPAC issuance asinvestor sentiment to these vehicles cooled; SPAC proceeds have droppedfrom US 96.0bn in Q1 to US 12.8bn in Q2. It is expected, however, thatIPO activity will remain high throughout the second half as currentsupportive market backdrop, low volatility and attractive valuations providean appealing environment for issuers.Economic growth is expected through the second half of 2021The US economy remains on track for recovery and it is expected that2021 will possibly record the strongest growth in recent history. Equitymarkets also did not disappoint investors with both S&P and NASDAQposting H1 gains, boosted by earnings growth on the back of economicreopening progress. Inflation remains a key risk with markets closelywatching Federal Reserve’s communications around potential ratesincrease.Although total Q2 2021 IPO volumes weredown compared to Q1 2021 given theslowdown in SPAC pricings, Q2 2021 saw99 traditional IPOs raise 40 billion - thehighest volume of traditional IPOs in 20years. The market is conducive for IPOsand the pipeline is strong.Michael BellinIPO Services Co-LeaderPwC USDavid EthridgeIPO Services Co-LeaderPwC USBrazil remains the second busiest IPO market in AmericaDespite some volatility in the market caused by COVID-19, Brazil IPOmarket was the second busiest in the Americas. Similar to other regions,technology, financials and healthcare dominated the new issuance. Retailinvestor participation also continued to grow and is expected to provideadditional boost to the Brazilian equity market.Pw C Global IPO Watch Q2 20218
Overview of IPO and FO activity in the AmericasThere is a marked decrease in Q2 IPO activity in Americas compared to Q1, as both deal number and dealproceeds more than halved. This can almost all be attributed to the impact of SPACs, for which proceeds havedropped from 96.0bn to 12.8bn.IPO and FO activity in the AmericasIPOsFOs Proportion of SPAC IPOshas fallen from 67% to 20%of total region proceeds, asthe SEC applies increasingscrutiny to thesecompanies and PIPEfunding dries up. Some of the largest IPOraises of the quarter, suchas DiDi Global Inc andOatly Group AB, are nonAmerican companies.IPO pricing dynamicsIndex performance Whilst the proportion ofIPOs pricing in range hasdeclined, an increasingnumber IPOs have pricedat top of range in H1 2021,compared to 2020. 2020 has the mostproportion of IPOs pricingin or above range.Note: IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the pricerange. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’.Pw C Global IPO Watch Q2 2021 FO activity has fallenfrom the exceptionallyhigh level in Q1 2021.Both number of deals andamount raised have beenthe lowest since Q12020. Altimeter Growth Corpraised 4.0bn in thebiggest FO of the quarter,funding the mergerbetween the SPAC andGrab, Southeast Asia'smost valuable start-up. The Dow Jones and S&P500 continued a steadyascent in Q2. The technology heavyNASDAQ lost ground inMay 2021, as investorsbecame increasinglyconcerned about futureinterest rate hikes, beforerecovering in June.Source: Dealogic, Bloomberg as of 30 June 2021.9
Top countries in the Americas – IPOsThree countries, namely the US, Brazil and Canada, accounted for all the IPOs in the region for 2021. Incontrast to the US, which experienced a marked decline in IPO activity in Q2 compared to Q1 (c.70%), Canadasaw a slight uptick during the quarter.Q2 2021By number of IPOsRankingCountry1United States2Brazil3Canada4N/A5N/ATotal – top 5 countriesBy proceedsNumber of deals % of region deals% of global deals18013591%7%2%31%2%1%198100%58%Country1United States2Brazil3Canada4N/A5N/ATotal – top 5 countriesCountry1United States2Brazil3Canada4N/A5N/ATotal – top 5 countriesProceeds ( bn)% of region proceeds % of global proceeds592.71.693%4%3%45%2%1%63.3100%48%2021 YTDBy number of IPOsRankingRankingBy proceedsNumber of deals % of region deals% of global 1United States2Brazil3Canada4N/A5N/ATotal – top 5 countriesProceeds ( bn)% of region proceeds % of global proceeds198.96.22.296%3%1%60%2%1%207.2100%62%Note: Top countries have been selected based on money raised or number of IPOsin 2021. For IPOs which take place on two or more exchanges, the full amount ofmoney raised is attributed to all exchanges.Source: Dealogic as of 30 June 2021Pw C Global IPO Watch Q2 202110
Top countries in the Americas – FOsThere was 1 FO in Chile during the Q2, as real estate developer Corporacion Inmobiliaria Vesta SAB De CVraised 0.2bn. Several large FOs took place in Brazil, with 14 transactions raising 8.0bn in total.Q2 2021By number of FOsRanking Country1United States2Canada3Brazil4Others5N/ATotal – top 5 countriesBy proceedsNumber of deals % of region deals2402314127886%8%5% 1%100%% of global deals27%3%2% 1%31%Ranking Country1United States2Brazil3Canada4Others5N/ATotal – top 5 countriesProceeds ( bn) % of region proceeds62.68.02.30.273.085.7%10.9%3.1% 1%100%% of global deals30%4%1% 1%35%2021 YTDBy number of FOsRanking Country1United States2Canada3Brazil4Others5N/ATotal – top 5 countriesBy proceedsNumber of deals % of region deals79910324292886%11%3% 1%100%% of global deals37%5%1% 1%43%Initial secondary listings included in 2021 FO data includes 21 deals ( 1.7bn proceeds).The top 10 largest Initial secondary listings are included on page 32.Pw C Global IPO Watch Q2 2021Ranking Country1United States2Brazil3Canada4Others5N/ATotal – top 5 countriesProceeds ( bn) % of region proceeds186.310.88.60.5206.190%5%4% 1%100%% of global deals50%2%2% 1%45%Note: Top countries have been selected based on money raised or number of IPOsin 2021. For IPOs which take place on two or more exchanges, the full amount ofmoney raised is attributed to all exchanges.Source: Dealogic as of 30 June 202111
Q2 2021 overviewEMEAStrongest H1 2021 European IPO activity in recent historyIn the past three months equity markets in Europe hit several all time highssupported by positive economic data, further rollout of vaccinationprogrammes and optimism in terms of the overall reopening of businesses.Hence new issuance gained further momentum and reported the strongestsix months since the turn of the millennium.Blue sky is slowly turning greyDespite the lowest volatility levels this quarter since the start of thepandemic and the record-breaking H1 performance, investors arebecoming increasingly concerned about inflation and how central banksare handling the rising pressure on prices, most prominently measured byhigher commodity prices. Consequently, investors continue to be moreselective and price sensitive as this year’s high valuation levels are testedfurther.Strong H2 2021 IPO pipeline expectedAs investor sentiment remains positive, the issuance activities areexpected to be record-breaking for the second half of 2021 as long asglobal equity markets stay robust and macroeconomic indicators continueto be supportive. This might hold true also for the European SPAC market,which enjoys a broader sector coverage spread among the majorEuropean stock exchanges.Pw C Global IPO Watch Q2 2021European IPO activity in the second quarterof 2021 has continued at a strong pace,achieving the busiest first half in recenthistory. The European IPO pipelinecontinues to be strong and new issuancemomentum looks set to continue in thesecond half of the year.Mark HughesPartner, Capital MarketsPwC United KingdomCarsten StäckerPartner, Equity AdvisoryPwC Germany12
Overview of IPO and FO activity in EMEAThe strong IPO momentum in Q1 2021 continued, with the same amount of proceeds of 27.5bn being raisedthis quarter, albeit across a higher number IPOs. FO activity increased further, with proceeds raised exceedingQ2 last year by more than 10%.IPO and FO activity in EMEAIPOsFOs Financials and ConsumerDiscretionary sectorsdominated EMEA IPOs,accounting for 49% oftotal proceeds raised inthe quarter. There was an increase inSPAC activity in theregion, with thesecompanies raising 3.7bn, compared to 1.6bn in Q1 2021. Whilst there were noIPOs pricing above rangein H1, EMEA IPOscontinued to pricefavourably in the quarter.Proportion of dealspricing in or at top ofrange has increased by10%, compared to 2020.Pw C Global IPO Watch Q2 2021 German headquarteredfood delivery services,Delivery Hero, completed 2significant FOs in 2021,raising 3.0bn in total, asthe lockdown winner eyesnew investmentopportunities.Index performanceIPO pricing dynamicsNote: IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the pricerange. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’. Average size of FOs hasincreased in Q2, with 6 ofthe 10 largest raises thisyear taking place in thequarter. The FTSE 100 recoverycontinued to lag behind theother major Europeanindices following on from aturbulent 2020. It is also theonly index that is yet torecover to a pre-pandemiclevel.The DAX continues to bethe best performer out ofthe three.Source: Dealogic, Bloomberg as of 30 June 2021.13
Top countries in EMEA – IPOsSweden continues to top the region in number of IPOs, accounting for 20% of all deals year-to-date. Germany hashad a buoyant quarter in terms of deal value, with 11 transactions raising a total of 5.3bn. The UK tops the rankingsfor proceeds raised in H1 2021, due to the strong performance in the previous quarter.Q2 2021By number of IPOsRanking123CountrySwedenUnited KingdomFrance4Norway5DenmarkTotal – top 5 countriesBy proceedsNumber of deals % of region deals% of global king CountryProceeds ( bn) % of region proceeds % of global %3%United Kingdom43.513%3%Sweden51,97%1%FranceTotal – top 5 countries18.868%14%2021 YTDBy number of IPOsRanking123CountrySwedenUnited KingdomNorway4France5DenmarkTotal – top 5 countriesBy proceedsNumber of deals % of region deals% of global king CountryProceeds ( bn) % of region proceeds % of global proceeds1United nds45.811%2%Sweden53.87%1%NorwayTotal – top 5 countries42.377%13%Note: Top countries have been selected based on money raised or number of IPOsin 2021. For IPOs which take place on two or more exchanges, the full amount ofmoney raised is attributed to all exchanges.Source: Dealogic as of 30 June 2021Pw C Global IPO Watch Q2 202114
Top countries in EMEA – FOsThe United Kingdom has seen the strongest FO activity within the region, both in deal numbers and proceeds.Spain had a particularly large transaction during the quarter, being the rights offer of Cellnex Telecom SA thatraised 8.4bn.Q2 2021By number of FOsRankingCountry1United Kingdom2Sweden34NorwayGermany5FranceTotal – top 5 countriesBy proceedsNumber of deals % of region deals% of global %3%23074%19%CountryUnited KingdomProceeds ( bn) % of regional proceeds % of global y5.911%3%5.310%3%40.274%19%SwedenTotal – top 5 countries2021 YTDBy number of FOsRankingCountryBy proceedsNumber of deals % of region deals% of global dealsRanking11United any5FranceTotal – top 5 countries519%2%4387%2%544980%17%Initial secondary listings included in 2021 FO data includes 4 deals ( 0.1bn proceeds).The top 10 largest Initial secondary listings are included on page 32.Pw C Global IPO Watch Q2 2021CountryProceeds ( bn) % of regional proceeds % of global proceedsUnited ce9.610%2%9.29%2%66.967%15%SwedenTotal – top 5 countriesNote: Top countries have been selected based on money raised or number of IPOsin 2021. For IPOs which take place on two or more exchanges, the full amount ofmoney raised is attributed to all exchanges.Source: Dealogic as of 30 June 202115
Q2 2021 overviewAsia-PacificChina reduces bank reserve requirements to support economicgrowthThe People’s Bank of China signaled that the reserve requirement ratio(RRR) could be cut to 50 bps for most banks with the aim of releasing aliquidity reserve of more than 100bn to boost the Chinese economy. Suchstimulating measures are expected to further help the economy to reboundto pre-pandemic levels as smaller companies struggle in light of increasingcommodity prices and other uncertainties currently to be faced in themarket.China and Hong Kong remain go-to IPO marketsAs global equity markets rallied in H1 2021, China continued to lead theIPO activities in the region followed by Hong Kong. For the latter, strongactivity is expected for the second half of 2021 as regulators propose tostreamline the listing process for foreign issuers by introducing a newplatform FINI (Fast Interface for New Issuance). FINI helps to shorten thegap between IPO pricing and trading and thereby overall digitalise thesettlement process for market participants as well as regulatory authorities.Chinese scrutiny ramps up and might put overseas IPO plans on holdDespite favourable market conditions, many Chinese overseas IPOcandidates might face additional scrutiny by domestic authorities - as thelargest IPO in Q2, Didi Global that listed on the NYSE, demonstrated. Justshortly after its US-market debut a ban hit the ride-sharing app due toprivacy concerns leading to double-digit stock price decline. Suchtightening of Chinese securities regulations and antitrust probes mightshake up the IPO community as regulators at home try to exert control overlocal businesses that are listed abroad.Pw C Global IPO Watch Q2 2021China and Hong Kong capitalmarkets stand to directly benefitfrom strong domestic economicrecovery and the current geopolitical environment as the trend ofreturnee home coming listing isexpected to continue in the secondhalf of the year.Kennedy LiuHead of Capital MarketsPwC ChinaGeoffrey TangDirector, Capital MarketsPwC China16
Overview of IPO and FO activity in Asia-PacificIPO activity in Q2 has recovered from the dip experienced in the previous quarter. Proceeds from FO alsoincreased despite a decline in number of deals, as Tencent’s offering raised 14.7bn in April and was more thantwice the size of the second largest deal.IPO and FO activity in Asia-PacificFOsIPOs There were several largeFOs in the region during thequarter, including Tencent,Meituan and RenasasElectronics, raising 25.1bnin total and accounting for30% of proceeds in Q22021. IPO activity in the regionhas remained buoyant ascompared to the COVID19 impacted H1 2020. The performance of theIndustrials sector wasparticularly strong in thequarter, as JD LogisticsInc raised 3.6bn andwas the second largesttransaction year-to-date.Index performanceIPO pricing dynamics Whilst no IPOs pricedabove range, there hasbeen a steady increase inthe proportion of IPOspriced in range and at topof range from 2019 to H12021. More Asia-Pacific IPOspriced at the top of rangethan any other region.Note: IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the pricerange. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’.Pw C Global IPO Watch Q2 2021 Technology and Financialsectors dominated theregion, accounting for 57%of all proceeds raised. All three main indices arenow above their prepandemic level. Nikkei 225 has continued tooutperform, although thegap between it and the SSEComposite has narrowed inthis quarter.Source: Dealogic, Bloomberg as of 30 June 2021.17
Top locations in Asia-Pacific – IPOsMainland China continues to top the charts for both number of IPOs and proceeds raised. One offering in SouthKorea, by SK IE Technology Ltd, raised 2.0bn and ranked the country among the top five in terms of proceeds forthis quarter. Despite a relatively large number of deals in Japan, these were at a lower level of proceeds raised.Q2 2021By number of IPOsRanking Location1Mainland China2Australia3Japan4Hong Kong5IndiaTotal – top 5 locationsBy proceedsNumber of deals % of region deals% of global nking Location1Mainland China2Hong Kong3India4Thailand5South KoreaTotal – top 5 locationsProceeds ( bn) % of region proceeds % of global 2%2%27%2021 YTDBy number of IPOsRanking Location1Mainland China2Japan3Australia4Hong Kong5IndiaTotal – top 5 locationsBy proceedsNumber of deals % of region deals% of global anking Location1Mainland China2Hong Kong3India4Australia5South KoreaTotal – top 5 locationsProceeds ( bn) % of region proceeds % of global 1%1%14%Note: Top countries have been selected based on money raised or number of IPOsin 2021. For IPOs which take place on two or more exchanges, the full amount ofmoney raised is attributed to all exchanges.Source: Dealogic as of 30 June 2021Pw C Global IPO Watch Q2 202118
Top locations in Asia-Pacific – FOsWhilst more than 30% of the FOs in the region took place in Australia, these transactions contributed just 7% oftotal proceeds. Hong Kong and Mainland China account for more than 70% of total Asia-Pacific FO proceedsraised, both for this quarter and year-to-date, with FO proceeds in Hong Kong more than doubling last quarter.Q2 2021By number of FOsRanking Location1Australia2Mainland China3Hong Kong4India5JapanTotal – top 5 locationsBy proceedsNumber of deals % of region deals1118171241630334%24%21%7%5%92%% of global deals12%9%8%3%2%34%Ranking Location1Hong Kong2Mainland China3Japan4Australia5IndiaTotal – top 5 locationsProceeds ( bn) % of region proceeds % of global 3%3%2%37%2021 YTDBy number of FOsRanking Location1Australia2Mainland China3Hong Kong4India5JapanTotal – top 5 locationsBy proceedsNumber of deals % of region deals218167148504362632%24%21%7%6%91%% of global deals10%8%7%2%2%29%Initial secondary listings included in 2021 FO data includes 10 deals ( 11.4bn proceeds).The top 10 largest Initial secondary listings are included on page 32.Pw C Global IPO Watch Q2 2021Ranking Location1Hong Kong2Mainland China3India4Australia5JapanTotal – top 5 locationsProceeds ( bn) % of region proceeds % of global 9%2%2%2%31%Note: Top countries have been selected based on money raised or number of IPOsin 2021. For IPOs which take place on two or more exchanges, the full amount ofmoney raised is attributed to all exchanges.Source: Dealogic as of 30 June 202119
Basis of preparation The Global IPO Watch analyses IPO and FO trends on a quarterly basis, both at aglobal and regional level. It is based on data extracted from Dealogic, whereby only transactions with aminimum 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 ofmoney raised is attributed to all exchanges. The same applies to countries andregions. This does not apply to two exchanges within the same country or twocountries within the same region. Secondary listings (“Initial secondary listings”) are classified as FOs. A footnote hasbeen added to the relevant analysis to highlight secondary listing transactions. Thetop 10 largest Initial secondary listings are included on page 32. Country indicates the company’s country of domicile. Industry classification is based on the FTSE Russell Industry ClassificationBenchmark. Index performance is based on pricing data extracted from Bloomberg.Pw C Global IPO Watch Q2 202120
ContactsStuart NewmanPwC Global IPO Centre Leader – PwC UKDavid EthridgeIPO Services Co-Leader - PwC k HughesPartner, Capital Markets – PwC UKMichael BellinIPO Services Co-Leader - PwC ja PicardPwC Europe Capital Markets Leader – PwC GermanyKennedy LiuHe
PwC Global IPO Watch Q2 2021. IPO and Further Offer (FO) Q2 2021 highlights. 3. IPOs Globally, there were 582 IPOs in Q2 2021, raising a total of 131bn. Whilst below the record levels in Q1, this was significantly ahead of Q2 202
PwC IPO and FO highlights Global IPO Watch Q4 2018 3 The largest IPO of the year took place in Japan, as Japanese telco SoftBank raised 21.3bn. It is the 4th largest IPO in history and could become 2nd if the greenshoe is exercised 5 German IPO proceeds were highest in EMEA following the j
Pre IPO Strategy 1 2 years Planning and preparation 6 12 months Execution 2 6 months Completion 0 2 months Life as a PLC Post IPO Identify roadmap to IPO 'H QHDQG . and roadshow presentation Kick off meeting Exit strategy Communications strategy Active IPO execution and pros
PwC Global Technology IPO Review Q2 2017 2 Table of contents 1. Q2 2017 Global tech IPO summary 3 Global tech IPO market has best quarter in two years based on volume 3 First-half 2017 average proceeds are higher than first-half 2015 and 2016 - Led by five Unicorn listings 4 The Asian tech IPO market takes center stage this quarter 5
PwC Global IPO Watch Q1 2021. IPO and Further Offer (FO) Q1 2021 highlights. 3. IPOs Globally, there were 727 IPOs in Q1 2021, raising a total of 202.9bn. 2021 YTD proceeds are already more than 60% of full year 2020 proceeds and the number of IPOs completed is more t
The IPO process The IPO process consists of three distinct parts: A. Planning – understanding your objectives and honestly assessing your readiness. B. Execution – running separate IPO workstreams to deliver key requirements. C. Completion – selling your business to potential investors. To drive this process it is critical to have an IPO .File Size: 649KB
3.3: review program management plan—level 3 ipo diagram 56 3.4: review quality assurance plan—level 3 ipo diagram 60 3.5: review software development plan—level 3 ipo diagram 64 3.6: review configuration management plan—level 3 ipo diagram 69 3.7: what's next? 72 chapter 4 create test plan: levels 2 and 3 ipo diagrams 73 4.1: overview 73
2 PwC IPO Watch Introduction Most significant transactions in 2014 were realized in the final quarter of the year. Leading transaction was the IPO of Avivasa, an insurance company. This IPO raised USD 146m alone, which represents 45% of all proceeds in the year. That was followed by the
N. Sharma, M. P. Rai* Amity Institute of Biotechnology (J-3 block), Amity University Uttar Pradesh, Sector-125, Noida, India A B S T R A C T P A P E R I N F O Media requirement for microalgae cultivation adds most to the cost of biodiesel production at Paper history: Received 30 July 2015 Accepted in revised form 6 September 2015 Keywords: - Chlorella pyrenoidosa Cattle waste Lipid content .
