Global IPO Watch Q4 2018 - PwC

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A PwC IPO Centre publicationGlobal IPO WatchQ4 2018PwC provides independent guidance to companies in theprocess of going public and to already listed companiesin assessing their position in the equity capital markets.Jan-Willem de Groot (author)jan-willem.de.groot@pwc.comDavid Ethridgedavid.ethridge@pwc.comMartin Coenenmartin.coenen@pwc.comDerek Thomsonderek.thomson@pwc.comRoss Hunterross.hunter@pwc.comKennedy Liukennedy.liu@hk.pwc.comNadja Picardnadja.picard@pwc.comGeoffrey Tanggeoffrey.tang@hk.pwc.com

Basis ofpreparationThe Global IPO Watch analyses IPO and FO trends on aquarterly basis, both at a global and regional level. It is based ondata extracted from Dealogic, whereby only transactions with aminimum of 5 million money raised have been included.Transaction proceeds include the overallotment option (ifexercised). The data excludes PIPO’s and transactions on OverThe-Counter exchanges. In case IPOs or FOs take place on two ormore exchanges, the full amount of money raised is attributed toall exchanges. The same applies to countries and regions. Thisdoes not apply to two exchanges within the same country or twocountries within the same region. Country indicates thecompany’s country of domicile. Industry classification is basedon the FTSE Russell Industry Classification Benchmark. Indexperformance is based on pricing data extracted from Bloomberg.

IPO and FO highlightslargest FO of the year was4 Theundertaken by the AgriculturalBank of China, as it raised 15.0bnon the Shanghai Stock ExchangeIPO activity accounted1 Cross-borderfor 29% of proceeds and 26% of thenumber of transactions in the USlargest IPO of the year took place in Japan,5 Theas Japanese telco SoftBank raised 21.3bn. It isIPO proceeds were highest in3 GermanEMEA following the jumbo IPOs of Siemensthe 4th largest IPO in history and could become2nd if the greenshoe is exercisedHealthineers, Knorr-Bremse and DWS2London has seen apause in IPO activity in2018 largely due toBrexit and high marketvolatility, however itremained EMEA’s mostactive market by IPOvolumesstrong year for Australian IPOs11 Ameansthe country has the fourthDutch payments8 Whenprocessing firm Adyen went6 Mexico’s IPO market hadits best year ever, as 24IPOs raised 9.5bnpublic in June, the stockjumped 110% intradayabove the offer price, givingthe company a valuation of 15.5bnhighest proceeds in Asia-Pacificto stricter regulatory10 Dueoversight IPO proceeds inChina fell by 42%, and thenumber of IPOs by 77%successfully9 Kazakhstanexecuted the first deal in7 Despite three BrazilianGlobal IPO WatchPwCcompanies opting for alisting in the US in 2018,IPO proceeds in Brazil werethird highest in theAmericastheir privatisation pipelineand launched the AstanaInternational FinancialCentre with the intentionof making it a regional hubQ4 20183

Global money raised via IPOs and FOsAs a result of a few jumbo IPOs, 2018 IPO proceeds outpaced those in recentyears even as volatility returned on equity marketsFO money raised & # of dealsIPO money raised & # of dealsGlobal money raised via IPOs and FOs (10-year overview)Top countries 20181,5211,2585021,1671,0417281,185865 299.1bn1,1771,013United States; 28%Other; 31% 274.3bn 142.5bn 121.2bn 209.1bn 206.9bn 195.6bn 178.8bn 221.6bn 142.5bnGermany; 6%Hong Kong; 15%China; 201620173,0463,1783,3233,1863,567Japan; 12%20182,801 841.8bnOther, 34% 642.0bn 588.2bn 479.9bn 613.5bn 685.8bn 551.1bn 509.3bnUnited States, 36% 620.4bn 458.9bnAustralia, 5%2009Global IPO WatchPwC201020112012201320142015201620172018Note: Top countries have been selected based on money raised in 2018.Source: Dealogic as of 31 December 2018China, 11%Hong Kong, 7%United Kingdom, 8%Q4 20184

Overview of global IPO and FO activityThe last few months of 2018 proved to be poor for equity markets due to politicalinstability and higher interest rates in the US In Q4 2018, 284 IPOs raised 56.1bn. This1Global IPO and FO activity201620172018Q4 2016Q4 2017Q4 20181,0139.7% 142.5bn22.9%1,5219.3% 209.1bn22.7%1,1777.6% 221.6bn14.1%3737.2% 54.5bn19.8%4399.8% 67.7bn21.1%2843.5% 3,186 551.1bn3,567 620.4bn2,801 458.9bn868 126.1bn1,008 144.5bn527 68.4bn1 IPO activityNumber of IPOs% sponsor-backedMoney raised% sponsor-backedAdvanced metricsFree float %Overallotment exercised (%)1% secondary sharesFO activityNumber of FOsMoney raisedIPO pricing lobal IPO WatchPwCBottom of range16.3%47%53%Global indices17524.4%14%7%Below rangePost-IPO performance (median)33%represents a decrease of 17% in terms of proceedsand a 35% drop in the number of deals compared tolast year. For the year as a whole, IPO proceedsincreased by 6% even as the number of transactionsfell by 23%. Pricing was more volatile in 2018, as the share of2transactions pricing within their initial pricing rangedropped to a multi-year low. 3 The post-IPO performance of 2018 IPOs is lowerthan in 2017 as equity markets fell and the share ofhistorically outperforming Chinese IPOs %In rangeTop of rangeAbove -16Jul-16Jan-17FTSE 1001) 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 December 2018Jul-17Hang SengJan-18Jul-18S&P 500Q4 20185

Leading transactions 2018SoftBank’s IPO was the largest of the year with proceeds of 21.3bn, and ispotentially the second largest in history (if the overallotment option is exercised)Top 10 largest IPOs 2018Pricing dateIssuer China TowerXiaomiSiemens HealthineersKnorr-BremseFoxconn Industrial InternetMeituan DianpingAXA EquitableFideicomiso CIB/3057PagSeguro g yshares TechnologyHealth CareConsumer GoodsTechnologyConsumer ServicesFinancialsFinancialsIndustrialsTokyo SEHKEXHKEXDeutsche BörseDeutsche BörseShanghai SEHKEXNYSEMexican SENYSE1,500.00 - 1,500.001.26 - 1.5817.00 - 22.0026.00 - 31.0072.00 - 87.00N/A60.00 - 72.0024.00 - 27.001,910.20 - 1,910.2017.50 - 10.2021.50In rangeBottom of rangeBottom of rangeIn rangeIn rangeN/AIn rangeBelow rangeIn rangeAbove range 21.3bn 7.5bn 5.4bn 5.2bn 4.4bn 4.3bn 4.2bn 3.2bn 3.0bn -24.0%30.5%-1.7%-15.8%-36.4%-16.9%N/A-12.9%Top 10 largest FOs 2018Pricing dateIssuer l Bank of ChinaTencentBayerHilton WorldwideYahoo JapanRoyal Bank of ScotlandCanadian Natural ResourcesSempra EnergyCenteneRenesas ElectronicsGlobal IPO ng rangeOfferpriceDeal TypeMoneyraisedSecondaryshares (%)1-day1-monthCurrentFinancialsTechnologyHealth CareConsumer ServicesTechnologyFinancialsOil & GasUtilitiesHealth CareTechnologyShanghai SEHKEXDeutsche BörseNYSETokyo SELSENYSENYSENYSETokyo SEN/A439.40 - 439.4081.00 - 81.0077.51 - 77.51353.00 - 360.002.81 - 2.8135.11 - 35.11105.35 - 105.35110.17 - 110.17987.00 - .501,083FO - Cash PlacingFO - Accelerated BookbuildFO - Rights OfferFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Bought DealFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Fully Marketed 15.0bn 9.8bn 7.0bn 4.8bn 4.3bn 3.3bn 3.3bn 2.9bn 2.9bn 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 December 2018Q4 20186

IPO and FO activity per regionAsia-Pacific was the most active region for IPOs, and in terms of FO activity, allthree regions recorded a fall in 2018, both in terms of proceeds and deal numbersFO money raised & # of dealsIPO money raised & # of dealsAmericasEMEAAsia-Pacific951346270248295279 75.3bn 81.7bn 25808 214.8bn 188.2bn 204.5bn749 259.7bn 214.8bn 190.8bn 189.9bn 119.9bn20162017201820142015201620181,038945755 243.3bn2015 77.3bn 47.3bn1,238737 219.7bn 86.2bn 84.3bn 35.7bn 30.8bnGlobal IPO WatchPwC649 83.1bn 71.7bn 50.9bn2014684542 99.1bn 67.4bn 230.3bn235181149 109.5bn668300269 216.8bn 182.4bn 162.4bn 108.7bn2017Source: Dealogic, Bloomberg as of 31 December 2018201820142015201620172018Q4 20187

Top exchanges globally based on money raised in 2018Despite a 23% drop in the number of IPOs globally in 2018, three out of the fivemost active exchanges recorded an increase in the number of transactionsMoney raised and number of IPOs per Exchange 2016-2018210184Top Exchanges 2018195155131112887138 34bn 35bn 32bn 33bn 21bn 21bn 21bn 15bn 14bn728088Other, 26%HKEX, 15% 21bn 9bn 6bn9459 27bn 11bnNASDAQ (Global), 15%107 15bnShanghai SE, 5%Deutsche Börse, EX20182016201720182016NYSE, 14%2018LSE Group, 7%Japan ExchangeGroupNYSE2017LSE GroupJapan Exchange Group, 12%Money raised and number of FOs per Exchange 2016-2018527348621603375373313269 118bn 115bn 40bn2017NYSEGlobal IPO WatchPwC318246NYSE, 23%2721681509949Other, 30% 104bn 73bn 75bn 73bn2016Top Exchanges 2018201820162017NASDAQ(Global)20182016 55bn2017 60bn 38bn2018LSE Group 50bn 30bn 20bn 27bn20162017HKEX2018 30bnNASDAQ(Global), 16%Japan ExchangeGroup, 5%201620172018Shanghai SENote: LSE Group includes Borsa Italiana.Source: Dealogic, as of 31 December 2018ASX, 5%Shanghai SE, 7%LSE Group, 8%HKEX, 7%Q4 20188

Global IPO and FO activity per sectorThe Technology sector ends 2018 with the 2nd highest IPO proceeds, with 2019potentially being the year of the 'unicorn' with some major deals in the US pipelineMoney raised and number of IPOs and FOs per sector 2016 - 2018FO money raised & # of dealsIPO money raised & # of dealsBasic MaterialsConsumer GoodsConsumer ServicesFinancials3092005910113612053102155Health s376321236199137Oil & Gas1201572141541202467.1 .19.34.5'17'18'16'1719.2'1826.2 24.615.2'1614.2 6'17'1827022416724729022525.431.0 32.6 621127.1118.351.1 51.0'16'17Global IPO WatchPwC30.5'1848.4 46.7'16'1731.5'18'17'1894.2 101.764.245.3 54.354.0 50.9 : Financials include Closed-End Funds and Real Estate.Source: Dealogic, as of 31 December 201874.441.0'16'17'17'1827.9 24.0 24.3'16'17'18Q4 20189

Financial sponsor-backed IPO activity globallyFS-backed IPO activity is subdued, falling both in absolute terms and as a share oftotal IPO activity across all regionsFS-backed activity AmericasFS-backed activity EMEAFS-backed activity Asia-Pacific9667 35.8bn675267504034 30.7bn51484326 30.7bn242413 24.8bn 18.6bn 15.6bn 16.3bn 17.0bn 15.5bn 11.5bn 14.2bn 9.7bn op 10 largest FS-backed IPOs 2018 globallyPricingdateIssuer name28-Sep-18SIG Combibloc18-Jan-18ADT3-Oct-18 Aston Martin Lagonda nSky18-Sep-18Haidilao International1-Aug-18Cushman & Wakefield24-Jan-18Gates Industrial18-Jan-18Americold Realty TrustGlobal IPO WatchPwC20152016 7.2bn 3.0bn20172018Global FS-backed IPOs (by money IX Swiss ExchangeNYSELSEEuronext AmsterdamNYSENASDAQHKExNYSENYSENYSEIn rangeBelow rangeIn rangeTop of rangeAbove rangeTop of rangeTop of rangeIn rangeIn rangeTop of range 1.8bn 1.5bn 1.4bn 1.1bn 1.0bn 1.0bn 1.0bn 0.9bn 0.8bn 1%1-month 7NotSponsorbacked;77%2018142 (9%) sponsor-backed IPOs vs1,379 (91%) non-sponsor-backedIPOsNotSponsorbacked;86%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 andbottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’.Source: Dealogic, as of 31 December 201889 (8%) sponsor-backed IPOs vs1,088 (92%) non-sponsor-backedIPOsQ4 201810

Volatility versus IPO activityVolatility reached a multi-year high in Q4 2018, due to tightening monetary policycombined with trade tensions and political uncertaintyMoney raised via IPOs versus volatilityGlobal money raised via IPOs 100bn .621.220.519.413.6VIX (average per quarter)13.214.011.711.5Q1Q2 50bn15.312.910.910.3Q3Q4 25bn 6Q1Q22017Q3Q42018Number of IPOs versus volatilityNumber of IPOs 15.613.713.012.721.220.519.4400VIX (average per 0100Q1Q2Q32013Global IPO : Dealogic, Bloomberg as of 31 December 2018Q42017Q1Q2Q3Q42018Q4 201811

AmericasGlobal IPO WatchPwCQ4 201812

Money raised via IPOs and FOs in the AmericasIPO and FO activity diverged in 2018, both in terms of proceeds and the number oftransactionsMoney raised via IPOs and FOs in the Americas (10-year overview)284255322346231Top countries 2018270248295Brazil, 3%149116Other, 3%Mexico, 13% 3.7bn 14.4bn 11.8bn 14.1bn 13.6bn 61.2bn 54.0bn 63.9bn201020112012 33.3bn2009 7.0bn 83.1bn2013North America1,383 16.7bn1,4691,237 257.1bn 184.6bn2009Latin America1,0321,1621,144 14.0bn 23.5bn 18.3bn 12.2bn 43.8bn 4.3bn 26.8bn 54.9bn 63.2bn2015201620172018United States, 82%Number of IPO's1,0721,05420102011 7.9bn 223.3bn 230.9bn 216.0bn 240.8bn2012201320142015North AmericaGlobal IPO WatchPwC2014 14.2bn 7.1bn1,2381,025Other, 3%Canada, 8% 87.4bn 24.1bn 291.4bn 105.8bnLatin America 8.1bn 13.3bn 211.7bn 202.3bn 181.4bn201620172018 6.8bnNumber of FO'sNote: Top countries have been selected based on money raised in 2018.Source: Dealogic as of 31 December 2018United States, 89%Q4 201813

Overview of IPO and FO activity in the AmericasThe Americas experienced a weak fourth quarter in an otherwise good yearIPO and FO activity in the Americas201620172018Q4 2016Q4 2017Q4 201814922.8% 30.8bn37.2%27024.8% 67.4bn36.7%29516.9% 75.3bn24.7%4822.9% 11.6bn45.1%8518.8% 20.0bn18.7%5910.2% 72 219.7bn1,238 214.8bn1,025 188.2bn300 48.8bn316 44.6bn187 30.0bn1 IPO activityNumber of IPOs% sponsor-backedMoney raised% sponsor-backedAdvanced metricsFree float %Overallotment exercised (%)1% secondary sharesFO activityNumber of FOsMoney raisedIPO pricing ow rangeGlobal IPO WatchPwCBottom of range3.1%1.6%2.6%0.6%4.3%3.5%2.0%1751.4%-0.3%In rangeTop of rangeAbove range150125-10.1%17%19% 3 Despite being negative, the current post-IPOperformance for 2018 IPOs in the Americas is highestof the three regions.Global indices46%26% 2 The share of IPOs pricing at the bottom or below theirinitial pricing range has decreased in the Americas, ina sign of continued investor appetite.Post-IPO performance (median)312%11% 1 In Q4 2018, 59 IPOs raised 11.2bn. This representsa decrease of 44% in terms of proceeds and 31% inthe number of deals compared to last year. For theyear as a whole however, IPO proceeds increased by12% and the number of deals by n-16Jul-16Jan-17Dow Jones1) 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 December 2018Jul-17Jan-18NASDAQ 100Jul-18S&P 500Q4 201814

Leading transactions 2018 in the AmericasThe abundance of cross-border IPOs in the US remains high, accounting for 29% ofproceeds and 26% of the number of IPOsTop 10 largest IPOs 2018 in the AmericasIssuercountryPricing dateIssuer -Sep-1823-Mar-1818-Jan-1824-Oct-1811-Sep-18AXA EquitableFideicomiso CIB/3057PagSeguro DigitaliQIYIPinduoduoElanco Animal HealthFibra E - Grupo geFiling yshares alsConsumer ServicesConsumer ServicesConsumer GoodsIndustrialsIndustrialsIndustrialsConsumer GoodsNYSEMexican SENYSENASDAQNASDAQNYSEMexican SENYSENASDAQNYSE24.00 - 27.001,910.20 - 1,910.2017.50 - 20.5017.00 - 19.0016.00 - 19.0020.00 - 23.00100.00 - 100.0017.00 - 19.0021.00 - 23.006.25 - .006.26Below rangeIn rangeAbove rangeIn rangeTop of rangeAbove rangeIn rangeBelow rangeAbove rangeBottom of range 3.2bn 3.0bn 2.6bn 2.4bn 1.7bn 1.7bn 1.5bn 1.5bn 1.4bn 2.9%-17.4%18.1%31.4%-7.0%-57.1%-23.2%1.8%Top 10 largest FOs 2018 in the AmericasPricing dateIssuer ep-1831-Jul-1813-Aug-188-May-1813-Sep-18Hilton WorldwideCanadian Natural ResourcesSempra EnergyCenteneBaker Hughes a GECenterPoint EnergyHDFC BankFirst DataPPLInternational Flavors & FragrancesGlobal IPO ng rangeOfferpriceDeal TypeMoneyraisedSecondaryshares (%)1-day1-monthCurrentConsumer ServicesOil & GasUtilitiesHealth CareOil & GasUtilitiesFinancialsIndustrialsUtilitiesBasic 7.51 - 77.5135.11 - 35.11105.35 - 105.35110.17 - 110.1723.64 - 23.6427.81 - 27.81109.65 - 109.6524.67 - 24.6727.45 - 27.45128.65 - 7.00130.25FO - Accelerated BookbuildFO - Bought DealFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Bought DealFO - Accelerated Bookbuild 4.8bn 3.3bn 2.9bn 2.9bn 2.3bn 1.9bn 1.8bn 1.7bn 1.7bn %1.1%7.3%-6.5%3.6%-0.4%-28.8%4.9%3.1%1) Fibra E – Grupo Aeroportuario de la Ciudad de MexicoNote: 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 December 2018Q4 201815

IPO and FO activity per sector in the AmericasFinancials accounted for 38% of proceeds 39% of the number of IPOs, primarilydriven by a high number of SPACs listing in 2018Money raised and number of IPOs and FOs per sector 2016 - 2018FO money raised & # of dealsIPO money raised & # of dealsBasic MaterialsConsumer GoodsConsumer ServicesFinancials110Health CareIndustrialsOil & '17Global IPO WatchPwC'1811.3 12.3'16'174.7'16'17'1833035926143.126.020.9 24.86.53.73.656.841.016.2 8.42.637.4 40.226.09.8'1811.210.01.8'17'18'16'17'18Note: Financials include Closed-End Funds and Real Estate.Source: Dealogic, as of 31 December 5'16'17'18Q4 201816

Top countries in terms of IPO activity in the AmericasIPO activity in the US was highest since 2014, and in Mexico activity levels evenreached an all-time record highIPO activity of top countries in the Americas 2014 - 2018302 100.5bn2111892431222312151824 61.6bn 51.5bn 38.9bn 26.1bn20142015201620172018 3.5bn 6.9bn 3.6bn 6.4bn 9.5bn201420152016201720183035292011Global IPO WatchPwC111 0.2bn 0.2bn 0.2bn201420152016 6.4bn201783 2.0bn 5.4bn 4.9bn201820142015Note: Top countries have been selected based on money raised in 2018.Source: Dealogic as of 31 December 2018 0.7bn 4.3bn 2.0bn201620172018Q4 201817

EMEAGlobal IPO WatchPwCQ4 201818

Money raised via IPOs and FOs in EMEAGermany took over the lead in terms of IPO proceeds, despite the United Kingdomcontinuing to dominate in terms of IPO numbersTop countries 2018Money raised via IPOs and FOs in EMEA (10-year overview)21527916760101182300269181235Other; 29% 5.2bn 2.5bn 8.0bn2009 40.4bn 2.0bn 33.3bn20102011 2.1bn 15.9bn2012Europe817774628521 12.9bn 3.5bn 3.3bn 37.2bn 7.3bn 69.4bn 68.8bn 2.4bn 33.4bn 4.8bn 48.1bn 43.7bn201320142015201620172018Middle East & Africa637737808The Netherlands; 4%Italy; 5%Switzerland; 7%Number of IPO's755945Germany; 28%United Kingdom; 26%749 9.9bnUnited Kingdom, 32%Other, 34% 318.8bn 6.8bn 12.4bn 10.0bn 135.2bn 132.4bn 115.1bn201020112012 9.3bn 174.2bn 13.9bn 12.2bn 192.4bn 179.1bn 13.3bn 10.3bn 176.8bn 110.5bn 11.4bn 97.4bnSwitzerland, 4%2009EuropeGlobal IPO WatchPwC20132014Middle East & Africa2015201620172018Number of FO'sNote: Top countries have been selected based on money raised in 2018.Source: Dealogic as of 31 December 2018Sweden, 4%France, 8%Germany, 18%Q4 201819

Overview of IPO and FO activity in EMEAEquity markets in EMEA suffered early-on from global geopolitical uncertainty andfinished the year in negative territoryIPO and FO activity in EMEA201620172018Q4 2016Q4 2017Q4 201818122.1% 35.7bn45.6%30017.0% 55.4bn28.0%23511.1% 47.3bn20.5%5911.9% 12.6bn27.5%9320.4% 18.6bn40.3%535.7% %1 IPO activityNumber of IPOs% sponsor-backedMoney raised% sponsor-backedAdvanced metricsFree float %Overallotment exercised (%)1% secondary shares2 FO activity755 119.9bnNumber of FOsMoney raisedIPO pricing dynamics343.0% 2.0%1%6%2%10%10%945 189.9bn749 108.7bn228 29.8bn261 33.8bn157 16.4bn 1 In Q4 2018, 53 IPOs raised 12.9bn. This representsa drop of 31% in terms of proceeds and 43% in termsof the number of deals compared to last year. For theyear as a whole, IPO proceeds decreased by 15%and the number of transactions by 22%. 2 FO activity also suffered, as proceeds fell 43% andthe number of deals 21% in 2018. 3 The share of IPOs pricing at the bottom or below theirinitial pricing range was the highest in years. 4 Post-IPO performance in EMEA was lowest of thethree regions.Post-IPO performance (median)2.0%2.0%1.7% 1.5%Global 2%2016Below rangeGlobal IPO WatchPwC20%Bottom of range8%2018In rangeTop of rangeAbove t75Jan-16Jul-16Jan-17CAC 401) 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 December 2018Jul-17DAXJan-18Jul-18FTSE 100Q4 201820

Leading transactions 2018 in EMEAKnorr-Bremse, the German manufacturer of braking systems, undertook the largestIPO of Q4 2018 in EMEA, raising over 4.4bn on Deutsche BörseTop 10 largest IPOs 2018 in EMEAIssuercountryPricing dateIssuer -Jun-1817-Oct-1821-Mar-183-May-184-May-18Siemens HealthineersKnorr-BremseSIG CombiblocDWSAston Martin Lagonda GlobalAdyenSmithson Investment TrustELKEMCEVA LogisticsVivo EnergyPerformanceSectorExchangeFiling yshares (%)1-day1-monthCurrentHealth CareConsumer GoodsIndustrialsFinancialsConsumer GoodsIndustrialsFinancialsBasic MaterialsIndustrialsConsumer ServicesDeutsche BörseDeutsche BörseSIX Swiss ExchangeDeutsche BörseLSEEuronext AmsterdamLSEOslo BørsSIX Swiss ExchangeJSE ; LSE26.00 - 31.0072.00 - 87.0010.50 - 13.5030.00 - 36.0017.50 - 22.50220.00 - 240.0010.00 - 10.0029.00 - 35.0027.50 - 52.501.55 - 1.65In rangeIn rangeIn rangeIn rangeIn rangeTop of rangeIn rangeBottom of rangeBottom of rangeIn range 5.2bn 4.4bn 1.8bn 1.6bn 1.4bn 1.1bn 1.1bn 0.9bn 0.8bn %Top 10 largest FOs 2018 in EMEAPricing dateIssuer l Bank of ScotlandCovestroCineworldCovestroAdyenSafranDubai Islamic BankDS SmithPhoenix GroupGlobal IPO ng rangeOfferpriceDeal TypeMoneyraisedSecondaryshares (%)1-day1-monthCurrentHealth CareFinancialsBasic MaterialsConsumer ServicesBasic lsFinancialsDeutsche BörseLSEDeutsche BörseLSEDeutsche BörseEuronext AmsterdamEuronext ParisDubai FMLSELSE81.00 - 81.002.81 - 2.8176.48 - 76.481.57 - 1.5788.46 - 88.46738.20 - 738.20120.40 - 120.403.11 - 3.113.50 - 3.505.18 - 8FO - Rights OfferFO - Accelerated BookbuildFO - Accelerated BookbuildFO – ABB (Rump) ; ROFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Accelerated BookbuildFO - Rights OfferFO – ABB (Rump) ; ROFO – ABB (Rump) ; RO 7.0bn 3.3bn 2.6bn 2.5bn 2.2bn 1.9bn 1.4bn 1.4bn 1.4bn -14.5%11.1%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 December 2018Q4 201821

IPO and FO activity per sector in EMEAAs the Health Care sector accounted for the largest IPO and FO of the year inEMEA, proceeds for both markets displayed a strong uptickMoney raised and number of IPOs and FOs per sector 2016 - 2018FO money raised & # of dealsIPO money raised & # of dealsBasic MaterialsConsumer GoodsConsumer l IPO WatchPwC8.010.3 11.6 911910191135.224.1 24.012.6 10.5Technology21093.039.4Oil & Gas17.03.2'17513758.6Industrials862219.259Health Care'17'187.211.0 12.4'16'17'18'16'1717.9'18Note: Financials include Closed-End Funds and Real Estate.Source: Dealogic, as of 31 December 18'16'17'18'1612.81.6'17'18Q4 201822

Top countries in terms of IPO activity in EMEAAt 13.6bn, German IPO proceeds are at an 18-year high, driven by the jumboIPOs of Knorr-Bremse, Siemens Healthineers and DWSIPO activity of top countries in EMEA 2014 - 2018112 27.9bn816611188074 19.8bn 14.8bn 13.6bn 7.9bn 4.7bnGlobal IPO WatchPwC6852 12.7bn 7.6bn 5.8bn 3.2bn2014201520162017201820142015623462023 4.6bn 1.7bn 2.6bn 3.5bn3.820142015201820142017Note: Top countries have been selected based on money raised in 2018.Source: Dealogic as of 31 December 20182017201827269 6.2bn 6.2bn 2.4bn 1.6bn 0.9bn201620162015201620172018Q4 201823

Asia-PacificGlobal IPO WatchPwCQ4 201824

Money raised via IPOs and FOs in Asia-PacificFollowing the SoftBank IPO, Japan overtakes China in terms of IPO proceedsMoney raised via IPOs and FOs in Asia-Pacific (10-year overview)Top countries 2018Other; 10%951761 8.0bn620397326 175.3bn 91.0bn200920102011 63.5bn 183.4bn20091,3521,077 6.5bn 5.8bn2010 4.8bn 66.2bn 77.8bn 71.5bn 81.5bn 93.3bn 1,478Japan; 27%1,3671,3941,038Other, 17%China, 30% 41.5bn 17.8bn 17.6bn 20.7bn 115.1bn 135.1bn 140.5bn201120122013 23.5bnHong Kong; 34%China; 19%Number of IPO's1,265978India; 5% 5.8bn 10.2bn 22.1bn 22.3bn 160.1bnAustralasia2014South Korea, 7% 22.9bn 218.2bnAsiaGlobal IPO WatchPwC 17.0bn 23.6bn 206.8bn649 1.5bn 51.3bnAsia1,381684Australia; 6% 1.5bn 2.5bn 68.3bn66

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

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