IPO Watch - PwC

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www.pwc.com.trIPO Watch:Turkey Focus2014Capital MarketsFebruary 2015

IntroductionWe witnessed adecline in both thenumber of IPOs andthe total volume ofproceeds in 2014.Most significant transactionsin 2014 were realized inthe final quarter of theyear. Leading transactionwas the IPO of Avivasa, aninsurance company. ThisIPO raised USD 146m alone,which represents 45% of allproceeds in the year. Thatwas followed by the IPO ofUlusoy Elektrik, raising 75mUSD.Out of 13 IPOs in total, 9 tookplace in the National Market,whereas remaining 4 tookplace in Emerging CompaniesMarket (“ECM”).As of the date of this report,there are 8 pending listingapplications to Borsa Istanbulin total, 2 for the main marketand 6 for the ECM.2PwCIPO WatchBesides global trends,performance of capitalmarkets in 2015 will mainlydepend on the performanceof Turkish economy, whichis expected to be mainlyimpacted by oil prices andparliamentary elections inJune.Other key items to monitorin 2015 will be the changesin Fed’s monetary policyand growth in the Eurozoneregion.

An overview of capital markets activityin 2014Number of IPOs and amount ,0005000Debt instruments marketDebt instruments70Value, USD bln6050403020100201220132014Outstanding debt amount grew by USD8 bln in 2014. Although non-financial corporatedebt constitute 15% of outstanding debt amount, bonds amounting to USD3bln wereissued by non-financial corporations in 2014.3PwCIPO WatchNumber of IPOsProceeds(USD million)

Macroeconomic Outlook Turkey GDPAnnual GDP growth, 02011201220132014e2015fSource: Turkstat, Medium Term Program (Ministry of Development)Turkish economy grew byonly 1.7% in the Q3 where theexpectations were around 3.0%.For the first three quarters of2014, Turkey grew by 2.8%compared to the same periodof 2013. With the latest figures,the size of Turkish economyreached USD 800 billion as ofQ3 2014.Looking for the seasonallyand calendar effect adjustedgrowth figures, Turkisheconomy posted a y-o-y growthof 1.8% in calendar adjustedterms. When one analyze thequarterly performance, Turkeydemonstrated a q-o-q growth of0.4% in seasonally and calendaradjusted terms.In the production side, themain reason behind the lowerthan expected Q3 GDP figureswas the significant drop in4PwCIPO Watchagriculture. Looking for theother production based GDPfigures main drivers continuedto be financial services andindustry. Industrial productionwhich has c.24% share inGDP, made a little positivecontribution by growing only2.2%.On the expenditure side, theprivate sector keeps limitingthe GDP growth where thepace of resident householdsspending growth continuedto fall with a lower magnitudeof investments. The decline inthe pace of the consumptiongrowth continued to bringabout imports to keep falling.Moreover, the exportscontinued to rise. We can easilyconclude that Turkey is stillbenefiting from the rebalancingand continued to experience anexport-led growth.The leading indicators donot wholly signal a positiveframework. Even if Turkey willpost a growth rate of 3% inthe last quarter of 2014, it willcomplete the year with a growthrate around 2.8% that is behindits year-end estimate of 3.3%.Fall in oil prices is tend tobolster economic growth forthe coming period with ahigher public expenditures dueto general elections in 2015.However, the structural reformsis still a must for raising Turkey’spotential growth.

InflationConsumer Prices Index (CPI),Year-end 2007200820092010201120122013Source: Turkstat, CBRTAccording to inflation figuresreleased by Turkstat, consumerprices showed its first monthlydecline of 0.44% in the lastmonth of 2014. Hence, Turkisheconomy completed the yearwith an annual inflation of8.2% (lower than the CentralBank’s official year-end inflationforecast of 8.9% but still higherthan the target of 5%), whereannual average CPI for 2014materialized as 8.9%.Annual inflation exhibited abetter picture for 2014 withthe last minute goal. Fall in oilprices were the determinantwhile the unchanged food pricesin the last month of the year wasalso effective.Looking for the 2015, The pace of the energy costswill be crucial. The furtherdecline in oil prices will belimited but currently there isno reason for a rise too. For the initial months of2015, weather conditions mayput upside pressure on foodprices. High base effect from the 2014will also be helpful for thisyear. Risks can be summarized asthe depreciation of the TurkishLira due to the upcomingrate hike from the Fed and apossible hike in import tax soas to curb it.With a lowered inflationconcerns Central Bank mayengage in rate cuts so as tosupport economic growth.5PwCIPO Watch2014

Global IPO trend1,2003001,000250800200600150400100200500USD bnGlobal IPO activityNumber of IPOsMoney raised(usd bn)020122013Global markets for IPOsreached its highest volumesince 2010.2014’s top IPO, IPO of AlibabaGroup in NYSE, single-handedlyraised USD 25 bn. Anothersignificant driver for the marketswas private-equity driven deals.A total 209 PE-backed IPOs raisedUSD 83 bn.Similar to 2013, financial servicesindustry led the market in termsof proceeds in 2014. Companiesin the financial services industry2014raised over close to USD 90 bn in2014, an increased compared to2013 where they raised just belowUSD 80 bn.NYSE was the leading IPO marketin 2014, accounting for 27% of allproceeds in 2014.European IPO market alsoperformed well, growingmore than 80% in terms ofproceeds. European growthwas mainly fueled by LondonStock Exchange’s performance.There were deals in Spain after acouple of years without any majordeals. European performancemay have been better had it notbeen hampered by uncertainitystemming from political situationin Greece and concerns over globalgrowth.Decreasing oil prices, increasedconcerns over global economicgrowth and the uncertain politicalfuture in Greece negativelyimpacted recent IPO activityacross Europe. However, globalpipeline is considered to be stronggoing into 2015.A comparison of European exchanges in terms of activity2014 TOTALIPOsOfferingvalue (mUSD)IPOsOfferingvalue (mUSD)13723,48010319,860NYSE Euronext4112,706264,127NASDAQ OMX625,477311,207BME (Spanish Exchange)135,465233,320Stock exchangeLondon Stock ExchangeDeutsche Börse174,3169Borsa Italiana263,139181,755Oslo Børs & Oslo Axess171,903111,297SIX Swiss Exchange61,39811,027Irish Stock 3Borsa Istanbul1330611663Wiener 37559,97427936,495Total(amounts translated at year-end exchange rates)6PwCIPO Watch2013 TOTAL

Key statistics from Borsa IstanbulBorsa İstanbulPublicly Traded 5-11,76%Exchange Traded Funds (ETF)Investment Trusts18129-25,00%23329043148,62%Equity Market Total Market Cap, USD billion31023727013,84%Equity Traded Value (Total) USD billion348431399-7,44%Equity Traded Value (Daily Average) 0%62,34%63,83%Private Sector Debt Instrument (Issued)Debt Instrument Traded Value (Total), USDbillionForeign ShareBorsa Istanbul IPO activity - main market vs emerging companies market201220132014Total Turkish IPOsNational Market16109Emerging Companies Market1094Total number of IPOs261913303727310Total money raised (USD m)National MarketEmerging Companies Market493311Total Money Raised (mUSD)352760321National Market197334Emerging Companies Market543Average offering value (m USD)*134025Average offering value (USD m)* Calculated based on total offering value over the number of IPOsNumber of IPOs and amount raised30252015105020127PwCIPO Watch201320149008007006005004003002001000Number of IPOs ECMNumber of IPOs Main MarketProceeds (USD million)

Top IPOs in 2014(m TRY)Amount raisedAvivaSA Emeklilik ve Hayat A.Ş.331Ulusoy Elektrik İmalat Taahhüt Ticaret A.Ş.168Ulusoy Un Sanayi ve Ticaret A.Ş.74Share in total80%After-market performance oftop 2014 1448.001449.0086,0001488,000Stock PriceBIST 100Ulusoy ST 1008PwCIPO WatchStock 76,00074,000

Ulusoy 002.70BIST 100Stock PriceIndustry analysisAmount raised by industry - 201412.46.48.9Insurance33.2Industrial Goods & Services146.5Food & BeveragePharmaceuticals & BiotechReal Estate114.0Financial ServicesInsurance and industrial goods and services led other industries interms of amount raised in 2014.Avivasa represents the only company in the insurance sector.9PwCIPO 8,000

PwC TurkeyPwC firms help organisationsand individuals create thevalue they’re looking for.We’re a network of firmsin 157 countries with morethan 195,000 people whoare committed to deliveringquality in assurance, tax andadvisory services.PwC operating in Turkey since1981, consists of 5 offices;in İstanbul (2), in Ankara, inBursa and in İzmir, with 1,400professional staff.Tell us what matters to youand find out more by visitingus at www.pwc.com.trContactMert TütenAssurance Services,PartnerTel: 90 (212) 326 6066E-mail: mert.tuten@tr.pwc.comUmurcan GagoTax and Legal Services,PartnerTel: 90 (212) 326 6098E-mail: umurcan.gago@tr.pwc.comSertu TalıAssurance Services,Senior ManagerTel: 90 (212) 326 6784E-mail: sertu.tali@tr.pwc.comEmre HaykırTax and Legal Services,Senior ManagerTel: 90 (212) 326 6813E-mail: emre.haykir@tr.pwc.comSerkan AslanAdvisory Services,PartnerTel: 90 (212) 376 5304E-mail: serkan.aslan@tr.pwc.comMurat GürAssurance Services,ManagerTel: 90 (212) 326 6468E-mail: murat.gur@tr.pwc.com 2015 PwC Turkey. All rights reserved. In this document, “PwC” refers to PwC Turkey, which is a member firm of PricewaterhouseCoopers InternationalLimited, each member firm of which is a separate legal entity. “PwC Turkey” refers to Başaran Nas Bağımsız Denetim ve Serbest Muhasebeci MaliMüşavirlik A.Ş., Başaran Nas Yeminli Mali Müşavirlik A.Ş. and PricewaterhouseCoopers Danışmanlık Hizmetleri Ltd Şti. which are separate legal entitiesincorporated in Turkey within the PwC Turkey organisation.2015-0080

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

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