Etude PwC IPO Watch Europe Q1 2014

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L’étude "IPO Watch Europe" analyse chaque trimestre les introductions en bourse d'une valeur supérieure à 5 millions d'euros sur les principaux marchés et segments de marché (dont l'Allemagne, l'Autriche, la Belgique, le Danemark, l'Espagne, la France, la Grèce, l'Irlande, l'Italie, le Luxembourg, la Norvège, les Pays-Bas, la Pologne, le Portugal, le Royaume-Uni, la Suède, la Suisse et la Turquie). Les mouvements entre segments de marché d’une même bourse et les offres de type « greenshoe » (rallonge) sont exclus.
Cette étude, qui a été menée entre le 1er janvier et le 31 mars 2014, analyse les introductions en bourse d'après leur date d'admission à la cote. Toutes les données de marché proviennent des bourses elles-mêmes ; PwC n’a pas procédé à une vérification indépendante de ces données.

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Etude PwC IPO Watch Europe Q1 2014

  1. 1. IPO Watch Europe Survey Q1 2014 www.pwc.com
  2. 2. PwC Contents 2PwC Q1 2014 IPO Watch Europe Survey Long term European IPO activity by value and volume 3 Quarterly European IPO activity by value and volume 4 Market volatility index and stock market performance 5 European IPO pricing and performance 6 IPO offering value by exchange 7 IPO volume by exchange 8 Top ten IPOs 9 IPO offering value by sector 10 IPOs by market 11 US and Hong Kong overview 12 About IPO Watch Europe 13
  3. 3. PwC European IPO proceeds, excluding over-allotments, reached €11.4bn in Q1 2014, marking the strongest first quarter performance since 2007 3 Long term European IPO activity by value and volume *Excludes IPOs on Borsa Istanbul and Bucharest Sustained momentum across European equity markets supported the most successful first quarter in seven years. The €11.4bn of cash raised, excluding over-allotments, from IPOs in first quarter of 2014 surpassed the aggregate Q1 proceeds raised in the previous four years. The first quarter was characterised by IPOs in the Retail and Real Estate sectors with 18 IPOs raising €5.2bn. The UK retail sector saw the IPOs of Lenta, Pets at Home, AO.com and Poundland. Hispania Activos Inmobiliarios SA and Lar Espana Real Estate Socimi SA demonstrated a reinvigorated Spanish real estate sector. 12.3 2.0 0.0 1.8 3.2 2.4 3.3 11.4 141 63 16 77 102 61 45 68 0 20 40 60 80 100 120 140 160 0 2 4 6 8 10 12 14 Q1 2007* Q1 2008* Q1 2009* Q1 2010* Q1 2011 Q1 2012 Q1 2013 Q1 2014 VolumeofIPOs ValueofIPOs(€bn) Value Greenshoe Number of IPOs PwC Q1 2014 IPO Watch Europe Survey 3.2 13.6 9.4 0.9 2.4 0.8 0.4 7.7 3.3 5.4 3.1 14.7 11.4 102 149 126 82 61 93 60 74 45 76 53 105 68 - 20 40 60 80 100 120 140 160 - 2 4 6 8 10 12 14 16 18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2012 2013 2014 VolumeofIPOs Valuebyquarter(€bn) Value Greenshoe Number of IPOs
  4. 4. PwC Q1 2014 exceeded expectations and saw total IPO proceeds of €12.2bn including over-allotments, equivalent to 44% of the total money raised throughout all of 2013 4 * Average offering value has been calculated based on total offering value, excluding listings raising less than $5m Quarterly European IPO activity by value and volume 7.7 3.3 5.4 3.1 14.7 11.4 74 45 76 53 105 68 0 20 40 60 80 100 120 0 2 4 6 8 10 12 14 16 18 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 VolumeofIPOs ValueofIPOs(€bn) Value Greenshoe Number of IPOs PwC Q1 2014 IPO Watch Europe Survey Q1 2014 Q1 2013 Q4 2013 FY 2013 Total European listings comprise those with: Less than $5m raised 19 30 27 118 Greater than $5m raised 49 15 78 161 Total number of listings 68 45 105 279 Money raised excl. greenshoe (€m) 11,391 3,263 14,739 26,478 Exercised greenshoe (€m) 791 156 947 1,444 Total money raised (€m) 12,182 3,419 15,686 27,922 Average offering value (€m) * 248 227 201 173
  5. 5. PwC 0 5 10 15 20 25 30 35 40 - 2 4 6 8 10 12 14 16 VSTOXXindex Moneyraised(€bn) Volatility compared to IPO proceeds Money raised (€bn) VSTOXX IPO of Talanx, Telefónica Deutschland and Direct line IPO of MegaFon, Alior Bank and Kcell IPO OF Ziggo and DKSH Holdings Greek and Spanish bailouts and downturn in global economic growth IPO of bpost and Partnership Assurance IPO of Royal Mail, Riverstone Energy, and TCS Group IPO of ISS, Pets at Home, Poundland and Hispania Activos Inmobiliarios Volatility remained low and market indices continued to strengthen despite events such as the geopolitical turmoil in the Ukraine 5 -10% 0% 10% 20% 30% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar %changesince1Jan2013 Historical performance of major market indices since January 2013 CAC 40 DAX 30 FTSE 100 PwC Q1 2014 IPO Watch Europe Survey Source: Thomson Reuters
  6. 6. PwC Only 1 of the top 5 IPOs priced at the top of its range. However, at the end of Q1 all but one were trading ahead of their IPO price and outperforming market indices 6 Price Range IPO Price IPO price versus range Post IPO performance Top 5 (2014 YTD) Altice ISS Lenta* Gaztransport et Technigaz AO World Exchange Euronext Amsterdam NASDAQ OMX Nordic London, MICEX Euronext Paris London IPO date 31-Jan-14 13-Mar-14 28-Feb-14 27-Feb-14 26-Feb-14 PE backed No Yes Yes Yes No Money raised (€m)** €1,501m €1,263m €712m €659m €590m Pricing range €24.75 - €31.25 DKK 140 - DKK 175 $9.50 - $11.50 €41 - €50 £2.35 - £2.85 €28.25 £2.85 DKK 160.00 $10.00 €46.00 PwC Q1 2014 IPO Watch Europe Survey *Listing of GDRs ** Includes greenshoe 14% 14% -3% 2% 10% 4% 1% -3% 0% -3% Share performance as at 31 March 2014 Index performance as at 31 March 2014
  7. 7. PwC 53% 19% 18% 8% 2% London Stock Exchange NYSE Euronext NASDAQ OMX BME (Spanish Exchange) Other 7 3 different markets hosted IPOs raising in excess of €1.0bn, reflecting a general uptick in market confidence across Europe IPO offering value by exchange * Stock exchange offering value Q1 2014 Q1 2013 Q4 2013 (€m) London Stock Exchange 5,925 1,878 8,194 NYSE Euronext 2,113 3 2,026 NASDAQ OMX 1,947 - 505 BME (Spanish Exchange) 900 - - Irish Stock Exchange 265 - 415 Oslo Børs & Oslo Axess 147 41 479 Borsa Italiana 72 7 890 Warsaw 18 58 1,017 Borsa Istanbul 4 106 47 SIX Swiss Exchange - - 745 Bucharest - - - Deutsche Börse - 1,165 30 Luxembourg - 5 - Total 11,391 3,263 14,739 London Stock Exchange 32 IPOs raised €5.9bn Average IPO proceeds €204m ** Largest IPO – Kennedy Wilson Europe Real Estate plc €1,017m (€1,128 m including greenshoe) NYSE Euronext 6 IPOs raised €2.1bn Average IPO proceeds €352m ** Largest IPO – Altice SA €1,305m (€1,501m including greenshoe) NASDAQ OMX 7 IPO raised €1.9bn Average IPO proceeds €486m ** Largest IPO – ISS €1,098m (€1,263m including greenshoe) Top 3 Exchanges PwC Q1 2014 IPO Watch Europe Survey *Excludes greenshoe **Excludes listings raising less than $5m Q1 2014
  8. 8. PwC 8 European markets generated 68 IPOs in the quarter, the highest number in a traditionally quiet first quarter since 2007 Stock exchange * Q1 2014 Q1 2013 Q4 2013 London Stock Exchange 32 13 40 Warsaw 10 13 13 NASDAQ OMX 7 4 13 NYSE Euronext 6 3 11 Borsa Italiana 5 3 9 Borsa Istanbul 2 1 6 Oslo Børs & Oslo Axess 2 2 5 BME (Spanish Exchange) 2 - - Deutsche Börse 1 2 2 Irish Stock Exchange 1 - 2 Luxembourg - 3 2 Bucharest Stock Exchange - - 1 SIX Swiss Exchange - - 1 Wiener Börse - 1 - Total 68 45 105 PwC Q1 2014 IPO Watch Europe Survey 32 10 7 6 5 8 47% 15% 10% 9% 7% 12% London Stock Exchange Warsaw NASDAQ OMX NYSE Euronext Borsa Italiana Other Q1 2014 IPO volume by exchange * Excludes greenshoe
  9. 9. PwC 10 largest IPOs of Q1 2014 €m* Sector Market Country of Origin PE Backed Altice SA 1,305 Telecommunications Euronext France No ISS A/S 1,098 Industrials OMX Denmark Yes Kennedy Wilson Europe Real Estate plc 1,017 Financials London UK No Lenta Ltd 696 Consumer Services London Russia Yes Gaztransport & Technigaz SA - GTT 621 Industrials Euronext France Yes Pets at Home Group plc 589 Consumer Services London UK Yes AO World plc 513 Consumer Services London UK No Hispania Activos Inmobiliarios SA 500 Financials BME Spain No Poundland Group plc 451 Consumer Services London UK Yes Lar Espana Real Estate Socimi SA 400 Financials BME Spain No Total 7,190 10 largest IPOs of Q4 2013 €m* Sector Market Country of Origin PE Backed Royal Mail 2,032 Industrials London UK No Merlin Entertainments 1,141 Consumer Services London UK Yes Riverstone Energy 897 Financials London USA No TCS Group Holding 797 Financials London Russia Yes Cembra Money Bank 745 Financials SIX Swiss Switzerland No Moncler 681 Consumer Goods Borsa Italiana Italy Yes Numericable Group 652 Consumer Services Euronext France Yes CTT – Correios de Portugal 580 Industrials Euronext Portugal No Energa 515 Utilities Warsaw Poland No Tarkett 462 Industrials Euronext France Yes Total 8,449 Top 10 IPOs 9 The top 10 IPOs in the quarter raised more than two thirds of total IPO proceeds, 5 of which were PE backed raising a combined €3.5bn PwC Q1 2014 IPO Watch Europe Survey 68% 32% Top 10 IPOs Others * Excludes greenshoe
  10. 10. PwC 10 IPO value by sector * The quarter was dominated by the retail sector, within the Consumer services sector, and real estate sector, within the Financials sector, which raised €5.2bn combined and produced 7 of the top 10 IPOs in the quarter PwC Q1 2014 IPO Watch Europe Survey Sector (IPO Proceeds) Q1 2014 Q1 2013 Q4 2013 Consumer Services 3,153 18 2,124 Financials 3,100 2,917 5,547 Industrials 2,745 26 4,492 Telecommunications 1,514 - 8 Health Care 435 3 108 Oil & Gas 391 22 400 Utilities 25 - 798 Technology 19 14 228 Basic Materials 9 - 33 Consumer Goods - 263 1,001 Total value (€m) 11,391 3,263 14,739 Consumer Services ** 11 IPOs raised average IPO proceeds of €286m 8 of the 11 IPOs were Retail and raised a total of €2,811m Largest IPO – Lenta €696m (€712m including greenshoe) Financials ** 12 IPOs raised average IPO proceeds of €258m 6 of the 12 IPOs were Real Estate and raised a total of €2,350m Largest IPO – Kennedy Wilson Europe Real Estate plc €1,017m (€1,128m including greenshoe) 28% 27% 24% 13% 4% 3% Consumer Services Financials Industrials Telecommunications Health Care Oil & Gas Other *Excludes greenshoe **Excludes listings raising less than $5m Q1 2014
  11. 11. PwC 11 IPOs by market Q1 2014 Q1 2013 Q4 2013 Stock exchange IPOs Offering value (€m)* IPOs Offering value (€m)* IPOs Offering value (€m)* TOTAL London Stock Exchange 32 5,925 13 1,878 40 8,194 NYSE Euronext 6 2,113 3 3 11 2,026 Warsaw 10 18 13 58 13 1,017 Borsa Italiana 5 72 3 7 9 890 SIX Swiss Exchange - - - - 1 745 NASDAQ OMX 7 1,947 4 - 13 505 Oslo Børs & Oslo Axess 2 147 2 41 5 479 Irish Stock Exchange 1 265 - - 2 415 Borsa Istanbul 2 4 1 106 6 47 Deutsche Börse 1 - 2 1,165 2 30 Luxembourg - - 3 5 2 - Bucharest Stock Exchange - - - - 1 391 BME (Spanish Exchange) 2 900 - - - - Wiener Börse - - 1 - - - Europe total 68 11,391 45 3,263 105 14,739 EU-REGULATED London Main 14 4,637 7 1,835 15 7,040 NYSE Euronext (Euronext) 6 2,113 1 - 9 2,013 Warsaw (Main) 2 17 1 57 7 1,015 Borsa Italiana (Main) - - - - 2 811 SIX Swiss Exchange - - - - 1 745 NASDAQ OMX (Main) 4 1,945 1 - 5 499 Oslo Børs 2 147 1 26 4 475 Irish Stock Exchange (Main) - - - - 1 365 Deutsche Börse (Prime and General Standard) 1 - 1 1,165 2 30 Luxembourg - - - - 1 - Bucharest Stock Exchange - - - - 1 391 BME (Spanish Exchange) (Main) 2 900 - - - - Wiener Börse - - 1 - - - EU-regulated sub-total 31 9,759 13 3,083 48 13,384 EXCHANGE-REGULATED London AIM and SFM 18 1,288 6 43 25 1,154 Borsa Italiana (AIM) 5 72 3 7 7 79 Irish Stock Exchange (ESM) 1 265 - - 1 50 Borsa Istanbul 2 4 1 106 6 47 NYSE Euronext (Alternext) - - 2 3 2 13 NASDAQ OMX (First North) 3 2 3 - 8 6 Warsaw (NewConnect) 8 1 12 1 6 2 Oslo Axess - - 1 15 1 4 Luxembourg (EuroMTF) - - 3 5 1 - BME (Spanish Exchange) (MAB) - - - - - - Deutsche Börse (Entry Standard) - - 1 - - - Exchange-regulated sub-total 37 1,632 32 180 57 1,355 Europe total 68 11,391 45 3,263 105 14,739 PwC Q1 2014 IPO Watch Europe Survey * Excludes greenshoe
  12. 12. PwC US and Hong Kong overview 12 Q1 2014 Q1 2013 Q4 2013 Stock exchange IPOs Offering value (€m)* IPOs Offering value (€m)* IPOs Offering value (€m)* Europe 68 11,391 45 3,263 105 14,739 US 71 8,007 34 5,836 77 17,630 Hong Kong 25 4,334 11 799 61 10,253 Both the US and Hong Kong markets made a solid start to the year building on the momentum gathered in 2013, however neither market could match Europe’s €11.4bn of IPO proceeds. Total US proceeds raised during the fourth quarter topped €8.0 billion, an increase of 37% over the first quarter of 2013. Healthcare and in particular the Biotechnology and Biopharmaceutical sectors, dominated the first quarter with 35 IPOs, representing almost half of first quarter 2014 IPO volume. Private equity activity soared in the US IPO market during Q1 2014, with a total of 53 PE-backed IPOs representing 75% of the quarter’s activity. The US IPO pipeline remains robust with 108 companies publically filing for IPO in the quarter, the highest mark in any quarter since Q2 2011. The Hong Kong IPO market picked up where is left off in 2013 with a strong Q1 2014 performance, IPO proceeds were more than 5 times greater than in Q1 2013. PwC Q1 2014 IPO Watch Europe Survey * Excludes greenshoe
  13. 13. PwC About IPO Watch Europe IPO Watch Europe surveys all new primary market equity IPOs on Europe’s principal stock markets and market segments (including exchanges in Austria, Belgium, Denmark, France, Germany, Greece, the Netherlands, Ireland, Italy, Luxembourg, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Turkey and the UK) on a quarterly basis. Movements between markets on the same exchange are excluded. This survey was conducted between 1 January and 31 March 2014 and captures new market IPOs based on their transaction date. All market data is sourced from the stock markets themselves and has not been independently verified by PricewaterhouseCoopers LLP. 13PwC Q1 2014 IPO Watch Europe Survey
  14. 14. This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2014 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.

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