IPO Watch Europe T4 2011

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L'étude de PwC sur les introductions en bourse en Europe en 2011.

Retrouvez toutes nos études : http://www.pwc.fr/publications

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IPO Watch Europe T4 2011

  1. 1. www.pwc.comIPO Watch EuropeSurveyQ4 2011
  2. 2. Table of contents Page2011 overview 32011 European IPO activity by value and volume 42011 volume and value by exchange 5Q4 11 European IPO activity by value and volume 6IPO offering value 7IPO volume 8Top five IPOs 9IPOs by sector and value 10Offering value of IPOs by month 11Volume of IPOs by month 12EU- versus exchange-regulated markets 13IPOs by market 14US activity 15About IPO Watch Europe 16Q4 2011 IPO Watch Europe SurveyPwC 2
  3. 3. Though 2011 IPO values in Europe and the USremained fairly static compared to 2010 levels,Greater China saw a 42% drop in money raised2011 overview Offering Offering IPOs IPOs Stock exchange value (€m) value (€m) 2011 2010 2011 2010 Europe total 430 26,491 381 26,322 US total 134 25,581 168 29,556 Hong Kong 90 25,053 102 43,618 Shanghai 39 11,678 28 21,069 Shenzhen 243 20,118 321 33,318 Taiwan 47 670 39 619 Greater China total 419 57,519 490 98,624Q4 2011 IPO Watch SurveyPwC 3
  4. 4. Despite a subdued end to 2011, European IPOfigures increased by 14% and 1% for volume andvalue respectively year on year, with the totaloffering value remaining broadly flat2011 European IPO activity by volume 2011 European IPO activity by value 800 90,000 700 771 80,000 80,449 600 70,000 60,000 Offering value (€m) 500 Number of IPOs 50,000 400 430 380 40,000 300 295 30,000 200 20,000 26,286 26,491 100 126 10,000 13,953 7,112 0 - 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Number of IPOs Value of IPOs 2007 2008 2009 2010 2011 Total European listings of which: - No money raised 119 81 30 75 87 - Money raised 652 214 96 305 343 Average offering value 123 65 74 86 77 Average offering value has been calculated based on total offering value over the number of listings raising money.Q4 2011 IPO Watch SurveyPwC 4
  5. 5. In 2011, London raised over half of all value on itsexchange with €14,607m. Warsaw hosted the mosttransactions – 203 in total.2011 European IPO activity by volume 2011 European IPO activity by value Oslo Børs & Borsa Italiana Luxembourg Axess Others 2% 2% Deutsche Börse 3% 3% Others 4% Oslo Børs & 3% Axess Luxembourg 3% 5% Deutsche Börse 6% NYSE Euronext 6% Warsaw Warsaw 8% NASDAQ OMX 47% London 7% 53% BME (Spanish London Exchanges) 25% 23%Q4 2011 IPO Watch SurveyPwC 5
  6. 6. In Q4 2011, average offering values plummeted81% from Q3 2011 and 83% year on year with just€866m raised across 78 transactionsQ4 11 European IPO activity by value and volume 160 16,000 140 14,000 Value of IPOs (€m) 120 12,000 Volume of IPOs 100 10,000 80 8,000 60 6,000 40 4,000 20 2,000 - - Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 IPOs Value €m Q4 2011 Q4 2010 Q3 2011 Total European listings comprise those with: - No money raised 28 26 16 - Money raised 50 103 105 Average offering value (€m) * 17 98 89 * Average offering value has been calculated based on total offering value over the number of listings raising money.Q4 2011 IPO Watch Europe SurveyPwC 6
  7. 7. London dominated activity in a muted quarter,raising €800m, representing 92%, of totalEuropean IPO valueIPO offering value Average offering value Borsa Italiana Oslo 1% Warsaw 1% 2% Others Average Average 1% offering offering Stock exchangeNASDAQ OMX value (€m) value (€m) 3% Q4-2011 Q4-2010 London Stock Exchange 89 89 NASDAQ OMX 31 429 Deutsche Börse 5 41 Oslo Børs & Oslo Axess 4 493 Borsa Italiana 3 1,041 NYSE Euronext 2 23 SIX Swiss - 48 BME (Spanish Exchanges) - 42 Luxembourg - 18 Warsaw (1) - 15 Average offering value has been calculated based on total offering value over the number of listings raising money. London (1) Cumulatively Warsaws average offering value was €0.4m in Q4.11. However, this rounds down to zero. 92%Q4 2011 IPO Watch Europe SurveyPwC 7
  8. 8. Warsaw led the way with 42 low value transactions this quarter, mainly on NewConnect IPO volume Others Stock exchange IPOs Offering value Oslo 6% Q4-2011 (€m) Q4-2011 3% EU REGULATED Deutsche Börse London Stock Exchange Group (London Main) 4 672 4% NASDAQ OMX (Main) 4 31 Deutsche Börse (Prime and General Standard) 2 5 Warsaw (Main) 4 - Wiener Börse 1 - BME (Spanish Exchanges) (Main) - -NASDAQ OMX Oslo Børs - - 14% NYSE Euronext (Euronext) - - London Stock Exchange Group (Borsa Italiana Main) - - SIX Swiss Exchange - - EU regulated sub-total 15 708 Warsaw EXCHANGE REGULATED London Stock Exchange Group (London AIM) 10 65 54% London Stock Exchange Group (London SFM) 1 63 Warsaw (NewConnect) (1) 38 15 Oslo Axess 2 7 London Stock Exchange Group (Borsa Italiana AIM) 2 6 NYSE Euronext (Alternext) 1 2 NASDAQ OMX (First North) 7 - Luxembourg (EuroMTF) 1 - London Deutsche Börse (Entry Standard) 1 - 19% BME (Spanish Exchanges) (MAB) - - Exchange regulated sub-total 63 158 Europe total 78 866 (1) Cumulatively the WSE NewConnect raised €34m in Q4 2011. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of the rounded values. Q4 2011 IPO Watch Europe Survey PwC 8
  9. 9. 4 out of the top 5 IPOs were in London. PolymetalInternational PLC, the quarter’s largest IPO, raised€421m and accounted for 49% of all value raised inEurope.Top five IPOs The top five IPOs accounted for 91% of all value raised Five largest IPOs of Q4 2011 €m raised Sector Market Segment Country of Origin OthersPolymetal International PLC 421 Mining London Main RussiaBilfinger Berger Global Infrastructure SICAV SA 251 Investment Company London Main UK 9%Damille Investment II Ltd 63 Investment Company London SFM GuernseyHagar hf. 31 Retail OMX Main IcelandSecure Trust Bank PLC 21 Banks London AIM UKTotal 787 Five largest IPOs of Q4 2010 €m raised Sector Market Segment Country of OriginEnel Green Power SPA 2,067 Utilities Italy Main ItalyGjensidige Forsikring ASA 1,356 Insurance Oslo Børs NorwayPandora A/S 1,227 Personal & Household Goods OMX Main DenmarkMail.Ru Group Limited 669 Media London Main RussiaStatoil Fuel & Retail ASA 577 Retail Oslo Børs NorwayTotal 5,896 Five largest IPOs of Q3 2011 €m raised Sector Market Segment Country of OriginBankia SA 3,092 Banks Spain Main SpainDia 2,378 Retail Spain Main Spain Top 5 IPOsJastrzębska Spółka Węglowa SA 1,346 Mining Warsaw Main Poland 91%Banca Cívica SA 600 Banks Spain Main SpainOJSC Phosagro 530 Chemicals London Main RussiaTotal 7,946Q4 2011 IPO Watch Europe SurveyPwC 9
  10. 10. Mining and Investment Companies raised 75% of offering value in Q4 2011 but represented 10% of IPO volume IPO sectors by value Company Company Company Pharmaceuticals Others Sector IPOs IPOs IPOs Basic Resources & Biotech 3% Q4-2011 Q4-2010 Q3-2011 2% 2% Industrial Goods & Services 19 21 26 Industrial Goods Technology 12 13 12 & Services Financial Services 7 7 5 2% Oil & Gas 4 6 9 Banks 2% Mining Mining 4 12 8 49% Health Care 4 2 6 Retail Personal & Household Goods 4 4 5 4% Investment Companies 3 15 8 Pharmaceuticals & Biotech 3 7 7 Travel & Leisure 3 3 4 Basic Resources 3 - 3 Media 2 5 4 Retail 2 4 2 Utilities 2 5 1 Real Estate 1 7 4 Automobiles & Parts 1 1 4 Construction & Materials 1 4 3 Food & Beverage 1 4 3Investment Banks 1 2 3Companies Telecommunications 1 3 2 36% Chemicals - 3 1 Insurance - 1 1 Total 78 129 121 Q4 2011 IPO Watch Europe Survey PwC 10
  11. 11. An exceptionally poor quarter, with the largest IPO, Polymetal International PLC, taking place in November Offering value of IPOs by month 6,000 5,347 5,000 4,000Value of IPOs (€m) 3,000 2,546 2,222 2,000 1,000 546 314 6 0 October November December 2010 2011 Q4 2011 IPO Watch Europe Survey PwC 11
  12. 12. Although lower, the monthly phasing of IPO activity was consistent with historic Q4 trends Volume of IPOs by month 60 55 50 42 40Volume of IPOs 32 33 29 30 20 16 10 0 October November December 2010 2011 Q4 2011 IPO Watch Europe Survey PwC 12
  13. 13. In Q4 2011, regulated markets continued to dominate IPOs by value EU- versus exchange-regulated markets 6,000 5,500 285 5,000 4,500Value of IPOs (€m) 4,000 3,500 3,000 2,500 5,062 257 2,000 384 1,500 2,289 1,000 1,838 125 500 27 6 421 287 - - October 2010 October 2011 November 2010 November 2011 December 2010 December 2011 Exchange EU Q4 2011 IPO Watch Europe Survey PwC 13
  14. 14. Q4 2011 IPOs by market Stock exchange IPOs Offering IPOs Offering IPOs Offering Q4-2011 value (€m) Q4-2010 value (€m) Q3-2011 value (€m) Q4-2011 Q4-2010 Q3-2011 TOTAL London Stock Exchange Group (1) 17 806 52 5,649 29 1,169 NASDAQ OMX 11 31 9 1,286 4 60 Warsaw 42 15 40 569 61 1,464 Oslo Børs & Oslo Axess 2 7 5 1,972 4 83 Deutsche Börse 3 5 9 286 5 315 NYSE Euronext 1 2 4 23 8 65 Luxembourg 1 - 4 72 4 136 Wiener Börse 1 - - - - - BME (Spanish Exchanges) - - 5 210 6 6,078 SIX Swiss Exchange - - 2 48 - - Europe total 78 866 129 10,115 121 9,370 Stock exchange IPOs Offering IPOs Offering IPOs Offering Q4-2011 value (€m) Q4-2010 value (€m) Q3-2011 value (€m) Q4-2011 Q4-2010 Q3-2011 EU REGULATED London Stock Exchange Group (London Main) (3) 4 672 19 2,887 6 810 NASDAQ OMX (Main) 4 31 6 1,277 2 59 Deutsche Börse (Prime and General Standard) 2 5 3 195 4 300 Warsaw (Main) 4 - 15 562 7 1,427 Wiener Börse 1 - - - - - BME (Spanish Exchanges) (Main) (3) - - 1 197 3 6,070 Oslo Børs - - 3 1,933 2 83 NYSE Euronext (Euronext) - - 3 23 2 43 London Stock Exchange Group (Borsa Italiana Main) - - 1 2,067 - - SIX Swiss Exchange - - 2 48 - - EU regulated sub-total 15 708 52 9,189 26 8,792 EXCHANGE REGULATED London Stock Exchange Group (London AIM) (3) 10 65 28 573 22 205 London Stock Exchange Group (London SFM) 1 63 2 108 1 154 Warsaw (NewConnect) (2) 38 15 25 7 54 37 Oslo Axess 2 7 2 39 2 - London Stock Exchange Group (Borsa Italiana AIM) 2 6 2 14 - - NYSE Euronext (Alternext) 1 2 1 - 6 22 NASDAQ OMX (First North) 7 - 3 9 2 1 Luxembourg (EuroMTF) 1 - 4 72 4 136 Deutsche Börse (Entry Standard) 1 - 6 91 1 15 BME (Spanish Exchanges) (MAB) - - 4 13 3 8 Exchange regulated sub-total 63 158 77 926 95 578 Europe total 78 866 129 10,115 121 9,370 (1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges. (2) Cumulatively the WSE NewConnect raised €19m in Q4 2011. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of the rounded values. (3) IPOs by market are shown gross of dual listings; however these are netted off in the Europe total number and offering val ues.Q4 2011 IPO Watch Europe SurveyPwC 14
  15. 15. US IPOs in Q4 2011 were characterised by a number oflarger offerings including Michael Kors and Zynga, whichcombined with Groupon and Delphi, raised €2.4bn - half ofthe quarter’s total proceedsUS activityStock exchange IPOs Offering IPOs Offering IPOs Offering Q4-2011 value Q4-2010 value Q3-2011 value (€m) Q4- (€m) Q4- (€m) Q3- 2011 2010 2011NYSE 15 2,659 33 15,927 7 1,015NASDAQ 13 2,174 31 2,331 14 1,218US total 28 4,833 64 18,258 21 2,233Q4 2011 IPO Watch Europe SurveyPwC 15
  16. 16. About IPO Watch EuropeIPO Watch Europe surveys all new primary market equity IPOs on Europe’s principalstock markets and market segments (including exchanges in Austria, Belgium, Denmark,France, Germany, Greece, Holland, Ireland, Italy, Luxembourg, Norway, Poland,Portugal, Spain, Sweden, Switzerland and the UK) on a quarterly basis. Movementsbetween markets on the same exchange and greenshoe offerings are excluded. This surveywas conducted between 1 October and December 31 2011 and captures new market IPOsbased on their transaction date. All market data is sourced from the stock marketsthemselves and has not been independently verified by PricewaterhouseCoopers LLP.Q4 2011 IPO Watch Europe SurveyPwC 16
  17. 17. This publication has been prepared for general guidance on matters of interest only, and doesnot constitute professional advice. You should not act upon the information contained in thispublication without obtaining specific professional advice. No representation or warranty(express or implied) is given as to the accuracy or completeness of the information containedin this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, itsmembers, employees and agents do not accept or assume any liability, responsibility or duty ofcare for any consequences of you or anyone else acting, or refraining to act, in reliance on theinformation contained in this publication or for any decision based on it.© 2012 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers toPricewaterhouseCoopers LLP which is a member firm of PricewaterhouseCoopersInternational Limited, each member firm of which is a separate legal entity.

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