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PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011
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PwC-Studie: "Europa - IPO-Volumen rückläufig" / IPO Watch Europe Survey, Q3 2011

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Zürich (ots) - - Hinweis: Die Studie "IPO Watch Europe Survey, Q3 2011" (engl.) kann kostenlos im pdf-Format unter: http://presseportal.ch/de/pm/100008191 heruntergeladen werden - Im dritten Quartal …

Zürich (ots) - - Hinweis: Die Studie "IPO Watch Europe Survey, Q3 2011" (engl.) kann kostenlos im pdf-Format unter: http://presseportal.ch/de/pm/100008191 heruntergeladen werden - Im dritten Quartal 2011 sank die Zahl der ... / http://ots.ch/600a736

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  • 1. www.pwc.comIPO Watch EuropeSurveyQ3 2011
  • 2. Table of contents PageEuropean IPO activity by value and volume 3IPO offering value 4IPO volume 5Top five IPOs 6IPOs by sector and value 7US activity 8Offering value of IPOs by month 9Volume of IPOs by month 10EU- versus exchange-regulated markets 11IPOs by market 12About IPO Watch Europe 13Q3 2011 IPO Watch Europe SurveyPwC 2
  • 3. A seemingly strong quarter amid significantmarket uncertainty was underpinned by threelarge Spanish IPOs that accounted for €6.1bn ofthe €9.4bn raised...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 - - Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 IPOs Value €m Q3 2011 Q3 2010 Q2 2011 Total European listings comprise those with: - No money raised 16 22 21 - Money raised 105 63 114 Average offering value (€m) * 89 39 117 * Average offering value has been calculated based on total offering value over the number of listings raising money.Q3 2011 IPO Watch Europe SurveyPwC 3
  • 4. ... Spanish and Polish privatisations boosted thevalue raised this quarter, over-shadowing themuted activity on the other major EuropeanexchangesIPO offering value Average offering value Luxembourg 1% Others Deutsche Börse 2% Average Average 3% offering offering Stock exchange value (€m) value (€m) London Q3-2011 Q3-2010 13% BME (Spanish Exchanges) 1,013 3 Oslo Børs & Oslo Axess 83 0 Deutsche Börse 63 126 London Stock Exchange 51 118 Luxembourg 34 33 NASDAQ OMX 30 3 WSE WSE 25 2 16% BME (Spanish NYSE Euronext 11 18 Exchanges) Borsa Italiana - 20 65% * Average offering value has been calculated based on total offering value over the number of listings raising money.Q3 2011 IPO Watch Europe SurveyPwC 4
  • 5. Warsaw and London continued to lead the way interms of IPO volume attributable to continuedactivity on the NewConnect and AIM exchange-regulated marketsIPO volume IPOs Offering value Stock exchange Others Q3-2011 (€m) Q3-2011 EU REGULATED 10% BME (Spanish Exchanges) (Main) 3 6,070 Deutsche Börse WSE (Main) 7 1,427 4% London Stock Exchange Group (London Main) 6 810 Deutsche Börse (Prime and General Standard) 4 300 BME (Spanish Oslo Børs 2 83 Exchanges) NASDAQ OMX (Main) 2 59 5% NYSE Euronext (Euronext) 2 43 Wiener Börse - - London Stock Exchange Group (Borsa Italiana Main) - - Euronext SIX Swiss Exchange - - EU regulated sub-total 26 8,792 7% WSE EXCHANGE REGULATED 50% London Stock Exchange Group (London AIM) 22 205 London Stock Exchange Group (London SFM) 1 154 Luxembourg (EuroMTF) 4 136 WSE (NewConnect) (2) 54 37 NYSE Euronext (Alternext) 6 22 Deutsche Börse (Entry Standard) 1 15 BME (Spanish Exchanges) (MAB) 3 8 NASDAQ OMX (First North) 2 1 Oslo Axess 2 - London Irish Stock Exchange (ESM) - - London Stock Exchange Group (Borsa Italiana AIM) - - 24% Exchange regulated sub-total 95 583 Europe total 121 9,375Q3 2011 IPO Watch Europe SurveyPwC 5
  • 6. Spain leads the way with three out of the top fiveIPOs this quarter. Two of these were bankprivatisations issued at a heavy discountTop five IPOs The top five IPOs accounted for Five largest IPOs of Q3 2011 85% of all value raised €m Country of raised Sector Market Segment OriginBankia SA 3,092 Banks Spain Main SpainDia 2,378 Retail Spain Main SpainJastrzębska Spółka Węglowa SA 1,346 Mining Warsaw Main Poland OthersBanca Cívica SA 600 Banks Spain Main Spain 15%OJSC Phosagro 530 Chemicals London Main RussiaTotal 7,946 Five largest IPOs of Q3 2010 €m Country of raised Sector Market Segment OriginVallar plc 822 Investment Company London Main Jersey DeutscheStröer Out-of-Home Media AG 358 Media Prime Germany BörseOcado Group plc 256 Retail London Main UKJPMorgan Gbl Emerging Mkts Inc 239 Investment Company London Main UKTst plcSino-American Silicon Products Inc 135 Ind. Goods & Services Luxembourg EuroMTF Taiwan (ROC)Total 1,810 Five largest IPOs of Q2 2011 €m Country of raised Sector Market Segment OriginGlencore International plc 6,867 Basic Resources London Main SwitzerlandVallares plc 1,182 Investment Company London Main UK Top 5 IPOsNomos Bank 497 Banks London Main Russia 85% DeutscheGSW Immobilien AG 407 Real Estate Prime Germany BörseEtalon Group Limited 398 Real Estate London Main RussiaTotal 9,351Q3 2011 IPO Watch Europe SurveyPwC 6
  • 7. The retail sector was boosted by the €2.4bn of proceeds raised by Dia, the Iberian discount supermarket group, which has a strong presence in emerging markets IPO sectors by value Sector Company IPOs Company IPOs Company IPOs Q3-2011 Q3-2010 Q2-2011 Industrial Industrial Goods & Services 26 13 26 Goods & Technology 12 7 15 Investment Services Others Oil & Gas 9 3 11 Companies 2% 3% Investment Companies 8 8 9 4% Mining 8 3 7 Oil & Gas Pharmaceuticals & Biotech 7 8 3 5% Health Care 6 1 7 Personal & Household Goods 5 4 8 Chemicals Banks Financial Services 5 9 7 6% 40% Media 4 7 4 Travel & Leisure 4 2 4 Automobiles & Parts 4 - 3 Real Estate 4 2 2 Food & Beverage 3 6 8Mining Construction & Materials 3 4 6 15% Basic Resources 3 - 4 Banks 3 - 3 Retail 2 3 2 Telecommunications 2 2 2 Insurance 1 1 1 Utilities 1 2 3 Retail Chemicals 1 - - 25% Total 121 85 135 Q3 2011 IPO Watch Europe Survey PwC 7
  • 8. US IPO proceeds declined from the last quarter andQ3 2010 due to continued market volatility. However,there has been an increase in new companies enteringthe IPO registration process which potentially bodeswell for Q4 2011 and next yearUS activityStock exchange IPOs Offering IPOs Offering IPOs Offering Q3-2011 value (€m) Q3-2010 value (€m) Q2-2011 value (€m) Q3-2011 Q3-2010 Q2-2011NYSE 7 1,015 17 2,248 28 6,006NASDAQ 13 1,186 15 1,515 21 2,562US total 20 2,201 32 3,763 49 8,568Q3 2011 IPO Watch Europe SurveyPwC 8
  • 9. Consistent with historical trends, the quarter’s large transactions all closed in July Offering value of IPOs by month 9,500 9,192 9,000 8,500 8,000 7,500 7,000 6,500 6,000Value of IPOs (€m) 5,500 5,000 4,500 4,000 3,500 3,000 2,500 1,925 2,000 1,500 1,000 286 268 500 155 23 0 July August September 2010 2011 Q3 2011 IPO Watch Europe Survey PwC 9
  • 10. As is customary during the summer, activity fell during the holiday seasonVolume of IPOs by month 65 61 60 55 50 45Volume of IPOs 40 38 36 35 30 24 25 25 22 20 15 10 5 0 July August September 2010 2011 Q3 2011 IPO Watch Europe Survey PwC 10
  • 11. Regulated markets continued to dominate IPOs byvalueEU- versus exchange-regulated markets 9,500 471 9,000 8,500 8,000 7,500 7,000 6,500 Value of IPOs (€m) 6,000 5,500 5,000 4,500 8,721 4,000 3,500 3,000 2,500 126 2,000 1,500 1,000 1,799 205 84 249 500 23 - 81 71 19 - July 2010 July 2011 August 2010 August 2011 September 2010 September 2011 Exchange EUQ3 2011 IPO Watch Europe SurveyPwC 11
  • 12. IPOs by market Stock exchange IPOs Offering value IPOs Offering value IPOs Offering value Q3-2011 (€m) Q3-2011 Q3-2010 (€m) Q3-2010 Q2-2011 (€m) Q2-2011 TOTAL BME (Spanish Exchanges) 6 6,078 2 6 1 5 WSE 61 1,464 32 60 55 600 London Stock Exchange Group (1) 29 1,169 20 1,697 36 10,661 Deutsche Börse 5 315 4 377 6 959 Luxembourg 4 136 11 301 8 205 Oslo Børs & Oslo Axess 4 83 2 - 3 257 NYSE Euronext 8 65 10 35 11 44 NASDAQ OMX 4 60 4 3 12 198 Wiener Börse - - - - 1 366 SIX Swiss Exchange - - - - 2 81 Irish Stock Exchange - - - - 1 17 Europe total 121 9,375 85 2,479 135 13,376 Stock exchange IPOs Offering value IPOs Offering value IPOs Offering value Q3-2011 (€m) Q3-2011 Q3-2010 (€m) Q3-2010 Q2-2011 (€m) Q2-2011 EU REGULATED BME (Spanish Exchanges) (Main) 3 6,070 - - - - WSE (Main) 7 1,427 3 44 13 567 London Stock Exchange Group (London Main) 6 810 6 1,446 16 10,147 Deutsche Börse (Prime and General Standard) 4 300 1 358 5 948 Oslo Børs 2 83 1 - - - NASDAQ OMX (Main) 2 59 - - 7 198 NYSE Euronext (Euronext) 2 43 4 19 4 - Wiener Börse - - - - 1 366 London Stock Exchange Group (Borsa Italiana Main) - - 1 32 1 344 SIX Swiss Exchange - - - - 2 81 EU regulated sub-total 26 8,792 16 1,899 49 12,651 EXCHANGE REGULATED London Stock Exchange Group (London AIM) 22 205 12 211 19 170 London Stock Exchange Group (London SFM) 1 154 - - - - Luxembourg (EuroMTF) 4 136 11 301 8 205 WSE (NewConnect) (2) 54 37 29 16 42 33 NYSE Euronext (Alternext) 6 22 6 16 7 44 Deutsche Börse (Entry Standard) 1 15 3 19 1 11 BME (Spanish Exchanges) (MAB) 3 8 2 6 1 5 NASDAQ OMX (First North) 2 1 4 3 5 - Oslo Axess 2 - 1 - 3 257 Irish Stock Exchange (ESM) - - - - 1 17 London Stock Exchange Group (Borsa Italiana AIM) - - 1 8 - - Exchange regulated sub-total 95 583 69 580 86 725 Europe total 121 9,375 85 2,479 135 13,376(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.(2) Cumulatively the WSE NewConnect raised €40m in Q3 2011. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of the rounded values.Q3 2011 IPO Watch Europe SurveyPwC 12
  • 13. 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 July and September 30 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.Q3 2011 IPO Watch Europe SurveyPwC 13
  • 14. 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.© 2011 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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