www.pwc.comIPO Watch EuropeSurveyQ2 2011
Table of contents                                            PageEuropean IPO activity by value and volume     3IPO offeri...
The second quarter of 2011 was characterised byan uplift in IPO volumes…European IPO activity by value and volume         ...
…with London dominating the European exchangesby value due to several large transactionsIPO offering value                ...
Warsaw continued to lead by volume with a largeproportion of low value transactions onNewConnectIPO volume                ...
IPOs by marketStock exchange                                                            IPOs                 Offering     ...
London hosted 4 out of the top 5 IPOs, withGlencore accounting for 51% of proceeds raised inEuropeTop five IPOs           ...
US IPO proceeds surpassed €8.5bn for the secondconsecutive quarter with Technology companies receiving36% of the total val...
Foreign companies were keen to choose Hong Kong as alisting location to bolster their expansion plans in mainlandChinaH1 2...
May’s figures were boosted by Glencore, the                     largest IPO of the year so far                     Offerin...
Activity was consistent throughout the quarter,                 with a marked increase from 2010’s performance            ...
EU-regulated markets continued to take the lion’s share of                     large transactions though junior markets de...
Basic resources companies dominated the IPO market, accounting for 52% of money raised Top 6 sectors by value             ...
About IPO Watch EuropeIPO Watch Europe surveys all new primary market equity IPOs on Europe’s principalstock markets and m...
This publication has been prepared for general guidance on matters of interest only, and doesnot constitute professional a...
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PwC-Studie "IPO Watch Europe Survey, Q2 2011" / Europa: IPO-Volumen steigt

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Zürich (ots) - Im zweiten Quartal 2011 stieg die Zahl der Börsengänge (Initial Public Offerings - IPOs) in Europa von 95 auf 134 (Q2 2010: 89 IPOs). Das Gesamtvolumen der Kapitalaufnahme durch Börsengänge betrug 13'366 Mio. EUR (Q2 2010: 9'014 ... / http://ots.ch/600937d

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PwC-Studie "IPO Watch Europe Survey, Q2 2011" / Europa: IPO-Volumen steigt

  1. 1. www.pwc.comIPO Watch EuropeSurveyQ2 2011
  2. 2. Table of contents PageEuropean IPO activity by value and volume 3IPO offering value 4IPO volume and average offering value 5IPOs by market 6Top five IPOs 7US and Russia 8H1 2011 overview 9Offering value of IPOs by month 10Volume of IPOs by month 11EU- versus exchange-regulated markets 12IPOs by sector and value 13About IPO Watch Europe 14Q2 2011 IPO Watch Europe SurveyPwC 2
  3. 3. The second quarter of 2011 was characterised byan uplift in IPO volumes…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 - - Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 IPOs Value €m Q2 2011 Q2 2010 Q1 2011 Total European listings comprise those with: - No money raised 21 16 19 - Money raised 113 73 76 Average offering value (€m) * 118 123 39 * Average offering value has been calculated based on total offering value over the number of listings raising money.Q2 2011 IPO Watch Europe SurveyPwC 3
  4. 4. …with London dominating the European exchangesby value due to several large transactionsIPO offering value NASDAQ OMX Luxembourg 1% Oslo Others 2% 2% 3% Wiener Börse 3% Warsaw 5% Deutsche Börse 7% London 77%Q2 2011 IPO Watch Europe SurveyPwC 4
  5. 5. Warsaw continued to lead by volume with a largeproportion of low value transactions onNewConnectIPO volume Average offering value Others Deutsche Börse 6% 5% Luxembourg Average IPOs 6% Stock exchange offering Q2-2011 value (€m) Wiener Börse 1 366 Euronext Warsaw 7% Borsa Italiana 1 344 41% London Stock Exchange 30 344 Deutsche Börse 6 160 Oslo Børs & Oslo Axess 2 129NASDAQ OMX SIX Swiss Exchange 1 81 9% NASDAQ OMX 5 40 Luxembourg 6 34 Irish Stock Exchange 1 17 WSE 55 11 NYSE Euronext 5 7 BME (Spanish Exchanges) 1 5 London * Average offering value has been calculated based on total offering value over the number of listings raising money. 26%Q2 2011 IPO Watch Europe SurveyPwC 5
  6. 6. IPOs by marketStock exchange IPOs Offering IPOs Offering IPOs Offering Q2-2011 value (€m) Q2-2010 value (€m) Q1-2011 value (€m) Q2-2011 Q2-2010 Q1-2011TOTALLondon Stock Exchange Group (1) 36 10,661 27 3,202 25 1,971Deutsche Börse 6 959 2 5 4 244WSE 55 600 25 3,150 45 121Wiener Börse 1 366 - - - -Oslo Børs & Oslo Axess 3 257 5 331 4 468Luxembourg 8 205 10 183 7 110NASDAQ OMX 12 198 5 641 3 3SIX Swiss Exchange 2 81 2 115 - -NYSE Euronext 10 34 10 56 6 43Irish Stock Exchange 1 17 - - - -BME (Spanish Exchanges) 1 5 3 1,331 2 -Europe total 134 13,366 89 9,014 95 2,960Stock exchange IPOs Offering IPOs Offering IPOs Offering Q2-2011 value (€m) Q2-2010 value (€m) Q1-2011 value (€m) Q2-2011 Q2-2010 Q1-2011EU REGULATEDLondon Stock Exchange Group (London Main) (3) 16 10,147 16 2,885 13 1,742Deutsche Börse (Prime and General Standard) 5 948 - - 2 192WSE (Main) 13 567 7 3,139 7 73Wiener Börse 1 366 - - - -London Stock Exchange Group (Borsa Italiana Main) 1 344 - - 2 150NASDAQ OMX (Main) 7 198 5 641 - -SIX Swiss Exchange 2 81 2 115 - -NYSE Euronext (Euronext) 4 - 2 27 1 -Oslo Børs - - 3 328 2 468BME (Spanish Exchanges) (Main) (3) - - 1 1,317 1 -EU regulated sub-total 49 12,651 36 8,452 27 2,625EXCHANGE REGULATEDOslo Axess 3 257 2 3 2 -Luxembourg (EuroMTF) 8 205 10 183 7 110London Stock Exchange Group (London AIM) (3) 19 170 10 156 9 76NYSE Euronext (Alternext) 6 34 8 29 5 43WSE (NewConnect) (2) 42 33 18 11 38 48Deutsche Börse (Entry Standard) 1 11 2 5 2 52Irish Stock Exchange (ESM) (3) 1 17 - - - -BME (Spanish Exchanges) (MAB) 1 5 2 14 1 -NASDAQ OMX (First North) 5 - - - 3 3London Stock Exchange Group (Borsa Italiana AIM) - - - - 1 3London Stock Exchange Group (London SFM) - - 1 161 - -Exchange regulated sub-total 85 715 53 562 68 335Europe total 134 13,366 89 9,014 95 2,960(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.(2) Cumulatively the WSE NewConnect raised €38m in Q2 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 values.Q2 2011 IPO Watch Europe SurveyPwC 6
  7. 7. London hosted 4 out of the top 5 IPOs, withGlencore accounting for 51% of proceeds raised inEuropeTop five IPOs Five largest IPOs of Q2 2011 €m raised Sector Market Segment Country of OriginGlencore International PLC 6,867 Basic Resources London Main SwitzerlandVallares PLC 1,182 Investment Company London Main UKNomos Bank 497 Banks London Main RussiaGSW Immobilien AG 407 Real Estate Deutsche Börse Prime GermanyEtalon Group Limited 398 Real Estate London Main RussiaTotal 9,351 Five largest IPOs of Q2 2010 €m raised Sector Market Segment Country of OriginPZU 1,990 Insurance Warsaw Main PolandEssar Energy PLC 1,485 Utilities London Main UKAmadeus 1,317 Technology Spain Main SpainTauron Polska Energia S.A. 1,026 Utilities Warsaw Main PolandFidelity China Special Situations 526 Investment Company London Main UKTotal 6,344 Five largest IPOs of Q1 2011 €m raised Sector Market Segment Country of OriginJustice Holdings 1,063 Investment Company London Main UKAker Drilling 455 Oil & Gas Oslo Børs NorwayHMS Hydraulic Machines & Systems Group 264 Industrial Goods & Services London Main RussiaFarglory Land Development Co 157 Real Estate London Main TaiwanItaly1 Investment 150 Investment Company Italy Main ItalyTotal 2,089Q2 2011 IPO Watch Europe SurveyPwC 7
  8. 8. US IPO proceeds surpassed €8.5bn for the secondconsecutive quarter with Technology companies receiving36% of the total value raisedUS and RussiaStock exchange IPOs Offering IPOs Offering IPOs Offering Q2-2011 value (€m) Q2-2010 value (€m) Q1-2011 value (€m) Q2-2011 Q2-2010 Q1-2011NYSE 28 6,006 20 2,721 15 8,157NASDAQ 21 2,562 19 1,247 17 892US total 49 8,568 39 3,968 32 9,049Stock exchange IPOs Offering IPOs Offering IPOs Offering Q2-2011 value (€m) Q2-2010 value (€m) Q1-2011 value (€m) Q2-2011 Q2-2010 Q1-2011Russia 2 - 4 8 - -Q2 2011 IPO Watch Europe SurveyPwC 8
  9. 9. Foreign companies were keen to choose Hong Kong as alisting location to bolster their expansion plans in mainlandChinaH1 2011 overview Offering Offering IPOs IPOsStock exchange value (€m) value (€m) H1-2011 H1-2010 H1-2011 H1-2010Europe total 229 16,326 166 13,692US total 81 17,617 70 29,064Hong Kong 38 9,699 31 4,873Shanghai 24 6,304 13 6,728ChiNext 83 6,898 72 6,727Shenzhen 61 6,347 163 16,726Greater China total 206 29,248 279 35,054Q2 2011 IPO Watch Europe SurveyPwC 9
  10. 10. May’s figures were boosted by Glencore, the largest IPO of the year so far Offering value of IPOs by month 8,000 7,676 7,500 7,000 6,500 6,000 5,500 5,000Value of IPOs (€m) 4,500 3,910 4,000 3,500 3,228 3,000 2,796 2,462 2,500 2,308 2,000 1,500 1,000 500 0 April May June 2010 2011 Q2 2011 IPO Watch Europe Survey PwC 10
  11. 11. Activity was consistent throughout the quarter, with a marked increase from 2010’s performance Volume of IPOs by month 55 49 50 45 45 40 40 36Volume of IPOs 35 31 30 25 22 20 15 10 5 0 April May June 2010 2011 Q2 2011 IPO Watch Europe Survey PwC 11
  12. 12. EU-regulated markets continued to take the lion’s share of large transactions though junior markets demonstrated a positive trend as the quarter progressed, led by Oslo Access, Luxembourg Euro MTF and London AIM EU- versus exchange-regulated markets 278 8000 7500 7000 6500 6000 5500Value of IPOs (€m) 5000 4500 67 4000 66 7,398 3500 344 3000 371 151 2500 2000 3,843 3,162 1500 2,157 2,452 1000 2,091 500 0 April 2010 April 2011 May 2010 May 2011 June 2010 June 2011 Exchange EU Q2 2011 IPO Watch Europe Survey PwC 12
  13. 13. Basic resources companies dominated the IPO market, accounting for 52% of money raised Top 6 sectors by value Sector Company IPOs Company IPOs Company IPOs Q2-2011 Q2-2010 Q1-2011 Industrial Goods & Services 26 16 18 Technology 15 8 5 Others 12% Oil & Gas 11 4 8 Investment Companies 9 16 13 Banks Personal & Household Goods 8 2 4 5% Food & Beverage 8 4 3 Financial Services 7 3 5 Oil & Gas Health Care 7 - 4 5% Mining 7 5 1 Construction & Materials 6 2 3Real Estate Basic Travel & Leisure 4 3 5 6% Resources Basic Resources 4 1 1 52% Pharmaceuticals & Biotech 3 9 5 Industrial Utilities 3 2 5 Goods & Automobiles & Parts 3 - 3 Services Media 3 3 2 7% Banks 3 - 1 Real Estate 2 5 5 Investment Retail 2 4 2 Companies Telecommunications 2 1 1 13% Insurance 1 1 - Chemicals - - - Total 134 89 94 Q2 2011 IPO Watch Europe Survey PwC 13
  14. 14. 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 April and June 30 2011 and captures new market IPOs based ontheir transaction date. All market data is sourced from the stock markets themselves andhas not been independently verified by PricewaterhouseCoopers LLP.Q2 2011 IPO Watch Europe SurveyPwC 14
  15. 15. 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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