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www.pwc.comIPO Watch EuropeSurveyQ4 2012
Contents                         Annual European IPO activity by value and volume       3                                 ...
Economic and political conditions plagued the European IPO markets formuch of the year, however the outlook for IPOs is mo...
2012 ended with an uptick in activity in the final quarter – the strongestquarterly performance since Q3 2011Quarterly Eur...
Market volatility has remained stable and stock market indices have    continued to recover in the second half of the year...
% movement relative to IPO price                                                                                          ...
Outlook for 2013Mark Hughes, PwC Capital Markets partner, said“As we head into 2013, the outlook is encouraging with the e...
London remained the top European market for IPOs in Q4 2012 andcontinues to be the listing destination of choice for Russi...
Warsaw and London continued to dominate the European markets in terms of transaction volumes in the quarterIPO volume by e...
Q4 2012 saw some high value IPOs return to the markets. London’s Direct Line and MegaFon, and Germany’s Talanx and Telefón...
The Telecommunications and Insurance sectors contributed the top four transactions in the quarterIPO value and volume by s...
Investor concerns over US fiscal policy stalled momentum in the US marketstowards the end of Q4, while China’s change in l...
IPOs by market                                                                                                Q4 2012     ...
About IPO Watch EuropeIPO Watch Europe surveys all new primarymarket equity IPOs on Europe’s principal stockmarkets and ma...
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-Markt lebt auf / IPO Watch Europe Survey, Q4 2012

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Zürich (ots) - - Hinweis: Die Studie IPO Watch Europe Survey, Q4 2012 in Englisch kann kostenlos im pdf-Format unter http://presseportal.ch/de/pm/100008191 heruntergeladen werden - Im vierten Quartal 2012 stieg das Gesamtvolumen ... / http://ots.ch/6010ae2

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Transcript of "PwC-Studie: IPO-Markt lebt auf / IPO Watch Europe Survey, Q4 2012"

  1. 1. www.pwc.comIPO Watch EuropeSurveyQ4 2012
  2. 2. Contents Annual 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 Post-IPO performance 6 Outlook for 2013 7 IPO offering value 8 IPO volume 9 Top five IPOs 10 IPO value and volume by sector 11 US and Hong Kong overview 12 IPOs by market 13 About IPO Watch Europe 14PwC Q4 2012 IPO Watch Europe Survey 2
  3. 3. Economic and political conditions plagued the European IPO markets formuch of the year, however the outlook for IPOs is more optimistic than we’veseen for a long time on the back of a strong final quarterAnnual European IPO activity by value and volume 80000 800 80449 70000 700 771 Offering value (€m) 60000 Number of IPOs 600 ( 50000 500 40000 400 430 30000 300 380 295 20000 26286 26491 200 263 10000 13953 100 7112 10,928 126 0 0 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 Value of IPOs No of IPOs The 2012 European IPO markets performed poorly in 2012 compared with 2010 and 2011, with 263 IPOs raising just €10.9bn, compared with 430 IPOs raising €26.5bn in the prior year. 69% of proceeds were raised in the final quarter of the year, with the first three quarters plagued by the unstable economic and political conditions in the Eurozone. London remained the top IPO destination in Europe but suffered from the absence of any jumbo IPOs such as Glencore, with 73 IPOs raising just €5.1bn in 2012 compared with 101 IPOs raising €14.1bn in the prior year.PwC Q4 2012 IPO Watch Europe Survey 3
  4. 4. 2012 ended with an uptick in activity in the final quarter – the strongestquarterly performance since Q3 2011Quarterly European IPO activity by value and volume 130 121 10000 Q4 2012 Q4 2011 Q3 2012 120 €9,370 9000 110 Total European listings comprise those with: €7,538 Value of IPOs (€m) 100 8000Volume of IPOs 90 78 81 7000 No money raised 11 28 13 80 70 6000 70 56 56 5000 Money raised 59 50 43 60 50 4000 Total number of listings 70 78 56 40 3000 30 €2,297 Total money raised (€m) 7,538 866 367 2000 20 10 1000 Average offering value (€m) * 128 17 9 €866 €726 €367 - - * Average offering value has been calculated based on total offering value over the number Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 of listings raising money. IPOs Value €m The value of IPOs in Europe increased by more than seven-fold year on year in the fourth quarter of 2012, making it the strongest performance since Q3 2011, which saw 121 IPOs raise €9.3bn. 70 IPOs raised €7.5bn in Q4 2012 compared with 78 IPOs raising €0.9bn in Q4 2011. Q4 2012 saw the return of some higher value IPOs and was dominated by the IPOs of Direct Line and Megafon in London and Talanx and Telefónica Deutschland in Germany which all raised more than €0.75bn and accounted for 57% of total proceeds. Encouragingly, these IPOs have also performed well in the aftermarket (refer to page 6 for details on post-IPO performance).PwC Q4 2012 IPO Watch Europe Survey 4
  5. 5. Market volatility has remained stable and stock market indices have continued to recover in the second half of the year, providing a more positive outlook for IPOs in 2013 Market Volatility Index (VIX) Market Volatility Index (VIX) 90 Eye of the storm and impact of the financial crisis 80 70 Eurozone 60 financial Sovereign debt crisis crisis Greek and Spanish 50 bailouts and downturn in global 40 economic growth 30 20 10 -Source: S&P Volatility Index YTD Indices - trading performance 15% 10% 5% 0% (5%) (10%) Jan-12 Feb-12 Mrz-12 Apr-12 Mai-12 Jun-12 Jul-12 Aug-12 Sep-12 Okt-12 Nov-12 Dez-12 FTSE All Shares FTSEurofirst 300Source: London Stock Exchange website PwC Q4 2012 IPO Watch Europe Survey 5
  6. 6. % movement relative to IPO price 0% 50% (50%) DKSH (SIX Swiss) 37% Post-IPO performance Ziggo (Euronext) 34% Direct Line (London Main Market) 24% Source: Various stock market official websites Talanx (Deutsche Börse) 19% MegaFon (London Main Market) 19%PwC Q4 2012 IPO Watch Europe Survey Kcell (London Main Market) 12% investor confidence in the 2013 Alior Bank (Warsaw Stock Exchange) 10% 2012 Europe Top 10 IPOs MD Medical (London Main Market) 4% * IPO performance has been calculated based on 31 December 2012 closing price Telefónica (Frankfurt Stock Exchange) 3% Starwood (London Main Market) 2% Santander Mexico (NYSE / Mexican 33% Exchange) Haitong Securities (Hong Kong 26% Exchange) IHH Healthcare (Bursa Malaysia) 20% MegaFon (London Main Market) 19% PICC (Hong Kong Exchange) 12% Telefonica (Frankfurt Stock Exchange) 5% Felda Global Ventures (Bursa Malaysia) 2% 2012 Global Top 10 IPOs BTG Pactual (Bovespa) (1%) with average returns of 16%, which should provide a welcome boost to Japan Airlines (Tokyo Stock Exchange) (2%) Facebook (Nasdaq) (30%) Overall, the post-IPO performance of Europe’s top 10 IPOs has been positive,6
  7. 7. Outlook for 2013Mark Hughes, PwC Capital Markets partner, said“As we head into 2013, the outlook is encouraging with the equity markets strengthening and volatilityindices remaining stabile, together with the recent positive after market performances and the short-termdeal to stave off the US ‘fiscal cliff’.Collectively, these factors should provide an impetus to those companies who have been biding their timeduring 2012 as well as provide investors with the confidence to loosen their purse strings during 2013 forquality IPOs priced sensibly.” Continuing economic and political unrest in Strong IPO after Europe market performances Fragile investor confidence FTSE above 6000 – First time in 17 months Period of low volatility Negative indicators Positive indicatorsPwC Q4 2012 IPO Watch Europe Survey 7
  8. 8. London remained the top European market for IPOs in Q4 2012 andcontinues to be the listing destination of choice for Russian companiesseeking to raise money outside their domestic marketIPO offering value by exchange Stock exchange offering value (€m) Q4 2012 Q4 2011 Q3 2012 FY12 FY11 London Stock Exchange Group (1) 3,929 806 270 5,305 14,607 5% Deutsche Börse 2,080 5 26 2,141 1,523 6% London Warsaw 653 15 14 731 2,200 9% Deutsche Luxembourg 462 - 54 564 451 Börse Oslo Børs & Oslo Axess 230 7 - 291 815 Warsaw 52% SIX Swiss Exchange 120 - - 801 - Luxembourg NASDAQ OMX 46 31 - 48 292 28% NYSE Euronext 17 2 3 1,038 154 Others BME (Spanish Exchange) 1 - - 9 6,083 Wiener Börse - - - - 366 Total 7,538 866 367 10,928 26,491 (1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges. After a quiet summer, London finished the year strongly with 26 IPOs raising €3.9bn in the final quarter compared with 17 IPOs raising €0.8bn in the same quarter of the prior year. London retained its numbers one position in Europe for money raised, however, IPO also activity returned to a number of the major European exchanges in the final quarter of 2012. The IPO of Telefónica Deutschland was the largest IPO in Germany for 5 years.PwC Q4 2012 IPO Watch Europe Survey 8
  9. 9. Warsaw and London continued to dominate the European markets in terms of transaction volumes in the quarterIPO volume by exchange Stock exchange volume Q4 2012 Q4 2011 Q3 2012 London Stock Exchange Group (1) 26 17 16 Warsaw 21 42 26 Deutsche Börse 7 3 5 12% NASDAQ OMX 8 11 4 10% London Luxembourg 3 1 2 38% Warsaw NYSE Euronext 2 1 1 Oslo Børs & Oslo Axess 1 2 1 OMX 11% SIX Swiss Exchange 1 - 1 Deutsche Börse Wiener Börse - 1 Others BME (Spanish Exchange) - - - 29% Total 70 78 367 (1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.PwC Q4 2012 IPO Watch Europe Survey 9
  10. 10. Q4 2012 saw some high value IPOs return to the markets. London’s Direct Line and MegaFon, and Germany’s Talanx and Telefónica Deutschland all raised more than €0.75bnTop five IPOs €m Country of Five largest IPOs of Q4 2012 raised Sector Market Segment Origin MegaFon 1,288 Telecommunications London Main Russia Telefónica 1260 Telecommunications Deutsche Börse Prime Germany Direct Line Insurance Group 976 Insurance London Main UK Talanx 767 Insurance Deutsche Börse Prime Germany 37% Alior Bank 511 Banks Warsaw Main Poland Total 4,802 63% €m Country of Five largest IPOs of Q4 2011 raised Sector Market Segment Origin Polymetal International 421 Mining London Main Russia Bilfinger Berger Global 251 Investment Company Infrastructure London Main UK Damille Investments II 63 Investment Company London SFM Guernsey Hagar 31 Retail OMX Main Iceland Secure Trust Bank 21 Banks London AIM UK Top 5 IPOs Others Total 787 €m Country of Five largest IPOs of Q3 2012 raised Sector Market Segment Origin Eland Oil and Gas 148 Oil & Gas London AIM Nigeria Parade Technologies 48 Technology Luxembourg EuroMTF Taiwan Revolymer 32 Chemicals London AIM UK Ground Rents Income Fund 30 Investment Company London Main UK Lotto24 15 Retail Deutsche Börse Prime Germany Total 273PwC Q4 2012 IPO Watch Europe Survey 10
  11. 11. The Telecommunications and Insurance sectors contributed the top four transactions in the quarterIPO value and volume by sector Company Company Company IPO value by sector IPOs IPOs IPOs Sector Q4 2012 Q4 2011 Q3 2012 Industrial Goods & Services 12 19 7 Technology 8 12 9 Investment Companies 8 3 2 Mining 6 4 4 16% Pharmaceuticals & Biotech 6 3 2 Real Estate 4 1 2 7% 39% Telecommunications 4 1 1 Retail 3 2 5 Travel & Leisure 3 3 2 15% Utilities 2 2 4 Oil & Gas 2 4 3 Health Care 2 4 2 23% Insurance 2 - Construction & Materials 1 1 4 Financial Services 1 7 3 Telecommunications Insurance Chemicals 1 - 3 Food & Beverage 1 1 2 Investment Companies Banks Personal & Household Goods 1 4 1 Others Media 1 2 - Banks 1 1 - Automobiles & Parts 1 1 - Basic Resources - 3 - Total 70 78 56 Total value (€m) 7,538 866 367PwC Q4 2012 IPO Watch Europe Survey 11
  12. 12. Investor concerns over US fiscal policy stalled momentum in the US marketstowards the end of Q4, while China’s change in leadership and the continuedglobal uncertainty also led to a slow-down in activity in Hong KongUS and Hong Kong overview Q4 2012 Q4 2011 Q3 2012 Offering Offering OfferingStock exchange IPOs value (€m) IPOs value (€m) IPOs value (€m)NYSE 20 4,218 15 2,659 12 3,983NASDAQ 14 652 13 2,174 17 1,307US total 34 4,870 28 4,833 29 5,290Hong Kong 15 4,491 32 6,252 17 1,422Europe 70 7,538 78 866 56 367 The US IPO market began robustly in the fourth quarter, with October IPO volume equalling that of March - both months were the highest of the year with 21 IPOs each. IPO activity began to slow down in November as investors turned their attention to the Presidential election and as companies waited for clarity on U.S. fiscal policy. Money raised in Hong Kong was down on last year but up on the prior quarter due to a decrease in the number of companies seeking to list. The market continues to be affected by the uncertainties in the global economy. The largest IPO of the quarter in Hong Kong was the Peoples Insurance Co of China, which raised €2.8bn in early December.PwC Q4 2012 IPO Watch Europe Survey 12
  13. 13. IPOs by market Q4 2012 Q4 2011 Q3 2012 Offering Offering Offering Stock exchange IPOs value (€m) IPOs value (€m) IPOs value (€m) TOTAL London Stock Exchange Group (1) 26 3,929 17 806 16 270 Deutsche Börse 7 2,080 3 5 5 26 Warsaw 21 653 42 15 26 14 Luxembourg 3 462 1 - 2 54 SIX Swiss Exchange 1 120 - - 1 - Oslo Børs & Oslo Axess 1 230 2 7 1 - NASDAQ OMX 8 46 11 31 4 - NYSE Euronext 2 17 1 2 1 3 BME (Spanish Exchange) 1 1 - - - - Wiener Börse - - 1 - - - Total 70 7,538 78 866 56 367 EU-REGULATED London Stock Exchange Group (London Main) 13 3,554 4 672 1 30 Deutsche Börse (Prime and General Standard) 4 2,080 2 5 5 26 Warsaw (Main) 5 632 4 - 2 9 SIX Swiss Exchange 1 120 - - 1 - Oslo Børs 1 230 - - 1 - NASDAQ OMX (Main) 4 38 4 31 2 - NYSE Euronext (Euronext) 1 14 - - - - Wiener Börse - - 1 - - - EU-regulated sub-total 28 6,668 15 708 12 65 EXCHANGE-REGULATED Luxembourg (EuroMTF) 3 462 1 - 2 54 London Stock Exchange Group (London AIM) 12 328 11 128 13 233 London Stock Exchange Group (London SFM) 1 47 - - - - Warsaw (NewConnect) (2) 16 21 38 15 24 5 NASDAQ OMX (First North) 4 8 7 - 2 - NYSE Euronext (Alternext) 1 3 1 2 1 3 BME (Spanish Exchange) (MAB) 1 1 - - - - Deutsche Börse (Entry Standard) 3 - 1 - - - London Stock Exchange Group (Borsa Italiana AIM) - - 2 6 2 7 Oslo Axess - - 2 7 - - Exchange-regulated sub-total 41 870 63 158 44 302 Europe total 70 7,538 78 866 56 367 (1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges. (2) Cumulatively the WSE NewConnect raised €21.9m in Q4 2012. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of the rounded values.PwC Q4 2012 IPO Watch Europe Survey 13
  14. 14. About IPO Watch EuropeIPO Watch Europe surveys all new primarymarket equity IPOs on Europe’s principal stockmarkets and market segments (includingexchanges in Austria, Belgium, Denmark, France,Germany, Greece, the Netherlands, Ireland,Italy, Luxembourg, Norway, Poland, Portugal,Spain, Sweden, Switzerland and the UK) on aquarterly basis. Movements between markets onthe same exchange and greenshoe offerings areexcluded.This survey was conducted between 1 Octoberand 31 December 2012 and captures new marketIPOs based on their transaction date. All marketdata is sourced from the stock marketsthemselves and has not been independentlyverified by PricewaterhouseCoopers LLP.PwC Q4 2012 IPO Watch Europe Survey 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 contained inthis 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.© 2013 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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