www.pwc.comIPO Watch EuropeSurveyQ1 2013
Contents                          Quarterly European IPO activity by value and volume    3                                ...
IPO proceeds rose by 37% in Q1 2013 compared with the first quarter of 2012,driven by the IPO of LEG Immobilien on the Deu...
Companies have taken advantage of encouraging market conditions -                       volatility has remained relatively...
Post-IPO performance of the top transactions in Europe has been strong inthe quarter. Additionally, the top transactions a...
London and the Deutsche Börse dominated activity during the quarter interms of IPO proceedsIPO offering value by exchange ...
London held 30% of the quarter’s transactions with an average offering value of €144m. Warsaw also held 30% of the quarter...
LEG Immobilien was the only IPO to raise in excess of €1bn and was the largest in Germany since Telefónica Deutschland in ...
The real estate sector raised the most value in Q1, buoyed by the IPO of LEG Immobilien and CountrywideIPO value and volum...
The US exchanges hosted five of the top ten global IPOs during the quarter.Four of these transactions were also the strong...
Activity in the US markets increased from both prior year and prior quarter.The JOBS Act, which was introduced in mid-2012...
Focus on Russia and Turkey                                                                                Q1 2013         ...
IPOs by market                                                                                         Q1 2013            ...
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...
Upcoming SlideShare
Loading in …5
×

Etude PwC sur les introductions en bourse en Europe Q1 2013

876 views

Published on

http://pwc.to/16I3yHM
D'après l'étude « IPO Watch Europe » de PwC, l'activité a progressé de 40 % au premier trimestre 2013, passant de 2,3 à 3,2 milliards d'euros. Cette hausse s'explique par l’IPO de LEG Immobilien sur le marché boursier allemand avec 1,2 milliard d'euros de fonds levés - ce qui en fait pour l'instant l'opération la plus importante de l'année - et par un certain nombre d’entrées en bourse de sociétés financées par des capitaux privés ou publics à Londres.

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
876
On SlideShare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Etude PwC sur les introductions en bourse en Europe Q1 2013

  1. 1. www.pwc.comIPO Watch EuropeSurveyQ1 2013
  2. 2. Contents Quarterly European IPO activity by value and volume 3 Market volatility index and stock market performance 4 European post-IPO performance 5 IPO offering value 6 IPO volume 7 Top five IPOs 8 IPO value and volume by sector 9 Global post-IPO performance 10 US overview 11 Focus on Russia and Turkey 12 IPOs by market 13 About IPO Watch Europe 14PwC Q1 2013 IPO Watch Europe Survey 2
  3. 3. IPO proceeds rose by 37% in Q1 2013 compared with the first quarter of 2012,driven by the IPO of LEG Immobilien on the Deutsche Börse and a surge ofdomestic IPOs in LondonQuarterly European IPO activity by value and volume Q1 2013 Q1 2012 Q4 2012 100 €7,538 8,000 Total European listings comprise those with: 90 81 7,000 80 No money raised 12 11 11 70 Value of IPOs (€m) 6,000 Money raised 32 45 59 Volume of IPOs 70 60 56 56 5,000 Total number of listings 44 56 70 50 44 4,000 Total money raised (€m) 3,157 2,297 7,538 40 €2,297 €3,157 3,000 30 Average offering value (€m) * 99 51 128 2,000 20 €726 * Average offering value has been calculated based on total offering value over the number €367 1,000 10 of listings raising money. - - Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 IPOs Value €m IPO activity rapidly materialised after the Christmas break, almost taking the markets by surprise as companies moved quickly to take advantage of the uptick in the FTSE index and low volatility. The financial markets have proved more resilient in Q1 2013. Economic factors that dissuaded investors in recent years do not appear to have had a negative impact in Q1. Q1 saw the first UK Private Equity (PE)-backed IPOs on London’s Main Market since AZ Electronic Materials in October 2010 and may pave the way for IPOs of other PE-backed companies as the year unfolds.PwC Q1 2013 IPO Watch Europe Survey 3
  4. 4. Companies have taken advantage of encouraging market conditions - volatility has remained relatively low since August 2012 and stock market indices have strengthened significantly since the turn of the year IPO of Bankia, Dia and Banca Cívica in IPO of Volatility compared with IPO proceeds Spain, Phosagro in London and JPW in Talanx, Poland Telefónica Greek and Deutschland 12,000 Spanish 40 Eurozone bailouts and and Direct financial crisis Line IPO of LEG, downturn in 35 10,000 global economic Crest Money raised (€m) growth Nicholson, 30 8,000 Esure and 25 VIX Index Sovereign debt Countrywide 6,000 crisis 20 15 4,000 10 2,000 5 - 0 Source: VIX Volatility Index Money raised (€m) VIX Index Stock market indices - trading performance 35% 30% 25% 20% 15% 10% 5% 0% (5%) (10%) (15%) Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 CAC 40 FTSE 100 DAXSource: Exchange websites PwC Q1 2013 IPO Watch Europe Survey 4
  5. 5. Post-IPO performance of the top transactions in Europe has been strong inthe quarter. Additionally, the top transactions all priced within theirpublished price ranges, including four PE-backed IPOs. Crest Esure Countrywide LEG Hellermann Moleskine Nicholson Immobilien Tyton Exchange London London London Deutsche Börse London Italy IPO date 18 February 27 March 25 March 01 February 2 April Early April PE-backed No Yes Yes No Yes Yes Money 0.3 0.7 0.2 1.2 0.3 0.3 raised (€bn) IPO price versus range Price range IPO price Post IPO 34.0% performance 15.9% 1 Day 13.4% 11.4% N/A- admitted N/A- admitted 5.9% 5.0% to trading on to trading in 3.5% as at 31 Mar 0.0% 2 April early April 2013Note – excludes investment companiesSource: PwC analysis, Stock Exchange official websitesPwC Q1 2013 IPO Watch Europe Survey 5
  6. 6. London and the Deutsche Börse dominated activity during the quarter interms of IPO proceedsIPO offering value by exchange Stock exchange offering value (€m) Q1 2013 Q1 2012 Q4 2012 London Stock Exchange Group (1) 1,885 619 3,929 4% London Stock Exchange 1,878 619 3,929 Borsa Italia 7 - - London Deutsche Börse 1,165 - 2,080 Warsaw 58 14 653 37% Deutsche Börse Oslo Børs & Oslo Axess 41 - 230 Luxembourg 5 - 462 59% Others NYSE Euronext 3 975 17 NASDAQ OMX - 2 46 Wiener Börse - - - SIX Swiss Exchange - 681 120 BME (Spanish Exchange) - 6 1 Total 3,157 2,297 7,538 (1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges. The first quarter of 2013 has been encouraging. If current market sentiment persists, London and potentially the rest of Europe appears set for a good year with a large pipeline of businesses sizing up the market.PwC Q1 2013 IPO Watch Europe Survey 6
  7. 7. London held 30% of the quarter’s transactions with an average offering value of €144m. Warsaw also held 30% of the quarter’s transactions. However, its average transaction value was €6m.IPO volume by exchange Stock exchange Q1 2013 Q1 2012 Q4 2012 London Stock Exchange Group (1) 16 14 26 London Stock Exchange 13 16 26 17% Borsa Italia 3 - - 30% London Warsaw 13 25 21 Warsaw NASDAQ OMX 4 3 8 7% Luxembourg 3 1 3 OMX NYSE Euronext 3 8 2 7% Borsa Italiana Deutsche Börse 2 1 7 Oslo Børs & Oslo Axess 2 - 1 9% Luxembourg Wiener Börse 1 - - 30% Others SIX Swiss Exchange - 1 1 BME (Spanish Exchange) - 3 1 Total 44 56 70 (1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.PwC Q1 2013 IPO Watch Europe Survey 7
  8. 8. LEG Immobilien was the only IPO to raise in excess of €1bn and was the largest in Germany since Telefónica Deutschland in Q4 2012. Four domestic IPOs in London completed the top five, include two PE backed IPOs.Top five IPOs Country of Q1 2013 €m raised Sector Market Segment Origin 15% LEG Immobilien 1,165 Real Estate Deutsche Börse Prime Germany esure 703 Insurance London Main UK Greencoat UK Wind 302 Investment Company London Main UK Crest Nicholson 261 Construction & Materials London Main UK Countrywide 237 Real Estate London Main UK Total 2,668 85% Country of Q1 2012 €m raised Sector Market Segment Origin Ziggo 804 Telecommunications Euronext Euronext Netherlands DKSH 681 Industrial Goods & Services SIX Swiss Main Switzerland Bluecrest Bluetrend 198 Investment Company London Main Guernsey Top 5 IPOs Others Ruspetro 196 Oil & Gas London Main Russia Alcentra European 97 Investment Company London Main Guernsey Total 1,976 Country of Q4 2012 €m raised Sector Market Segment Origin OJSC MegaFon 1,288 Telecommunications London Main Russia Telefónica Deutschland 1,260 Telecommunications Deutsche Börse Prime Germany Direct Line 976 Insurance London Main UK Talanx Aktiengesellschaft 767 Insurance Deutsche Börse Prime Germany Alior Bank 511 Banks Warsaw Main Poland Total 4,802PwC Q1 2013 IPO Watch Europe Survey 8
  9. 9. The real estate sector raised the most value in Q1, buoyed by the IPO of LEG Immobilien and CountrywideIPO value and volume by sector IPO value by sector Sector (no. of IPOs) Q1 2013 Q1 2012 Q4 2012 Industrial Goods & Services 7 8 12 Technology 5 13 8 Investment Companies 5 5 8 3% Real Estate 4 6 4 Oil & Gas 3 3 2 8% Financial Services 3 3 1 Construction & Materials 3 1 1 Media 3 3 1 20% Pharmaceuticals & Biotech 2 4 6 46% Telecommunications 2 3 4 Health Care 2 1 2 Food & Beverage 2 - 1 Insurance 1 - 2 23% Basic Resources 2 - - Mining - 4 6 Retail - 1 3 Travel & Leisure - - 3 Utilities - - 2 Real Estate Insurance Chemicals - 1 1 Investment Company Construction & Materials Automobiles & Parts - - 1 Others Banks - - 1 Personal & Household Goods - - 1 Total IPOs 44 56 70 Total value (€m) 3,157 2,297 7,538PwC Q1 2013 IPO Watch Europe Survey 9
  10. 10. The US exchanges hosted five of the top ten global IPOs during the quarter.Four of these transactions were also the strongest post-IPO performers inthe top 10 during Q1.Post-IPO performance 2012 Global Top 10 IPOs 30.5 Norwegian Cruise Line (Nasdaq) 57.5 €329m 0.2 CVR Refining (New York) 37.0 €442m 19.3 Zoetis (New York) 25.4 €1,649m 11.1 Pinnacle Foods (New York) 16.0 €444m 16.5 Infraestructura Energetica Nova SAB (Mexico) 14.8 €379m 5.9 esure (London) 3.5 €703m 1.6 Grupo Sanborns (Mexico) -1.3 €646m -5.7 West Corp (Nasdaq) -4.0 €325m 0.0 LEG Immobilien (Germany) 1 day -5.0 €1,165m as at 31 March 0.0 Moscow Exchange MICEX (Moscow) -9.5 €371m -20 -10 - 10 20 30 40 50 60 70 % change of share price post IPONote – excludes investment companiesSource: Various stock market official websitesPwC Q1 2013 IPO Watch Europe Survey 10
  11. 11. Activity in the US markets increased from both prior year and prior quarter.The JOBS Act, which was introduced in mid-2012, continues to fuel activity,with over 80% of Q1 IPOs initially filing under the Act.US overview Q1 2013 Q1 2012 Q4 2012 Offering Offering OfferingStock exchange IPOs value (€m) IPOs value (€m) IPOs value (€m)NYSE 16 4,143 25 3,338 20 4,218NASDAQ 18 1,693 19 1,030 14 652US total 34 5,836 44 4,368 34 4,870Europe total 44 3,157 56 2,297 70 7,538 Total IPO proceeds raised in the US in Q1 2013 exceeded Q1 of 2012 and the final quarter of 2012 by 34% and 20%, respectively, despite a decrease in the number of IPOs. IPO activity was led by offerings from Zoetis, Pinnacle Foods, CVR Refining, Norwegian Cruise Line and West Corp, which raised a combined €3.2 billion of proceeds, 55% of the quarter’s total. All five transactions featured in the top 10 global IPOs in the quarter. The IPO pipeline remains strong and given the improving US economy, there is an optimistic outlook for the US IPO market for the remainder of 2013.PwC Q1 2013 IPO Watch Europe Survey 11
  12. 12. Focus on Russia and Turkey Q1 2013 Q1 2012 Q4 2012 Offering Offering OfferingStock exchange IPOs value (€m) IPOs value (€m) IPOs value (€m)Russia 1 371 - - 2* -*Turkey 1 106 6 65 4 61Europe total 44 3,157 56 2,297 70 7,538* OJSC Megafon and MD Medical Group dual listed in London and Russia in Q4 2012. Total proceeds have been included in London as the primary money raising exchange. In Q1 2013, the Moscow Exchange raised €371m in the biggest IPO on Russia’s bourse since 2007, although it priced at the bottom of its target range. It was the first major test of the governments push to transform the Russian market into an international financial centre and encourage domestic listings. For a number of years, Russian companies have sought to include a stock-market listing abroad, where capital has been more readily accessible. Activity on the Borsa Istanbul in Q1 2013 has been particularly slow with only 1 IPO raising €106 million. The IPO of Halk Gayrimenkul Yatırım Ortaklığı A.Ş. (‘GYO’) in February 2013 was the largest for two years and resulted from the sale by Turkiye Halk Bankasi A.Ş. of shares in its real estate unit. In February 2013, the Borsa Istanbul announced changes to Turkish Capital Markets Regulations aimed at improving investor confidence such as introducing more transparency around use of proceeds, related party transactions and sharedealings for significant shareholders. However, some changes may have an adverse impact on market activity, such as the new requirement to underwrite transactions under 20 million TL which may reduce IPO activity for smaller companies and new rules regarding a valuation cap of 20% above the bottom of the target range for the maximum valuation of shares.PwC Q1 2013 IPO Watch Europe Survey 12
  13. 13. IPOs by market Q1 2013 Q1 2012 Q4 2012 Offering Offering Offering Stock exchange IPOs value (€m) IPOs value (€m) IPOs value (€m) TOTAL London Stock Exchange Group (1) 16 1,885 14 619 26 3,929 Deutsche Börse 2 1,165 1 - 7 2,080 Warsaw 13 58 25 14 21 653 Oslo Børs & Oslo Axess 2 41 - - 1 230 Luxembourg 3 5 1 - 3 462 NYSE Euronext 3 3 8 975 2 17 NASDAQ OMX 4 - 3 2 8 46 Wiener Börse 1 - - - - - SIX Swiss Exchange - - 1 681 1 120 BME (Spanish Exchange) - - 3 6 1 1 Total 44 3,157 56 2,297 70 7,538 EU-REGULATED London Main 7 1,835 6 569 13 3,554 Deutsche Börse (Prime and General Standard) 1 1,165 - - 4 2,080 Warsaw (Main) 1 57 4 8 5 632 Oslo Børs 1 26 - - 1 230 NYSE Euronext (Euronext) 1 - 6 972 1 14 Wiener Börse 1 - - - - - SIX Swiss Exchange - - 1 681 1 120 NASDAQ OMX (Main) - - 1 - 4 38 Luxembourg - - 1 - - - EU-regulated sub-total 12 3,083 19 2,230 29 6,668 EXCHANGE-REGULATED London AIM 6 43 8 50 12 328 Oslo Axess 1 15 - - - - Borsa Italiana AIM 3 7 - - - - Luxembourg (EuroMTF) 3 5 - - 3 462 NYSE Euronext (Alternext) 2 3 2 3 1 3 Warsaw (NewConnect) (2) 12 1 21 6 16 21 NASDAQ OMX (First North) 4 - 2 2 4 8 Deutsche Börse (Entry Standard) 1 - 1 - 3 - London SFM - - - - 1 47 BME (Spanish Exchange) (MAB) - - 3 6 1 1 Exchange-regulated sub-total 32 74 37 67 41 870 Europe total 44 3,157 56 2,297 70 7,538 (1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges. (2) Cumulatively the WSE NewConnect raised €2m in Q1 2013. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of the rounded values.PwC Q1 2013 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 Januaryand 31 March 2013 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 Q1 2013 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.

×