Second quarter IPO Activity Summary

1. PricewaterhouseCoopers LLP
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Telephone (646) 471 4000
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CONTACTS: Jo Anne Barrameda Steven Silber
Brainerd Communicators, Inc. PricewaterhouseCoopers
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barrameda@braincomm.com steven.g.silber@us.pwc.com
PricewaterhouseCoopers’ U.S. IPO Watch:
Second Quarter U.S. IPO Market Nearly Triples 2009 Activity,
according to PricewaterhouseCoopers
IPO Pipeline Remains Robust for Remainder of 2010;
Financial Sponsors Provide Leadership
NEW YORK – JULY 6, 2010 – Continuing the momentum from the second half of 2009,
U.S. IPO activity pushed forward in the second quarter of 2010, according to
PricewaterhouseCoopers’ (PwC) U.S. IPO Watch, a quarterly and annual analysis of IPOs on
U.S. stock exchanges.
A year-over-year comparison indicates a significant increase in IPO activity in the second
quarter of 2010, nearly tripling the number of deals seen during the same period in 2009. For
the three months ending June, there were 39 IPOs that raised $5.1 billion compared with the
12 IPOs raising $1.6 billion in the second quarter of 2009.
For the first six months of the year, IPO volume reached 66 deals, raising $9.2 billion versus
14 deals raising $2.3 billion in the same period last year.
IPO value: Q2 2007-2010 (in $US billions)
$21.1
$5.1 $5.1
$1.6
Num ber of IPOs Q2 2007-2010
79
39
18
12
Q2 Q2 Q2 Q2
2007 2008 2009 2010
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2. While the number of IPOs was up in Q2, the second quarter witnessed a steady decline in the
number of completed offerings each successive month, with 17 completed deals in April,
followed by 11 in May and 11 IPOs in June. In May and June, 15 IPOs were either
withdrawn or postponed, according to PwC.
“Despite recent market hurdles, the IPO pipeline continues to build with an additional 68
companies registering new deals during the second quarter,” said Scott Gehsmann, capital
markets partner with PricewaterhouseCoopers’ Transaction Services. “While recent market
swings have posed a short-term threat to companies looking to price their IPOs, the path to a
successful IPO is a journey -- not a sprint. Interim market challenges provide opportunities to
reflect on the adequacy of the issuer's readiness to enter the public equity markets and the
post-IPO strategic plan.”
Financial sponsors continue to provide leadership in the U.S. IPO market, according to PwC.
The second quarter saw 32 of the 39 new deals raising $4.2 billion coming from financial
sponsors, representing approximately 84% of total proceeds.
In terms of deal size, PwC expects small and mid-cap deals to continue dominating IPO
volume. At the same time, a number of deals with offering proceeds in excess of $1 billion
are expected during the second half of 2010. The volume and value of IPOs from foreign
private issuers, particularly China, are also expected to grow during the second half of 2010,
according to PwC. Foreign private issuers contributed a total of 9 offerings raising $540
million during the second quarter; China leading the pack with 6 offerings.
$ (in millions) Number of IPOs
US $ 4,530.7 30
Non-US 540.5 9
Total $ 5,071.2 39
Twenty NYSE listed IPOs in the second quarter raised $3.4 billion, while the NASDAQ saw
19 IPOs raising $1.6 billion.
$ (in millions) Number of IPOs
NYSE $ 3,477.9 20
NASDAQ 1,593.2 19
Total $ 5,071.2 39
The Energy sector led industry deal value with four IPOs raising $1.3 billion dollars, while
the Technology sector contributed the majority of deals with 11 IPOs raising $778 million.
The Financial, Industrial and Services sectors each contributed five deals, raising $1.2 billion,
$521 million and $403 million, respectively. PwC maintains that the diversification across
industry sectors bodes well for the overall health and long-term viability of the IPO market.
Three months ended June 30 - Volume and value by Industry
(USD millions)
Value Number of IPOs
Energy $ 1,288.7 4
Financial 1,237.3 5
Technology 778.4 11
Industrial 520.5 5
Services 402.6 5
Consumer 327.5 3
Transportation 374.5 2
Healthcare 141.7 4
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3. Total $ 5,071.2 39
A table outlining IPO value and volume by quarter beginning in 2007 is as follows:
IPO value by quarter (in $US billions)
$22.6
$21.1 $20.4
$17.1
$11.7 $11.9
$5.1 $5.1
Num ber of IPOs by quarter $5.8
$0.7 $4.1
101
$1.5 $1.6
$0.2
79
68
48
39
35
25 27
18 20
11 3 2 12
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2007 2008 2009 2010
PwC recently released the fifth edition of the Roadmap for an IPO, which provides
companies considering going public with guidance and insights on:
 The going public process
 Significant accounting, compensation, regulatory and tax-related considerations
 Ongoing reporting requirements and operational considerations of being a public
company
PricewaterhouseCoopers’ U.S. IPO Watch is a quarterly & annual survey of IPOs listed
on U.S. stock exchanges. These include IPOs by domestic and foreign companies, best-
efforts, business development companies, filings with the FDIC, and bank demutualizations.
IPOs do not include unit investment trusts and fully classified closed-end funds. Visit our
website, www.pwc.com/ustransactionservices, for our 2006, 2007, 2008 and 2009 US IPO
Watch reports.
PricewaterhouseCoopers’ Transaction Services
The PricewaterhouseCoopers Transaction Services practice provides due diligence for M&A
transactions, along with advice on M&A strategy and integration, restructuring, divestitures
and separation, valuations, accounting, financial reporting, and capital raising. With
approximately 1,000 deal professionals in 16 cities in the United States, and a global network
of over 6,000 deal professionals in 90 countries, experienced teams are deployed with deep
industry and local market knowledge and technical experience tailored to each client's
situation. The Transaction Services team can be involved from strategy to integration and
employ an integrated business approach to uncover the realities of a deal. The field-proven,
globally consistent, controlled deal process helps clients minimize their risks, progress with
the right deals, and capture value both at the deal table and after the deal closes. For more
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4. information about M&A and related PricewaterhouseCoopers services, please visit
www.pwc.com/ustransactionservices.
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