PwC-Studie: "Volatile Märkte trüben IPO-Klima" / IPO Watch Europe Survey, Q4 2011

456 views

Published on

Zürich (ots) - - Hinweis: Die PwC-Studie "IPO Watch Europe Survey, Q4 2011" kann kostenlos im pdf-Format unter http://presseportal.ch/de/pm/100008191 heruntergeladen werden - Die aktuelle PwC-Studie "IPO Watch Europe ... / http://ots.ch/600bf4f

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
456
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

PwC-Studie: "Volatile Märkte trüben IPO-Klima" / IPO Watch Europe Survey, Q4 2011

  1. 1. IPO Watch Europe Survey Q4 2011 www.pwc.com
  2. 2. PwC Table of contents Page 2011 overview 3 2011 European IPO activity by value and volume 4 2011 volume and value by exchange 5 Q4 11 European IPO activity by value and volume 6 IPO offering value 7 IPO volume 8 Top five IPOs 9 IPOs by sector and value 10 Offering value of IPOs by month 11 Volume of IPOs by month 12 EU- versus exchange-regulated markets 13 IPOs by market 14 US activity 15 About IPO Watch Europe 16 Q4 2011 IPO Watch Europe Survey 2
  3. 3. PwC Though 2011 IPO values in Europe and the US remained fairly static compared to 2010 levels, Greater China saw a 42% drop in money raised 2011 overview Q4 2011 IPO Watch Survey 3 Stock exchange IPOs 2011 Offering value (€m) 2011 IPOs 2010 Offering value (€m) 2010 Europe total 430 26,491 381 26,322 US total 134 25,581 168 29,556 Hong Kong 90 25,053 102 43,618 Shanghai 39 11,678 28 21,069 Shenzhen 243 20,118 321 33,318 Taiwan 48 528 39 619 Greater China total 420 57,377 490 98,624
  4. 4. PwC Despite a subdued end to 2011, European IPO figures increased by 14% and 1% for volume and value respectively year on year, with the total offering value remaining broadly flat 2011 European IPO activity by volume Q4 2011 IPO Watch Survey 4 2011 European IPO activity by value 771 295 126 380 430 0 100 200 300 400 500 600 700 800 2007 2008 2009 2010 2011 NumberofIPOs Number of IPOs 80,449 13,953 7,112 26,286 26,491 - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 2007 2008 2009 2010 2011 Offeringvalue(€m) Value of IPOs 2007 2008 2009 2010 2011 Total European listings of which: - No money raised 119 81 30 75 87 - Money raised 652 214 96 305 343 Average offering value 123 65 74 86 77 Average offering value has been calculated based on total offering value over the number of listings raising money.
  5. 5. PwC 2011 European IPO activity by volume In 2011, London raised over half of all value on its exchange with €14,607m. Warsaw hosted the most transactions – 203 in total. Q4 2011 IPO Watch Survey 5 2011 European IPO activity by value Warsaw 47% London 25% NASDAQ OMX 7% NYSE Euronext 6% Luxembourg 5% Deutsche Börse 4% Oslo Børs & Axess 3% Others 3% London 53% BME (Spanish Exchanges) 23% Warsaw 8% Deutsche Börse 6% Oslo Børs & Axess 3% Borsa Italiana 2% Luxembourg 2% Others 3%
  6. 6. PwC - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 - 20 40 60 80 100 120 140 160 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 ValueofIPOs(€m) VolumeofIPOs IPOs Value €m In Q4 2011, average offering values plummeted 81% from Q3 2011 and 83% year on year with just €866m raised across 78 transactions Q4 11 European IPO activity by value and volume 6 * Average offering value has been calculated based on total offering value over the number of listings raising money. Q4 2011 Q4 2010 Q3 2011 Total European listings comprise those with: - No money raised 28 26 16 - Money raised 50 103 105 Average offering value (€m) * 17 98 89 Q4 2011 IPO Watch Europe Survey
  7. 7. PwC London 92% NASDAQ OMX 3% Warsaw 2% Oslo 1% Borsa Italiana 1% Others 1% London dominated activity in a muted quarter, raising €800m, representing 92%, of total European IPO value IPO offering value Q4 2011 IPO Watch Europe Survey 7 Average offering value Average offering value has been calculated based on total offering value over the number of listings raising money. (1) Cumulatively Warsaw's average offering value was €0.4m in Q4.11. However, this rounds down to zero. Stock exchange Average offering value (€m) Q4-2011 Average offering value (€m) Q4-2010 London Stock Exchange 89 89 NASDAQ OMX 31 429 Deutsche Börse 5 41 Oslo Børs & Oslo Axess 4 493 Borsa Italiana 3 1,041 NYSE Euronext 2 23 SIX Swiss - 48 BME (Spanish Exchanges) - 42 Luxembourg - 18 Warsaw (1) - 15
  8. 8. PwC Warsaw 54% London 19% NASDAQ OMX 14% Deutsche Börse 4% Oslo 3% Others 6% Warsaw led the way with 42 low value transactions this quarter, mainly on NewConnect IPO volume Q4 2011 IPO Watch Europe Survey 8 (1) Cumulatively the WSE NewConnect raised €19m in Q4 2011. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of the rounded values. Stock exchange IPOs Q4-2011 Offering value (€m) Q4-2011 EU REGULATED London Stock Exchange Group (London Main) 4 672 NASDAQ OMX (Main) 4 31 Deutsche Börse (Prime and General Standard) 2 5 Warsaw (Main) 4 - Wiener Börse 1 - BME (Spanish Exchanges) (Main) - - Oslo Børs - - NYSE Euronext (Euronext) - - London Stock Exchange Group (Borsa Italiana Main) - - SIX Swiss Exchange - - EU regulated sub-total 15 708 EXCHANGE REGULATED London Stock Exchange Group (London AIM) 10 65 London Stock Exchange Group (London SFM) 1 63 Warsaw (NewConnect) (1) 38 15 Oslo Axess 2 7 London Stock Exchange Group (Borsa Italiana AIM) 2 6 NYSE Euronext (Alternext) 1 2 NASDAQ OMX (First North) 7 - Luxembourg (EuroMTF) 1 - Deutsche Börse (Entry Standard) 1 - BME (Spanish Exchanges) (MAB) - - Exchange regulated sub-total 63 158 Europe total 78 866
  9. 9. PwC 4 out of the top 5 IPOs were in London. Polymetal International PLC, the quarter’s largest IPO, raised €421m and accounted for 49% of all value raised in Europe. Q4 2011 IPO Watch Europe Survey 9 Top five IPOs The top five IPOs accounted for 91% of all value raised Five largest IPOs of Q4 2011 €m raised Sector Market Segment Country of Origin Polymetal International PLC 421 Mining London Main Russia Bilfinger Berger Global Infrastructure SICAV SA 251 Investment Company London Main UK Damille Investment II Ltd 63 Investment Company London SFM Guernsey Hagar hf. 31 Retail OMX Main Iceland Secure Trust Bank PLC 21 Banks London AIM UK Total 787 Five largest IPOs of Q4 2010 €m raised Sector Market Segment Country of Origin Enel Green Power SPA 2,067 Utilities Italy Main Italy Gjensidige Forsikring ASA 1,356 Insurance Oslo Børs Norway Pandora A/S 1,227 Personal & Household Goods OMX Main Denmark Mail.Ru Group Limited 669 Media London Main Russia Statoil Fuel & Retail ASA 577 Retail Oslo Børs Norway Total 5,896 Five largest IPOs of Q3 2011 €m raised Sector Market Segment Country of Origin Bankia SA 3,092 Banks Spain Main Spain Dia 2,378 Retail Spain Main Spain Jastrzębska Spółka Węglowa SA 1,346 Mining Warsaw Main Poland Banca Cívica SA 600 Banks Spain Main Spain OJSC Phosagro 530 Chemicals London Main Russia Total 7,946 Top 5 IPOs 91% Others 9%
  10. 10. PwC Mining and Investment Companies raised 85% of offering value in Q4 2011 but represented 9% of IPO volume Q4 2011 IPO Watch Europe Survey 10 IPO sectors by value Sector Company IPOs Q4-2011 Company IPOs Q4-2010 Company IPOs Q3-2011 Industrial Goods & Services 19 21 26 Technology 12 13 12 Financial Services 7 7 5 Oil & Gas 4 6 9 Mining 4 12 8 Health Care 4 2 6 Personal & Household Goods 4 4 5 Investment Companies 3 15 8 Pharmaceuticals & Biotech 3 7 7 Travel & Leisure 3 3 4 Basic Resources 3 - 3 Media 2 5 4 Retail 2 4 2 Utilities 2 5 1 Real Estate 1 7 4 Automobiles & Parts 1 1 4 Construction & Materials 1 4 3 Food & Beverage 1 4 3 Banks 1 2 3 Telecommunications 1 3 2 Chemicals - 3 1 Insurance - 1 1 Total 78 129 121 Mining 49% Investment Companies 36% Retail 4% Banks 2% Industrial Goods & Services 2% Basic Resources 2% Pharmaceuticals & Biotech 2% Others 3%
  11. 11. PwC 2,546 5,347 2,222 6 546 314 0 1,000 2,000 3,000 4,000 5,000 6,000 October November December ValueofIPOs(€m) 2010 2011 Offering value of IPOs by month An exceptionally poor quarter, with the largest IPO, Polymetal International PLC, taking place in November Q4 2011 IPO Watch Europe Survey 11
  12. 12. PwC Volume of IPOs by month Although lower, the monthly phasing of IPO activity was consistent with historic Q4 trends Q4 2011 IPO Watch Europe Survey 12 32 42 55 16 29 33 0 10 20 30 40 50 60 October November December VolumeofIPOs 2010 2011
  13. 13. PwC EU- versus exchange-regulated markets In Q4 2011, regulated markets continued to dominate IPOs by value Q4 2011 IPO Watch Europe Survey 13 2,289 - 5,062 421 1,838 287 257 6 285 125 384 27 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 October 2010 October 2011 November 2010 November 2011 December 2010 December 2011 ValueofIPOs(€m) Exchange EU
  14. 14. PwC Q4 2011 IPOs by market Q4 2011 IPO Watch Europe Survey 14 (1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges. (2) Cumulatively the WSE NewConnect raised €19m in Q4 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. Stock exchange IPOs Q4-2011 Offering value (€m) Q4-2011 IPOs Q4-2010 Offering value (€m) Q4-2010 IPOs Q3-2011 Offering value (€m) Q3-2011 TOTAL London Stock Exchange Group (1) 17 806 52 5,649 29 1,169 NASDAQ OMX 11 31 9 1,286 4 60 Warsaw 42 15 40 569 61 1,464 Oslo Børs & Oslo Axess 2 7 5 1,972 4 83 Deutsche Börse 3 5 9 286 5 315 NYSE Euronext 1 2 4 23 8 65 Luxembourg 1 - 4 72 4 136 Wiener Börse 1 - - - - - BME (Spanish Exchanges) - - 5 210 6 6,078 SIX Swiss Exchange - - 2 48 - - Europe total 78 866 129 10,115 121 9,370 Stock exchange IPOs Q4-2011 Offering value (€m) Q4-2011 IPOs Q4-2010 Offering value (€m) Q4-2010 IPOs Q3-2011 Offering value (€m) Q3-2011 EU REGULATED London Stock Exchange Group (London Main) (3) 4 672 19 2,887 6 810 NASDAQ OMX (Main) 4 31 6 1,277 2 59 Deutsche Börse (Prime and General Standard) 2 5 3 195 4 300 Warsaw (Main) 4 - 15 562 7 1,427 Wiener Börse 1 - - - - - BME (Spanish Exchanges) (Main) (3) - - 1 197 3 6,070 Oslo Børs - - 3 1,933 2 83 NYSE Euronext (Euronext) - - 3 23 2 43 London Stock Exchange Group (Borsa Italiana Main) - - 1 2,067 - - SIX Swiss Exchange - - 2 48 - - EU regulated sub-total 15 708 52 9,189 26 8,792 EXCHANGE REGULATED London Stock Exchange Group (London AIM) (3) 10 65 28 573 22 205 London Stock Exchange Group (London SFM) 1 63 2 108 1 154 Warsaw (NewConnect) (2) 38 15 25 7 54 37 Oslo Axess 2 7 2 39 2 - London Stock Exchange Group (Borsa Italiana AIM) 2 6 2 14 - - NYSE Euronext (Alternext) 1 2 1 - 6 22 NASDAQ OMX (First North) 7 - 3 9 2 1 Luxembourg (EuroMTF) 1 - 4 72 4 136 Deutsche Börse (Entry Standard) 1 - 6 91 1 15 BME (Spanish Exchanges) (MAB) - - 4 13 3 8 Exchange regulated sub-total 63 158 77 926 95 578 Europe total 78 866 129 10,115 121 9,370
  15. 15. PwC US activity US IPOs in Q4 2011 were characterised by a number of larger offerings including Michael Kors and Zynga, which combined with Groupon and Delphi, raised €2.4bn - half of the quarter’s total proceeds Q4 2011 IPO Watch Europe Survey 15 Stock exchange IPOs Q4-2011 Offering value (€m) Q4- 2011 IPOs Q4-2010 Offering value (€m) Q4- 2010 IPOs Q3-2011 Offering value (€m) Q3- 2011 NYSE 15 2,659 33 15,927 7 1,015 NASDAQ 13 2,174 31 2,331 14 1,218 US total 28 4,833 64 18,258 21 2,233
  16. 16. PwC About IPO Watch Europe IPO Watch Europe surveys all new primary market equity IPOs on Europe’s principal stock 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. Movements between markets on the same exchange and greenshoe offerings are excluded. This survey was conducted between 1 October and December 31 2011 and captures new market IPOs based on their transaction date. All market data is sourced from the stock markets themselves and has not been independently verified by PricewaterhouseCoopers LLP. Q4 2011 IPO Watch Europe Survey 16
  17. 17. This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2012 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.

×