安永-2017年Q4全球IPO趋势报告（英文版）-2017-37页-1mb

Global IPO Trends: Q4 2017 Summary

Core Content

The document provides an overview of global IPO trends in Q4 2017 and the outlook for 2018. It highlights the increased activity across regions, the dominance of Asia-Pacific, and the rising importance of cross-border listings. The analysis also touches on the performance of specific markets and sectors, as well as the impact of geopolitical and economic factors on IPO activity.

Main Points

• Global IPO Activity in 2017:

  • 1,974 IPOs raised $338.4 billion, the highest since 2007.
  • Q4 2017 saw 409 IPOs raising $56.0 billion, a 11% increase in deals and a 6% increase in proceeds compared to Q4 2016.
  • Asia-Pacific dominated both by deal number (58%) and proceeds (39%), despite a slowdown in Q4 due to regulatory uncertainty and smaller deal sizes.

• Regional Performance:

  • Americas:
    • 220 IPOs raised $51.6 billion in 2017, a 68% increase in deals and 122% in proceeds.
    • Q4 2017 saw 55 IPOs raising $11.7 billion, a 83% increase in deals and 57% in proceeds compared to Q4 2016.
    • Technology and health care were the most active sectors by number of IPOs, while financial services led by proceeds.
  • EMEIA:
    • Deal numbers increased by 50% and proceeds by 67% in 2017.
    • Megadeals increased by 45%, contributing to higher average deal sizes.
  • US:
    • 174 IPOs raised $39.5 billion in 2017, with a 55% increase in deals and 84% in proceeds.
    • Cross-border IPOs accounted for 24% of US IPOs and 25% by proceeds, indicating strong investor confidence.
    • Technology and health care were key sectors, with 30% and 24% of proceeds, respectively.

• Cross-Border IPOs:

  • Cross-border IPOs increased in both deal numbers and proceeds in 2017.
  • The US, Hong Kong, and London were the top destinations for cross-border listings.
  • Greater China and Singapore were the leading sources of cross-border IPOs.

• IPO Pricing and Performance:

  • First-day average returns and share price development since IPO were positive across major markets.
  • Lower volatility and strong equity indices contributed to improved investor sentiment.

• Outlook for 2018:

  • The outlook is positive with a strong pipeline of IPO-ready companies.
  • Lower volatility, high valuations, and renewed interest in cross-border IPOs are expected to drive activity.
  • Key regions and sectors, such as technology, health care, and financial services, are anticipated to lead the IPO market.
  • The US is expected to see a significant increase in IPO activity, potentially including major unicorns.
  • Hong Kong is projected to grow with more technology listings, supported by government policies.
  • Mainland China will remain a key market, but with stricter regulatory processes.
  • Japan and Australia are expected to see continued IPO activity, supported by economic growth and stock market performance.
  • ASEAN countries will likely increase their IPO presence in 2018, particularly in real estate, consumer industries, and technology.

Key Information

• IPO Activity by Region:

  • Asia-Pacific: 935 IPOs raised $73.2 billion in 2017, up 44% in deals.
  • Americas: 220 IPOs raised $51.6 billion, with a 68% increase in deals.
  • EMEIA: 11 IPOs raised $6.7 billion, with a 100% increase in proceeds.

• Top IPOs by Proceeds:

  • Americas: Petrobras Distribuidora SA ($1.6 billion), Loma Negra CIASA ($1.1 billion), Qudian Inc. ($1.0 billion).
  • Asia-Pacific: Shenzhen Stock Exchange ($2.7 billion), Shanghai Stock Exchange ($4.9 billion), Hong Kong ($4.3 billion).

• Top IPO Destinations:

  • Global: NASDAQ (22), NYSE (19), Hong Kong (24), London (19), BSE (17).
  • Asia-Pacific: Shenzhen (13.4%), Shanghai (13.1%), Hong Kong (9.2%).

• Cross-Border IPOs:

  • 24% of US IPOs were cross-border.
  • 21 out of 24 cross-border IPOs in Hong Kong came from ASEAN companies.
  • Greater China had 36% of global deal numbers, with 24% of cross-border IPOs.

• Market Trends:

  • Median deal size in Asia-Pacific decreased slightly to $47.2 million.
  • Financial sponsor-backed IPOs decreased in proportion but remained significant in terms of proceeds.
  • Investor confidence and strong equity markets are expected to continue supporting IPO activity in 2018.

• Volatility and Indices:

  • Equity indices in the US, Japan, and Hong Kong reached all-time highs.
  • Volatility decreased in many regions, including the US and Asia-Pacific, contributing to a positive IPO environment.

Summary

The global IPO market in 2017 was marked by a surge in both deal numbers and proceeds, with Asia-Pacific leading the way. The US, Hong Kong, and London were the top destinations for cross-border listings, and the Americas saw a significant increase in activity. The outlook for 2018 remains optimistic, with expectations of continued growth in IPO activity, especially in technology, health care, and financial services. Regulatory developments and economic factors are key drivers of future performance, with a focus on cross-border opportunities and the potential for major IPOs like Saudi Aramco.