2017年-普华永道中国_全球科技行业IPO回顾2016全年及第四季度_63页_1mb

Global Technology IPO Review - 2016 and Q4 Summary

Core Content

2016 marked the slowest year for global technology IPOs in the past decade, with only 53 companies going public and raising a total of $8.7 billion in proceeds. This represents a 42% decline in the number of IPOs and a 68% decline in proceeds compared to 2015. The year saw a strong rebound in the second half, particularly in Q3, with 20 tech IPOs, but Q4 was the weakest quarter, with just nine tech IPOs and $1.1 billion in proceeds.

The market rally following the US elections in 2016 is expected to drive a resurgence in tech IPO activity in 2017. Investors are increasingly focused on profitability rather than revenue growth, which may lead to more stable valuations and better earnings quality in upcoming offerings.

Key Regions and Trends

Europe and the UK

• Europe (excluding the UK): The region had the strongest performance in 2016, with 10 tech IPOs totaling $3.7 billion in proceeds. The largest IPO was Nets A/S (Denmark) at $2.4 billion.
• UK: No tech IPOs were listed in 2016 due to uncertainty around Brexit, which affected investor confidence and market conditions.

China

• China had 18 tech IPOs in 2016, raising $1.4 billion in total. The average proceeds were $80 million, significantly lower than previous years.
• The number of tech IPOs and proceeds in China declined by 40% and 65% respectively from 2015. However, the CSRC's decision in November 2016 to expedite IPO approvals signals potential improvement in 2017.

United States

• The US tech IPO market was subdued, with only 16 listings and $1.8 billion in proceeds, down 79% in proceeds and 30% in volume from 2015.
• The average deal size was $113 million. The US had five tech IPOs in Q4, with Trivago NV (Germany) being the largest at $287 million, listed on NASDAQ.

Subsector Highlights

• Internet Software & Services (IS&S) and Software were the dominant subsectors, collectively accounting for 32 IPOs and $4.7 billion in proceeds.
• The largest tech IPO of the year was Nets A/S (Denmark) in the IT Consulting & Services subsector, raising $2.4 billion.
• Twilio Inc (US) raised $1.5 billion, the second-largest IPO of the year, and was one of the top performers in Q4.

Key Financials and Valuation Concerns

• The average proceeds for tech IPOs in 2016 reached a seven-year low, matching the 2010 level of $165 million.
• Most companies that went public in 2016 were mature with strong financial histories, and many had traded below their first-day closing prices in 2016 due to market uncertainty.
• The US presidential election uncertainty caused many companies to delay their IPOs until public markets stabilized, with signs of a potential rebound in 2017.

Q4 2016 Summary

• Q4 2016 saw the fewest tech IPOs of the year, with only nine companies raising $1.1 billion in total proceeds.
• Trivago NV (Germany) was the largest IPO of the quarter, raising $287 million.
• The US led Q4 listings with five tech IPOs, all listed on NASDAQ, including the largest IPO of the quarter.
• BlackLine Inc (US) was the oldest company listed in Q4, founded in 2001.
• The majority of Q4 IPOs were mature companies with more than ten years of operation, indicating a preference for established firms in uncertain markets.

Outlook for 2017

• The post-election market rally in the US is expected to create a more favorable environment for tech IPOs in 2017.
• There is optimism about improved economic growth and the potential for more stable valuations.
• Investors are likely to demand clearer paths to profitability, which may result in a more selective and less aggressive IPO market in 2017.

Methodology

• The report uses data from S&P Capital IQ and analysis by PwC.
• IPOs with issue size greater than $40 million (includes allotment) and based on trade date are included.
• The analysis covers full-year and Q4 2016 tech IPO trends, with a focus on geographic and subsector distribution.