安永-2017年Q4全球企业上市IPO趋势报告（英文）-2017-37页-1mb

Global IPO Trends: Q4 2017 Summary

Core Content

2017 was a highly active year for global IPOs, with 1,624 deals raising $188.8 billion, marking the most active year since 2007. The momentum continued into 2018, with expectations of increased IPO activity driven by lower volatility, high valuations, and a renewed interest in cross-border listings. The US, Hong Kong, and London emerged as key destinations for cross-border IPOs.

Main Points

• Global Activity:

  • 1,624 IPOs in 2017, raising $188.8 billion.
  • Q4 2017 activity was weaker than expected due to Asia-Pacific exchanges underperforming, especially impacted by regulatory changes and uncertainty in China.
  • Asia-Pacific remained the dominant region, accounting for 58% of deals and 39% of proceeds.
  • EMEIA saw a 50% increase in deals and a 67% rise in capital raised.
  • Megadeals (over $1 billion) increased, contributing to a higher average deal size.

• Americas:

  • 220 IPOs in 2017, raising $51.6 billion, representing a 68% increase in volume and 122% in proceeds.
  • Q4 2017 saw 55 IPOs raising $11.7 billion, up 83% in volume and 57% in proceeds.
  • Technology and health care were the most active sectors.
  • Cross-border IPOs accounted for 24% of US IPO activity, with notable deals from China, Argentina, and Singapore.

• US Market Insight:

  • The US IPO market saw 174 deals raising $39.5 billion in 2017.
  • The NYSE and NASDAQ were the top exchanges.
  • Financial sponsor-backed IPOs made up 41% of domestic deals and 70% of proceeds.
  • The first-day average return was +12.4%, and the current average return was +20.2%.

• Asia-Pacific Market Insight:

  • 935 IPOs in 2017, raising $73.2 billion, with a 44% increase in volume.
  • Greater China (Mainland China, Hong Kong, and Taiwan) was the most active region, contributing 36% of global deals.
  • The Shenzhen Stock Exchange led with 217 IPOs, followed by the Shanghai Stock Exchange.
  • Cross-border IPOs increased, with Hong Kong being the second most active destination globally.

• Outlook for 2018:

  • Positive outlook for global IPO activity due to strong market fundamentals and investor confidence.
  • Saudi Aramco is expected to be one of the largest IPOs in history.
  • Mainland China is expected to maintain high IPO levels, supported by government initiatives.
  • Hong Kong is anticipated to see growth in technology listings.
  • Japan and Australia are expected to see increased IPO activity due to upcoming major events.
  • Cross-border IPOs will remain a key feature of the market.

Key Information

• IPO Trends:

  • Technology and health care were the most active sectors in terms of deal numbers and proceeds.
  • Financial services led in terms of proceeds globally.
  • Cross-border IPOs increased in both deal numbers and proceeds.
  • The median deal size in the US was $118.6 million, while in Asia-Pacific it was $47.2 million.

• Notable IPOs:

  • Top Deals by Proceeds:
    • Petrobras Distribuidora SA ($1.6 billion)
    • Loma Negra CIASA ($1.1 billion)
    • Qudian Inc. ($1.0 billion)
    • BAWAG Group AG ($2.0 billion)
    • General Insurance Corp of India Ltd. ($1.7 billion)
  • Top Deals by Number of IPOs:
    • Industrials (78 IPOs)
    • Technology (70 IPOs)
    • Consumer products (51 IPOs)

• Regional Performance:

  • Americas: 220 IPOs, $51.6 billion in proceeds.
  • Asia-Pacific: 935 IPOs, $73.2 billion in proceeds.
  • EMEIA: 1,093 IPOs in 2016, with a significant increase in 2017.

Summary of Regional Trends

• Americas:

  • Strong performance in 2017, with a 68% increase in deal volume and 122% in proceeds.
  • Cross-border activity was a key driver, especially from Latin American and Canadian companies.

• Asia-Pacific:

  • Dominated global IPO activity with 935 deals and $73.2 billion in proceeds.
  • Greater China (Mainland China, Hong Kong, and Taiwan) was the most active region, with 582 IPOs and $49.0 billion in proceeds.
  • Hong Kong saw a 24% increase in cross-border IPOs, with a record 24 deals from ASEAN companies.

• Europe (EMEIA):

  • EMEIA exchanges saw a 50% increase in deals and a 67% rise in capital raised.
  • Megadeals increased, contributing to higher average deal sizes.

Conclusion

The global IPO market in 2017 showed strong activity, with Asia-Pacific leading the way. The US, Hong Kong, and London were key destinations for cross-border IPOs. The outlook for 2018 is positive, with expectations of increased deal numbers and proceeds, especially in the Americas, Greater China, and Japan. The market is expected to remain open to all sectors, with technology and health care continuing to be major drivers.