2017年Q3全球科技行业IPO回顾（英文版）_43页_1mb

Q3 2017 Global Technology IPO Summary

Core Content

Q3 2017 saw 20 technology IPOs raising a total of $5.2 billion in proceeds, representing a 31% decline in the number of IPOs and a 15% drop in proceeds compared to Q2 2017. However, the proceeds were only a 3% decrease from Q3 2016. The average proceeds per IPO rose slightly to $261 million, up from $211 million in Q2 2017. The quarter ended with improved activity, suggesting a potentially strong Q4.

Key Financials

• Total IPOs: 20
• Total Proceeds: $5.2 billion
• Average Proceeds per IPO: $261 million
• Number of IPOs compared to Q2 2017: Down 31%
• Proceeds compared to Q2 2017: Down 15%
• Proceeds compared to Q3 2016: Up 3%
• Net Income: 90% of companies reported net income, up from 72% in Q2 2017
• Average LTM Net Income: $22 million, up 263% quarter on quarter
• Average LTM Revenue: $385 million, up 72% quarter on quarter
• Average LTM EBITDA: $100 million, up 697% year on year
• Average EV: $1,655 million for Electronics, $1,027 million for Software, and $742 million for Internet Software & Services

Regional Highlights

Greater China

• Number of IPOs: 11 (55% of global tech IPOs)
• Proceeds: $1.3 billion
• Growth: 98% increase in proceeds year on year
• Contributors: SZSE listed 7 IPOs, with significant contributions from Electronics and Software subsectors

South Korea

• Number of IPOs: 3
• Proceeds: $260 million
• Growth: 50% increase in number of IPOs compared to Q2 2017
• Contributors: Electronics and Internet Software & Services subsectors

Europe

• Number of IPOs: 2
• Proceeds: $2.9 billion
• Contributors: Landis+Gyr Group AG ($2.4 billion) and Rovio Entertainment ($501 million)
• Note: The UK was absent due to Brexit-related challenges

Americas

• Number of IPOs: 1 in the US and 1 in Argentina
• Proceeds: $252 million in the US and $381.82 million in Argentina

Subsector Analysis

Electronics

• Number of IPOs: 9
• Proceeds: $3.6 billion
• Growth: 200% increase in number of IPOs and 1700% increase in proceeds sequentially
• Key Companies: Landis+Gyr Group AG ($2.4 billion), Foxconn Interconnect Technology Ltd. ($3.218 billion)
• Valuation Metrics:
  • Average LTM Revenue: $678 million
  • Average LTM EBITDA: $74 million
  • Average LTM Net Income: $25 million
  • Average EV: $1,655 million
  • EV/LTM Revenue: 22.4x
  • EV/LTM EBITDA: 26.2x

Software

• Number of IPOs: 4
• Proceeds: $718 million
• Growth: 20% increase in revenue quarter on quarter
• Valuation Metrics:
  • Average LTM Revenue: $135 million
  • Average LTM EBITDA: $30 million
  • Average LTM Net Income: $22 million
  • Average EV: $1,027 million
  • EV/LTM Revenue: 36.5x
  • EV/LTM EBITDA: 36.5x

Internet Software & Services

• Number of IPOs: 3
• Proceeds: $616 million
• Decline: 67% drop in number of IPOs and 59% decline in average proceeds compared to Q2 2017
• Valuation Metrics:
  • Average LTM Revenue: $198 million
  • Average LTM EBITDA: $30 million
  • Average LTM Net Income: $22 million
  • Average EV: $742 million
  • EV/LTM Revenue: 5.9x
  • EV/LTM EBITDA: 27.4x

Key Trends

• Asia Dominance: Asia accounted for 80% of tech IPOs in Q3 2017, with Greater China leading in both number and proceeds.
• Shift in Tech Center of Gravity: Asia's nine-month IPO numbers far exceeded those of North America.
• US Tech IPOs: The US had only one tech IPO, which was a significant drop from Q2 2017.
• Unicorn Impact: The underperformance of two recent unicorn IPOs affected the US market, but Roku's strong performance suggested potential for more listings in Q4.
• Geographic Diversity: Nine countries participated in tech IPOs, with Argentina contributing one listing.

Conclusion

Q3 2017 was marked by a strong performance in Asia, particularly Greater China, while the US and Europe saw declines. The Electronics subsector dominated in terms of both number and proceeds, and the overall tech IPO market showed signs of improvement as the quarter progressed. The shift from West to East in tech IPO activity continued, with Asia leading the market. The report also highlights the importance of the unicorn companies and their potential impact on future IPO activity.