2017Q3全球科技行业IPO回顾（英文）_45页-1mb

报告摘要

Q3 2017 Global Technology IPO Review Summary

Core Content

The third quarter of 2017 saw a slowdown in global technology IPO activity, with 20 tech IPOs raising $5.2 billion, marking a 31% drop in volume and a 15% decrease in proceeds compared to Q2 2017. However, the year-over-year decline in proceeds was minimal at just 3%. The quarter also saw a notable increase in activity towards the end, with 13 of the 20 IPOs listing in September, suggesting potential for a stronger fourth quarter.

The overall market environment was positive, with strong capital markets and a robust pipeline of tech companies. Despite this, the poor performance of several high-profile Unicorns in the aftermarket after their IPOs earlier in the year did not encourage higher risk-taking or valuations, especially in the US.

Key Financial Highlights

Total IPOs: 20
Total Proceeds: $5.2 billion
Average Proceeds: $261 million (up 24% QoQ, down 3% YoY)
Average LTM Revenue: $385 million (up 72% QoQ)
Average LTM Net Income: $22 million (up 263% QoQ)
Average LTM EBITDA: $67 million (up 697% YoY)
Average EV: $1,655 million (up 165% QoQ)

Subsector Performance

Electronics

IPOs: 9
Proceeds: $3.6 billion
Average Proceeds: $400 million
Average LTM Revenue: $678 million (up 51% QoQ, 1580% YoY)
Average LTM EBITDA: $74 million (up 697% YoY)
Average LTM Net Income: $25 million (up 201% YoY)
Average EV: $1,655 million
EV/LTM Revenue: 22.4x
EV/LTM EBITDA: 22.4x

Software

IPOs: 4
Proceeds: $718 million
Average Proceeds: $179.5 million
Average LTM Revenue: $135 million (up 20% QoQ)
Average LTM EBITDA: $60 million (up 571% YoY)
Average LTM Net Income: $30 million (up 175% YoY)
Average EV: $1,027 million (up 51% QoQ)
EV/LTM Revenue: 7.6x
EV/LTM EBITDA: 36.5x

Internet Software & Services

IPOs: 3
Proceeds: $616 million
Average Proceeds: $205.3 million
Average LTM Revenue: $198 million
Average LTM EBITDA: $30 million
Average LTM Net Income: $30 million (up 138% QoQ)
Average EV: $658 million
EV/LTM Revenue: 5.9x
EV/LTM EBITDA: 27.4x

Geographic Distribution

Asia: 16 IPOs, $1.7 billion in proceeds (80% of total tech IPOs)
- Greater China (China and Taiwan): 11 IPOs, $1.3 billion in proceeds
- South Korea: 3 IPOs, $260 million in proceeds
- Japan: 1 IPO, $115 million in proceeds
- India: 1 IPO, $115 million in proceeds
Europe: 2 IPOs, $2.9 billion in proceeds
- Switzerland: Landis+Gyr Group AG ($2.4 billion)
- Finland: Rovio Entertainment Oyj ($500.67 million)
Americas: 2 IPOs, $381.82 million in proceeds
- US: 1 IPO, Roku Inc ($252.25 million)
- Argentina: Despegar.com Corp ($381.82 million)

Key Observations

The center of gravity for tech IPOs shifted further to the East, with Asia accounting for 80% of all tech IPOs in Q3 2017.
The US had a very weak showing, with only one tech IPO, which was a cross-border offering from Argentina.
The Electronics subsector led in both IPO volume and proceeds, with nine offerings and $3.6 billion in total.
The Software subsector also performed well, with four IPOs and $718 million in proceeds.
Internet Software & Services declined in both volume and proceeds, but showed improvement in net income and EBITDA.
Semiconductors and Computers & Peripherals had fewer IPOs and lower proceeds.
Greater China continued to dominate, with 11 IPOs, while Hong Kong showed signs of improvement with new trading platforms.
The UK was absent due to ongoing challenges related to Brexit.

Outlook

The macro environment remains favorable for tech IPOs, with a robust pipeline and positive capital markets.
The US may see improved activity in Q4, with potential listings from stalled Unicorns.
Asia is expected to maintain its dominance, with a healthy pipeline and increased IPO activity.
Europe is showing signs of recovery, with a strong Q3 and positive outlook for the remainder of the year.
Cross-border offerings remain limited, with only one in Q3 2017.

Methodology

The review is based on data from S&P Capital IQ, with analysis by PwC.
Only IPOs with issue size greater than $40 million (including over-allotment) were included.
Proceeds are based on the trade date.
The Technology sector includes the following subsectors:
- Internet Software & Services
- IT Consulting & Services
- Professional Services
- Semiconductors
- Software
- Computers & Peripherals