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Summary of EY Global IPO Trends Report - Q3 2020

Core Content

The EY Global IPO Trends Report for Q3 2020 provides an analysis of global IPO activity during the first nine months of 2020, highlighting the impact of the pandemic, economic contraction, and market liquidity on IPO performance and trends. It also includes insights on cross-border IPOs, SPACs, and sector-specific activity in the Americas, Asia-Pacific, and EMEIA regions.

Main Points

Global IPO Market Overview

• Q3 2020 was the most active third quarter in the last 20 years by proceeds and the second highest by deal numbers.
• Global IPO numbers rose by 14% and proceeds by 43% compared to 2019.
• Asia-Pacific saw the highest growth in both deal numbers (29%) and proceeds (88%), while EMEIA lagged behind with a 27% drop in deal numbers and 24% decrease in proceeds.
• Technology, health care, and industrials were the top sectors by both deal numbers and proceeds, accounting for 62% of IPOs and 67% of proceeds.

Regional Highlights

Americas

• Americas IPO activity exceeded 2019 levels, with 188 IPOs and $62.4b in proceeds.
• US exchanges accounted for 82% of deal numbers and 87% of proceeds.
• Technology was the most active sector by proceeds (50%), followed by health care (34%).
• Brazil saw a surge in IPO activity, with 18 IPOs in Q3 2020, compared to 0 in Q3 2019.
• SPACs gained popularity, accounting for 49% of US IPOs in Q3 2020 and 49% of proceeds, with 119 SPAC IPOs raising $44.0b.
• 22 cross-border IPOs were listed in the US in Q3 2020, with 36% from China.

Asia-Pacific

• Asia-Pacific had 554 IPOs with $85.3b in proceeds, up 29% and 88% from 2019.
• Shanghai led by deal numbers and proceeds, with 180 IPOs and $39.3b.
• Technology dominated the region, with 124 IPOs and $28.2b in proceeds.
• Semiconductor Manufacturing International Corp. raised $7.5b on the STAR Market, the largest IPO in the region.
• JD.com Inc. and Beijing-Shanghai High-Speed Railway Co., Ltd. were among the top IPOs in the region.
• Greater China saw a significant increase in IPO activity, with 152% and 139% growth in deal numbers and proceeds compared to Q3 2019.

EMEIA

• EMEIA had 130 IPOs with $17.6b in proceeds, lagging behind 2019 levels.
• The region faced challenges due to the pandemic, Brexit, and US-China tensions.
• Technology, health care, and industrials remained strong sectors, but health care had a smaller number of deals.

Key Information

• Liquidity played a crucial role in driving IPO activity, especially in the US and Asia-Pacific.
• SPACs became a popular alternative to traditional IPOs, with 119 SPAC IPOs raising $44.0b in the first three quarters of 2020.
• China continued to be a major source of cross-border IPOs, with 23 Chinese IPOs listed on US exchanges and 8 Chinese FPIs completing secondary listings in Hong Kong.
• Yum China Holdings, KE Holdings Inc., and Snowflake Inc. were among the largest IPOs in Q3 2020.
• Uncertainties such as the US-China trade tensions, Brexit, and the upcoming US presidential election are expected to influence the IPO market in the fourth quarter of 2020 and into 2021.

Outlook

• Q4 2020 is expected to bring volatility due to ongoing uncertainties.
• Technology will remain a top sector for IPO activity in the Americas and Asia-Pacific.
• Cross-border IPOs from China may slow down depending on the outcome of the US presidential election.
• SPACs will continue to be a viable option for companies seeking public market access.
• Resilient sectors such as health care and e-commerce are likely to succeed in IPO markets.

Implications for IPO Candidates

• Companies should be prepared for shorter transaction windows and narrower IPO windows.
• They should demonstrate resilience and adaptability to the current economic environment.
• Virtual investor meetings and pre-marketing are essential to gauge investor interest and reduce roadshow durations.
• IPO readiness assessments are important to ensure a smooth process.
• Companies should consider Plan B options such as direct listings or SPAC mergers.

Summary Table

Conclusion

The global IPO market in Q3 2020 showed a strong rebound, driven by liquidity and the resilience of certain sectors. The Americas and Asia-Pacific led in IPO activity, while EMEIA faced more challenges. SPACs and alternative listing methods gained popularity, and cross-border IPOs from China continued to be significant. Companies planning to go public must be prepared for uncertainties and consider multiple strategies to navigate the evolving market landscape.