全球科技行业IPO回顾2017年第一季度_50页_448kb

Global Technology IPO Review - Q1 2017 Summary

Core Content

Overview

Q1 2017 marked a significant rebound for the global technology IPO market after a challenging 2016. A total of 18 technology companies listed, raising $5.8 billion in proceeds, the highest in five consecutive quarters. This reflects a 234% sequential increase and a 655% year-on-year growth in total proceeds. The market was driven by two major Unicorns, Snap Inc and MuleSoft Inc, which raised $3.9 billion and $221 million respectively.

Key Highlights

• Snap Inc was the largest IPO since Alibaba in 2014, with $3.9 billion in proceeds.
• China showed strong growth, with 12 tech IPOs raising $1.2 billion, contributing significantly to the global market.
• Internet Software & Services was the leading subsector, accounting for $4.4 billion in proceeds.
• VC-backed IPOs dominated, with 10 of the 18 tech IPOs being VC-backed.
• The global market saw a surge in valuations, with EV/LTM revenue rising to 8x in Q1 2017 from 5.1x in Q4 2016.

Main Points

Global Tech IPO Performance

• Total IPOs: 18
• Total Proceeds: $5.8 billion
• Sequential Growth: 234% in proceeds, 80% in number of listings
• Year-on-Year Growth: 655% in proceeds, 65% in number of listings

Regional Breakdown

• China: 12 IPOs, $1.2 billion in proceeds, 67% of total listings
• United States: 4 IPOs, $4.5 billion in proceeds, led by Snap and MuleSoft
• Japan: 2 IPOs, $126 million in proceeds
• Europe and UK: No tech IPOs in Q1 2017 due to political uncertainty and market volatility

Subsector Analysis

• Internet Software & Services: 5 IPOs, $4.4 billion in proceeds, 380% sequential growth, 1,470% year-on-year growth
• Communications Equipment: 4 IPOs, $426 million in proceeds, 223% year-on-year growth
• Semiconductors: 3 IPOs, $345 million in proceeds, 176% year-on-year growth

Valuation Metrics

• EV/LTM Revenue: Increased to 8x in Q1 2017
• EV/LTM EBITDA: Increased to 33.1x in Q1 2017
• Average LTM Revenue: $356 million across all tech IPOs
• Average LTM EBITDA: -$92 million (negative)
• Average LTM Net Income: $25 million

Key Information

Snap Inc

• Proceeds: $3.9 billion
• Subsector: Internet Software & Services
• Exchange: NYSE
• Impact: Driven the overall growth in the tech IPO market

MuleSoft Inc

• Proceeds: $221 million
• Subsector: Internet Software & Services
• Exchange: NYSE

China's Tech IPO Market

• IPOs: 12
• Proceeds: $1.2 billion
• CSRC's Role: Facilitated faster approvals and increased listings
• Geographic Focus: All 12 IPOs were domestic, due to favorable valuations and cost considerations

US Tech IPO Market

• IPOs: 4
• Proceeds: $4.5 billion
• VC Backing: 3 of the 4 IPOs were VC-backed
• Market Outlook: Expected to continue growth with more Unicorns entering public markets

Japan's Tech IPO Market

• IPOs: 2
• Proceeds: $126 million
• Stable Sentiment: Low volatility and strong economic outlook

Europe's Tech IPO Market

• IPOs: 0
• Reasons for Downturn: Political uncertainty due to Brexit and elections, leading to a wait-and-watch approach
• Future Outlook: Expected to improve post-elections and with better understanding of Brexit's impact

Conclusion

The Q1 2017 global technology IPO market showed strong recovery, driven by the success of Snap and MuleSoft. China emerged as a key player with significant contributions, while the US and Japan also saw activity. Despite the positive momentum, headwinds such as political uncertainty in Europe and rising US interest rates could affect the market's trajectory in the second half of 2017.