全球科技行业IPO回顾：2017年第二季度_46页_1mb

Global Technology IPO Review - Q2 2017 Summary

Core Content

The Q2 2017 Global Technology IPO Review highlights a significant increase in technology IPO activity, marking the best quarter for tech IPOs in two years. A total of 28 technology companies went public, raising $5.1 billion in proceeds. This includes four Unicorns, doubling the number from Q1. The market was driven by improved economic fundamentals, equity market rallies, and a backlog of tech companies ready to go public.

Main Points

• IPO Volume and Proceeds:

  • 28 technology IPOs in Q2 2017, up 56% from Q1 and 100% year-over-year.
  • Total proceeds reached $5.1 billion, a 246% increase compared to Q2 2016.
  • Proceeds declined 12% from Q1 2017 due to smaller offerings, although the overall volume improved.

• Geographic Distribution:

  • China led with 16 IPOs, raising $1.2 billion, accounting for 57% of the total IPOs.
  • South Korea had two IPOs, raising $2.405 billion, including the largest IPO of the quarter, Netmarble Games Corp.
  • US had six IPOs with $764 million in proceeds, a 50% improvement from Q1.
  • UK had one IPO, raising $324 million, ending a five-quarter drought.
  • Belgium, Canada, and Israel each had one IPO.

• Subsector Highlights:

  • Internet Software & Services and Semiconductors were the top two subsectors in terms of number of IPOs, each with eight listings.
  • Internet Software & Services raised $3.5 billion, the highest among all subsectors.
  • Semiconductors had a notable increase in IPO activity, with 8 listings, the most since Q4 2010.
  • Software subsector had four IPOs, making it the third top subsector.

• Unicorn IPOs:

  • Four Unicorns completed their IPOs in Q2: Netmarble (South Korea), China Rapid Finance (China), Okta (US), and Cloudera (US).
  • Netmarble and Okta were priced above their pre-IPO valuations, while the other two were priced below.

• Valuation Metrics:

  • The average EV/LTM revenue multiple for the quarter was 5.7x, down from 8.0x in Q1.
  • The EV/LTM EBITDA multiple was 162.0x, lower than Q1’s 222.1x.
  • Internet Software & Services had the highest average LTM revenue at $303 million, but also the highest average LTM net loss at $63 million.
  • Semiconductors had the second highest average LTM revenue at $270 million and the lowest EV/LTM revenue multiple at 2.9x.

Key Information

• China was the dominant player in the tech IPO market, with 16 IPOs and $1.2 billion in proceeds, attributed to the CSRC's faster approval process.
• South Korea had a strong quarter with two IPOs, led by Netmarble Games Corp.
• UK ended its IPO drought with one listing, but Brexit uncertainty remains a challenge.
• US saw a decline in average proceeds compared to historical levels, though the volume improved.
• Internet Software & Services and Semiconductors were the top subsectors in terms of number of IPOs, with the former leading in total proceeds.
• Valuation Concerns: The market saw a shift from high private valuations to more reasonable public valuations, particularly affecting start-ups.
• Future Outlook: The second half of 2017 is expected to continue the positive momentum, but political developments and market volatility could impact investor sentiment.

Summary of Trends

• Asia dominated the IPO market, with 19 tech IPOs raising $3.7 billion.
• China was the key driver of the Asian market, with 16 IPOs and $1.2 billion in proceeds.
• US and Europe faced challenges, with the US showing lower average proceeds and the UK still affected by Brexit.
• Semiconductors saw a significant increase in IPO activity, driven by Chinese companies.
• Internet Software & Services had a mixed performance, with high revenue but significant net losses.

Factors to Watch

• Chinese Regulatory Developments: Possible slowdown in IPO approvals could affect the pace of listings.
• US Budget, Debt Ceiling, and Tax Reform: These could influence investor sentiment and market volatility.
• Global Economic Progress: Continuity without inflationary pressures is crucial for maintaining IPO momentum.
• Valuation Gaps: Discrepancies between private and public valuations may affect Unicorn listings in the second half.