2016全年及Q4全球科技行业IPO调查报告（英文版）_61页_1mb

Global Technology IPO Review - Full-Year and Q4 2016

Core Content Overview

2016 was the slowest year for global technology IPOs in the past decade, marked by a 42% decline in the number of IPOs and a 68% drop in total proceeds compared to 2015. This decline was driven by economic uncertainty, regulatory changes, and a lack of large-scale offerings. However, the year ended with a rebound in the second half, particularly in Q3, as the market showed signs of recovery.

Main Points

Full-Year 2016 Global Tech IPO Summary

• Global Tech IPO Activity: 2016 was the slowest year for global tech IPOs in the decade, with only 34 tech IPOs and total proceeds of US$3.7 billion.
• Regional Performance:
  • Europe (excluding the UK): The best-performing region, with 10 IPOs totaling US$3.7 billion, including the largest offering of the year, Nets A/S (US$2.4 billion).
  • China: 18 tech IPOs, but with relatively low total proceeds of US$1.4 billion.
  • United States: 16 tech IPOs with US$1.8 billion in proceeds, a sharp decline from 2015.
• Subsectors:
  • Internet Software & Services (IS&S) and Software were the main growth engines, with 32 IPOs and US$4.7 billion in proceeds.
  • The IT Consulting & Services subsector also had significant activity, with Nets A/S and Global Dominion Access SA among the top offerings.
• Average Proceeds: Dropped to a seven-year low, influenced by the lack of high-profile, large-scale IPOs.
• Unicorns: Only two unicorns completed their IPOs in 2016, both in Q3.

Q4 2016 Global Tech IPO Summary

• Q4 Activity: One of the slowest quarters on record, with 9 tech IPOs raising US$1.1 billion.
• Proceeds Decline: A 79% drop from Q3, which saw US$5.4 billion in proceeds.
• Top 5 Listings:
  • Trivago NV (Germany) - US$287.2 million on NASDAQ.
  • GDS Holdings Limited (China) - US$192.5 million on NASDAQ.
  • BlackLine Inc (US) - US$146.2 million on NASDAQ.
  • Coupa Software Incorporated (US) - US$133.2 million on NASDAQ.
  • Bravura Solutions Limited (Australia) - US$110.7 million on ASX.
• Geographic Trends:
  • The US led with 5 IPOs, with NASDAQ as the primary exchange.
  • China had 1 IPO, Germany and Sweden had 1 each.
  • The UK had no tech IPOs due to uncertainty surrounding Brexit.
• Subsector Trends:
  • Software dominated with 4 IPOs and US$433 million in proceeds.
  • Internet Software & Services had only 1 IPO (Trivago NV) and US$287.2 million in proceeds.
  • IT Consulting & Services and Semiconductors also had notable activity.
• Company Age:
  • 67% of the companies listed in Q4 were more than 10 years old.
  • BlackLine Inc was the oldest, founded in 2001.
  • Only Ichor Holdings Ltd was less than 5 years old.
• Financial Performance:
  • The average LTM earnings for Q4 tech IPOs was a net loss of US$20 million.
  • 22% of the companies reported net income, with THQ Nordic AB (Sweden) and Ichor Holdings Ltd (US) being the only profitable ones.
  • Larsen & Toubro Infotech Limited (India) had the highest LTM net income at US$147 million.
  • Nutanix Inc (US) and NantHealth LLC (US) had the highest net losses at US$169 million and US$91 million, respectively.

Key Financials and Trends

• Cross-Border Activity: Remained consistent, with 15% to 17% of tech IPOs being cross-border.
• Market Outlook: PwC analysts noted that the 2017 tech IPO market is expected to improve due to post-election market rally, US tax reform, and economic recovery.
• Regulatory Impact: In China, the CSRC's November 2016 decision to speed up IPO approvals is anticipated to lead to more tech IPOs in 2017.
• Valuation: Companies with proven track records were more likely to secure fair valuations, while those with limited earnings history faced poor market reception.

Summary of Key Data

Conclusion

Despite the overall decline in 2016, the tech IPO market showed signs of recovery in the second half of the year, especially in Europe. The US, while still sluggish, had some high-profile offerings, and China's regulatory environment began to show improvement. The Software and Internet Software & Services subsectors remained key drivers, while mature companies with a proven history were more successful in securing valuations. With the post-election rally and regulatory changes, the 2017 tech IPO market is expected to see a positive shift.