2022-09-05-普华永道-2022年第二季度全球_IPO报告_13页_2mb

2022 Q2 Global IPO Market Overview

Key Findings:

• Market Performance: Global IPO issuance reached its lowest level in five years during Q2 2022, with total proceeds of $36.6bn, a 70% decline from Q2 2021 and only slightly above the $36.6bn seen in the same quarter a decade ago (2016). This stagnation reflects challenging conditions driven primarily by inflation and slowing global growth, alongside factors like the war in Ukraine and rising risk aversion.
• Drivers of Uncertainty: Market participants view inflation as the biggest risk to equities, and the potential for "stagflation" adds to the uncertainty. This environment led to an equity market sell-off, negatively impacting IPO sentiment and valuations throughout the quarter.
• US & European Markets: Both US and European IPO markets experienced very low activity. The US had only 8 traditional IPOs raising a meager $2.9bn. Europe saw €2.1bn raised, still significantly down, with most activity outside the main European exchanges (e.g., Italy's €0.5bn).
• Regional Activity: China and the Middle East were the sole regions with significant IPO activity, accounting for approximately 68% of the quarter's total proceeds ($36.5bn).
  • China: Highly active, particularly on STAR Market and ChiNext platforms. Q2 saw 72 IPOs raising $14.1bn (89% of total proceeds). Notable IPOs included Life Insurance Corp of India ($2.7bn) and Delhivery Ltd ($0.7bn).
  • Middle East (incl. UAE): Privatization drives and specific deals boosted activity. Borouge Plc raised $2.0bn, DEWA raised $6.1bn, and the main exchanges raised $8.6bn. SPACs remained popular despite overall market weakness.
• US SPAC Market: Suffered another quarter of declines. Q2 saw only $2.2bn raised from 17 SPAC IPOs, the lowest quarter since their popularity surged in early 2020. Challenges include expiring trust warrants and redemptions, proposed new regulations, and waning merger interest.
• Recovery Outlook: IPO markets will likely take time to recover. The pipeline is expected to remain stressed, with many companies postponing plans until volatility decreases and the valuation gap between buyers and sellers narrows.
• Volatility Correlation: Elevated volatility levels throughout Q2 2022 inversely correlated with both volume and value raised in IPOs and follow-ons.

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# Regional Highlights (Q2 2022)

*   **Americas:** Q2 was exceptionally quiet (42 deals, $4.7bn). SPACs accounted for half the offers by number.
*   **EMEA (Europe, Middle East, Africa):** Proceeds were comparable to previous Q2s despite a 59% quarter-over-quarter drop ($17bn). UAE drove significant activity (72% of EMEA proceeds), making it the region's standout performer.
*   **Asia-Pacific:** Activity was down q/q (27%/$18bn) but generally robust compared to preceding quarters, led overwhelmingly by China and India. Hong Kong SAR softness continued.

# Market Sentiment & Outlook

*   Sellers and buyers significantly narrowed the valuation gap, suggesting Q2 market prices may represent a 'floor' upon which deals can be agreed. However, IPO investors remain cautious due to market volatility and its drag on pipeline opportunities.
*   Key gatekeepers (boards, cornerstone investors) helped limit the disruption caused by challenging market conditions.
*   Macroeconomic headwinds and the sell-off in equities are viewed as the core underlying reasons for the subdued IPO market.
*   Buying interest in certain sectors like renewable energy has naturally increased, driving deals where market conditions align.