普华永道-全球科技行业IPO回顾：2017年第四季度及全年（英文）-2018-64页

2017 Global Technology IPO Summary

Core Content

The global technology IPO market rebounded in 2017 after a weak 2016, with a total of 100 listings raising $25.1 billion. This marked a significant increase in both volume and proceeds, with the year-on-year growth reaching 85% in volume and 168% in proceeds. Despite the overall recovery, the market still showed signs of underperformance compared to previous years, especially due to the absence of major unicorn IPOs and lukewarm after-market performance.

Main Points

• Market Recovery: The global tech IPO market saw a strong recovery in 2017, driven by a stable economy, strong capital markets, and reduced market volatility.
• Asian Dominance: Asia continued to dominate the global tech IPO market, contributing 65% of the total listings and $11.4 billion in proceeds. China led the region with 51 listings, up 168% from 2016, though the total proceeds were lower than those in the US.
• US Performance: The US tech IPO market raised $8.1 billion from 24 listings, showing a 351% increase in proceeds and a 50% increase in listings compared to 2016. However, it lagged behind China in the number of listings.
• UK Market: The UK had two tech IPOs in 2017, a positive sign after no listings in 2016. However, the market remained subdued due to ongoing Brexit uncertainty.
• Europe: Excluding the UK, Europe saw its best year in terms of proceeds with $4.3 billion, including the largest IPO in the region, Landis+Gyr Group AG with $2.4 billion.
• Subsectors: Internet Software & Services remained the top-performing subsector, raising $13.7 billion from 27 IPOs. Electronics and Semiconductors also had strong performances, with notable growth in the last six years.
• Cross-border Listings: Cross-border activity declined, with only 12% of IPOs being cross-border. More companies opted to list in their home markets, especially in China, which saw a decrease in the number of companies listing in the US.

Key Information

Global Trends

• Total Listings: 100
• Total Proceeds: $25.1 billion
• Year-over-year Proceeds Growth: 168%
• Year-over-year Listings Growth: 85%

Asian Market

• Total Listings: 65
• Total Proceeds: $11.4 billion
• China Listings: 51 (up 168% from 2016)
• China Proceeds: $7 billion (up 73% from 2015, 241% from 2016)
• Top IPOs in Asia: Netmarble Games Corporation ($2.355 billion), Delivery Hero AG ($989 million), and Landis+Gyr Group AG ($2.4 billion)

US Market

• Total Listings: 24
• Total Proceeds: $8.1 billion
• Top IPOs in the US: Snap Inc. ($3.91 billion), MuleSoft Inc. ($221 million), and Cloudera Inc. ($258.8 million)

UK Market

• Total Listings: 2
• Total Proceeds: $1.2 billion
• Notable IPOs: Alfa Financial Software Holdings PLC and Sumo Digital Ltd.
• FCA Rules: New rules for UK IPOs were introduced, effective from July 1, 2018.

Europe (excluding UK)

• Total Proceeds: $4.3 billion
• Top IPO: Landis+Gyr Group AG ($2.4 billion)

Subsector Performance

• Internet Software & Services: 27 IPOs, $13.7 billion in proceeds
• Electronics: 15 IPOs, $4.3 billion in proceeds
• Semiconductors: 10 IPOs, $2.3 billion in proceeds

Key Financials

• Top 10 Listings by Proceeds: Snap Inc., Netmarble Games Corporation, Landis+Gyr Group AG, China Literature Limited, Qudian Inc., Sea Limited, Sogou Inc., MongoDB Inc., SendGrid Inc., and Razer Inc.
• Average Proceeds: $251 million per listing
• Stock Exchange Distribution: US exchanges led in proceeds with $10.6 billion, while Asian exchanges had the most listings.

Summary

The global technology IPO market showed a strong recovery in 2017, with increased volume and proceeds. Asia, particularly China, remained the dominant region, although the US still raised more in total. The UK and Europe saw modest improvements, with the UK showing a slight increase in listings and Europe achieving its best year in proceeds. The Internet Software & Services subsector led in both volume and proceeds, while Electronics and Semiconductors emerged as new stars. Cross-border IPOs declined, with more companies choosing to list in their home markets. The market outlook for 2018 remains positive, driven by strong economic indicators and favorable capital market conditions.