全球科技行业IPO回顾：2017年第三季度_45页_1mb

Q3 2017 Global Technology IPO Review Summary

Core Content

In Q3 2017, the global technology IPO market experienced a slowdown in both volume and proceeds compared to the previous quarter, with 20 tech IPOs raising a total of US$5.2 billion—a 31% drop in volume and 15% decline in proceeds. However, the year-over-year comparison showed only a 3% decrease in proceeds, indicating a relatively stable market. The overall strength of capital markets suggested a stronger performance, but the poor aftermarket performance of several Unicorns from earlier in the year dampened investor confidence and reduced risk-taking.

Despite the decline, activity increased in the last month of the quarter, with 13 of the 20 tech IPOs listing in September, setting a positive tone for the fourth quarter.

Key Highlights

• Asia dominated the tech IPO market, accounting for 80% of all tech IPOs (16 listings), with Greater China (China and Taiwan) leading the region with 11 IPOs raising US$1.3 billion.
• Europe had the two largest tech IPOs of the quarter, raising US$2.9 billion, though the UK remained absent due to Brexit-related challenges.
• The US saw only one tech IPO, raising US$252 million, marking a 83% drop in listings and 67% decline in proceeds compared to the previous quarter. This was the only Unicorn IPO in the quarter, from Argentina's Despegar.com, which listed on the NYSE.
• The global tech IPO market had its best nine-month performance since 2014, with 67 tech IPOs raising US$17.1 billion. This growth was driven by three billion-dollar-plus IPOs (Snap Inc, Landis+Gyr Group, and Netmarble).

Subsector Performance

• Electronics was the top-performing subsector in Q3 2017, with 9 IPOs and US$3.6 billion in proceeds.
• Software ranked second, with 4 IPOs and US$718 million in proceeds.
• Internet Software & Services ranked third, with 3 IPOs and US$616 million in proceeds, but saw a 67% drop in listings and 59% decline in average proceeds compared to the previous quarter.

Geographic Distribution

• Asia (including Greater China, South Korea, Japan, and India) accounted for 16 IPOs and US$1.7 billion in proceeds.
• Europe had 2 IPOs with US$2.9 billion in proceeds, led by Landis+Gyr Group AG (Switzerland) and Rovio Entertainment (Finland).
• The Americas saw two IPOs: one in the US and one in Argentina.
• China had the most IPOs in the quarter (11), with 10 listed on SZSE and 1 on SHSE.
• Hong Kong also showed increased activity with 3 IPOs raising US$260 million.

Key Financial Metrics

• Total IPOs: 20 (down 31% from Q2 2017)
• Total Proceeds: US$5.2 billion (down 15% from Q2 2017)
• Average Proceeds: US$261 million (up 24% from Q2 2017)
• Net Income: 90% of companies reported net income (up from 72% in Q2)
• Average LTM Net Income: US$22 million (up 263% from Q2)
• Average LTM Revenue: US$385 million (up 72% from Q2)
• Average LTM EBITDA: US$74 million (up 697% year-on-year)
• Average Enterprise Value (EV): US$1,027 million for Software, US$558 million for Internet Software & Services, and US$1,655 million for Electronics.

Conclusion

The Q3 2017 tech IPO market showed signs of recovery, with improved activity in the final month and a positive outlook for Q4. While the US and Europe faced challenges, Asia remained the primary driver, reinforcing the notion that the center of gravity for tech IPOs is shifting eastward. The Electronic subsector led in both proceeds and valuation metrics, and Greater China continued to dominate the market. The global tech IPO pipeline remains strong, suggesting a robust finish to the year.