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1、Global IPO Watch 2022A PwC Global IPO Centre publicationStuart NewmanPwC Global IPO Centre LeaderPwC United KingdomNadja PicardPwC Europe Capital Markets LeaderPwC Germany PwC|Global IPO Watch 20222022 in review2A turbulent 2022 defined by inflation,central banks policies and politics Global equitie
2、s struggled in 2022 as markets had to cope with high inflation,tightening of global monetary policies,lockdowns in Mainland China,the war in Ukraine and an energy crisis in Europe-all leading to global recession fears.Despite a brief rally in the second half of the year,major global indices recorded
3、 double digit losses for 2022,including the S&P 500(down 19%),the Stoxx 600(down 13%),and the Shanghai index(down 15%).The only exception was the energy and commodity heavy FTSE 100 index that closed up 1%for the year.From a global sector perspective,only the energy sector index delivered positive 2
4、022 performance being up 41%for the year.Volatility remained elevated throughout the year halting equity issuance activity,including IPOs,outside of Mainland China.This document includes data derived from data provided under Licence by Dealogic.Dealogic retains and reserves all rights in such Licenc
5、ed data.The worst global IPO market since 2016 with Mainland China and the Middle East the only bright spots 2022 global IPO proceeds were down more than 70%compared to 2021.This was largely driven by a significant drop in US IPO activity,with IPO proceeds falling more than 90%compared to last year
6、together with European and UK IPO markets remaining largely closed.The exception being the landmark Porsche IPO in Germany,representing around two thirds of the 2022 IPO proceeds in Europe.2022 saw a rise of the local IPO market issuance with Mainland China taking the number 1 spot,representing 39%o
7、f global IPO issuance and the Middle East remaining a bright spot for EMEA as the region delivers on its privatisation strategy.Despite a challenging market backdrop,sizable Mainland China activity was driven by STAR Market and ChiNext,exchanges focused on attracting home-grown science and technolog
8、y companies,and a wave of home market listings of Chinese mega companies formerly listed on overseas exchanges,such as China Mobile Ltd and CNOOC Ltd that delisted from the US and sought primary listings on the Shanghai Stock Exchange.The heightened volatility(VIX average of 26 for the year versus a
9、n average of 20 in 2021)and the decline in indices showed a clear correlation with the decline in IPO and FO issuance in the US and Europe.IPO and FO proceeds 2018-2022($bn)Source:Capital IQ as of 31 December 2022.PwC|Global IPO Watch 2022Outlook for 20233This document includes data derived from dat
10、a provided under Licence by Dealogic.Dealogic retains and reserves all rights in such Licenced data.Inflation,interest rates and potential recession will drive markets in 2023 As we enter 2023,market sentiment is dominated by concerns over inflation,the medicine to control it-the extent and longevit
11、y of interest rate actions from central banks,and recessions-how severe and for how long.The optimistic scenario is for evidence of inflation abating,allowing central banks to moderate interest rates and for recessions to be shallow and short lived;market sentiment and an opening of any IPO window i
12、n western markets will depend on such a scenario starting to be supported by data or bank action.Clearly a materially more pessimistic scenario will make a material IPO window opening much more challenging.When will IPOs and follow-on equity issuance return?Market participants,including a backlog of
13、 suitable IPO candidates,in the US and Europe are now focused on a potential H2 2023 recovery of the IPO markets,and whilst some issuers may attempt to tap the market earlier in H1,issuers are dedicating their resources early to prepare for“being public”.This mindset is the key ingredient to a succe
14、ssful IPO as the markets re-evaluate fundamentals.Global follow-on issuance,which was also at reduced levels last year,will start to return when market uncertainty and volatility improves and discounts narrow.Opportunistic equity issuance could be expected once the macro backdrop stabilises.With the
15、 higher cost of debt,convertible and structured equity issuance is expected to gain further momentum.A flight to quality in IPOs as equity markets continue to be impacted by macro headlines and geopolitics Whilst market uncertainty and recession concerns weigh on investors minds,any appetite for IPO
16、s will be driven by companies with a proven track record of growth and profitability,supported by a clear ESG story,strong balance sheet,stable cash flows and the potential to generate surplus cash for investment/return to shareholders.Companies that are likely to be positively placed for IPO succes
17、s in 2023 will be those that can demonstrate profitability or at least a clear path to profitability.This backdrop will also present challenges for the Unicorns and we expect winners emerge with robust business models.Privately held company valuations will also need some adjustment to align with pub
18、lic market valuations to reflect the focus on fundamentals.Sectors such as defensives,pharma and companies with a clear link to the environmental agenda,such as renewables and“clean tech”,are also likely to be at the front of the queue for IPOs in the US and Europe when volatility stabilities and in
19、vestor confidence returns.2022,the end of the SPAC boom?SPAC IPO activity reverted back to pre 2020 levels in 2022;147 SPACs raised$17bn globally,a significant reduction from the peak of 2021 where 676 SPACs raised$172bn.In the US there were 182 de-SPAC announcements in 2022,of which 101 completed.W
20、ith a typical investment period of 24 months,the boom in SPAC IPOs seen in 2020 and 2021 has resulted in more than$75bn of funds held in US SPACs with an investment date expiring in 2023(excluding extension periods).New SPAC issuance is likely to continue to dwindle downwards with a many existing SP
21、ACs facing an uphill battle to close mergers before their maturity.As the traditional IPO market slowly re-opens,issuers may continue to explore other routes to market including de-SPACs,however,it is likely that a number of SPACs will be unable to identify suitable targets to complete a transaction
22、.Even if a suitable target can be found,the challenging deal conditions(high volume of redemptions and challenging PIPE and debt markets)as well as increased regulatory scrutiny from the SEC,present significant hurdles to deal completion.SPACs remain a niche solution in the right circumstances,for e
23、xample spin-offs or a sufficiently developed growth businesses with a cash injection requirement.We expect a large proportion of SPACs will however have to return funds to shareholders without a deal.SPAC IPO proceeds by region($bn)PwC|Global IPO Watch 2022IPOs-2022 highlights(1 of 2)42022 global IP
24、O proceeds(traditional IPOs and SPACs)were the lowest since 2016 with 1,154 deals raising$173bn,largely attributable to the resilience of the IPO market in Mainland China.Proceeds were 20%higher than 2016 when the global economy faced declining GDP growth and other macroeconomic and geopolitical eve
25、nts,including the the UKs vote to leave the EU,the US presidential election results and Chinese market crash.Asia-Pacific IPO proceeds exceeded the Americas for the first time since 2018;802 IPOs raised$108bn,accounting for over half of global proceeds.IPO activity in the Americas declined significa
26、ntly in 2022 falling by$324bn(93%)and$167bn(87%)from 2021 and 2020 levels respectively.2022 IPO proceeds in the region were even lower than 2016.Whilst EMEA accounted for 23%of global IPO proceeds in 2022,the majority of issuance was from the Middle East which,similar to Asia,bucked the wider global
27、 trend of subdued IPO activity.IPO proceeds by region($bn)Mainland China contributed to 39%($68bn)of 2022 global proceeds,overtaking the US to take first position in terms of IPO proceeds for the first time since 2010.The US accounted for just 13%($24bn)for global IPO proceeds,compared to 53%($323bn
28、)in 2021.US IPO proceeds were the lowest since 2008 and saw the lowest number of IPOs since 2016.The Middle East experienced a boom in IPOs in 2022,with the UAE and Saudi Arabia ranking 3rd and 6th respectively in terms of global IPO proceeds.South Korea and Germany secured their positions in the to
29、p five territories driven by sizable IPOs,including battery maker,LG Energy Solution($11bn-South Korea)and the demerger of Porsche AG($9bn-Germany).Looking ahead to 2023 and beyond,we expect to see further IPO activity in sectors aligned with the energy transition agenda and more corporate demergers
30、/spin-offs as corporates seek to realise value and refocus on strategic evolution of their businesses.With the exception of the Porsche AG IPO there was muted IPO activity across other European exchanges resulting in a noticeable absence of European representation in the global IPO league tables.IPO
31、s by territory(%of global proceeds)PwC|Global IPO Watch 2022IPOs-2022 highlights(2 of 2)5The Computers&Electronics sector accounted for 23%($40bn)of global proceeds in 2022,with the majority(73%)of IPOs in this sector taking place in Mainland China.The sector remained in first place and with a simil
32、ar proportion of global IPO proceeds as 2020(23%)and 2021(25%)reflecting the volume of IPOs on the STAR Market and ChiNext which more than offset the declining sentiment towards tech and growth stocks in developed markets of the US and Europe.Auto/Truck was the second largest sector in 2022 in terms
33、 of global IPO proceeds representing 13%($23bn)of all proceeds,driven by the aforementioned LG Energy Solution and Porsche AG IPOs.The Finance sector also accounted for 13%of global proceeds,albeit the majority being attributable to SPAC IPOs($17bn/77%).Other notable sectors include Healthcare($15bn
34、)and Utility&Energy($11bn):Healthcare-$10bn from 45 IPOs in Mainland China.Utility&Energy-$7bn from 2 IPOs in the UAE.IPOs by sector(%of global proceeds)Performance of Top 10 Global IPOsSource:Dealogic,Capital IQ as of 31 December 2022.With the exception of Life Insurance Corp of India and Corebridg
35、e Financial Inc,the Top 10 largest IPOs of 2022 performed better than the MSCI Index post IPO.Jinko Solar Co Ltd,a solar module manufacturer based in Mainland China,raised$16bn in January 2022.Since listing,the share price has increased by nearly 200%.The proportion of IPOs outperforming the MSCI Wo
36、rld Index following the IPO date are as follows:Asia-Pacific-56%Americas-55%EMEA-47%PwC|Global IPO Watch 2022FOs-2022 highlights62022 FO proceeds were lower than the previous ten years with a significant reduction in issuance across all regions.Global FO proceeds for the full year 2022 were on par w
37、ith 2021 IPO proceeds in the Americas alone,illustrating the challenges facing all capital raising activity in 2022 as monetary policy tightened and valuations came under pressure.It is also worth noting the significant capital raised during 2020 and 2021 following the emergence of COVID-19 as compa
38、nies sort to shore up their balance sheets.The US and Mainland China accounted for half of global FO proceeds:600 US FOs raised$98bn258 Mainland China FOs raised$79bnOutside of the US and Mainland China,notable FO issuance was seen in Australia and the UK.FO issuance was most prevalent in the Financ
39、e($58bn),Computers&Electronics($44bn)and Healthcare sectors($41bn).FOs by territory(%of global proceeds)FOs by sector(%of global proceeds)FO proceeds by region($bn)PwC|Global IPO Watch 2022US IPO market virtually closedThe US IPO market was virtually closed in 2022 due to higher volatility and falli
40、ng valuation multiples,especially in the high-growth,high-multiple tech sector.Those factors made it less attractive for prospective companies to price.There were only 93 traditional US IPOs in 2022,of which only 19 raised$100m.These were led by the pharma-life sciences,tech and financial services s
41、ectors.Excluding one outlier with a very large return,traditional IPO returns were basically flat in 2022.However growth prospects helped drive IPO returns to outperform the S&P loss of 19%.Regulatory developmentsIn a recent development,the SEC approved proposals from the Nasdaq and the NYSE to amen
42、d several rules around direct listings,including the elimination of the price range restrictions.The changes also include adding a requirement for issuers to have an underwriter on the transaction,which is likely to provide another effective avenue for companies looking to provide liquidity to inves
43、tors.OutlookThe health of the 2023 market for IPOs and direct listings in the US will be largely dependent on the Feds ability to reduce inflation.Even in the event of a mild recession,we are optimistic that the IPO market will be receptive to high-quality,profitable companies likely backed by prove
44、n financial sponsors such as venture capital and private equity.A flight to quality will likely continue in 2023.IPO investors are placing a heavy emphasis on financial fundamentals and intrinsic valuation,as opposed to market valuations emphasizing high-growth stories.There is a heightened focus on
45、 return via margins,operating leverage and cash flow.Companies that are likely to be positively placed for IPO success in 2023 will be those that can demonstrate profitability or at least a clear path to profitability.2022 overviewAmericas7The IPO market was virtually closed in 2022 due to higher vo
46、latility and falling valuation multiples,especially in the high-growth,high-multiple tech sector.Those factors resulted in 2022 being the quietest IPO market in over a decade.As we get more certainty on inflation and the Feds response to inflation via interest rate hikes,we expect the market to like
47、ly open the second half of 2023 for high-quality,profitable companies and companies with a path to profitability,with the wild card for the market being a potential recession versus a soft landing.Michael Bellin-David Ethridge IPO Services Co-LeadersPwC USPwC|Global IPO Watch 2022Overview of IPO act
48、ivity in the Americas810 year overview-IPO proceeds and number of dealsIPOs by sector IPOs by territoryTop 10 IPOs(by value)-Post IPO performance versus MSCI World IndexSource:Dealogic,Capital IQ as of 31 December 2022.Finance includes 89 SPAC IPOs with$14bn raised,prominently in the US.*SPAC IPO*SP
49、AC IPO with de-SPAC transaction announcedPwC|Global IPO Watch 2022Overview of FO activity in the Americas910 year overview-FO proceeds and number of dealsFOs by sectorFOs by territoryTop 10 largest FOs 2022PwC|Global IPO Watch 20222022 overviewEMEA10European IPO activity down almost 80%compared to 2
50、021,with significant IPO backlog waiting for the IPO window to reopen The IPO market in Europe and the UK remained largely closed throughout the year with the exception of the landmark Porsche IPO in Germany,representing about two thirds of the total European IPO proceeds in 2022.However,as the trad
51、itional IPO market was not accessible,companies explored other routes to market including de-SPACs,spin-offs and demergers.Some of the notable de-SPAC transactions that completed last year included the$4.3bn equity value business combination of FL Entertainment,online sports betting platform,with Pe
52、gasus Entrepreneurs SPAC and its listing on the Euronext Amsterdam(the largest-ever European de-SPAC transaction),the$1.2bn business combination of Azerion,digital entertainment and media platform,with European FinTech SPAC and its listing on the Euronext Amsterdam,and$1.2bn business combination of
53、Deezer,streaming platform,with I2PO SPAC and its listing on the Euronext Paris.Middle East IPO boom set to run on into 2023 and beyond2022 built on the foundation that the Middle East region has been steadily establishing over the last few years.Much of the activity observed now is a manifestation o
54、f the various regional government initiatives such as Saudi Arabias Vision 2030 and UAEs Vision,which led to a number of privatisation of government assets and IPOs of state-owned entities,such as the$6bn IPO of Dubai Electricity and Water Authority(“DEWA”)in April 2022 that was 37 times oversubscri
55、bed and the$1bn IPO of Saudi Aramco Base Oil Company,Luberef,in December 2022.IPOs are better understood in the region now,together with a more developed regulatory environment,increasingly established market practices and experienced community of advisors.In addition to the listing of state-sponsor
56、ed assets,the region is also seeing an increase in the number of IPOs of private companies such as Jeddah based Nahdi medical group and Abu Dhabi based Burjeel hospital group raising$1bn and$0.3bn respectively.Large international events such as the Expo 2020 in the UAE and the FIFA World Cup in Qata
57、r,along with some mega IPOs such as Saudi Aramcos$29bn IPO in 2019,have increased investors awareness of the Middle East regions potential.The sheer volume of transactions has also led to growing liquidity in the region,most notably in Saudi Arabia and the UAE.In December,we witnessed the first ever
58、 dual listing across Saudi Arabias Tadawul and UAEs ADX by Americana Restaurants International that resulted in$2bn of proceeds.I expect the Middle East IPO momentum to continue into 2023 although geopolitical instability in other corners of the world may bring some uncertainty.Muhammad HassanCapita
59、l Markets LeaderPwC Middle EastPwC|Global IPO Watch 2022Overview of IPO activity in EMEA1110 year overview-IPO proceeds and number of dealsIPOs by sector IPOs by territoryTop 10 IPOs(by value)-Post IPO performance versus MSCI World IndexSource:Dealogic,Capital IQ as of 31 December 2022.PwC|Global IP
60、O Watch 2022Overview of FO activity in EMEA1210 year overview-FO proceeds and number of dealsFOs by sectorFOs by territoryTop 10 largest FOs 2022PwC|Global IPO Watch 2022Record year for Mainland China exchangesIPOs on the Shanghai and Shenzhen exchanges raised$38bn and$30bn respectively in 2022,toge
61、ther representing the best year in terms of IPO proceeds in the last 10 years.Mainland Chinas STAR Market and ChiNext,exchanges focused on attracting home-grown science and technology companies have continued to see growth into 2022 representing half of all Mainland China IPO proceeds from 116 IPOs.
62、Significant return listings in 2022 but developments with US regulators may stem the flow in the near termIn 2022,China Mobile Ltd(pricing date:21 Dec 2021)and CNOOC Ltd delisted from the NYSE and sought primary listings on the Shanghai Stock Exchange as uncertainties around the potential mandatory
63、delisting of US listed Chinese firms remained in the wake of access limitations to records of public accounting firms based in Mainland China and Hong Kong.In December 2022,the PCAOB announced it had secured complete access to inspect and investigate public accounting firms headquartered in Mainland
64、 China and Hong Kong,an early positive step which temporarily removes the risk of forced delisting of Chinese companies from US stock markets.Resilience across the Asia-Pacific regionOutside of Mainland China,other territories in the Asia-Pacific region accounted for 23%of global IPO proceeds includ
65、ing;South Korea($13.4bn),Hong Kong SAR($8.5bn),India($7.8bn)and Thailand($3.4bn).The region proved somewhat resilient to geopolitical and macroeconomic developments impacting the US and Europe.132022 overviewAsia-PacificMainland China exchanges lead in the 2022 global IPO activity league table accou
66、nting for 39%of global IPO proceeds.Transactions included sizable IPOs of domestic new economy companies and home market listings of Chinese mega companies formerly listed on overseas exchanges.Market activity was propelled by the effects of major structural market oriented initiatives to reform lis
67、ting approval and the regulatory framework.We expect the growth and significance of the Mainland China capital market will continue as the pace of economic growth will resume as the resumption of business activities and lifting of border restrictions will boost domestic consumption and new investmen
68、ts in growth industries in 2023.Brian ChoiCapital Markets and Accounting Advisory Services LeaderPwC ChinaPwC|Global IPO Watch 2022Overview of IPO activity in Asia-Pacific1410 year overview-IPO proceeds and number of dealsIPOs by sector IPOs by territoryTop 10 IPOs(by value)-Post IPO performance ver
69、sus MSCI World IndexSource:Dealogic,Capital IQ as of 31 December 2022.PwC|Global IPO Watch 2022Overview of FO activity in Asia-Pacific1510 year overview-FO proceeds and number of dealsFOs by sectorFOs by territoryTop 10 largest FOs 2022PwC|Global IPO Watch 2022The Global IPO Watch publication analys
70、es IPO and FO trends on a quarterly basis,both at a global and regional level.This document includes data derived from data provided under Licence by Dealogic.Dealogic retains and reserves all rights in such Licenced data.Unless otherwise stated,all data has been derived from Dealogic on 4 January 2
71、023 supplemented with PwC analysis.Only transactions with a minimum of$5 million money raised have been included.Transaction proceeds include the over allotment option(if exercised).The data excludes PIPOs and transactions on Over-The-Counter exchanges.If a company has an existing listing and either
72、;undertakes a secondary listing or changes its primary listing to another exchange,this is classified as a FO.In case IPOs or FOs take place on two or more exchanges,the full amount of money raised is attributed to all exchanges.The same applies to countries and regions.This does not apply to two ex
73、changes within the same country.Country indicates the companys country of domicile.Industry classification is based on Dealogic classifications.Index performance is based on pricing data extracted from Capital IQ(S&P Global Market Intelligence,LLC).Basis of preparation16PwC|Global IPO Watch 2022Cont
74、acts17Stuart NewmanPwC Global IPO Centre Leader PwC UKDavid EthridgeIPO Services Co-Leader-PwC USMichael WissonPartner,Capital Markets PwC UKMichael BellinIPO Services Co-Leader-PwC USNadja PicardPwC Europe Capital Markets Leader PwC GBrian ChoiCapital Markets and Accounting Advisory Services Leader
75、 -PwC CStephan WyrobischPartner,Capital Markets PwC G Shen JieA-Share Capital Market Leader,Capital Market Services -PwC C Muhammad HassanCapital Markets Leader-PwC Middle E Edmond ChanHong Kong Capital Market Leader,Capital Market Services -PwC Hong K PwC|Global IPO Watch 202218Appendix Top 10 tran
76、sactions by regionPwC|Global IPO Watch 2022Top 10 IPOs and FOs 2022-Global19IPOsSource:Capital IQ as of 31 December 2022.Pricing dateIssuer nameIssuer CountrySectorExchangeMoney raisedAftermarket performance1-day1-monthCurrent14-Jan-22LG Energy Solution LtdSouth KoreaAuto/TruckKorea Exchange-KOSPI$1
77、0.7bn68%40%47%28-Sep-22Dr Ing hcF Porsche AGGermanyAuto/TruckFrankfurt Stock Exchange-Prime$8.7bn0%21%14%6-Apr-22DEWAUnited Arab EmiratesUtility&EnergyDubai Financial Market$6.1bn16%10%-7%12-May-22Life Insurance Corp of IndiaIndiaInsuranceBombay Stock Exchange-BSENational Stock Exchange of India$2.7
78、bn-8%-29%-23%31-May-22Borouge plcUnited Arab EmiratesChemicalsAbu Dhabi Securities Exchange$2.0bn22%20%7%24-Nov-22Americana Restaurants International PLCUnited Arab EmiratesDining&LodgingAbu Dhabi Securities ExchangeSaudi Stock Exchange$1.8bn8%11%14%14-Sep-22Corebridge Financial IncUnited StatesInsu
79、ranceNew York Stock Exchange-NYSE$1.7bn-1%-5%-4%9-Aug-22Shanghai United Imaging Healthcare Co LtdChinaHealthcareSci-Tech Innovation Board(STAR Market)$1.6bn65%52%64%2-Aug-22Hygon Information Technology Co LtdChinaComputers&ElectronicsSci-Tech Innovation Board(STAR Market)$1.6bn67%55%17%14-Jan-22Jink
80、o Solar Co LtdChinaComputers&ElectronicsSci-Tech Innovation Board(STAR Market)$1.6bn111%132%198%Pricing dateIssuer nameIssuer countrySectorExchangeMoney raised10-Jun-22Centrais Eletricas Brasileiras SABrazilUtility&EnergyBM&FBOVESPA-Novo MercadoNew York Stock Exchange-NYSE$5.9bn22-Jun-22Contemporary
81、 Amperex Technology Co LtdChinaAuto/TruckShenzhen Stock Exchange-ChiNext$6.7bn11-Apr-22CNOOC LtdChinaOil&GasShanghai Stock Exchange$5.1bn26-Jan-22CITIC SecuritiesChinaFinanceShanghai Stock Exchange$3.5bn5-Apr-22Electricite de France SAFranceUtility&EnergyParis$3.5bn4-Jan-22Sea LtdSingaporeComputers&
82、ElectronicsNew York Stock Exchange-NYSE$3.0bn22-Mar-22Bank of MontrealCanadaFinanceNew York Stock Exchange-NYSEToronto Stock Exchange$2.5bn4-Nov-22Monte dei PaschiItalyFinanceBorsa Italiana$2.5bn8-Dec-22Credit Suisse Group AGSwitzerlandFinanceSIX Swiss Exchange$2.4bn14-Jun-22Air France-KLMFranceTran
83、sportationParis$2.4bnFOsPwC|Global IPO Watch 2022Top 10 IPOs 2022-Americas20Pricing dateIssuer nameIssuer CountrySectorExchangeMoney raisedAftermarket performance1-day1-monthCurrent14-Sep-22Corebridge Financial IncUnited StatesInsuranceNew York Stock Exchange-NYSE$1.7bn-1%-5%-4%12-Jan-22TPG IncUnite
84、d StatesFinanceNYSE$1.1bn15%5%-4%25-Oct-22Mobileye Global IncIsraelComputers&ElectronicsNYSE$1.0bn38%40%56%26-Jan-22PIMCO Access Income FundUnited StatesClosed End FundsNew York Stock Exchange-NYSE$0.9bn0%0%-24%5-Jan-22Screaming Eagle Acquisition CorpUnited StatesFinanceIbovespa B3;NYSE$0.8bn-1%0%0%
85、5-May-22Bausch&Lomb CorpCanadaHealthcareNew York Stock Exchange-NYSEToronto Stock Exchange$0.7bn11%-8%-13%12-January-22Gores Holdings IX IncUnited StatesFinanceNYSE$0.5bn0%-1%0%12-Apr-22Excelerate Energy IncUnited StatesOil&GasNew York Stock Exchange-NYSE$0.4bn12%0%3%12-May-22ProFrac Holding CorpUni
86、ted StatesOil&GasNASDAQ-US$0.3bn1%26%19%24-Feb-22GSR II Meteora Acquisition CorpUnited StatesFinanceNASDAQ-US$0.3bn0%1%1%Source:Capital IQ as of 31 December 2022.PwC|Global IPO Watch 2022Top 10 IPOs 2022-EMEA21Pricing dateIssuer nameIssuer CountrySectorExchangeMoney raisedAftermarket performance1-da
87、y1-monthCurrent28-Sep-22Dr Ing hcF Porsche AGGermanyAuto/TruckFrankfurt Stock Exchange-Prime$8.7bn0%21%14%6-Apr-22DEWAUnited Arab EmiratesUtility&EnergyDubai Financial Market$6.1bn16%10%-7%31-May-22Borouge plcUnited Arab EmiratesChemicalsAbu Dhabi Securities Exchange$2.0bn22%20%7%24-November-22Ameri
88、cana Restaurants International PLCUnited Arab EmiratesDining&LodgingAbu Dhabi Securities ExchangeSaudi Stock Exchange$1.8bn8%11%14%10-March-22Nahdi Medical CoSaudi ArabiaRetailSaudi Stock Exchange$1.4bn15%30%29%11-Dec-22Saudi Aramco Base Oil Co-LuberefSaudi ArabiaOil&GasSaudi Stock Exchange$1.3bnN/A
89、N/A-5%7-February-22Abu Dhabi Ports CoUnited Arab EmiratesTransportationAbu Dhabi Securities Exchange$1.1bn13%6%85%22-Sep-22Salik Co PJSCUnited Arab EmiratesTransportationDubai Financial Market$1.0bn11%15%25%25-Oct-22MarafiqSaudi ArabiaUtility&EnergySaudi Stock Exchange$0.9bn3%3%3%15-Feb-22Var Energi
90、 ASANorwayOil&GasOslo Stock Exchange$0.9bn-1%5%17%Source:Capital IQ as of 31 December 2022.PwC|Global IPO Watch 2022Top 10 IPOs 2022-Asia-Pacific22Pricing dateIssuer nameIssuer CountrySectorExchangeMoney raisedAftermarket performance1-day1-monthCurrent14-Jan-22LG Energy Solution LtdSouth KoreaAuto/T
91、ruckKorea Exchange-KOSPI$10.7bn68%40%47%12-May-22Life Insurance Corp of IndiaIndiaInsuranceBombay Stock Exchange-BSENational Stock Exchange of India$2.7bn-8%-29%-23%9-Aug-22Shanghai United Imaging Healthcare Co LtdChinaHealthcareSci-Tech Innovation Board(STAR Market)$1.6bn65%52%64%2-August-22Hygon I
92、nformation Technology Co LtdChinaComputers&ElectronicsSci-Tech Innovation Board(STAR Market)$1.6bn67%55%17%14-January-22Jinko Solar Co LtdChinaComputers&ElectronicsSci-Tech Innovation Board(STAR Market)$1.6bn111%132%198%28-Sep-22CALB Co LtdChinaAuto/TruckHong Kong Exchange-Main Board$1.3bn0%-38%-47%
93、30-March-22PT GoTo Gojek Tokopedia TbkIndonesiaComputers&ElectronicsIndonesia Stock Exchange$1.0bn13%-30%-72%11-Jul-22Thai Life Insurance pclThailandInsuranceStock Exchange of Thailand$1.0bn-1%-1%-8%16-Sep-22Hubei Wanrun New Energy Technology Co LtdChinaChemicalsSci-Tech Innovation Board(STAR Market)$0.9bn-28%-34%-40%11-Apr-22Suzhou Novosense Microelectronics Co LtdChinaComputers&ElectronicsSci-Tech Innovation Board(STAR Market)$0.9bn13%36%41%Source:Capital IQ as of 31 December 2022.