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1、 Global Technology IPO Review Full-year and Q4 2016 Global Technology IPO Review Full-year and Q4 2016 1 Global tech IPOs in 2016 dropped to their lowest level in the decade amidst macroeconomic and geopolitical turmoil, but a stream of high-profile companies in the pipeline will likely create a res
2、urgence in 2017* Raman Chitkara Partner and Global Technology Industry Leader PricewaterhouseCoopers LLP On the heels of two strong years, 2016 ended with the fewest global technology IPOs of any year in the decade, with only 53 tech companies completing initial public offerings for total proceeds o
3、f US$8.7 billion. Thats a 42% decline in volume and a 68% decline in proceeds from 2015. With 20 tech IPOs, Q3 was the best period of the year, but Q4 was the worst, with just nine tech IPOs. The market rally following the US elections bodes well for a healthier global tech IPO market in 2017. The y
4、ear started slowly with only 24 IPOs and US$2.2 billion in proceeds in the first half of 2016, a result of the steep stock market sell-off in January that froze out potential IPO companies. Volatility and uncertainty closed the US IPO window, and China posted just three tech IPOs in the first quarte
5、r. The UK, historically one of the leading markets in Europe, saw no tech IPOs in 2016, a result of uncertainty over the Brexit election that grew into concern about executing on the outcome. Although the UK was absent, Europe posted reasonable results with 10 IPOs from eight countries, including th
6、ree of the largest tech IPOs of the year. They included the largest, Net A/S, a digital payments company in Denmark, at US$2.4 billion. Given uncertainty associated with the US presidential election, most companies chose to remain on the sidelines in the fourth quarter. Overall, tech IPOs rebounded
7、in the second half of 2016, with an almost three-fold jump in proceeds. Even so, average proceeds only equaled those in 2010 (US$165 million), the prior low for the decade. Big-ticket IPOs that were common in 2014 and 2015 were all but non-existent in 2016. With 80% of tech companies that debuted in
8、 2014 or 2015 typically trading below their first-day closing prices during most of 2016, valuations became a key concern.1 The combination of uncertain market conditions, high private valuations and ample cash caused many companies to wait until public markets offer a more favorable environment, li
9、ke were starting to see in early 2017. Looking ahead, optimism for higher economic growth post US elections has spurred a market rally. With investors keeping a sharp focus on profitability, not simply revenue growth, we expect the companies going public will likely have better earnings quality and
10、less aggressive valuations than in recent years. This should help to support and accelerate tech IPOs in 2017. Sincerely, 1. https:/www.bdo.nz/getattachment/Insights/Advisory/Newsletters/2016-Technology-Risk-Factor-Report/2016-Technology- RiskFactor-Report-Brochure-WEB.pdf.aspx?lang=en-NZ *Issue siz
11、e greater than US$40 million (includes overallotment) and based on trade date; See Methodology Table of contents 1. Full-year 2016 global tech IPO summary 3 2. A close look at full-year 2016 technology IPOs 12 Geographic IPO trends Full-year 2016 . 12 Europe and the UK . 12 China . 13 United States
12、. 14 Full-year 2016 tech IPOs Offering details . 15 3. Q4 2016 Global tech IPO summary 19 Q4 2016 Top 5 technology listings . 20 Q4 2016 Geographic tech IPO trends . 21 United States . 22 China . 24 Europe (excluding UK) . 25 UK . 26 Asia (Excluding China) . 27 Average proceeds . 28 Age of company .
13、 29 4. Q4 2016 Stock exchange distribution 30 5. Q4 2016 Subsector distribution 31 6. Key financialsQ4 2016 33 Q4 2016 Technology IPO listings: Valuation metric . 38 Top three subsectors in Q4 2016 . 40 7. Methodology 61 8. For more information 62 Global Technology IPO Review Full-year and Q4 2016 3
14、 Full-year 2016 global tech IPO summary The year with the fewest tech IPOs in the decade As measured by numbers of IPOs and total proceeds, 2016 was the slowest year of the decade for global tech IPOs, beating 2013 for this dubious distinction. It also matched the previous low for average proceeds,
15、US$165 million, in 2010. IPOs declined 42% in volume and 68% in total proceeds from 2015 to 2016. Figure 1: Global tech IPOs 2010-2016 Source: S aggregate proceeds were US$1.4 billion and US$1.8 billion, respectively. Europe, excluding the UK, had 10 IPOs, including the largest of the year, Nets A/S
16、. Nets, a digital payment services company, raised US$2.4 billion, which was two- thirds of the total proceeds of US$3.7 billion from Europes IPOs. The UK had no tech IPOs this year compared to nine in 2015 and seven in 2014 owing to uncertainty over the Brexit vote and its aftermath. Asia, excludin
17、g China, saw a dip in proceeds due to fewer IPOs. Only Japan provided some support for the region. It had three tech IPOs and the fourth highest proceeds, led by the second largest IPO of the year, Line Corp. Line, a messaging app, raised US$1.1 billion in the years largest NYSE tech IPO. The USs Nu
18、tanix was the largest VC- backed tech IPO listing on the NASDAQ in 2016, raising US$238 million. Overall, the US IPO market declined, registering 16 tech IPOs and raising US$1.8 billion compared with 23 tech IPOs and US$8.4 billion in 2015. While several large leveraged buyouts and high-profile star
19、tups remain on the sidelines, there are signs of a possible flurry of tech IPOs in the next 12 months. Figure 3: 2014-2016 Geographic distributionNumber of IPOs Source: S Global Dominion Access, S.A., an IT and consulting services company from Spain, raising US$185 million; Talend SA, a software-bas
20、ed platform provider from France, raising US$95 million; German Internet software and services company Trivago NV, raising US$287 million; Catena Media PLC, an Internet software and services company from Malta, raising US$101 million; Oneview Healthcare PLC, an Irish company, with US$47 million; and
21、 three companies from Sweden all listing on the Nordic Exchange in Stockholm, LeoVegas AB (US$111 million), Paradox Interactive AB (US$65 million), and THQ Nordic AB (US$43 million). Figure 11: 2010-2016 Europe (excluding UK) tech IPOs Figure 12: 2010-2016 UK tech IPOs Source: S China, Germany and A
22、ustralia registered one each. As for stock exchanges, the US was a clear favorite with four of the five top tech IPOs listing on NASDAQ. Table 2: IPO summary Top 5 listings Issue date Company Subsector Proceeds (US$ mn) Primary exchange Domicile nation 12/16/2016 Trivago NV Internet Software & Servi
23、ces 287.2 NASDAQ Global Select Germany 11/01/2016 GDS Holdings Limited IT Consulting & Services 192.5 NASDAQ Global Market China 10/27/2016 BlackLine Inc Software 146.2 NASDAQ Global Select United States 10/05/2016 Coupa Software Incorporated Software 133.2 NASDAQ Global Select United States 11/16/2
24、016 Bravura Solutions Limited Software 110.7 Australian Securities Exchange Australia Source: S&P Capital IQ with analysis by PwC Global Technology IPO Review Full-year and Q4 2016 21 Q4 2016 Geographic tech IPO trends US led Q4 tech IPO activity with five of the nine listings Compared to the first
25、three quarters of the year, geographic distribution was low, with only five countries participating in Q4. Proceeds were also down. The US had the mostfive IPOswith total proceeds of US$480 million, but the largest IPO of Q4 was Trivago NV, of Germany, which raised US$287 million. Figure 16: Q4 2016
26、 Geographic distribution Source: S&P Capital IQ with analysis by PwC $480 $287 $193 $111 $43 5 1 1 1 1 - 1 2 3 4 5 6 United StatesGermanyChinaAustraliaSweden $0 $100 $200 $300 $400 $500 $600 Total proceeds (US$mn)Number of IPOs US$ millions No. of IPOs Global Technology IPO Review Full-year and Q4 2
27、016 22 United States The US had five tech IPOs with average proceeds of only US$96 million. Proceeds were in line with the prior three quarters, but were disappointing due to the overall uncertainty of the impending presidential election. Figure 17: Q4 2016 US tech IPOs Source: S&P Capital IQ with a
28、nalysis by PwC $4,041 $0 $694$627 $480 6 - 5 6 5 - 1 2 3 4 5 6 7 Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 Total proceeds (US$mn)Number of IPOs US$ millions No. of IPOs Global Technology IPO Review Full-year and Q4 2016 24 China China had one
29、 IPO raising US$193 million in Q4 2016, however, the number of small-sized IPOs, with issue size below US$40 million, is increasing. With the move in November 2016 by the China Securities Regulatory Commission (CSRC) to speed up the approval of IPOs, it is expected there will be a higher number of t
30、ech IPOs approved and listed in 2017. Figure 18: Q4 2016 China tech IPOs Source: S&P Capital IQ with analysis by PwC $551 $267 $368 $611 $193 6 3 5 9 1 $0 $100 $200 $300 $400 $500 $600 $700 Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016 - 1 2 3 4 5 6 7 8 9 10 Total proceeds (US$mn)Number of IPOs US$ millions N
31、o. of IPOs Global Technology IPO Review Full-year and Q4 2016 25 Europe (excluding UK) Europe had two IPOs, one each from Germany and Sweden. Trivago NV from Germany was the biggest IPO for the quarter, raising US$287 million and THQ Nordic AB from Sweden raised US$43 million. The companies belonged
32、 to the Internet Software & Services and Software subsectors respectively. Figure 19: Q4 2016 European tech IPOs (Excluding UK) Source: S&P Capital IQ with analysis by PwC $307$258$250 $3,020 $331 2 3 2 4 2 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016 - 1 2 3
33、 4 5 Total proceeds (US$mn)Number of IPOs US$ millions No. of IPOs Global Technology IPO Review Full-year and Q4 2016 26 UK UK markets are still languishing under the impact of Brexit. Lack of clarity on the regulatory impact continued to impact capital markets in Q4. Figure 20: Q4 2016 UK tech IPOs
34、 Source: S&P Capital IQ with analysis by PwC $4,768 $0$0$0$0 5 -$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016 - 1 2 3 4 5 Total proceeds (US$mn)Number of IPOs US$ millions No. of IPOs Global Technology IPO Review Full-year and Q4 2016 27 Asia (Excluding China) The
35、participation of Asian countries other than China decreased significantly in Q4. One tech IPO outside China was listed by an Australian company, with proceeds of US$111 million. Figure 21: Q4 2016 Asia tech IPOs (excluding China) Source: S&P Capital IQ with analysis by PwC $656 $244 $167 $1,310 $111
36、 2 4 2 2 1 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016 - 1 2 3 4 5 Total proceeds (US$mn)Number of IPOs US$ millions No. of IPOs Global Technology IPO Review Full-year and Q4 2016 28 Average proceeds Number of IPOs and average proceeds remained below historical no
37、rms Figure 22: Q4 2016 Average proceeds Source: S&P Capital IQ with analysis by PwC $372 $490 $77 $106 $269 $124 11 22 10 14 20 9 - 5 10 15 20 25 Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016 $- $100 $200 $300 $400 $500 $600 Average proceedsNumber of IPOs US$ millions No. of IPOs Global Technology IPO
38、Review Full-year and Q4 2016 29 Age of company Mature companies with proven track records listed in Q4 Of the nine IPOs in the last quarter of 2016, 67% (six) of the companies are more than ten years old. Two companies are eight years old while only one company, Ichor Holdings, Ltd was less than fiv
39、e years old. BlackLine Inc is the oldest and was founded in 2001. During volatile and uncertain markets, those companies with longevity and proven track records are in a better position to obtain a fair valuation while those with limited earnings history are at risk of poor market reception. Figure
40、23: Q4 2016 Age of company Source: S&P Capital IQ with analysis by PwC 11 10 15 10 12 10 4 88 10 10 10 10 0 2 4 6 8 10 12 14 16 Age of companyAverage age Age in years Global Technology IPO Review Full-year and Q4 2016 30 Q4 2016 Stock exchange distribution US NASDAQ exchange led Q4 listings With five of the nine Q4 tech IPOs being US companies, it is not surprising that NASDAQ led listings (seven) with proceeds of US$959 million. Two of the seven listings, including the largest IPO of th