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1、 Global Technology IPO Review Q1 2017 Global Technology IPO Review Q1 2017 1 Led by two Unicorns, global tech IPO market starts on an optimistic note in Q1 2017 Raman Chitkara Partner and Global Technology Industry Leader PricewaterhouseCoopers LLP raman.chitkara After a challenging 2016 for technol
2、ogy initial public offerings (IPOs), 2017 is off to a good start in the first quarter and that bodes well for the rest of the year. Welcome to the Q1 2017 issue of PwCs Global Technology IPO Review. With 18 technology companies listing in the first quarter of 2017, total proceeds reached US$5.8 bill
3、ion, the highest in the last five consecutive quarters. The environment for technology IPOs was positive with two UnicornsSnap Inc and MuleSoft Inclisting in Q1 and many more tech Unicorns on the sidelines waiting to enter the market during the year. Snap, with US$3.9 billion proceeds, was the bigge
4、st IPO since the US$21.8 billion listing of Alibaba in Q3 2014. Geographically, China showed resurgence, following a slow last quarter of 2016, with 12 tech IPOs raising US$1.2 billion in Q1 2017. A stronger political and economic environment led Chinas stock market regulators to facilitate more hom
5、egrown tech companies listing on the Chinese exchanges. Apart from China, the technology IPO activity was limited to four IPOs from the US and two IPOs from Japan. The UK and Europe shied away from the technology IPO market, with uncertainty over Brexit and ongoing elections in Germany, France, the
6、Netherlands and Norway likely to be playing a part. However, Europe is building up a healthy pipeline of technology IPOs and is expected to emerge stronger following the elections. The Internet Software See Methodology Table of contents 1. Q1 2017 global tech IPO summary 3 A resurgence of tech IPOs
7、after a soft 2016 . 3 Q1 average proceeds for tech IPOs were higher than in 2014 and 2015 . 4 Snap among the top five tech IPOs in the last seven years . 5 Tech IPOs in Q1 2017 were restricted to the US and APAC . 6 Macro-economic and geo-political concerns weigh heavily on Europe and the UK .7 Abse
8、nce of cross-border IPOs reflected favorable market in China . 8 Global tech IPOs rode high on Internet Software & Services subsector . 9 China . 10 United States . 11 All other geographies . 12 Europe . 13 2. Stock exchange distribution 14 Tech IPOs were concentrated in five stock exchanges . 14 3.
9、 Subsector distribution Q1 2017 15 4. Distribution of VC and non-VC backed IPOs 16 Q1 2017 tech IPOs Offering details . 17 5. Key financials Q1 2017 19 6. Q1 2017 Technology IPO listings Valuation metrics 24 7. Top three subsectors in Q1 2017 26 Internet Software & Services . 26 Communications Equip
10、ment . 33 Semiconductors . 40 8. Methodology 47 9. For more information 48 Global Technology IPO Review Q1 2017 3 Q1 2017 global tech IPO summary A resurgence of tech IPOs after a soft 2016 Following a disappointing 2016, Q1 2017 saw a flurry of activity in technology IPOs. Both deal volume and deal
11、 value increased significantly during the first three months of 2017 as 18 technology IPOs raised a total of US$5.8 billion. This was a phenomenal 234% sequential growth and 655% year-on-year growth in total proceeds, along with an 80% increase in the number of listings, sequentially and year on yea
12、r. In the US, growing investor confidence after the elections and the lack of late-stage private funding helped the IPO market bounce back. It registered a total of US$4.5 billion proceeds aided greatly by two Unicorn IPOs, Snap and MuleSoft. Chinese technology companies performed well as China regi
13、stered 12 technology IPOs with total proceeds of US$1.2 billion. Figure 1: Global tech IPOs Q1 2016- Q1 2017 Source: S&P Capital IQ with analysis by PwC $769 $1,480 $5,382 $1,742 $5,813 10 14 20 10 18 - 5 10 15 20 25 Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7
14、,000 No. of IPOs US$ millions Total proceeds (US$mn)Total number of IPOs Overall, the outlook for the world economy is improving in 2017 the technology IPO market will likely cash in on this positive sentiment through the remainder of 2017.” Raman Chitkara Global Technology Industry Leader Global Te
15、chnology IPO Review Q1 2017 4 Q1 average proceeds for tech IPOs were higher than in 2014 and 2015 thanks to a Unicorn Snap raised the total proceeds disproportionately and acted as a positive outlier in the Q1 2017 IPO environment. As for average proceeds, Q1 2017 was much higherat US$323 millionaga
16、inst Q1 2014 and Q1 2015, which averaged US$263 million and US$264 million respectively. However, excluding Snap, the average proceeds for Q1 2017 were US$112 million. Figure 2: Q1 2010-Q1 2017 total proceeds, average proceeds and no. of IPOs Source: S&P Capital IQ with analysis by PwC $4,029 $2,711
17、 $3,038 $1,718 $6,839 $6,063 $769 $5,813 $1,903 $134 $129$101$172 $263$264 $77 $323 $112 30 21 30 10 26 23 10 18 17 - 5 10 15 20 25 30 35 Q1 2010Q1 2011Q1 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2017 w/o Snap Inc $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 Total proceeds (US$mn)Avg
18、proceeds US$ millions No. of IPOs Global Technology IPO Review Q1 2017 5 Snap among the top five tech IPOs in the last seven years Snap was the third-largest IPO in the last seven years (2010 through Q1 2017). Four of the top five IPOs were from the Internet Software & Services subsector. Snap is th
19、e largest listing since Alibaba in Q3 2014 and also the largest technology IPO in the five consecutive Q1 periods, 2013- 2017. Internet Software & Services takes the lions share as most billion-dollar IPOs come from this subsector. Speed of reach and easier expansion support the lofty valuations tha
20、t these companies command. Figure 3: Top 5 IPOs by proceeds 2010-2017 Source: S&P Capital IQ with analysis by PwC $21,767 $16,007 $3,910$3,842 $3,084 Internet Software & Services Internet Software & Services Internet Software & Services Internet Software & Services Computer Storage & Periperals Alib
21、aba Group Holding Ltd Facebook, IncSnap IncWorldpay Group plcJapan Display, Inc 18/09/201417/05/201201/03/201715/10/201519/03/2014 0 5,000 10,000 15,000 20,000 25,000 US$ millions Global Technology IPO Review Q1 2017 6 Tech IPOs in Q1 2017 were restricted to China, the US and Japan Q1 2017 didnt off
22、er much geographic diversity. Only the United States and Asia-Pacific were involved. Asia-Pacific registered US$1.3 billion, representing 23% of the global proceeds and 78% of the global offerings. The US registered US$4.5 billion, which translates into 77% of global proceeds, led by the two Unicorn
23、 listings, and 22% of global offerings. To a certain extent, the consistent and steady growth in Asia-Pacific reflects the regions economic growth compared to the rest of the world. Stock exchanges in Mainland China are expected to see another wave of IPOs in the coming months. This is largely attri
24、butable to the China Securities Regulatory Commissions (CSRC) intervention to step up the pace of listings. China has the most private companies valued at more than US$1 billion outside the US, 46 in total, and is home to the top five most highly valued Unicorns outside the US1. Japans tech IPO mark
25、et looks steady and is set to grow further, backed by a positive economic outlook. Investor sentiment is stable and volatility in the IPO space is relatively low. 1 Figure 4: Q1 2017 Geographic distribution Source: S&P Capital IQ with analysis by PwC $1,196 $4,490 $126 12 4 2 0 2 4 6 8 10 12 14 Chin
26、aUnited StatesJapan 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 US$ millions No. of IPs Consistent with our expectation, the number of China tech IPOs continues to grow as a result of the faster CSRC IPO approval process. Though the deal size of these tech IPOs tends to be relatively
27、 small, these companies cover a wide range of subsectors, including Semiconductors and Internet Software & Services. We anticipate the number of Chinese tech IPOs will reach a historical high in 2017. Jianbin Gao Technology Industry Leader, PwC China Global Technology IPO Review Q1 2017 7 Macro-econ
28、omic and geo- political concerns weigh heavily on Europe and the UK Europe is still grappling with the aftermath of Brexit and the impending general elections in Germany, the Netherlands, Norway and France. These took the focus off technology IPOs in Europe in Q1. With increasing numbers of private
29、placements in Europe and uncertainty and volatility around listing, some companies are keeping their options open with a dual strategy. Following Snaps successful IPO in Q1 2017, several US companies have been keen on going public. From past experience, we know that an upswing on the American market
30、 normally extends to the European market with about a six-month delay. Figure 5: Regional analysis of IPO proceeds Source: S&P Capital IQ with analysis by PwC Figure 6: Regional analysis of number of IPOs Source: S&P Capital IQ with analysis by PwC $0 $258 $511 $0 $694 $250 $536 $627 $2,835 $1,921 $
31、479 $331 $932 $4,490 0 $1,322 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 North AmericaEuropeAsiaRoW Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017 US$ millions 0 3 7 0 5 2 7 6 3 11 5 2 3 4 14 0 2 4 6 8 10 12 14 16 North AmericaEuropeAsiaRoW Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017 No. of
32、 IPOs Global Technology IPO Review Q1 2017 8 Absence of cross-border IPOs reflected favorable market in China Q1 2017 saw no cross-border IPOs. Chinese tech companies are usually the drivers of cross-border listings, but in this quarter all 12 Chinese IPOs were launched on their domestic exchanges o
33、wing to favorable valuations on the Chinese exchanges and a focus by these particular companies to avoid additional costs incurred with US listing. Three of the seven cross-border IPOs in the last five quarters were from China. Q2 2016 saw China Online Education Group listed on the NYSE, followed by
34、 Gridsum Holding Inc on NASDAQ in Q3. In Q4 2016, GDS Holdings Ltd was also listed on NASDAQ. Figure 7: Cross-border IPOs Source: S&P Capital IQ with analysis by PwC 2 1 22 8 13 18 8 18 Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017 0 5 10 15 20 25 Cross-border dealsDomestic deals No. of IPOs Global Technology
35、 IPO Review Q1 2017 9 Global tech IPOs rode high on Internet Software & Services subsector The Internet Software & Services subsector led technology IPOs by a significant margin in Q1 2017, and drove exponential growth in the overall IPO market compared to the previous quarter. The subsector registe
36、red proceeds of US$4.4 billion in the first three months of the year, up 380% sequentially and a phenomenal 1,470% increase year on year. The sharp rise was due to the Snap IPO. The subsector also registered 150% growth sequentially and 67% year-on-year growth in the number of IPOs. Excluding Snap,
37、proceeds from Internet Software & Services grew 73% year on year, but declined 47% sequentially. The strong growth in the Internet Software & Services subsector is attributable to the IPOs of two Unicorns, Snap which raised almost US$3.9 billion and MuleSoft which grossed US$221 million. Semiconduct
38、ors came in at a distant second with US$345 million in proceeds, and all three listings from China. The subsector registered 271% growth sequentially and 176% growth year on year in proceeds and 50% growth sequentially and year on year in number of IPOs. Figure 8: Subsector distribution showing tota
39、l proceeds Source: S&P Capital IQ with analysis by PwC Figure 9: Subsector distribution showing Number of IPOs Source: S&P Capital IQ with analysis by PwC $280 $103 $125 $64 $0 $132 $66 $916 $433 $93 $0 $0 $107 $193 $4,395 $126 $345 $169 $59 $426 $293 $0 $1,000 $2,000 $3,000 $4,000 $5,000 Internet S
40、oftware & Services SoftwareSemiconductorsElectronicsComputers & Peripherals Communications Equipment IT Consulting & Services U.S$ in millions Q1 2016Q4 2016Q1 2017 3 22 1 0 11 2 4 2 00 11 5 1 3 2 1 4 2 0 1 2 3 4 5 6 Internet Software & Services SoftwareSemiconductorsElectronicsComputers & Periphera
41、ls Communications Equipment IT Consulting & Services No. of IPOS Q1 2016Q4 2016Q1 2017 Global Technology IPO Review Q1 2017 10 China The Chinese tech IPO market exhibited steady growth in Q1 2017 with 67% of the total number of IPOs China, with 12 IPOs this quarter, emerged as a strong contender for technology IPOs, but did not beat its own record of 14 IPOs in Q2 2015. In Q1 2017, Chinese IPOs were the biggest contributor, driving solid growth in the Asia-Pacific region. What is noticeable is the increasing participation of companies from mainland China, which is expected to
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