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2014 Global IPO update January - December 2014
Table of contents Section
Content
1
2014 January - December highlights
2
Global IPO activity trends
Page 2
Slides 4-8 10-14
Global analysis Regional analysis Industry analysis Stock exchange analysis
3
PE-backed IPO activity
16-19
4
Appendices
21-30
2014 Global IPO update
Table of contents Section
Content
1
2014 January - December highlights
2
Global IPO activity trends
Page 3
Slides 4-8 10-14
Global analysis Regional analysis Industry analysis Stock exchange analysis
3
PE-backed IPO activity
16-19
4
Appendices
21-30
2014 Global IPO update
2014* saw a 50% increase in proceeds and a 35% increase in the number of IPOs, compared with 2013 Global IPO activity summary By proceeds raised (US$b)
By number of deals
35%
336
74.9
3%
325
895 646
256.5
50%
1,206
By proceeds raised (US$b)
By number of deals
171.1 878 328
66,8
2013
2014*
2013
69.3
42,3 51,3
132,1
229
273
124,4
96
63
104,3
249
-7%
2014*
32,6 Q4'13 Q4'14* Financial sponsored (PE/VC backed)
18,0
Q4'13
Q4'14*
Non-financial sponsored
Top three IPO deals (by capital raised) during 2014* Issuer name
Domicile country
Industry
Exchange
Alibaba Group Holding Ltd. National Commercial Bank (NCB)
China Saudi Arabia
Technology Financials
New York (NYSE) Saudi (Tadawul)
Medibank Private Ltd
Australia
Financials
Australian (ASX)
Proceeds (US$m)
% of global capital
25,032.3 5,996.8
9.8% 2.3%
4,923.5
1.9%
Top three PE-backed IPOs (by capital raised) during 2014* Issuer name Alibaba Group Holding Ltd.
Domicile country
Industry
Exchange
Proceeds (US$m)
% of global capital
China
Technology
New York (NYSE)
25,032.3
9.8%
Ally Financial Inc.
United States
Financials
New York (NYSE)
2,556.1
1.0%
NN Group NV
Netherlands
Financials
Euronext (Amsterdam)
2,419.2
0.9%
Top three VC-backed IPOs (by capital raised) during 2014* Issuer name
Domicile country
Industry
Exchange
Proceeds (US$ m)
% of global capital
JD.com Inc.
China
Retail
NASDAQ
2,047.0
0.8%
Recruit Holdings Co Ltd.
Japan
Technology
Tokyo (TSE)
1,967.7
0.8%
Rocket Internet AG
Germany
Technology
Deutsche Borse
1,775.8
0.7%
Financial sponsor backed IPOs refers to deals that are backed by PE or VC investors or both. *Data for Q4’14* and 2014 *is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time. As of 8 December, Dalian Wanda Commercial Properties Co.,Ltd.is expected to raise US$3.9b on 19th December , making this the fourth largest IPOs by capital raised in 2014 when it is completed..
Page 4
2014 Global IPO update
Global IPO activity To access this infographic in PDF format, please go to EY’s IPO webpages (www.ey.com/ipo) to access the EY Global IPO Trends: 2014 Q4 report.
Page 5
2014 Global IPO update
Asia-Pacific1 and Greater China2 IPO activity To access this infographic in PDF format, please go to EY’s IPO webpages (www.ey.com/ipo) to access the EY Global IPO Trends: 2014 Q4 report.
1Based in IPO activity on Asia-Pacific stock exchanges. 2Based in IPO activity on Greater China stock exchanges (i.e.,, Shanghai Stock Exchange, Shenzhen Stock Exchange – the Mainboard, SME and ChiNext, Hong Kong Stock Exchange – Main Board, GEM and Taiwanese Stock Exchange).
Page 6
2014 Global IPO update
EMEIA1 and UK2 IPO activity To access this infographic in PDF format, please go to EY’s IPO webpages (www.ey.com/ipo) to access the EY Global IPO Trends: 2014 Q4 report.
1Based
Page 7
in IPO activity on EMEIA stock exchanges. 2Based in IPO activity on London Main Market and Alternative Investment Market (AIM).
2014 Global IPO update
US IPO activity1 To access this infographic in PDF format, please go to EY’s IPO webpages (www.ey.com/ipo) to access the EY Global IPO Trends: 2014 Q4 report.
1Based
Page 8
in IPO activity on US stock exchanges: NYSE, NASDAQ
2014 Global IPO update
Table of contents Section
Content
1
2014 January - December highlights
2
Global IPO activity trends
Page 9
Slides 4-8 10-14
Global analysis Regional analysis Industry analysis Stock exchange analysis
3
PE-backed IPO activity
16-19
4
Appendices
21-30
2014 Global IPO update
Global IPO activity trends IPO activity saw a significant increase in 2014* compared with 2013, with proceeds and deal numbers increasing by 50% and 35%, respectively. Global IPO activity (2011-2014*) 1.243
1.400
1.206
More companies chose to list abroad in 2014 compared to last year
1.200
250
1.000
839
200
800
895
150
600 100
400
50 $ 170,2
$ 128,6
$ 171,1
$ 256.5
Capital raised (US$b)
10,7%
10,5% 10,0% 9,5%
200
9,0%
0
8,5%
2014*
2013
2012
2011
0
11,0%
Number of IPOs
Capital raised (US$b)
300
% of cross-border listings
9,2%
8,0% 2013
2014*
Number of deals
Cross-border listing
80
384
260
262
243 202
$ 24,4
$ 46,3
$ 25,6
$ 74,9
$ 47,2
$ 72,6
$ 67,4
$ 69,3
Q3'14
Q4'14*
163
203
30
275
205
Q2'14*
201
Q1'14
192
Q4'13
40
Q3'13
293
Q2'13
50
336
333
325
306
Q1'13
60
$ 46,9
$ 65,4
$ 28,7
$ 29,2
$ 18,0
$ 43,8
$ 29,6
$ 37,2
Q3'11
Q4'11
Q1'12
Q2'12
Q3'12
Q4'12
10
Q2'11
20
Q1'11
Capital raised (US$b)
70
0
Capital raised (US$b)
450 400 350 300 250 200 150 100 50 0
Number of deals
*Data for Q4’14* and 2014 *is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time.
Page 10
2014 Global IPO update
Number of IPOs
Quarterly IPO activity (Q1’11-Q4’14*)
Exchange analysis — summary Americas exchanges dominated global IPO activity in 2014* in both deal volume and capital raised.
Regional share by capital raised (US$b) 2013
46%
34%
Americas
20% US
2014*
39%
Q4'13
38%
Q4'14*
27%
Americas
32% 37% 49%
Asia-Pacific
Asia-Pacific
EMEIA
29% 25% 24%
Canada
95,2 3,6
Mexico
1,3
Brazil
0,2
Jamaica
0,0
UK
23,6
Greater China
Spain
7,2
Australia
Saudi Arabia
6,7
Japan
France
6,1
South Korea
Netherlands
5,2
Thailand
41,7 16,0 11,4 4,0 2,5
EMEIA
Regional share by number of IPOs
US
2013
31%
42%
Canada 2014*
26%
Q4'13
26%
Q4'14*
21%
45% 49% 59%
288
UK
112
Greater China
233
27% 29% 25%
12
India
43
Japan
83 75
Mexico
3
Sweden
28
Australia
Jamaica
2
France
24
South Korea
42
Brazil
1
Italy
23
Thailand
35
20%
US exchanges led in terms of total proceeds raised (US$95.2b); Greater China (US$41.7b) and the UK (US$23.6b) ranked second and third, respectively. There were 45 deals with capital raised above US$1b. 17 of those deals listed on the US exchanges while seven listed on Hong Kong stock exchange and five IPOs listed on Euronext. US exchanges (288 deals) led globally in terms of deal number, followed by Greater China (233 deals) and the UK (112 deals), which ranked second and third, respectively.
1Greater China exchanges includes Mainland China exchanges (115 deals raised US$11.0b), Hong Kong exchange (104 deals raised US$30.2b) and Taiwan exchange (14 deals raised US$0.5b). Based on the listed company exchange. *Data for Q4’14 and 2014 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time.
Page 11
2014 Global IPO update
Rapid-growth markets and developed markets IPO activity Volume is 28.3% higher and proceeds are up by 60.2%, while average deal size increased by 24.9% in 2014* compared with 2013 for rapid-growth markets. Quarterly IPO activity in rapid-growth markets 900
200
$17
$19
$9
$18
$16
50 10 $17
$29
$11
$10
$9
$26
$14
$18
$16
$27
$16
$46
$31
$57
$26
$37 0
Capital raised (US$b)
Please see the Appendix for the definition of rapid growth markets. Based on the listed company domicile.
*Data for Q4’14* and 2014 *is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time.
2014 Global IPO update
Q4'14*
Q3'14
Q2'14
0
Number of IPOs
100
50
Capital raised (US$b)
Page 12
Q4'14*
Q3'14
Q2'14
Q1'14
Q4'13
Q1'11
Q3'13 99
79
Q1'14
2014*
2013
2012
2011
20
$151
0
89
Q4'13
$105
78
Q3'12
$67
87
Q2'12
$67
0
94
84
Q1'12
100
30
200
150
121
115
100
Q4'11
200
20
$32
174 129
125
40
Q3'11
300
40
$41
161
50
Q2'11
400
60
$15
250
Q1'11
80
$17
60
Capital raised (US$b)
500
390 317
$29
216
Number of IPOs
Capital raised (US$b)
100
454
$9
70
700 600
120
$19
Quarterly IPO activity in developed markets
Annual IPO activity in developed markets 140
$9
Capital raised (US$b)
Capital raised (US$b)
640
$19
0
2014*
2013
2012
2011
$36
0
0
160
150
117
100
Q3'13
$105
200
50 $30
Q2'13
$66
103
162
10
Q2'13
$62
15
Q1'13
$103
0
84 90
5
100
154 133
101
Q1'13
20
142
125
20
Q4'12
300
164
Q4'12
40
154
Q3'12
400
173
25
Q2'12
500
60
30
Q1'12
441
600
199
Q4'11
566
522
250
222
35
Q3'11
80
Capital raised (US$b)
700
300 259
40
800
100
Number of IPOs
Capital raised (US$b)
120
45
Q2'11
853
Number of IPOs
Annual IPO activity in rapid-growth markets
Industry analysis Most industries had more IPOs in 2014* compared with 2013; technology sector led global activity in 2014* by proceeds, while health care led by deal number. Capital raised (US$b) 2014*
Number of IPOs
2013
2014*
2013
50,2
Technology
167
Technology
9,9
115
39,9
Financials
28,6
88
Financials
92
30,2
Energy
22,0 30,1 27,0
Real estate
21,8
Health care
12,4 19,9 18,9
Industrials Retail
102
Energy
Consumer products and services
83
Real estate
100 193
Health care
100 142
Industrials
117
14,0 11,5
Materials
Media and entertainment
11,4 12,2
Media and entertainment
9,4 10,3
110 70 100 69 63
2013
2014
85.8
300.6
311.3
453.9
310.0
296.3
269.7
362.4
124.3
112.7
161.6
140.0
122.7
259.3
163.7
127.3
98.9
116.2
297.3
181.2
206.5
124.2
327.7
73.2
41 76
Consumer staples 50
1,3 4,9
53
Consumer products and services
11,6 6,8
Consumer staples
64
Retail
Materials
Telecommunications
71
16,6 6,5
Average deal size (US$m)
Telecommunications
18 15
*Data for Q4’14* and 2014 *is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time.
Page 13
2014 Global IPO update
Stock exchange analysis US exchanges continued to be the hottest market place for global IPOs.
2014* New York (NYSE)
10,4 7,2
All other exchanges
Number of IPOs
172
New York (NYSE)
76
Australia (ASX)
75
London (AIM)
72
5,6
Australia (ASX)
5,4 46,4
117
NASDAQ
109
Hong Kong (HKEx)
87
Shenzhen (SZSE and Chinext)
Thailand (SET)
New York (NYSE)
116
Hong Kong (HKEx)
8,4
All other exchanges
65,9
NASDAQ
9,3
Sao Paulo (BM&F BOVESPA)
12,4
Tokyo (TSE)
12,9
Tokyo (TSE)
16,0
Euronext
15,8
London (LSE)
19,4
Australia (ASX)
21,4
NASDAQ
21,7
London (LSE)
45,9
Hong Kong (HKEx)
30,0
NASDAQ
Bolsa de Madrid
New York (NYSE)
73,4
Hong Kong (HKEx)
2013
Capital raised (US$b)
76
London (AIM)
54
Australia (ASX)
52
KOSDAQ
36
Bombay SME
33
Tokyo MOTHERS
44
Tokyo MOTHERS
29
London (LSE)
40
Indonesia (IDX)
29
All other exchanges
524
All other exchanges
360
Data based on domicile of the exchange, regardless of the listed company domicile. Euronext includes Euronext (Amsterdam), Euronext (Paris) and Lisbon; NASDAQ OMX includes Copenhagen and Stockholm; and Shenzhen includes Shenzhen (SZSE) and Shenzhen (ChiNext). *Data for Q4’14* and 2014 *is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time.
Page 14
2014 Global IPO update
Table of contents Section
Content
1
2014 January - December highlights
2
Global IPO activity trends
Page 15
Slides 4-8 10-14
Global analysis Regional analysis Industry analysis Stock exchange analysis
3
PE-backed IPO activity
16-19
4
Appendices
21-30
2014 Global IPO update
Global PE IPO activity trends PE-backed IPOs see record year in 2014. Annual global PE-backed IPOs by region (capital raised) Americas
Asia-Pacific
Annual global PE-backed IPOs by region (number of deals) Americas
EMEA*
$120
EMEA*
200
$32
$80 $16 $60 $17
$21 $40
$20
$20
$1 $1 $6
$0
$4 $1 $7
$8 $8
$14 $3
$7
$10 $9
$16
$2 $23 $21 $1 $15 $21 $7
$3 $4 $3
$6
$3 $6
10 0
$6
30 $7
20
25
$4
$5
33
35
28
100 9
13 10
6 12
37
31
0
40
51
80
96
99
92
4 37 10
4 21
86
13 42
6 36
62
69
49
45
103
99
31
Number of deals 100
81
80 41
41
44
60 40
$8 $14 $8 $28 $17 $39 $41 $13
20 0
After several years of challenging exit environments, PE is now availing itself of a dramatically different market. Strong investor sentiment in the public equities markets and high valuations are leading to the best market for PE IPOs on record. PE-backed IPOs have reached US$110.5b, aided by the US$25.0b launch of Chinese e-commerce portal Alibaba Group Holding Ltd. This represents an increase of nearly 90% by value versus last year, itself a record year for PE IPOs. PE firms have taken 207 companies public in 2014, a 12% increase by value. Indeed, sponsored deals have been a key driver of the strong market for new IPOs. PE-backed deals have accounted for 17% of all IPOs listing on the world’s exchanges in 2014, and 43% of aggregate value.
*EMEA refers to Europe, Middle East and African exchanges. India is included within Asia-Pacific.
Page 16
19 66
30
6 29
Number of deals
20
45 35
40
Key insights
72
30
33
56
150
50
$2 $1 $30 $4 $35 $6 $15 $10 $16
50 40
60
$62
Quarterly PE-backed IPO activity (2012-2014 YTD) Capital raised (US$b)
63
58 Number of deals
Capital raised (US$b)
$100
Capital raised (US$b)
Asia-Pacific
250
2014 Global IPO update
Global PE exit trends IPOs remain strong; strategics step up as bidders for PE assets. IPOs as % of PE exits
Annual global PE exits by deal volume (2004-Q4’14)
17.6%
2014YTD
654
2013
632
312
207 16.6%
2012
300
598
2011
320
644
2010 359
2008
249
156
83 56
433
2007
117
199
51
626
383
216
2014YTD
2012
11.0%
2011
16.5%
2010
11.2%
2009
7.5%
2008
17.6%
2007
2006
545
335
197
18.3%
2006
2005
562
318
180
16.9%
2005
21.0%
2004
2004
335 0
200
227 400
149 600
Strategic sales
800
1.000
Secondary sales
1.200
1.400
$34.7
$277,3
2013
10.7%
110
301
543
2009
185
IPOs as % of PE exits
Annual global PE exits by deal value (US$m) (2004-Q4’14)
9.2% 14.2%
$53,5 $38,8
$182,1
13.8%
$65,9 $35,5
$155,1 $12.8 $51,9 $16,8
20.2%
$28.5 $9,9
$111,5
6.6%
$91,9
$89,5 $143,3
16.1%
$57,7
$157,3
$144,5
$0
21.1%
$69,9 $22,0
$148,5
$74,9
$58,3
$60,1
$158,0
24.6%
$110,5
21.6%
$50,0 $68,1
15.4%
$38,4
18.9%
$60,3 $31,6 $100
$200
$300
$400
$500
IPOs Strategic sales
Secondary sales
IPOs
Key insights
PE firm are now laser-focused on exit opportunities for their portfolio companies. Thus far in 2014, exits have outpaced new acquisitions by a ratio of nearly 2:1. As a result, PE is rapidly descending from the “danger zone,” in which it has spent the last several years, when the rate of exits was insufficient to achieve liquidity for the bulk of the portfolio in a time period consistent with the standard PE model. IPOs have played a significant role, accounting for 18% of the number of exits, and nearly 25% of total value, which is high relative to historical averages. Trade buyers have become more active over the last several quarters, setting new records for both volume and value. With strong equities markets and increased visibility, strategics are more comfortable bidding aggressively for PE assets.
“Strategic sales” are sales to corporations (i.e., M&A) while “secondary sales” are sales to other PE firms. *2014YTD shows IPOs that have been priced by 30 November, or expected through 31 December.
Page 17
2014 Global IPO update
PE exit trends by region Americas and EMEA see significant increase in exit activity. IPOs as % of PE exits
Americas PE exits by deal volume (2004-Q4'14) 2014YTD 2013
27 31
2009
95
2008
114
77 10
2007
2004
92
160
201
2005
86
114
231
2006
62
123
219
2010
69
174
248
2011
103
136
232
2012
99
163
283
15.4%
2011
73,4
20,0%
2010
20.2%
2009
5.0%
2008
59,1
20.3%
2007
59,8
24.4%
2006
23.7%
2005
26.4%
2004
80
103 200
2013
400
600
Secondary sales
140
2011
193
2007
5.3%
1.1%
195 172
338 118
187
7.2%
2013
2.7%
56
9.9%
40
200
Strategic sales
Secondary sales
600
27.8% 4.2% 21,3
25.4%
27,0
31,0
800
14.3%
23,4 21,2
17.0%
15,3
19.1% 100
150
200
Secondary sales
250
IPOs IPOs as % of PE exits
2012
21,4
57,8
2011
34,5
56,1
2009
2.8%
21,8
46,4
2.6%
3,2
4.4%
33,9
IPOs
28,9
11.9% 15.9%
14,4
13.5%
8,2
50
Strategic sales
2014 Global IPO update
20,9
20,1
65,6 40,6
51,7
0
10.1%
82,9
40,9
2004
2.8%
10,2
71,9
2005
3,1
$8.9 0,8
20,9
2008
18.5%
2,3 31,9
76,5
2010
19.6%
16,8
29,8
44,0
31,8
$9.5
107,4
*EMEA refers to Europe, Middle East and African exchanges. India is included within Asia-Pacific. “Strategic sales” are sales to corporations (i.e., M&A) while “secondary sales” are sales to other PE firms. *2014YTD shows IPOs that have been priced by 30 November, or expected through 31 December.
Page 18
25,2
11.6% 400
12.4%
2,8
50
2006 10.9%
25.4%
10,1
76,3
9.8%
60
11.2%
16,2
68,0
33,3
21.8%
15,3
29,7
$4.1
43,4
26.4%
14,4 29,8
$2.5
2007
58
207
294
2005
2014YTD
1.6%
326
2006
13
110 4
261
23,7
62,3
35,5
EMEA PE exits by deal value (US$m) (2004-Q4’14)
12.9%
1.6%
19
118 50 4
223
44,4
84,1
0
IPOs as % of PE exits
33
157
303
28,3
Strategic sales
6
126
245
$24.6
137,3 98,9
IPOs
63
145
282
0
76,9
96
285
2004
2012
99
2014YTD
2008
14.1%
126
EMEA PE exits by deal volume (2004-Q4'14)
2009
2013
140
Strategic sales
2010
2014YTD
21.8%
181 119
2012
18.1%
169
0
IPOs as % of PE exits
Americas PE exits by deal value (US$m) (2004-Q4’14)
11.7% 100
Secondary sales
150
200
IPOs
PE exit trends by region US value up dramatically due to Alibaba; EMEA sees big jump in number of deals; and Asia-Pacific continues to work through China backlog. IPOs as % of PE exits
Asia-Pacific PE exits by deal volume (2004-Q4'14) 86
2014YTD
9
20
122
2011 2010 2009
17
71
2008
6
58
2007
12 99
2006 2005
14
55
2004
29
6
6
22.4%
36
22.7%
42
51
2009
37
34.6%
2008
36.5%
2007
32.3%
2006
31.5%
2005
15,3
46.2%
2004
7,7 0,4
40
30 100
Strategic sales
4,0
2010
Secondary sales
200
15,0 7,3 6,0
25.8% 19.7%
4,4 7,2
1,7
35.3%
9,1
40.2% 30.3%
3,9
12,8
6,3
15,6
44.8%
6,5
51.1%
0,5
2,8
15.1%
8,1 10
Strategic sales
IPOs
12.9%
5,9
1,4 5,8 2,6
5,2 1,0
0
40.0%
16,4
6,0
32,3
2011
21.4%
66
1,5
2,0
13,7
2012
21
28
0
15,4
2013
32.3%
16
70
26.3%
49
21
89
27,7
2014YTD
19
105
2012
32.1%
45
118
2013
IPOs as % of PE exits
Asia-Pacific PE exits by deal value (US$m) (2004-Q4'14)
50.0% 20
30
Secondary sales
40
50
IPOs
Key insights ► ►
►
►
Continued strong macro conditions and improved sentiment is sending public market investors further up the risk spectrum in search of returns, leading to a strong year for PE IPOs in the Americas. While volume was essentially flat, the value of deals increased over 75%, in part on the strength of Alibaba. Asia-Pacific continues to gain strength from stronger equities markets in the second half of 2014, as well as the reopening of the IPO window in Mainland China. With the window effectively closed throughout 2013, firms had to decide whether to wait out the shutdown or pursue alternative exits such as trade sales and secondary buyouts. China was the source of the largest PE-backed deal in history, when the long-anticipated Alibaba IPO went effective at US$25.0b. Indeed, it wasn’t just the largest PE-backed IPO of all time; it was the largest IPO ever, surpassing the US$22.1b offering by the Agricultural Bank of China in 2010. The company, which was backed by a range of sponsors including Silver Lake, General Atlantic, China Investment Corporation, CITIC Capital Management, The Canada Pension Plan Investment Board and others, highlights some key trends in the PE asset class: 1) the increasingly important role that growth capital is playing; and 2) it underscores the importance and the potential of emerging markets such as China to the asset class. European strength continues as sponsors work out of pre-recession era deals. PE firms took 63 companies public during the year, up 90% from 2013.
“Strategic sales” are sales to corporations (i.e., M&A) while “secondary sales” are sales to other PE firms. *2014YTD shows IPOs that have been priced by 30 November, and deals expected through 31 December.
Page 19
2014 Global IPO update
Table of contents Section
Content
1
2014 January - December highlights
2
Global IPO activity trends
Page 20
Slides 4-8 10-14
Global analysis Regional analysis Industry analysis Stock exchange analysis
3
PE-backed IPO activity
16-19
4
Appendices
21-30
2014 Global IPO update
Asia-Pacific1 IPO activity trends IPO activity rebounded in 2014*, both in terms of value and volume, when compared with levels seen in 2013. Asia-Pacific IPO activity (2007-2014*) 760
746 675
Capital raised (US$b)
180
700
160
546
140 437
120 350
100
600 500
376
347
400
80
300
60
200
40 20
$125
$32
$72
$179
Sectors
800
$88
$56
$59
$81
Number of IPOs
200
2014* Asia-Pacific IPOs by sector
100 0
2014*
2013
2012
2011
2010
2009
2008
2007
0
Capital raised (US$b)
Number of deals
Industrials Technology Consumer products and services Materials Consumer staples Real estate Energy Health care Retail Media and entertainment Financials Telecommunications Grand Total
81,386.0
2014* IPOs
% of IPOs priced within or above initial pricing range
98%
60
50
50
40
40 30
27
24
30
20 10 $65
$14
$22
$54
4 $1
7
8
$12
$11
8 $11
20
2014*
2013
2012
2011
2010
2009
2008
2007
First-day average return
+19.9%
% change of offer price vs. 3 Dec.
+48.5%
Median post-IPO market cap
US$182.9m
Hang Seng Index - 2014 YTD returns Shanghai SE Composite Index - 2014 YTD returns
+31.4%
Nikkei 225 - 2014 YTD returns
+11.4%
Capital raised (US$b) 1Based in IPO activity on Asia-Pacific stock exchanges.2Pricing and returns are based on 474 IPOs on Asia-Pacific exchanges that have started trading by 3 December. *Data for Q4’14* and 2014 *is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time.
Page 21
+0.5%
10 0
0
Number of IPOs
70
60
Capital raised (US$b)
9,223.30 10,579.60 5,708.80 4,525.30 7,331.90 14,390.90 10,083.60 5,475.20 3,272.00 3,090.20 7,443.80 261.3
546
Measures2
80
73
69
94 90 68 54 47 39 35 34 30 26 23 6
IPO pricing and performance: 2014* IPOs
Former state-owned enterprise (SOE) IPO activity in AsiaPacific (2007-2014*) 70
Proceeds (US$m)
2014 Global IPO update
EMEIA1 IPO activity trends EMEIA IPO activity on both the main markets and junior markets improved significantly in 2014*. Annual EMEIA IPO activity (2007-2014*)
2014* EMEIA IPOs by sector Sectors
140
900
823
800 700
100
600
80 354
310
60
353
353
400 209
40
240
300 200
112 20 $126
$36
$14
500
$48
$33
$16
$34
Number of IPOs
Capital raised (US$b)
120
100
$75
0 2014*
2013
2012
2011
2010
2009
2008
2007
0
Proceeds (US$m)
Health care Industrials Financials Materials Energy Real estate Media and entertainment Technology
46 35 34 34 33 31 29 28
6,229.30 8,467.50 16,528.20 3,197.50 3,810.00 9,453.90 6,965.80 3,419.20
Consumer staples Consumer products and services Retail Telecommunications
26 25 23 9
1,855.70 4,934.30 9,479.00 563
353
74,903.3
Grand Total
Capital raised (US$b)
Number of deals
IPO pricing and performance: 2014* IPOs
EMEIA financial sponsor-backed IPO activity (2007-2014*)
Measures2 101
% of IPOs priced within or above initial pricing range
30
75 80
25
60
20 37
15 10 5
97%
100
15 $22
$3
8 $2
38 30
40 14
$11
$4
$3
20 $17
$36 2014*
2013
2012
2011
2010
2009
2008
0 2007
0
Number of IPOs
Capital raised (US$b)
35
2014 YTD* IPOs
120
40
EMEIA main markets’ IPOs – first-day average return
+12.5%
EMEIA main markets’ IPO – % change of offer price vs. 3 Dec.
+17.3%
EMEIA main markets’ IPO – median post-IPO market cap
US$276.2m
FTSE 100 – 2014 YTD returns
-0.5%
DAX – 2014 YTD returns
+6.1%
CAC – 2014 YTD returns
+2.2%
Capital raised (US$b) Based in IPO activity on EMEIA stock exchanges 2Pricing and returns are based on 187 IPOs on the main market and 148 IPOs on junior markets that have started trading by 3 December. See Appendix for definitions of main market and junior market. *Data for Q4’14* and 2014 *is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time.
1
Page 22
2014 Global IPO update
US1 IPO activity trends Financial sponsor-backed activity picks up pace as PEs and VCs seize exit opportunities. Annual US IPO activity (2007-2014*)
2014* US IPOs by sector Sectors
100
350
226
214
60
250 200
162
50
124
40 30
133
150 100
65
20
35 $50
$27
Number of IPOs
Capital raised (US$b)
300
80
10
50 $27
$43
$40
$47
$62
0 2014*
2013
2012
2011
2010
2009
2008
2007
Capital raised (US$b)
Grand Total
US financial sponsor-backed IPO activity (2007-2014*)
124
140 108
40
120 80
87
100 80
30
10
60
36
20 $24
13 $3
40 $10
$17
$30
$32
$41
$68
20 0
Capital raised (US$b)
2014*
2013
2012
2011
2010
2009
2008
2007
0
10 6 2 2
4,975.30 1,303.40 249.8 465.8
288
95,152.5
% of IPOs priced within or above initial filing range
160
Number of IPOs
Capital raised (US$b)
144
9,883.30 35,998.70 15,710.20 13,269.30 3,363.20 2,186.70 3,901.10 3,845.70
Measures2
180
70
111 47 29 28 17 13 12 11
IPO pricing and performance: 2014* IPOs
181 200
80
50
Health care Technology Financials Energy Consumer products and services Industrials Materials Retail Real estate Media and entertainment Consumer staples Telecommunications
$95
0
60
Proceeds (US$m)
288
90 70
Number of deals
2014 YTD* IPOs 61%
First day average return
+19.3%
% change of offer price vs. 3 Dec.
+27.8%
Median post-IPO market cap
US$390.0m
S&P 500 - 2014 YTD returns
+12.2%
DJIA - 2014 YTD returns
+8.1%
CBOE Volatility Index® (VIX®) - change from 1 Jan.
-9.1%
1Based in IPO activity on US stock exchanges: NYSE, NASDAQ and NYSE – AMEX 2Pricing and returns are based on 277 IPOs on NYSE and NASDAQ that have started trading by 3 December. *Data for Q4’14 and 2014 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time.
Page 23
2014 Global IPO update
Pricing range 87% of global IPOs1 were priced within or above the initial filing range in 2014* compared with 91% in 2013. 79% of global IPOs in Q4’14* so far were priced within their initial filing range, 5% were priced above their initial filing range and 16% of IPOs were priced below their initial filing range.
288
282 313 296 474
2%
3%
5%
1%
92%
2%
3%
3%
306 384 293 260 203 243 192 201 163 205 202 325 262 333 275 336 4%
6%
5%
88%
88%
92%
5%
8%
6%
5%
83%
87%
4%
3% 9%
5%
8%
7%
82%
85%
9%
10%
8%
11%
5%
6%
8%
82%
78%
12%
14%
16% Q4'14*
84 141
Q3'14
52
Q2'14
84
Q1'14
1%
171
Q4'13
227 276
Q3'13
Total number of IPOs
19%
82%
Number of deals
72% 62% 87%
88%
86%
84% 91%
52%
86%
85%
88%
90%
95%
90%
83%
85%
83%
90%
80%
85%
79%
74%
42% 32% 22%
Below 1Chart
In range
11%
12%
7%
6% Q2'13
8%
Q1'13
11%
Q4'12
9%
Q3'12
6%
Q2'12
6%
Q1'12
7%
Q4'11
7%
Q3'11
10%
Q2'11
Q4'08
Q3'08
Q2'08
Q1'08
2%
10%
Q1'11
11%
Q4'10
3%
Q3'10
7%
Q1'10
9%
Q4'09
16% Q3'09
14%
Q2'09
11%
Q1'09
12%
Q2'10
12%
Above
shows the number of open-price IPOs with deal value above US$50m that are priced above, below or within their initial filing range. For 3% of IPOs, this range is not applicable.
*Data for Q4’14 and 2014 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time.
Page 24
2014 Global IPO update
Global IPO activity trends on main and junior markets Median values on main markets show increasing trend in EMEIA between 2011 and 2014*.
Main markets
Junior markets
Annual median deal size by region (US$m)
Annual median deal size by region (US$m)
174
39 138
132
105 98 19
72
67
15
51
28 2 2013
2011
2014*
Americas
EMEIA
Asia-Pacific
8
9
6
7
9
7
4
5
6
11
33
8
11
51
2014 Global IPO update
13 11
8 8 Q2'14
Q4'14*
Q3'14
3
9 Q1'14
10 13
8
*Data for Q4’14 and 2014 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time. Please see the Appendix for the definition of main markets and junior markets.
Page 25
9
1
10 Q2'13
3 2
8 1 3
1 2 Q1'13
Q3'12
4 10
4 1
Q2'12
Q4'12
12 1 1
Q1'12
1
1 1
Q4'11
12 1 1
Q2'11
2
1 1 Q1'11
Q4'14*
Q3'14
Q2'14
Q1'14
Q4'13
Q3'13
8
47
43
50
144 128
15 Q2'13
6
18 13
Global median
13
92
57
190
112 73 93
72 69
122
118 83
120 50 42 Q1'13
Q4'12
Q3'12
Q4'11
Q3'11
2014*
79
95 129 91 109 68
154 79 31
74 8
17 Q2'12
66
103 49 24 8
18
Q1'12
64
62
66 38 Q2'11
Q1'11
2013
65
96
2012
97
81
57 62
92
123
145
167
155
137 88 18
85
168
71
79
70
115
67
70
64
215
82 203
80
7
3
1
1
Quarterly median deal size by region (US$m)
Quarterly median deal size by region (US$m) Global median
1
3 1
2012
1
2011
1
Q3'11
21
15
9
Q4'13
57
Q3'13
67
Appendix: key global IPO statistics (US$) 2010
2011
2012
2013
2014*
Number of deals
1,365
1,243 (▼ 9%1)
839 (▼ 33%2)
895 (▲7%3)
1206 (▲35%4)
Capital raised
$284.6b
$170.2b (▼ 40%1)
$128.6b (▼ 24%2)
$171.1b (▲33%3)
$256.5b (▲50%4)
Average deal size
$208.5m
$137.0m
$153.3m
$191.1m
$212.7m
PE-backed IPOs
155 deals, $35.9b
119 deals, $38.3b
107 deals, $19.4b
185 deals, $58.3b
209 deals, $110.6b
VC-backed IPOs
129 deals, $13.7b
143 deals, $17.3b
92 deals, $23.2b
129 deals, $14.1b
156 deals, $21.9b
Top 5 sectors (number of deals)
Materials (301) Industrials (244) Technology (177) Consumer staples (110) Health care (106)
Materials (271) Industrials (215) Technology (146) Energy (101) Consumer products 5(98)
Materials (143) Industrials (135) Technology (115) Energy (63) Consumer staples (58)
Industrials (117) Technology (115) Real estate (100) Health care (100) Financials (92)
Health care (193) Technology (167) Industrials (142) Consumer products (110) Energy (102)
Top 5 sectors (capital raised)
Financials ($79.9b) Industrials ($58.2b) Materials ($39.5b) Energy ($22.0b) Technology ($21.0b)
Materials ($29.2b) Industrials ($27.0b) Energy ($20.8b) Financials ($15.9b) Technology ($15.5b)
Technology ($23.1b) Industrials ($20.2b) Financial ($19.4b) Real estate ($12.5b) Energy ($12.1b)
Financials ($28.6b) Real estate ($27.0b) Energy ($22.0b) Industrials ($18.9b) Health care ($12.4b)
Technology ($50.2b) Financials ($39.9b) Energy ($30.2b) Real estate ($30.1b) Health care ($21.8b)
Top 5 exchanges (number of deals)
Shenzhen – SME (205) Shenzhen – ChiNext (116) Australian (93) Hong Kong (87) New York (82)
Warsaw – New Connect (136) Shenzhen – ChiNext (128) Shenzhen – SME (115) Australian (101) Hong Kong (68)
New York (78) Shenzhen – ChiNext (74) Warsaw – New Connect (62) Shenzhen (55) NASDAQ (54)
New York (116) NASDAQ (109) Hong Kong (76) London AIM (54) Australia (52)
NASDAQ (172) New York (116) Hong Kong (87) Australian (75) London AIM (72)
Top 5 exchanges (capital raised)
Hong Kong ($67.9b) New York ($34.7b) Shenzhen ($30.2b) Shanghai ($17.8b) Tokyo ($14.3b)
New York ($30.5b) Hong Kong ($25.3b) Shenzhen ($15.7b) Shanghai ($15.1b) London ($13.9b)
New York ($24.0b) NASDAQ ($22.6b) Tokyo ($12.2b) Hong Kong ($11.5b) Bursa Malaysia ($7.6b)
New York ($45.8b) Hong Kong ($21.4b) NASDAQ ($15.8b) London ($12.9b) Tokyo ($9.3b)
New York ($73.4b) Hong Kong ($30.0b) NASDAQ ($21.7b) London ($19.4b) Australian ($16.0b)
1Percentage change
from 2010 to 2011 from 2011 to 2012 from 2012 to 2013 Percentage change from 2013 to 2014
2Percentage change 3Percentage change
Page 26
5Consumer products includes consumer services Please see Appendix for the list of stock exchanges.
*Data for 2014 is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time.
2014 Global IPO update
Appendix: 2014* top 20 IPOs by capital raised Issue month
Issuer name
September Alibaba Group Holding Ltd.
Domicile
Sector
Issuer business description
Capital raised Exchange(s) (US$m)
China
Technology
Investment holding company with subsidiaries engaged in providing services through the internet.
New York 25,032.3 (NYSE)
November
National Commercial Bank – NCB
Saudi Arabia
Financials
Commercial bank.
5,996.8
Saudi (Tadawul)
November
Medibank Private Ltd
Australia
Financials
National provider of health insurance services.
4,923.5
Australia (ASX)
December
Dalian Wanda Commercial Properties Co. Ltd.**
China
Real estate
Manages commercial property projects.
3,900.0
Hong Kong (HKEx)
3,461.5
New York (NYSE)
September Citizens Financial Group Inc.
United States Financials
Commercial bank holding company.
December
CGN Power Co Ltd
China
Energy
Holding company with interests in nuclear Hong Kong 3,163.7 power production. (HKEx)
January
HK Electric Investments / HK Electric Investments Ltd
Hong Kong (SAR)
Energy
March
Japan Display Inc.
Japan
Technology
July
Synchrony Financial
United States Financials
Financial services company providing private label credit cards in the US.
2,955.4
New York (NYSE)
November
Paramount Group Inc.
United States Real estate
Real estate investment trusts.
2,636.4
New York (NYSE)
Share stapled business trust with a focus Hong Kong on the power utility industry in Hong 3,111.0 (HKEx) Kong. Manufacturer of small- and medium-sized electronic displays for the consumer, 3,085.0 Tokyo (TSE) industrial, and medical industries.
Type of IPO
PE-backed
Former SOE
Former SOE
*Data for Q4’14* and 2014 *is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time. **As of 8 December, Dalian Wanda Commercial Properties Co.,Ltd.is expected to raise US$3.9b on 19th December , making this the fourth largest IPOs by capital raised in 2014 when it is completed. Whereas the deal’s expected IPO proceeds was US$6.0b as of 4 December.
Page 27
2014 Global IPO update
Appendix: 2014* top 20 IPOs by capital raised Issue month
Issuer name
Domicile
Sector
Issuer business description
Capital raised (US$m)
Financials
Provider of automotive and mortgage finance.
2,556.1
New York (NYSE)
PE backed and former SOE
Provider of life and non-life insurance products and investment management services.
2,419.2
Euronext (Amsterdam)
PE backed
Hong Kong (HKEx)
PE backed
Exchange(s)
Type of IPO
April
Ally Financial Inc
United States
July
NN Group NV
Netherlands Financials
August
WH Group Ltd
China
Consumer staples
Engaged in meat product processing and packing, sausages manufacturing
2,362.0
June
AA plc
United Kingdom
Industrials
Provider of roadside assistance, insurance broking and underwriting services, as well as driving services.
2,356.0 London (LSE)
July
Healthscope Ltd
Australia
Health care
Healthcare group. Operator of private hospitals and pathology testing centres..
2,116.9 Australia (ASX) PE backed
May
JD.com Inc
China
Retail
Online shopping website.
2,047.0 NASDAQ
PE and VC backed
January
Santander Consumer USA Holdings Inc
United States
Financials
Consumer finance company focused on vehicle finance and unsecured consumer lending products.
2,045.8
New York (NYSE)
PE backed
January
Altice SA
France
Media and Multinational cable and telecommunications Euronext 2,042.8 entertainment company. (Amsterdam)
June
B&M European Value Retail United SA Kingdom
Retail
General merchandise discount retailer.
October
Recruit Holdings Co Ltd
Technology
Publishes job placement periodicals and other periodicals on residence, travel, bridal, 1,967.7 Tokyo (TSE) and automobile.
Japan
*Data for Q4’14* and 2014 *is based on priced IPOs as of 4 December and expected IPOs by end of December; data is up to 4 December 2014, 9:00 a.m. India time.
Page 28
1,976.1 London (LSE)
Total capital raised by top 20 IPOs in 2014* Total global capital raised in 2014*: % of top 20:
2014 Global IPO update
PE backed
PE backed VC backed
US$80.1b US$256.5b 31.3%
Appendix: definitions ►
► ►
►
The data presented in the 2014 Global IPO update and press releases is from Dealogic and EY. 2014 is based on priced IPOs as of 4 December and expected IPOs by end of December. Data is up to 4 December, 9:00 a.m. India time. All data contained in this document is sourced to Dealogic and EY unless otherwise noted. For the purposes of these reports and press releases, we focus only on IPOs of operating companies and define an IPO as a company's first offering of equity to the public. This report includes only those IPOs for which Dealogic and EY offer data regarding the issue date (the day the offer is priced and allocations are subsequently made), trading date (the date on which the security first trades) and proceeds (funds raised, including any over-allotment sold). Postponed IPOs, or those which have not yet been priced, are therefore excluded. Over-the-counter (OTC) listings are also excluded. In an attempt to exclude non-operating company IPOs such as trusts, funds and special purpose acquisition companies (SPACs), companies with the following Standard Industrial Classification (SIC) codes are excluded: ► ► ► ► ► ► ►
► ► ► ►
6091: Financial companies that conduct trust, fiduciary and custody activities 6371: Asset management companies such as health and welfare funds, pension funds and their third-party administration as well as other financial vehicles 6722: Companies that are open-end investment funds 6726: Companies that are other financial vehicles 6732: Companies that are grant-making foundations 6733: Asset management companies that deal with trusts, estates and agency accounts 6799: Special purpose acquisition companies (SPACs)
We also applied the above SIC exclusion criteria for the follow-on activity analysis. In our analysis, unless stated otherwise, IPOs are attributed to the domicile of the company undertaking an IPO. The primary exchange on which they are listed is as defined by Dealogic and EY research. A foreign listing is where the stock exchange nation of the company is different from the company's domicile (i.e.,, issuer's nation). For IPO listings on HKEx; SSE; SZE; Japan’s Tokyo Stock Exchange (TSE); TSE MOTHERS; Korea's KRX and KOSDAQ; Thailand's SET and MAI; Indonesia IDX; WSE; NewConnect; TSX and TSX-V exchanges, we use their first trading date in place of issue date.
Page 29
2014 Global IPO update
Appendix: definitions ►
Geographic definitions: ► ► ► ► ►
► ► ►
►
►
► ►
►
Asia includes Bangladesh, Greater China, Indonesia, Japan, Laos, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand and Vietnam Greater China includes mainland China, Hong Kong, Macau and Taiwan Asia-Pacific includes Asia (as stated above) plus Australia, New Zealand, Fuji and Papua New Guinea Central and South America includes Argentina, Bermuda, Brazil, Chile, Colombia, Ecuador, Jamaica, Mexico, Peru and Puerto Rico EMEIA includes Armenia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Kazakhstan, Luxembourg, Lithuania, Netherlands, Norway, Pakistan, Poland, Portugal, Russian Federation, Spain, Sweden, Switzerland, Turkey, Ukraine and United Kingdom plus the Middle East and Africa countries listed below Middle East includes Bahrain, Iran, Israel, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen Africa includes Algeria, Botswana, Egypt, Ghana, Kenya, Madagascar, Malawi, Morocco, Namibia, Rwanda, South Africa, Tanzania, Tunisia, Uganda, Zambia and Zimbabwe North America consists of the United States and Canada
Emerging markets or rapid-growth markets include issuers from Argentina, Armenia, Bangladesh, Bolivia, Brazil, Bulgaria, Chile, Colombia, Croatia, Cyprus, Egypt, Ethiopia, Greater China, Hungary, India, Indonesia, Ireland, Israel, Kenya, Kuwait, Kazakhstan, Laos, Lithuania, Malaysia, Mauritius, Mexico, Namibia, Pakistan, Peru, Philippines, Poland, Qatar, Russian Federation, Saudi Arabia, Sierra Leone, Singapore, Slovenia, South Africa, South Korea, Sri Lanka, Tanzania, Thailand, Tunisia, Turkey, Ukraine, United Arab Emirates, Vietnam, Zambia. Developed markets include issuers from Australia, Austria, Belgium, Bermuda, Canada, Denmark, Finland, France, Germany, Greece, Guernsey, Isle of Man, Italy, Japan, Jersey, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom and United States. State-owned enterprise (SOE) privatizations refers to former state-owned entities that have completed their IPO listings to become public companies. Many stock exchanges have set up main markets and junior markets. Main markets are where medium and large IPOs (by capital raised) are usually listed and traded. Junior markets are where small-cap companies or smaller IPOs are listed or traded. Stock exchanges without junior markets are classified as main markets. Junior markets include: ► ► ►
Americas: American, Canadian National Stock Exchange, Toronto Venture Exchange and Jamaica Asia-Pacific: Malaysia ACE Market, Bombay SME, Hong Kong Growth Enterprise Market, Japan JASDAQ, Korea KOSDAQ, Thailand Market for Alternative Investment, National SME, Shenzhen ChiNext, Singapore Catalist, Tokyo Stock Exchange MOTHERS Index. EMEA: Alternext, London Alternative Investment Market, Germany's Frankfurt Entry Standard, Spain's Mercado Alternativo Bursatil, NASDAQ OMX First North, Warsaw New Connect, Johannesburg Alternative Market
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2014 Global IPO update
Global IPO press release and Global IPO update slides – 2014 Date published: 8 December 2014 For PR inquiries, please contact: Will Brewster Associate Director, EY Global Media Relations +44 (0) 207 980 0812
[email protected] For information about EY’s IPO services and our IPO point of view, please contact: Jackie Kelley EY Global IPO Markets Leader +1 949 437 0237
[email protected] Produced by Global Markets — EY Knowledge: Anshul Singh, Market Performance, Global Markets – EY Knowledge +91 124 619 2943
[email protected] Contributors include: Akriti Kapoor, Harshit Takkar This report was requested by: Eva Chan, Manager – Global IPO Center, Strategic Growth Markets +44 (0) 207 980 0254
[email protected] Visit the EY Knowledge CHS for help accessing and using knowledge tools and services.
EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. About EY's IPO services EY is a leader in helping to take companies public worldwide. With decades of experience our global network is dedicated to serving market leaders and helping businesses evaluate the pros and cons of an IPO. We demystify the process by offering IPO readiness assessments, IPO preparation, project management and execution services, all of which help prepare you for life in the public spotlight. Our Global IPO Center of Excellence is a virtual hub which provides access to our IPO knowledge, tools, thought leadership and contacts from around the world in one easyto-use source. www.ey.com/ipocenter © 2014 EYGM Limited. All Rights Reserved. EYG no. CY0836 ED None This material has been prepared for general information purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.
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