全球科技行业IPO回顾：2017年第二季度.pdf

www.pwc.com Global Technology IPO Review Q2 2017 PwC | Global Technology IPO Review Q2 2017 1 Global tech IPO market has best quarter in two years based on volume: 28 IPOs – Including four Unicorns – In Q2 2017 Raman Chitkara Partner and Global Technology Industry Leader PricewaterhouseCoopers LLP raman.chitkara@us.pwc.com Welcome to the Q2 2017 issue of PwC’s Global Technology IPO Review. It was the best quarter for technology initial public offerings (IPOs) in two years as the upbeat mood in the capital markets increased the appetite of investors for new public offerings. In the second quarter, 28 technology companies completed IPOs for total proceeds of US$5.1 billion. This is the most technology IPOs since Q2 2015 when there were 36. The improvement of economic fundamentals in the major developed economies, continued rallies in many equity markets and the backlog of tech companies waiting to go public led to the increased volume. While four Unicorns completed their IPOs, the big names continued to stay on the sidelines. The pace of Unicorn IPOs in the remainder of calendar 2017 is likely to be influenced by the post-IPO performance of Unicorns that completed their IPOs in the first half. Geographically, China continued to show robust growth in the technology IPO market with 16 companies raising a total of US$1.2 billion. Chinese IPOs were favorably impacted by the efforts of the China Securities Regulatory Commission (CSRC) to speed up the approval process. South Korea had a strong quarter with two IPOs, raising US$2.405 billion, including the largest IPO of Q2—Netmarble Games Corp. with proceeds of US$2.356 billion. The US had six IPOs with total proceeds of less than a billion, a 50% improvement over the preceding quarter, though significantly below comparable historical levels achieved during strong IPO cycles. After a drought of five quarters, the UK had one technology IPO in Q2 2017, raising US$324 million. Rounding out Q2, Belgium, Canada and Israel had one IPO each. In a rare turn of events, Internet Software & Services shared first place for volume with another subsector—Semiconductors. Each had eight IPOs in Q2 2107. As for total proceeds, Internet Software & Services raised US$3.5 billion, and Semiconductors a more modest US$832 million. Internet Software & Services benefitted from Netmarble’s proceeds. Semiconductors benefitted from IPOs by five Chinese companies. It was the first time Semiconductors had eight or more IPOs since Q4 2010, when it had 12. Looking ahead, we expect the second half of 2017 to continue the positive momentum of the first half. However, any significant decline or increase in volatility in the capital markets has the potential to change investor sentiment in a hurry. Factors to watch include Chinese regulatory developments; the tone, tenor and timing of US budget, debt ceiling and tax reform deliberations, and the continuity of overall global economic progress without inflationary pressures. Lastly, gaps between private company valuations in the recent past and the valuations investors are willing to give public companies will influence how many and which Unicorns test the capital markets in the second half of 2017. Sincerely, *Issue size greater than US$40 million (includes overallotment) and based on trade date; See Methodology PwC | Global Technology IPO Review Q2 2017 2 Table of contents 1. Q2 2017 Global tech IPO summary 3 Tech IPOs continue to ride high on positive investor sentiment 3 First-half 2017 average proceeds are higher than first-half 2015 and 2016 – Led by six Unicorn listings 4 The Asian tech IPO market takes center stage this quarter 5 Tech IPOs in Q2 2017 have wider geographic spread than the previous quarter 6 Global macroeconomic conditions improve as Asia gains strength; political challenges continue in the US and Europe 7 Semiconductor surprise: Subsector shares top spot for number of IPOs with Internet Software & Services 8 2. Country and stock exchange detail 9 China 9 South Korea 10 US 11 UK 12 Stock exchange distribution 13 Q2 2017 tech IPOs – Offering details 14 3. Key financials – Q2 2017 16 4. Q2 2017 Technology IPO listings: Valuation metrics 20 5. Top three subsectors in Q2 2017 22 Internet Software & Services 22 Semiconductors 29 Software 36 6. Methodology 43 7. For more information 44 PwC | Global Technology IPO Review Q2 2017 3 Q2 2017 Global tech IPO summary Tech IPOs continue to ride high on positive investor sentiment After a positive start to the year, Q2 2017 saw an increase in technology IPOs. Deal volume increased significantly as 28 IPOs raised a total of US$5.1 billion in the second quarter; the number of listings rose 56% quarter over quarter and 100% year over year. Proceeds declined 12% from the previous quarter, but increased 246% year over year. Chinese technology companies led with 16 IPOs raising US$1.2 billion. South Korea had two IPOs that raised more than US$2.4 billion. The US had six tech IPOs with total proceed...