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@us.pwc.com After a challenging 2016 for technology 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 PwC’s Global Technology IPO Review. With 18 technology companies listing in the first quarter of 2017, total proceeds reached US$5.8 billion, the highest in the last five consecutive quarters. The environment for technology IPOs was positive with two Unicorns—Snap Inc and MuleSoft Inc—listing 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 biggest 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 China’s stock market regulators to facilitate more homegrown 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 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 & Services subsector led the technology IPO market in Q1. Semiconductors and Communications Equipment also witnessed strong growth owing to significant participation from Chinese companies. Overall, the outlook for the world economy is improving in 2017 after several years of lukewarm performance. There are signs of strong activity in some pockets of both mature and emerging markets. The technology IPO market will likely cash in on this positive sentiment through the remainder of 2017. However, plausible headwinds like political uncertainty in election-bound Europe, perceived protectionism from the US and the rise of US Federal Reserve interest rates may slow the first quarter’s positive pace. Sincerely, *Issue size greater than US$40 million (includes overallotment) and based on trade date; See Methodology Table of contents 1. Q1 2017 global tech IPO summary 3 A resurgence of tech IPOs 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 Absence 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. 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 Technolo...
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