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1、 Global Technology IPO Review Q3 2017 淘宝店铺 “Vivian研报” 收集整理 获取最新报告及后续更新服务请淘宝搜索 “Vivian研报” PwC | Global Technology IPO Review Q3 2017 2 Global tech IPO activity slows in spite of record high capital markets Raman Chitkara Partner and Global Technology Industry Leader PricewaterhouseCoopers LLP raman.c
2、hitkara *Issue size greater than US$40 million (includes overallotment) and based on trade date; See Methodology Welcome to the third quarter 2017 issue of PwCs Global Technology IPO Review. With 20 tech IPOs and proceeds of US$5.2 billion, the third quarter saw a 31% drop in volume and a 15% decrea
3、se in proceeds from the prior quarter but an equal number of offerings and only marginally lower proceeds year over year (-3%). Even allowing for typical third quarter seasonality, however, the overall strength of the capital markets would have suggested a stronger showing. It is clear that poor aft
4、ermarket performance of several Unicorns that completed their IPOs earlier in the year did not foster an environment of higher risk taking and higher valuations, and this was especially true in the US. As a result, not only was there only one Unicorn IPO this quarter, it hailed from Argentina, not t
5、he US or China. However, activity did pick up in the last month of the third quarter with 13 of the 20 technology IPOs listing in September, setting a positive stage for an improved fourth quarter. Year to date there have been 67 tech IPOs raising US$17.1 billion the best nine months since 2014 when
6、 84 tech IPOs raised US$43.7 billion, a spike in proceeds due to the mega Alibaba IPO. Geographically, Asia accounted for 80% of the tech IPOs (16) in the third quarter, lending additional credence to the widely held notion that “the center of gravity of the tech world is slowly moving towards the E
7、ast.” Greater China (China and Taiwan) continued its domination of tech IPOs with 11. It was followed by South Korea with three and Japan and India with one each. Europe posted the two largest tech IPOs of the quarter, but the UK was again absent as it continues to be challenged by transitional issu
8、es associated with the Brexit decision. Perhaps the biggest surprise of the quarter was just one tech IPO in the US. Consistent with past quarters, there was just one cross-border offering, Argentinas D , the sole Unicorn of the quarter that listed on the NYSE. In sharp contrast to preceding quarter
9、s, Internet Software nine countries, including Argentina, participated Q3 2017 had broad geographic participation, with nine countries listing at least one tech IPO. Switzerland produced the biggest IPO, Landis+Gyr Group, with proceeds of US$2.4 billion, followed by Finland with Rovio raising US$501
10、 million. Greater China (China and Taiwan) recorded 11, the highest this quarter, raising US$1.3 billion. A strong equity market and positive post-IPO performance boosted investor sentiment while actions taken by the Chinese government to reduce the backlog of companies waiting to list helped to acc
11、elerate activity. Hong Kong also confirmed that steps are being taken to open another trading platform. Continuing innovation in South Korea helped to further tech IPO activity with three listings raising US$260 million. The US, India, Japan, and Argentina also recorded one tech IPO each in the quar
12、ter. Figure 5: Q3 2017 geographic distribution * Includes China and Taiwan Source: S Mumbai and Tokyo Stock Exchanges each had a single listing during the quarter. The SIX Swiss Exchange raised the highest proceeds of US$2.4 billion with just a single listing, Landis+Gyr Group AG. The US stock excha
13、nges had only two listings in Q3 2017 compared to seven listings in Q2 2017, a decline of 71% quarter on quarter. One of these listings was the cross border offering of D , from Argentina. It was the sole Unicorn of the quarter and listed on the NYSE. Figure 12: Q3 2017 stock exchange distribution S
14、ource: S last quarters share was 72%. The average LTM net income of US$22 million for the quarter skyrocketed by 263%, quarter on quarter. All subsectors except Electronics had companies that reported net income. Only 2 of 20 companies reported LTM net loss for the quarter, both in the Electronics s
15、ubsector. The average LTM revenue for Q3 2017 was US$385 million, an increase of 72% quarter on quarter, led by the Electronics subsector, followed by Internet Software however, the year-on-year decline was 60%. The sectors average LTM EBIDTA improved remarkably, up 571% year on year and 307% quarte
16、r on quarter. This increase was mainly due to positive LTM EBIDTA reported by the companies in the subsector. The subsectors average LTM net income also improved with 175% increase year on year and 171% increase quarter on quarter. The average EV for the quarter is US$1,027 million, an increase of 51% quarter on quarter. EV/LTM EBIDTA is 36.5x compared to that of 97.9x for Q2 2017. Figure 28: Software LTM revenue Source: S&P Capital IQ with analysis by PwC $253 $100 $86 $112 $13
