| IPO Watch Europe Q2 2016
IPO Watch Europe Q2 2016 |
Figure 1: Quarterly European IPO activity by value and volume
H1 2015
Q1 2016
Q2 2016
H1 2016
Total European listings comprise those
with:
Less than 5m raised
66
23
28
51
Greater than 5m raised
140
27
67
94
Total number of listings
206
50
95
145
31,099
3,490
10,919
14,409
Exercised greenshoe ( m)
2,576
201
771
972
Total money raised ( m)
33,675
3,691
11,690
15,381
240
136
174
163
Money raised excl. greenshoe ( m)
Average offering value ( m)*
Figure 2: Top 3 stock exchanges in Europe in 2016 (by offering value)
Euronext
BME
33 IPOs raised*
13 IPOs raised*
5 IPOs raised*
Average IPO proceeds**
Average IPO proceeds**
Average IPO proceeds**
OMX
Figure 2: Top 3 stock exchanges in Europe in Q2 2016 (by offering
value)
Largest
IPO:
Largest IPO:
2,301m
( 2,647m incl. greenshoe)
600m
(no greenshoe)
1,018m
(no greenshoe)
OMX
| IPO Watch Europe Q2 2016
Largest IPO:
London
47 IPOs raised*
39 IPOs raised*
Average IPO proceeds**
Average IPO proceeds**
Largest IPO:
Largest IPO:
2,301m
( 2,647m incl. greenshoe)
453m
( 521m incl. greenshoe)
Euronext
14 IPOs raised*
Average IPO proceeds**
Largest IPO:
1,018m
(no greenshoe)
Figure 3: H1 European IPO activity since 2007*
450
401
40
400
Value of IPOs ( bn)
35
350
30
214
251
25
186
166
20
250
145
154
121
15
10
5
300
206
11.1
200
150
100
39
38.7
Volume of IPOs
45
0.5
13.7
16.8
3.2
8.6
33.7
H1 2010
H1 2011
H1 2012
H1 2013
H1 2014
31.1
14.4
-
50
-
H1 2007 H1 2008
H1 2009
H1 2015 H1 2016
IPOs
Value bn
Figure 4: Quarterly European IPO activity since 2013
146
160
Value of IPOs ( bn)
124
20
140
106
105
95
86
15
10
76
76
68
100
82
80
53
52
45
120
50
60
Volume of IPOs
25
40
5
20
3.3
5.4
3.0
14.8
11.4
22.3
6.6
9.2
16.4
14.7
4.6
21.7
3.5
10.9
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
-
2013
2014
Value bn
2015
Greenshoe bn
2016
IPOs
IPO Watch Europe Q2 2016 |
Figure 5: Volatility compared to IPO proceeds
1bn+ IPOs of
Worldpay, Poste
Italiane, Covestro
and Scout24
1bn+ IPOs
of Amundi
and ABN
AMRO
EU referendum
in the UK
50
45
12
40
10
35
30
8
25
6
4
20
Falling oil prices,
Chinese economy
slowdown and
threat of
impending bear
market
China stock
market
turmoil
2
VSTOXX index
Money raised bn
14
IPO of Deutsche
Pfandbriefbank,
Euskaltel and
Flow Traders
1bn+ IPOs of
Sunrise, Aena
and GrandVision
15
10
5
0
0
Jan
Feb
Mar
Apr
Money raised bn
May
Jun
Jul
2015
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2016
May
Jun
VSTOXX index
Figure 6: Historical performance of major market indices since January 2015
% change since 1 Jan 2015
40%
30%
20%
10%
DAX 30
CAC 40
0%
FTSE 100
-10%
-20%
JanJanFebFebMarMarApr AprMayMayJunJunJul JulAugAugSepSepOct OctNovNovDec DecJan JanFebFebMar MarApr Apr
May May
Jun Jun
2015
2016
| IPO Watch Europe Q2 2016
Figure 7: Top 5 IPOs in Q2 2016
Dong Energy
a.s.r.
Philips Lighting
MONETA Money
Bank
Parques
Reunidos
Exchange
OMX
Copenhagen
Euronext
Amsterdam
Euronext
Amsterdam
Prague Stock
Exchange
BME
IPO date
9 June
10 June
27 May
6 May
29 April
Money raised ( m)
incl. greenshoe
2,647
1,018
863
739
600
Price range
DKR200
DKR255
18.00 - 22.00
18.50 - 22.50
CK68.00
CK85.00
15.50 - 20.50
Offer price
DKR235
19.50
20.00
CK68.00
15.50
Figure 8: Offer price versus initial price range of top 5 IPOs
Figure 9: Performance of top 5 IPOs
40%
5.6%
3.8%
30%
2.3%
20%
-0.3%
-2.0%
10%
-3.8%
-2.8%
0%
Offer price
-7.9%
-10.9%
-10%
-15.8%
-20%
Dong
Energy
a.s.r.
Offer price
Philips
Lighting
MONETA
Money Bank
Price range
Parques
Reunidos
Dong
Energy
a.s.r.
Philips
Lighting
MONETA
Money Bank
Parques
Reunidos
Share performance from IPO to 30 Jun 2016 (%)
Domestic index performance from IPO to 30 Jun 2016 (%)
IPO Watch Europe Q2 2016 |
Figure 10: IPO value by sector*
By offering value ( m)
H1 2015
Q1 2016
Q2 2016
H1 2016
Variance vs H1
2015
Financials
6,881
1,323
3,399
4,722
(2,159)
Consumer Services
5,136
551
2,218
2,769
(2,367)
440
269
2,344
2,613
2,173
Industrials
8,394
233
1,895
2,128
(6,266)
Consumer Goods
2,054
872
678
1,550
(504)
Health Care
1,961
186
154
340
(1,621)
Technology
1,552
45
87
132
(1,420)
Oil & Gas
29
-
112
112
83
Basic Materials
22
11
22
33
11
4,630
-
10
10
(4,620)
31,099
3,490
10,919
14,409
(16,690)
Utilities
Telecommunications
Total
| IPO Watch Europe Q2 2016
Financials
Utilities
Consumer Services
29 IPOs raised in Q2 2016
3 IPO raised in Q2 2016
12 IPOs raised in Q2 2016
Average IPO proceeds**
no meaningful average
Average IPO proceeds**
Largest IPO:
Largest IPO:
Largest IPO:
(no greenshoe
( 2,647m incl. greenshoe)
(no greenshoe)
Figure 11: London IPO trends (by offering value)*
£3.7bn
£13.0bn
£2.7bn
£6.8bn
0.6
8
6
1.1
0.1
4
0.1 0.3
0.0
1.5
0.2
0.3
2.0
86
39
55
50
0.5
2
38
60
Volume of IPOs
Value of IPOs (£bn)
10
Figure 12: London IPO trends (by volume)
40
6
1.2 6.4 3.8 7.5 1.3 0.6 3.3 3.1
-
0.0
0.5
0.6
4.5 1.6
0.3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2013
2014
2015
2016
Main and SFM
AIM
21
20
0.2
0.3 0.7
26
30
10
9
18
6
7
16
15
19
9
6
19
14
28
8
12
9
22
6
18
16
4
5
22
9
14
7
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2013
2014
2015
2016
Main and SFM
AIM
Figure 13: Top 5 UK IPOs in Q2 2016
Value (£m)
Issuer
Forterra
Motorpoint Group
Time Out Group
Hadrians Wall Secured Investments
Draper Esprit
Excl. greenshoe
Incl. greenshoe
126
100
90
80
79
128
100
90
80
79
Sector
Industrials
Consumer Services
Consumer Services
Financials
Financials
Market
Main
Main
AIM
Main
AIM
PE backed
Yes
No
Yes
No
Yes
IPO Watch Europe Q2 2016 |
Figure 14: Share price performance of London IPOs relative to the FTSE all share index, from IPO to 30 June 2016 (%)
| IPO Watch Europe Q2 2016
Figure 15: Value of London PE-backed IPOs vs non PE-backed
IPOs in London*
Figure 16: Volume of London PE-backed IPOs vs non PE-backed
IPOs in London*
8
30
25
6
Volume of IPOs
Value of IPOs (£bn)
7
5
4
3
2
20
15
10
5
1
-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2013
2014
2015
2016
PE-backed
Non PE-backed
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2013
2014
2015
2016
PE-backed Non PE-backed
Figure 17: London IPO value by sector (excl. greenshoe)
By offering value (£m)
H1 2015
Q1 2016
Q2 2016
H1 2016 Variance vs. H1
2015
3,225
980
268
1,248
377
304
119
423
46
2,061
280
284
563
(1,498)
Industrials
525
131
201
333
(192)
Health Care
213
42
22
65
(148)
Technology
352
35
9
44
(309)
Financials
Consumer Goods
Consumer Services
Utilities
Basic Materials
Telecommunications
Oil & Gas
Total value (£m)
(1,977)
-
10
4
14
14
10
-
13
13
3
-
-
-
-
-
-
-
-
-
-
6,763
1,782
920
2,702
(4,061)
IPO Watch Europe Q2 2016 |
Figure 18: Global IPO activity*
475
70
365
249
40
30
400
294
50
450
377
376
365
301
350
271
225
222
215
189
243
300
250
200
150
20
Volume of IPOs
Value of IPOs ( bn)
60
500
100
10
50
-
Q1
Q2
Q3
Q4
2013
Q1
Q2
Q3
Q4
Q1
2014
EMEA ( bn)
Q2
Q3
Q4
Q1
2015
Americas ( bn)
Q2
2016
Asia Pacific ( bn)
IPOs
Figure 19: Top 10 global IPOs in H1 2016
Issuer
m (incl. greenshoe) Exchange
Sector
Deal type
Privatisation/ PE
Dong Energy
2,647
Copenhagen
Utilities
China Zheshang Bank
1,720
Hong Kong
Financials
-
MGM Growth Properties
1,068
New York
Financials
Carve out
US Foods Holding
1,048
New York
Consumer Goods
a.s.r.
1,018
Amsterdam
Financials
Privatisation
BOC Aviation
PE
1,004
Hong Kong
Industrials
Carve out
Bank of Tianjin
878
Hong Kong
Financials
-
Philips Lighting
863
Amsterdam
Industrials
Carve out
LaSalle Logiport
835
Tokyo
Financials
-
MONETA Money Bank
739
Prague
Financials
Carve out
| IPO Watch Europe Q2 2016
Appendix 1: European IPOs by market
H1 2015
Stock exchange
TOTAL
London Stock Exchange
NASDAQ OMX
Euronext
BME (Spanish Exchange)
Prague
SIX Swiss Exchange
Borsa Italiana
Deutsche Börse
Warsaw
Borsa Istanbul
Oslo Børs & Oslo Axess
Irish Stock Exchange
Zagreb Stock Exchange
Bucharest
Wiener Börse
Total
IPOs
Q1 2016
Value
( m)*
IPOs
Q2 2016
Value
( m)*
IPOs
H1 2016
Value
( m)*
IPOs
Value
( m)*
55
55
26
8
2
13
10
18
4
6
2
2
4
1
206
9,345
3,863
4,904
6,903
1,882
1,483
1,301
321
23
644
394
36
31,099
18
14
1
5
1
2
3
5
1
50
2,327
811
3
3
28
288
19
11
3,490
21
33
13
5
1
2
5
2
8
1
4
95
1,180
3,436
2,986
1,300
656
633
437
17
92
92
90
10,919
39
47
14
10
1
3
7
5
13
2
4
145
3,507
4,247
2,989
1,303
656
633
465
305
111
103
90
14,409
17
34
18
5
2
4
3,234
8,824
4,837
6,898
1,882
1,392
5
9
1
-
592
2,026
-
12
7
10
3
1
2
2
3,236
432
2,954
1,300
656
633
378
17
16
10
3
1
3
2
3,828
2,458
2,954
1,300
656
633
378
EU-REGULATED
NASDAQ OMX (Main)
London Main and SFM
Euronext
BME (Spanish Exchange) (Main)
Prague
SIX Swiss Exchange
Borsa Italiana (Main)
Deutsche Börse (Prime and General
Standard)
Warsaw (Main)
Oslo Børs
Irish Stock Exchange (Main)
Zagreb Stock Exchange
Wiener Börse
EU-regulated sub-total
8
1,301
3
288
1
3
4
291
6
3
2
2
1
102
315
586
394
36
29,699
1
19
17
2,923
5
3
46
91
90
9,773
6
3
65
108
90
12,696
EXCHANGE-REGULATED
London AIM
NASDAQ OMX (First North)
Borsa Istanbul
Borsa Italiana (AIM)
Euronext (Alternext)
Deutsche Börse (Entry Standard)
BME (Spanish Exchange) (MAB)
Warsaw (NewConnect)
Oslo Axess
Bucharest (AeRO)
Exchange-regulated sub-total
Europe total
21
38
4
9
8
2
3
12
3
4
104
206
521
629
23
91
67
5
6
58
1,400
31,099
9
9
1
2
1
5
4
31
50
301
219
11
28
3
3
2
567
3,490
14
21
1
3
3
1
2
3
1
49
95
748
200
92
59
32
14
1
1,146
10,919
23
30
2
5
4
1
7
7
1
80
145
1,049
419
103
87
35
14
3
3
1,713
14,409
IPO Watch Europe Q2 2016 |
Appendix 2: IPO offering value by stock exchange*
Stock exchange offering value ( m)
NASDAQ OMX
OMX Copenhagen
OMX Stockholm
OMX Helsinki
OMX Iceland
OMX Tallinn
OMX Vilnius
London Stock Exchange
Euronext
Euronext Paris
Euronext Amsterdam
Euronext Brussels
BME (Spanish Exchange)
Prague Stock Exchange
SIX Swiss Exchange
Borsa Italiana
Deutsche Börse
Warsaw
Borsa Istanbul
Oslo Børs & Oslo Axess
Irish Stock Exchange
Zagreb Stock Exchange
Bucharest Stock Exchange
Wiener Börse
Total
| IPO Watch Europe Q2 2016
H1 2015
3,863
168
3,308
322
65
9,345
4,904
2,908
1,696
300
6,903
1,882
1,483
1,301
321
23
644
394
36
31,099
Q1 2016
811
477
317
17
2,327
3
3
3
28
288
19
11
3,490
Q2 2016
3,436
2,301
869
232
20
14
1,180
2,986
683
2,280
23
1,300
656
633
437
17
92
92
90
10,919
H1 2016
4,247
2,778
1,186
249
20
14
3,507
2,989
686
2,280
23
1,303
656
633
465
305
111
103
90
14,409
Appendix 3: IPO volume by stock exchange
Stock exchange offering volume
NASDAQ OMX
OMX Copenhagen
OMX Stockholm
OMX Helsinki
OMX Iceland
OMX Tallinn
OMX Vilnius
London Stock Exchange
Euronext
Euronext Paris
Euronext Amsterdam
Euronext Brussels
BME (Spanish Exchange)
Prague Stock Exchange
SIX Swiss Exchange
Borsa Italiana
Deutsche Börse
Warsaw
Borsa Istanbul
Oslo Børs & Oslo Axess
Irish Stock Exchange
Zagreb Stock Exchange
Bucharest Stock Exchange
Wiener Börse
Total
H1 2015
55
1
44
6
2
1
1
55
26
19
3
4
8
2
13
10
18
4
6
2
2
4
1
206
Q1 2016
14
1
10
2
1
18
1
1
5
1
2
3
5
1
50
Q2 2016
33
2
25
4
1
1
21
13
7
5
1
5
1
2
5
2
8
1
4
95
H1 2016
47
3
35
6
1
1
1
39
14
8
5
1
10
1
3
7
5
13
2
4
145
IPO Watch Europe Q2 2016 |