普华永道：2022年第二季度全球 IPO报告

GlobalIPOWatchQ22022

APwCGlobalIPOCentrepublication

Authors:

StuartNewman-PwCGlobalIPOCentreLeader(PwCUK)

NadjaPicard-PwCEuropeCapitalMarketsLeader(PwCGermany)

PwC|GlobalIPOWatch2021

Represents

averageVIX

formonth

Q22022overviewandoutlook

Q22022overview

GlobalIPOissuancereachedfiveyearlowsinQ22022,althoughmeaningfulIPOactivitywasseeninChinaandtheMiddleEast

GlobalIPOmarketswerecaughtinthedoldrumsofinflation,slowingglobalgrowth,warinUkraineandresultantequitymarketsell-offthisquarter.Asmarketconditionsdeteriorated,globalIPOmarketsentimentremainedveryfragileinQ2withvolumessignificantlydownquarteronquarterand,inparticular,comparedtolastyear.Q22022globalIPOissuancetotalled$36.6bn,over70%downcomparedtoQ22021issuanceandevenlowerthanQ22020issuanceof$43.6bnatthestartofCovid-19pandemic,thelowestsecondquartersince2016.Thisquarterhasalsoseenanumberoftransactionsbeingcanceledorpostponedasinvestorscontinuedtotestvaluations.WiththebackdropofhighvolatilityandchallengingIPOmarketconditions,thepre-marketingperiodforIPOsinEuropehasstartedtolengthenasinvestorsneededmoretimetogetonboardandcornerstoneinvestorsupportalsohelpedtogetsomedealsovertheline.

Followingafive-yearlowforIPOsinQ1,theUSIPOmarketinQ2wasprettymuchclosedinQ2withonlyeighttraditionalIPOs.TheEuropeanIPOmarketwasalsolargelyclosedwithonly€2.1bnofissuanceinQ2.TheonlytworegionswithmeaningfulIPOactivitywereChinaandtheMiddleEast(together64%ofQ22022IPOproceeds),whichremainedactivefuelledbytheSTARandChiNextmarkets(China'srivaltechplatformsinShanghaiandShenzhen)andanongoingprivatisationdriverespectively.

Deterioratingmacroeconomicbackdropandequitiessell-off

Followingadifficultfirstquarter,Q2broughtfurtheruncertaintywithrisinginterestrates,soaringinflationandslowinggrowth,exacerbatedbythewarinUkraineandlockdownsinChina.

Whilstequitymarketshavealsotakenahitwithmajorindicesnearlyerasingtheirlastyear’sgainsinthefirsthalfof2022,withS&P500down21%,Stoxx600down17%andMSCIWorlddown21%,manymarketparticipantsseethisasanecessaryvaluationreset.

Source:BloombergFinanceL.P.withPwCanalysisasof30June2022

PwCGlobalIPOWatchQ22022

OutlookforH22022

Inflatonisthebiggestrisktoequities

Whilstinflationremainsthebiggestrisktoequities,combinedwithslowingglobalgrowth,theriskofstagflationmayalterinvestors’riskappetiteandsectorpositioningleadingtoafavoringofdefensivestocksandsectorsthathaveapositivecorrelationwithinflationarypressures.OneoftheconsequencesofthewarinUkrainecouldalsobeanaccelerationofthepaceofcleanenergytransitionandamoveawayfromfossilfueldependenciesdrivingactivityintherenewablessectors.

MarketparticipantsarealsowatchingcloselytheFederalReserveandthepathoftheratehikeintheUS,particularlyinlightofgrowingrecessionexpectationsandweakerthanexpectedPurchasingManagers’Index(PMI)numbers.ArecentbounceintheUSequitiessuggeststhatinvestorsarestartingtopriceinnofurtherrateincreasefromtheFederalReservebeyond2022.Volatilitythatremainedelevatedthroughoutthequarter,willalsoneedtodropcloserto20fortheIPOmarkettoreopen.

IPOmarketswilltaketimetorecover,withlargeIPOpipelinebeingpushedbackto2023

Headingintothesummerholidaysseason,theIPOmarketswilllikelyremainquietuntilvolatilitymoderatesandthevaluation“gap”betweentheviewsofinvestorsandissuersnarrows.WhilstwecontinuetoseecompaniespreparingtogopublicandtherewillbesomelimitedattemptstotapthemarketinH22022,itisexpectedthatthebroaderpipelinewillrealisticallybepushedbackinto2023.

ReflectingonthepreviousIPOmarketdownturnsofthedot-combubble,creditcrunchandmorerecentlyCovid-19,itisdifficulttopredictwhenIPOmarketsintheUSandEuropemightrebound.Itwouldbewisetoassumethatanyreopeningwillbepatchyandhesitant(andatlowervaluations).CompaniesthathaveIPOontheirimmediatecorporateagendaandmighttarget2023wouldbeadvisedtocontinuetoprepareforanIPOinordertobereadytohitthewindowwhenitdoesopen.

Source:Dealogic,Bloombergasof30June2022

2

[ItlwyC?]|GlobalIPOWatch2021

Q1:$18.2bn

Q2:$14.1bn

Source:BloombergFinanceL.P.withPwCanalysisasof30June2022

72IPOsraised$14.1bninthequarter.

Since2019,IPOsonChina’sSTARMarketandChiNexthaveaccountedforonaverage71%oftotalannualproceedsforallChinaexchanges.

○Sofarthisyear,89%ofproceedsraisedonChinaexchangeswereontheSTARMarketandChiNext.

○Themarketsarefocusedonscienceandtechnologycompanies,seekingtoattracthome-growncompaniestolistinChinaandHongKongratherthanNasdaqintheUS.

China

●

●

$14.1bn

$4.3bn

$4.3bn

Source:BloombergFinanceL.P.withPwCanalysisasof30June2022

$8.6bn

IPOs-Q22022highlights(1of2)

Top10countries(%ofGlobalIPOproceeds)

UAE

●Theprivatisationofstate-ownedenterprisescontinuedinQ2(inQ12022,AbuDhabiPortsCoraised$1.1bn):

○Polyolefinsmanufacturer,Borougeplc,ajointventurebetweentheAbuDhabiNationalOilCompany(ADNOC)andAustriabasedBorealisAGraised$2.0bn;and

○DubaiElectricity&WaterAuthority(DEWA)raised$6.1bn.

●Asapointofreference,therewerenoIPOsintheUAEin2018or2019,onein2020andthreein2021($2.6bnraised).

India

●TwonotableIPOsinQ2:

○LifeInsuranceCorpofIndia($2.7bn)-state-ownedinsurancegroupandinvestmentcompany,India’slargesteverIPO;and

○DelhiveryLtd($0.7bn)-logisticsandsupplychain.

3

PwCGlobalIPOWatchQ22022

PwC|GlobalIPOWatch2021

IPOs-Q22022highlights(2of2)

IPOproceedsbyregion($bn)

Source:BloombergFinanceL.P.withPwCanalysisasof30June2022

EMEA

●Notwithstandinga59%($17bn)declineinproceedsfromQ1,EMEAIPOproceedswerecomparabletoprevioussecondquarters.StrongissuanceintheUAEcontributedasignificantproportion(72%)ofEMEAtotalproceeds.

●ThemainEuropeanexchangesandtheUKsawlimitedIPOactivitythisquarter.AnexceptionwasItaly,withIndustrieDeNoraSpA(chemicals)raising$0.5bn.

Asia-Pacific

●Asia-PacificQ2IPOproceedswerealsodownversusQ1(27%/$18bn)butnotablyaheadofrecentsecondquarters.

●Assetoutpreviously,activityintheregionwasdrivenbyChinaandIndia,accountingforover90%oftotalAsia-Pacificproceedsinthequarter.

●HongKongSARissuanceremainedrelativelysubdued;nineIPOsraised$0.6bn(Q22021:14/$4.2bn).

Americas

●AmericasIPOissuancewasexceptionallylowinQ22022,42IPOsraised$4.7bn.

●SPACIPOsrepresentedapproximatelyhalfofactivityintermsofnumberofIPOs(17)andproceeds($2.2bn).

PwCGlobalIPOWatchQ22022

USSPACIPOs

Source:BloombergFinanceL.P.withPwCanalysisasof30June2022

●ThedeclineinUSSPACIPOscontinuedthisquarter.Q22022wasthelowestquarterintermsofproceedssincethisIPOstructurebecamepopularinearly2020with17SPACIPOsraising$2.2bn.

●TheSPACmarketintheUSisfacingchallengesasexpirationdatesfromthe2020vintagesapproachandredemptionsremainatrecordlevels.ThisiscompoundedbythebackdropofproposednewSECregulationsthatwillincreaseregulatoryhurdlesandliabilityofbanksandotheradvisersandpromotersofSPACs.

●InvestorsarealsolosinginterestinSPACIPOsastheprivatecompanymergermarketisextremelycompetitivenow.GivenrecentdifficultiesinSPACmergersandpost-mergerstockpriceperformance,SPACinvestorsarehesitanttoconsummatemergers,whichcontributestoincreasedSPACredemptionrates.2022hasproducedc.50USde-SPACcompletionsacrossanumberofsectors,including“growthareas”suchaselectricvehiclecharging.

●With18-24-monthinvestmenthorizons,manySPACsareapproachingexpiration.TheaggregatecapitalinSPACsthatneedtobeputtoworkin2022and2023-orbereturnedtoinvestors-totals$142bn($33bnin2022and$109bnin2023).

4

PwC|GlobalIPOWatch2021

FOmoneyraised&#ofdealsIPOmoneyraised&#ofdeals

EMEA

Asia-Pacific

Q1:$8.0bn

Q2:$12.0bn

Q1:$13.9bn

Q2:$4.7bn

Q1:$29.9bn

Q2:$24.6bn

Q1:$17.3bn

Q2:$30.0bn

IPOandFOactivityperregion

Americas

Q1:$34.2bn

Q2:$20.0bn

Q1:$36.0bn

Q2:$33.1bn

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

PwCGlobalIPOWatchQ22022

Source:BloombergFinanceL.P.withPwCanalysisasof30June2022

5

PwC|GlobalIPOWatch2021

VolatilitybackgroundtoIPOandFOactivity

MoneyraisedviaIPOsandFOsversusvolatility

NumberofIPOsandFOsversusvolatility

PwCGlobalIPOWatchQ22022

Source:BloombergFinanceL.P.withPwCanalysisasof30June2022

6

PwC|GlobalIPOWatch2021

7

PwCGlobalIPOWatchQ22022

Basisofpreparation

•TheGlobalIPOWatchanalysesIPOandFOtrendsonaquarterlybasis,bothataglobalandregionallevel.

•ThisdocumentincludesdataderivedfromdataprovidedunderLicencebyDealogic.DealogicretainsandreservesallrightsinsuchLicenceddata.Onlytransactionswithaminimumof$5millionmoneyraisedhavebeenincluded.

•Transactionproceedsincludetheoverallotmentoption(ifexercised).

•ThedataexcludesPIPOsandtransactionsonOver-The-Counterexchanges.

•IncaseIPOsorFOstakeplaceontwoormoreexchanges,thefullamountofmoneyraisedisattributedtoallexchanges.Thesameappliestocountriesandregions.Thisdoesnotapplytotwoexchangeswithinthesamecountryortwocountrieswithinthesameregion.

•Countryindicatesthecompany’scountryofdomicile.

•IndustryclassificationisbasedontheFTSERussellIndustryClassificationBenchmark.

•IndexperformanceisbasedonpricingdataextractedfromBloomberg.

PwC|GlobalIPOWatch2021

8

PwCGlobalIPOWatchQ22022

Contacts

StuartNewman

PwCGlobalIPOCentreLeader–PwCUK

DavidEthridge

IPOServicesCo-Leader-PwCUS

stuart.newman@

david.a.ethridge@

MichaelWisson

Partner,CapitalMarkets–PwCUK

michael.a.wisson@

MichaelBellin

IPOServicesCo-Leader-PwCUS

michael.j.bellin@

NadjaPicard

PwCEuropeCapitalMarketsLeader–PwCGermany

nadja.picard@

BrianChoi

CapitalMarketsandAccountingAdvisoryServices

Leader-PwCChina

brian.my.choi@

CarstenStäcker

Partner,EquityAdvisory–PwCGermany

carsten.staecker@

PwC|GlobalIPOWatch2021

9

PwCGlobalIPOWatchQ22022

Appendices

•IPOandFOactivitystatistics

•LeadingtransactionsQ22022

PwC|GlobalIPOWatch2021

2019

2020

2021

Q22022

251

15.1%

$741bn

Zt.8%

40.0%

74.8%

4.9%

1,127

2019

2020

2021

Q22022

660

1.8%

$71.7bn

L.G%

26.6%

18.0%

10.8%

926

$145.0bn

IPOandFOactivityintheAmericas

Q22020Q22021

IPOactivity

NumberofIPOs

513

1,115

66

212

42

%sdonsoJ-qeO才9p

19.9%

16.4%

22.7%24.1%

0.0%

Moneyraised

$1901bn

$3460bn

$262bn$665bn

$47bn

%sdonsoJ-qeO才9p

cc.c%

25.8%

tG.g%tG.8%

0.0%

Advancedmetrics

Freefloat%

56.7%

59.6%

48.0%42.2%

52.5%

Overallotmentexercised(%)

72.3%

80.9%

73.4%76.9%

71.4%

%secondaryshares

4.2%

3.5%

4.0%5.1%

2.9%

FOactivity

NumberofFOs

1,484

1,556

444

271

170

Moneyraised

$216.3bn

$317.7bn

$328.5bn

$123.2bn$69.3bn

$24.6bn

IPOandFOactivityinAsia-Pacific

Q22020

Q22021

IPOactivity

NumberofIPOs

735

1,108

110

269

150

%sdonsoJ-qeO才9p

2,2%

3.6%

0.9%

4.5%

2.7%

Moneyraised

$113.1bn

$162.3bn

$12.5bn

$37.8bn

$20.0bn

%sdonsoJ-qeO才9p

L.g%

7.9%

.L%

GG.6%

5.1%

Advancedmetrics

Freefloat%

24.8%

26.6%

23.3%

26.4%

25.2%

Overallotmentexercised(%)

12.8%

10.3%

10.9%

13.0%

4.0%

%secondaryshares

10.3%

12.3%

2.9%

10.6%

11.8%

FOactivity

NumberofFOs

1,245

1,457

348

334

176

Moneyraised

$254.2bn

$313.2bn

$73.9bn

$83.1bn

$33.1bn

c

IPOandFOactivitystatistics

GlobalIPOandFOactivity

Q22022

Q22020Q22021

20202021

2019

IPOactivity

NumberofIPOs

1,0401,4152,682

196

631

232

%sdonsoJ-qeO才9p

6.6%9.4%10.2%

8.2%13.5%

2.2%

Moneyraised

$1992n$3313bn$6077bn

$436bn$1331bn

$366bn

%sdonsoJ-qeO才9p

G8.Z%Zt.g%22.1%

Z9.0%cG.8%

3.5%

Advancedmetrics

Freefloat%

311%377%422%

319%343%

312%

Overallotmentexercised(%)

32.0%34.6%42.3%

33.0%39.1%

17.5%

%secondaryshares

12.3%9.7%11.1%

6.4%11.6%

14.2%

FOactivity

NumberofFOs

2,7833,6894,015

1,082888

515

Moneyraised

$457.8bn$734.3bn$823.0bn

$243.5bn$206.8bn

$86.6bn

20202021

2019

Q22020Q22021

IPOandFOactivityinEMEA

Q22022

IPOactivity

NumberofIPOs

41

20

150

459

129

167

%sdonsoJ-qeO才9p

14.7%9.0%11.1%

0.0%14.7%

2.4%

Moneyraised

$53.3bn$28.1bn$99.4bn

$4.9bn$28.8bn

$12.0bn

%sdonsoJ-qeO才9p

Zc.6%cc.t%32.4%

0.0%ct.6%

2.2%

Advancedmetrics

Freefloat%

38.1%37.9%37.3%

28.8%37.9%

31.5%

Overallotmentexercised(%)

25.8%17.0%25.9%

25.0%33.3%

10.8%

%secondaryshares

34.3%23.9%26.7%

33.4%22.5%

34.1%

FOactivity

NumberofFOs

179

293

287

9751,019

740

Moneyraised

$97.9bn$164.7bn$183.2bn

$48.2bn$54.6bn

$30.0bn

PwCGlobalIPOWatchQ22022

Source:BloombergFinanceL.P.withPwCanalysisasof30June202210

PwC|GlobalIPOWatch2021

Leadingtransactions2022YTD-GlobalIPOs

Note:currentpriceisat30June2022

Top10largestIPOsYTD2022

Pricingdate

Issuername

IssuerCountry

Sector

Exchange

Moneyraised

Aftermarketperformance

1-day

1-month

Current

14-Jan-22

LGEnergySolutionLtd

SouthKorea

Industrials

KoreaExchange-KOSPI

$10.7bn

68%

40%

24%

6-Apr-22

DubaiElectricity&Water

Authority(DEWA)

UnitedArabEmirates

Utilities

DubaiFinancialMarket

$6.1bn

16%

10%

2%

12-May-22

LifeInsuranceCorpofIndia

India

Financials

BombayStockExchange-BSE;NationalStockExchangeofIndia

$2.7bn

-8%

-29%

-29%

31-May-22

Borougeplc

UnitedArabEmirates

BasicMaterials

AbuDhabiSecurities

Exchange

$2.0bn

22%

20%

20%

14-Jan-22

JinkoSolarCoLtd

China

Energy

Sci-TechInnovationBoard

(STARMarket)

$1.6bn

111%

132%

199%

10-Mar-22

NahdiMedicalCo

SaudiArabia

ConsumerStaples

SaudiStockExchange

$1.4bn

15%

30%

24%

12-Jan-22

TPGInc

UnitedStates

Financials

NASDAQ-US

$1.1bn

15%

5%

-19%

7-Feb-22

AbuDhabiPortsCo

UnitedArabEmirates

Industrials

AbuDhabiSecurities

Exchange

$1.1bn

13%

6%

72%

30-Mar-22

PTGoToGojekTokopediaTbk

Indonesia

Technology

IndonesiaStockExchange

$1.0bn

13%

-30%

15%

11-Apr-22

SuzhouNovosenseMicroelectronicsCoLtd

China

Technology

Sci-TechInnovationBoard

(STARMarket)

$0.9bn

13%

36%

65%

OrangehighlightedrowsindicatesIPOscompletedinQ22022.

Source:BloombergFinanceL.P.withPwCanalysisasof30June2022

11

PwCGlobalIPOWatchQ22022

PwC|GlobalIPOWatch2021

Leadingtransactions2022YTD-GlobalFOs

Note:currentpriceisat30June2022

Top10largestFOsYTD2022

Pricingdate

Issuername

Issuercountry

Sector

Exchange