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Transcript of PwC-Studie "IPO Watch Europe Survey, Q2 2011" / Europa: IPO-Volumen steigt
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IPO Watch Europe
SurveyQ2 2011
www.pwc.com
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PwC
Table of contents
Page
European IPO activity by value and volume 3
IPO offering value 4
IPO volume and average offering value 5
IPOs by market 6Top five IPOs 7
US and Russia 8
H1 2011 overview 9
Offering value of IPOs by month 10
Volume of IPOs by month 11
EU- versus exchange-regulated markets 12
IPOs by sector and value 13
About IPO Watch Europe 14
Q2 2011 IPO Watch Europe Survey2
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PwC
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2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
-
20
40
60
80
100
120
140
160
Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
V a l u e o f I P O
s ( € m )
V o l u m e o f
I P O s
IPOs Value € m
The second quarter of 2011 was characterised byan uplift in IPO volumes…
European IPO activity by value and volume
3
* Average offering value has been calculated based on total offering value over the number of listings raising money.
Q2 2011 Q2 2010 Q1 2011
Total European listings comprise those with:
- No money raised 21 16 19
- Money raised 113 73 76
Average offering value ( €m) * 118 123 39
Q2 2011 IPO Watch Europe Survey
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…with London dominating the European exchangesby value due to several large transactions
Q2 2011 IPO Watch Europe Survey4
IPO offering value
London77%
Deutsche Börse7%
Warsaw5%
Wiener Börse3%
Oslo2%
Luxembourg2%
NASDAQ OMX1%
Others3%
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Warsaw continued to lead by volume with a large proportion of low value transactions on
NewConnect IPO volume
Q2 2011 IPO Watch Europe Survey5
Warsaw41%
London26%
NASDAQ OMX9%
Euronext7%
Luxembourg
6%
Deutsche Börse5%
Others6%
Stock exchangeIPOs
Q2-2011
Averageoffering
value ( €m)
Wiener Börse 1 366
Borsa Italiana 1 344
London Stock Exchange 30 344
Deutsche Börse 6 160
Oslo Børs & Oslo Axess 2 129
SIX Swiss Exchange 1 81
NASDAQ OMX 5 40
Luxembourg 6 34
Irish Stock Exchange 1 17WSE 55 11
NYSE Euronext 5 7
BME (Spanish Exchanges) 1 5
Average offering value
* Average offering value has been calculated based on total offering value overthe number of listings raising money.
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IPOs by market
Q2 2011 IPO Watch Europe Survey6
(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.(2) Cumulatively the WSE NewConnect raised €38m in Q2 2011. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of th e rounded values.(3) IPOs by market are shown gross of dual listings; however these are netted off in the Europe total number and offering values.
Stock exchange IPOsQ2-2011
Offeringvalue ( €m)Q2-2011
IPOsQ2-2010
Offeringvalue ( €m)Q2-2010
IPOsQ1-2011
Offeringvalue ( €m)Q1-2011
TOTALLondon Stock Exchange Group (1) 36 10,661 27 3,202 25 1,971
Deutsche Börse 6 959 2 5 4 244
WSE 55 600 25 3,150 45 121
Wiener Börse 1 366 - - - -
Oslo Børs & Oslo Axess 3 257 5 331 4 468
Luxembourg 8 205 10 183 7 110
NASDAQ OMX 12 198 5 641 3 3
SIX Swiss Exchange 2 81 2 115 - -
NYSE Euronext 10 34 10 56 6 43
Irish Stock Exchange 1 17 - - - -
BME (Spanish Exchanges) 1 5 3 1,331 2 -
Europe total 134 13,366 89 9,014 95 2,960
Stock exchange IPOsQ2-2011
Offeringvalue ( €m)Q2-2011
IPOsQ2-2010
Offeringvalue ( €m)Q2-2010
IPOsQ1-2011
Offeringvalue ( €m)Q1-2011
EU REGULATED
London Stock Exchange Group (London Main) (3) 16 10,147 16 2,885 13 1,742
Deutsche Börse (Prime and General Standard) 5 948 - - 2 192
WSE (Main) 13 567 7 3,139 7 73
Wiener Börse 1 366 - - - -
London Stock Exchange Group (Borsa Italiana Main) 1 344 - - 2 150
NASDAQ OMX (Main) 7 198 5 641 - -
SIX Swiss Exchange 2 81 2 115 - -
NYSE Euronext (Euronext) 4 - 2 27 1 -
Oslo Børs - - 3 328 2 468
BME (Spanish Exchanges) (Main) (3) - - 1 1,317 1 -
EU regulated sub-total 49 12,651 36 8,452 27 2,625EXCHANGE REGULATED
Oslo Axess 3 257 2 3 2 -
Luxembourg (EuroMTF) 8 205 10 183 7 110
London Stock Exchange Group (London AIM) (3) 19 170 10 156 9 76
NYSE Euronext (Alternext) 6 34 8 29 5 43WSE (NewConnect) (2) 42 33 18 11 38 48
Deutsche Börse (Entry Standard) 1 11 2 5 2 52
Irish Stock Exchange (ESM) (3) 1 17 - - - -
BME (Spanish Exchanges) (MAB) 1 5 2 14 1 -
NASDAQ OMX (First North) 5 - - - 3 3
London Stock Exchange Group (Borsa Italiana AIM) - - - - 1 3
London Stock Exchange Group (London SFM) - - 1 161 - -
Exchange regulated sub-total 85 715 53 562 68 335
Europe total 134 13,366 89 9,014 95 2,960
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London hosted 4 out of the top 5 IPOs, withGlencore accounting for 51% of proceeds raised in
Europe
Q2 2011 IPO Watch Europe Survey7
Top five IPOsFive largest IPOs of Q2 2011
€m raised Sector Market Segment Country of OriginGlencore International PLC 6,867 Basic Resources London Main SwitzerlandVallares PLC 1,182 Investment Company London Main UKNomos Bank 497 Banks London Main Russia
GSW Immobilien AG 407 Real Estate Deutsche Börse Prime Germany
Etalon Group Limited 398 Real Estate London Main Russia
Total 9,351Five largest IPOs of Q2 2010
€m raised Sector Market Segment Country of OriginPZU 1,990 Insurance Warsaw Main Poland
Essar Energy PLC 1,485 Utilities London Main UKAmadeus 1,317 Technology Spain Main Spain
Tauron Polska Energia S.A. 1,026 Utilities Warsaw Main Poland
Fidelity China Special Situations 526 Investment Company London Main UK
Total 6,344Five largest IPOs of Q1 2011
€m raised Sector Market Segment Country of OriginJustice Holdings 1,063 Investment Company London Main UK
Aker Drilling 455 Oil & Gas Oslo Børs Norway
HMS Hydraulic Machines & Systems Group 264 Industrial Goods & Services London Main Russia
Farglory Land Development Co 157 Real Estate London Main TaiwanItaly1 Investment 150 Investment Company Italy Main Italy
Total 2,089
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US and Russia
US IPO proceeds surpassed € 8.5bn for the second consecutive quarter with Technology companies receiving
36% of the total value raised
Q2 2011 IPO Watch Europe Survey8
Stock exchange IPOsQ2-2011
Offeringvalue ( €m)Q2-2011
IPOsQ2-2010
Offeringvalue ( €m)Q2-2010
IPOsQ1-2011
Offeringvalue ( €m)Q1-2011
NYSE 28 6,006 20 2,721 15 8,157
NASDAQ 21 2,562 19 1,247 17 892
US total 49 8,568 39 3,968 32 9,049
Stock exchange IPOsQ2-2011
Offeringvalue ( €m)Q2-2011
IPOsQ2-2010
Offeringvalue ( €m)Q2-2010
IPOsQ1-2011
Offeringvalue ( €m)Q1-2011
Russia 2 - 4 8 - -
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H1 2011 overview
Foreign companies were keen to choose Hong Kong as alisting location to bolster their expansion plans in mainland China
Q2 2011 IPO Watch Europe Survey9
Stock exchangeIPOs
H1-2011
Offeringvalue ( €m)H1-2011
IPOsH1-2010
Offeringvalue ( €m)H1-2010
Europe total 229 16,326 166 13,692
US total 81 17,617 70 29,064
Hong Kong 38 9,699 31 4,873
Shanghai 24 6,304 13 6,728
ChiNext 83 6,898 72 6,727
Shenzhen 61 6,347 163 16,726
Greater China total 206 29,248 279 35,054
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Offering value of IPOs by month
May’s figures were boosted by Glencore, thelargest IPO of the year so far
Q2 2011 IPO Watch Europe Survey10
7,676
2,308
3,910
2,796
3,228
2,462
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,0006,500
7,000
7,500
8,000
April May June
V
a l u e o f I P O s ( € m )
2010 2011
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Volume of IPOs by month
Activity was consistent throughout the quarter,with a marked increase from 2010’s performance
Q2 2011 IPO Watch Europe Survey11
31
22
36
49
40
45
0
5
10
15
20
25
30
35
4045
50
55
April May June
V o l u m e o f I P O s
2010 2011
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EU- versus exchange-regulated markets
EU-regulated markets continued to take the lion’s share of large transactions though junior markets demonstrated a
positive trend as the quarter progressed, led by Oslo Access, Luxembourg Euro MTF and London AIM
Q2 2011 IPO Watch Europe Survey12
2,157
3,162
3,843
7,398
2,4522,091
151
66
67
278
344
371
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
5500
6000
65007000
7500
8000
April 2010 April 2011 May 2010 May 2011 June 2010 June 2011
V a l u e o f I P O s ( € m )
Exchange EU
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Basic resources companies dominated the IPOmarket, accounting for 52% of money raised
Q2 2011 IPO Watch Europe Survey13
Top 6 sectors by value SectorCompany
IPOsQ2-2011
CompanyIPOs
Q2-2010
CompanyIPOs
Q1-2011
Industrial Goods & Services 26 16 18
Technology 15 8 5
Oil & Gas 11 4 8
Investment Companies 9 16 13
Personal & Household Goods 8 2 4
Food & Beverage 8 4 3
Financial Services 7 3 5
Health Care 7 - 4
Mining 7 5 1
Construction & Materials 6 2 3
Travel & Leisure 4 3 5
Basic Resources 4 1 1
Pharmaceuticals & Biotech 3 9 5
Utilities 3 2 5
Automobiles & Parts 3 - 3
Media 3 3 2
Banks 3 - 1
Real Estate 2 5 5
Retail 2 4 2
Telecommunications 2 1 1
Insurance 1 1 -
Chemicals - - -
Total 134 89 94
BasicResources
52%
InvestmentCompanies
13%
IndustrialGoods &
Services7%
Real Estate6%
Oil & Gas5%
Banks5%
Others12%
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About IPO Watch Europe
IPO Watch Europe surveys all new primary market equity IPOs on Europe’s principalstock markets and market segments (including exchanges in Austria, Belgium, Denmark,France, Germany, Greece, Holland, Ireland, Italy, Luxembourg, Norway, Poland,Portugal, Spain, Sweden, Switzerland and the UK) on a quarterly basis. Movements between markets on the same exchange and greenshoe offerings are excluded. This survey was conducted between 1 April and June 30 2011 and captures new market IPOs based ontheir transaction date. All market data is sourced from the stock markets themselves andhas not been independently verified by PricewaterhouseCoopers LLP.
Q2 2011 IPO Watch Europe Survey14
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This publication has been prepared for general guidance on matters of interest only, and doesnot constitute professional advice. You should not act upon the information contained in thispublication without obtaining specific professional advice. No representation or warranty(express or implied) is given as to the accuracy or completeness of the information containedin this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, itsmembers, employees and agents do not accept or assume any liability, responsibility or duty ofcare for any consequences of you or anyone else acting, or refraining to act, in reliance on theinformation contained in this publication or for any decision based on it.
© 2011 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to
PricewaterhouseCoopers LLP which is a member firm of PricewaterhouseCoopersInternational Limited, each member firm of which is a separate legal entity.