2011 q1 global ipo update
TRANSCRIPT
Q1’11 Global IPO Update
April 2011
Q1’11 Global IPO UpdatePage 2
Global IPO activity by number of IPOs, was slightly lower in Q1’11 (290 deals)
compared with Q1’10 (293 deals) and this was significantly lower than Q4’10
(484 deals):
Q1’11 key highlights
Total capital raised in Q1’11 was slightly lower (US$46.1 billion) than Q1’10
(US$53.6 billion) and significantly lower than Q4’10 (US$131.5 billion):
1% less IPOs in Q1’11 than Q1’10.
14% less capital raised in Q1’11 than
in Q1’10.
40% less IPOs than Q4’10.
65% less capital raised in Q1’11
than in Q4’10.
Q1’11 Global IPO UpdatePage 3
Q1’11 key highlights
► Global IPO volume reached US$46.1 billion in 290 deals in Q1’11. This was 14% lower than the
US$53.6 billion raised in the first quarter of 2010.
► US financial sponsor backed IPO listings drove global IPO activity in Q1’11.
► New York Stock Exchange led among world exchanges by capital raised (US$13.8 billion in 16 deals),
taking the lead for the first time in two years.
► The last few weeks of Q1’11 saw choppy stock markets spiked by the Japanese disaster and Middle
East political unrest, which slowed down the overall pace of global IPO activity, particularly in EMEIA.
► January 2011 global capital raised was the largest for that month on record (US$13.4 billion from 109
deals surpassing the US$12.2 billion from 87 deals in January 2010).
► The top three IPOs accounted for 28% of the first three months’ global capital raised.
► Hong Kong’s Hutchison Port Holding Trust raised US$5.4 billion which constituted 12% of global capital raised in
Q1’11. It is the largest IPO listed on Singapore Stock Exchange on record (topping the October 2010 Singaporean
Global Logistic Properties listing worth US$3.0 billion. It is the largest IPO so far this year.
► This quarter saw the largest Private Equity (PE) backed IPO ever: the US$4.3 billion IPO of the America’s largest
hospital chain operator, HCA Holdings Inc in March on the New York Stock Exchange (NYSE). It is the second
largest IPO this quarter.
► The third largest IPO in Q1’11 was the US$3.3 billion IPO of US energy company Kinder Morgan Inc. It is also the
third largest PE backed IPO ever.
Q1’11 Global IPO UpdatePage 4
Q1’11 key highlights
► Emerging markets made up around 72% by global number of deals and 65% by amount of
capital raised in Q1’11:
► Of the top 10 IPOs (by capital raised), 6 deals were from emerging countries. Of the top 20 IPOs, 12 deals were
from emerging countries.
► BRIC markets recorded 129 deals and US$21.0 billion, or 45.5% of total capital raised in Q1’11. This
compares with US$26.3 billion and 136 deals in Q1’10.
► In first three months of 2010, Asian issuers continue to dominate global IPO activity. The
region accounted for 57% of dollar volume or US$26.4 billion in 164 deals.
► Greater Chinese issuers dominated, bolstered by solid economic fundamentals and market
liquidity. Greater China issuers alone made up around 52% of global fundraising:
► Greater Chinese issuers raised US$23.9 billion in 111 deals – a 21% increase in total proceeds from Q1’10.
► US exchanges raised 32% of global proceeds, 84% by capital raised are backed by PE and VC
firms:
► US exchanges (NYSE, NASDAQ and AMEX) raised 32% of global proceeds, or a total of US$15.0 billion in 34
deals.
► NYSE took the lead among exchanges for the first time in two years. There were 16 deals which raised US$13.8
billion in Q1’11. This represents a 286% increase in capital raised from Q1’10.
► PE and VC sponsored deals made up 59% by number of US new issuances and 84% by capital raised. There were
14 PE backed IPO deals worth US$12.1 billion.
Q1’11 Global IPO UpdatePage 5
Q1’11 key highlights
► Central & South American issuers raised 5.8% of global capital raised, led by Brazil.
► Issuers from Central & South America US$2.7 billion in 7 deals (2.4% of global deal number).
► Brazil conducted 5 IPOs, raising US$2.1 billion as local companies tapped the stock exchange to finance expansion
plans.
► European exchanges raises 5.4% of global proceeds, led by Norway and UK:
► Due to market volatility exacerbated by the euro zone sovereign debt crisis, Japanese disaster and Middle East
political unrest, European exchanges launched 51 IPOs worth US$2.5 billion.
► While there was a 6% increase by number of deals in Q1’11 compared to Q1’10, capital raised decreased by 70%
from Q1’11 to Q1’10.
► Olso Bors led Europe in fundraising with US$1.3 billion raised in 3 IPO offerings.
► Polish exchanges launched the second highest number of IPOs globally with 34 deals worth US$151m.
► UK exchanges raised US$463 million through 4 deals.
► Issuers from the Middle East raised US$57 million in 6 IPOs. The Middle East and Africa IPO market
were relatively quiet in Q1’11.
► Nine IPOs expected to raised around US$4.7 billion altogether were postponed or withdrawed in EMEA during March
2011. This was the largest monthly estimated volume since October 2008.
► There were 5 deals with capital raised above US$1 billion in the first 3 months of 2011, compared to 9
deals in Q1’10. Of the 5 deals, 3 were from US issuers while the other 2 deals were from Greater
China issuers.
Q1’11 Global IPO UpdatePage 6
Q1’11 key highlights
► Financial sponsor*-backed IPOs continues its comeback
► Globally, PE firms exited 21 companies via IPO, raising around US$13.5 billion (29.2% of total funds raised).
► US PE backed IPO listings drove global IPO activity in Q1’11. There were 11 IPOs which raised US$11.5 billion,
this was around 25% of global capital raised in Q1’11.
► VC backed firms exited 18 companies through an IPO, worth US$1.5b (3.3%).
► Q1’11 saw two of the three largest PE-backed ever.
► The largest PE-backed IPO ever is the US$4.3 billion IPO of the America’s largest hospital chain operator, HCA
Holdings Inc in March on New York Stock Exchange (NYSE). The China Pacific Insurance US$4.1 billion IPO in
2007 is now the second place.
► The third largest PE backed IPO ever was also launched in Q1’11. It was the US$3.3 billion IPO of US energy
company Kinder Morgan Inc.
► Global SOE privatization accounted for 5 IPOs worth US$1.5 billion. This was 2% of global deals and
3% of total capital raised in the first three months of 2011.
► Of the five privatization deals, three deals from Chinese issuers, one deal each from Indonesia and Bangladesh.
► Around 9 out of 10 global IPOs** priced within or above their initial filing range in Q1’11:
► While price-sensitive investors grew more cautious after mixed performances of some high-profile debuts, 85% of
global IPOs in Q1’11 priced within their initial filing range – compared to a historical 10 year average of 74.3%.
► Only 8% of IPOs priced below their initial price, while 7% priced above.
*Financial sponsor backed IPOs refer to private equity backed IPO deals. A financial sponsor is defined by data provider, Dealogic as “a private equity investment firm that
acquires existing and operating companies through a leveraged or management buyout, engages in restructuring activities for the acquired companies and eventually
monetizes its positions through a sale of equity, recapitalization, secondary buyout or trade sale.”
**Analysis focus on open-price IPOs with deal value above US$50 million that is priced above, below or within their initial filing range
Q1’11 Global IPO UpdatePage 7
Q1’11 key highlights
► Follow-on offerings:
► There were 1,283 follow on offerings globally, which raised US$143 billion in Q1’11.
► This constitute 67% of global Equity capital markets activity.
► Q1’11’s three largest follow on deals are:
► The US$6.9 billion listing by Japanese bank Resona Holdings on Tokyo and Osaka Stock Exchanges in January.
► US’s MetLife Inc US$6.3 billion listing on New York Stock Exchange in early March.
► Russia’s VTB Bank US$3.3 billion listing on London and Russian exchanges in February.
► In the first quarter of 2011, there were 24 deals with capital raised above US$1 billion – 18 were from developed
markets, 6 were from emerging markets.
► Withdrawals/postponements:
► 68 IPOs have been postponed or withdrawn in Q1’11 compared with 45 deals put on hold or withdrawn during
Q1’10, according to Dealogic.
► Globally, there were 30 postponed or withdrawed IPO deals in March 2011:
► Of the 30 deals, 10 deals was from China, while US had four deals and Japan had three deals.
► Of the 30 deals, 7 deals were financial sponsor backed deals.
Q1’11 Global IPO UpdatePage 8
Q1’11 key highlights
Geographical analysis Industry analysis Exchange analysis
By number of IPOs► Asia Pacific continues to be the leading
region with 65.2% market share.
► EMEA and North America regions had
19.3% and 13.1% market share
respectively. Central & South America
had 2.4% market share.
► Greater China, Poland and US were
market share leaders with 111, 31 and
27 IPOs respectively.
By capital raised► Asia Pacific was the market share
leader with 57.7% in Q1’11.
► North America and Central & South
America were ranked second and third
with 31.7% and 5.8% market share
respectively, while EMEA had 4.8%.
► Greater China, US and Brazil issuers
were market share leaders in Q1’11
with 52% (US$23.9b), 31.4%
(US$14.5b) and 4.5% (US$2.1b)
respectively.
By number of IPOs► Due to demand for Chinese high
growth companies and attractive
pricing, Shenzhen Stock Exchange
was the most active by number of
deals, with 78 deals (26.9% of total
numbers).
► Warsaw’s NewConnect saw 29 deals
(10.0%), and the Australian Securities
exchange hosted 26 deals (9.0%).
By capital raised► The NYSE, buoyed by the HCA
Holdings , Kinder Morgan Inc and
Nielsen Holdings listings (the second,
third and fourth largest deals globally in
Q1’11), raised US$13.8b in 16 IPOS
(29.8% of global proceeds).
► Shenzhen Stock exchange ranked
second, raising US$11.2b (24.3%) while
Singapore Stock Exchange came in
third, raising US$5.6b (12.2%), due to
hosting this quarter’s largest IPO.
► The top three sectors accounted for
58% of total value: industrials
(US$ 12.6b), energy (US$7.9b) and
health care (US$6.2b).
► The leading sectors by number of deals
were materials (60 IPOs); industrials
(48); and high technology (35).
Q1’11 Global IPO UpdatePage 9
Q1’11 key highlightsThe global “Top 20 Club” (top 20 IPOs by capital raised)
► Emerging markets represent 6 of the top 10 IPOs and 12 of the top 20 IPOs:► Five out of the top 20 deals were private equity-backed IPOs. 2 out of the top 20 were state owned enterprises.
► 18 of the top 20 listed on their home exchange (as their primary exchange).
► Two of the top 20 that listed on a foreign exchange: ► Hong Kong’s transportation conglomerate, Hutchison Port Holdings which listed on Singapore Stock Exchange.
► Argentina’s agricultural company Adecoagro SA which listed on New York Stock Exchange.
► The top 10 IPOs together raised US$20.5 billion which represents about 44% of global proceeds.
► The top 20 IPOs together raised US$25.9 billion which represents about 56% of global proceeds.
► Greater China was the source of 8 of the top 20 IPOs in Q1’11, while US was the source of 7 deals:
► Other IPOs in top 20 were from Brazil, Norway, Indonesia, South Korea and Argentina, each country accounted for
1 deal each.
► The minimum deal value required to make the top 20 was US$ 361 million in Q1’11, compared to
the US$420 million in Q1’10.
► The minimum deal value to join the global Top 10 Club was US$713 million compared to
US$982 million in Q1’10.
► The energy and industrials sectors generated five and four IPOs respectively:
► While financials generated three deals and consumer staples and materials had two deals. Consumer products and
services, health care, real estate and technology sectors generated one IPO each respectively.
Q1’11 Global IPO UpdatePage 10
$132 $145 $116 $177 $210 $99 $70 $58 $131 $180 $267 $295 $96 $113 $285
18371748
1042
1372
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876 847 812
1.520 1.552
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2014
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Nu
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of
IPO
s
Ca
pita
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ise
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US
$b
)
Capital raised (US$b) Number of deals
Global IPO activity in 2010 is 153% higher than 2009 by global capital raised. Improved
economic conditions in many countries, stronger performance of global equity markets and
increasing investor optimism contributed to this increase in IPO activity.
Global IPO activity: number of deals and capital raised by year
Source: Dealogic, Thomson Financial, Ernst & Young
Q1’11 Global IPO UpdatePage 11
$29 $33 $29 $39 $29 $39 $38 $74 $39 $66 $49 $112 $37 $95 $59 $105 $41 $39 $13 $2 $1 $10 $34 $67 $54 $47 $53 $132 $46
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297 293314 302
484
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Nu
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s
Ca
pita
l ra
ise
d (
US
$b
)
Capital raised (US$b) Number of deals
Global IPO activity: number of deals and capital raised by quarter
In the first three months of 2011, there were 5 deals with capital raised above US$1
billion. Of the top 10 IPOs (by capital raised), 6 deals were from emerging countries. Of
the top 20 IPOs, 12 deals were from emerging countries.
Source: Dealogic, Thomson Financial, Ernst & Young
Q1’11 Global IPO UpdatePage 12
$12 $12 $30 $20 $13 $13 $32 $11 $9 $52 $52 $27 $13 $12 $21
87 85
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Ca
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Capital raised (US$b) Number of deals
Global IPO activity: number of deals and capital raised by month
January 2011 saw US$13.4 billion, raised from 109 deals. This is the largest January
capital raised on record, surpassing January 2010 (US$12.2 billion from 87 deals).
Source: Dealogic, Thomson Financial, Ernst & Young
Q1’11 Global IPO UpdatePage 13
Asia-Pacific63%
Europe, Middle
East and Africa21%
North America
14%
Central & South
America2%
Global IPO activity: distribution of IPOs by world region (by number of deals)
Source: Dealogic, Thomson Financial, Ernst & Young
Q1’10
Q4’10
Q1’11
Asia-Pacific65%
Europe, Middle
East and Africa19%
North America
13%
Central & South
America3%
Asia-Pacific64%
Europe, Middle
East and Africa19%
North America
14%
Central & South
America3%
Q1’11 Global IPO UpdatePage 14
Global IPO activity: distribution of IPOs by world region (by capital raised)
Source: Dealogic, Thomson Financial, Ernst & Young
Q1’10
Q4’10
Q1’11
Asia-Pacific57%
Europe, Middle
East and Africa
5%
North America
32%
Central & South
America6%
Asia-Pacific65%
Europe, Middle
East and Africa12%
North America
20%
Central & South
America3%
Asia-Pacific67%
Europe, Middle
East and Africa17%
North America
10%
Central & South
America6%
Q1’11 Global IPO UpdatePage 15
Q1’10 versus Q1’11 global IPOs by region
184
61
43
5
189
56
38
7
0
50
100
150
200
Asia-Pacific EMEA North America Central and South America
Q1'10 Q1'11
percentage
of global IPO
activity
Number of deals Capital raised, US$b
$36
$9
$5 $3
$27
$2
$15
$3
$0
$10
$20
$30
$40
Asia-Pacific EMEA North America Central and South America
Q1'10 Q1'11
Source: Dealogic, Thomson Financial, Ernst & Young
63 65 21 19 14 13 2 3 67 57 17 5 10 32 6 6
Q1’11 Global IPO UpdatePage 16
Developing countries made up 72% of the number of deals globally and 65% of the total global capital raised.
BRICs together raised US$21.0 billion (46% of total capital raised) in 121 deals (42% of total deal numbers).
Greater China lead by number of deals, followed by Poland and US
North America
US 9.3% (27)
Canada 3.8% (11)
Central & South America
Brazil 1.7% (5)
Argentina 0.3% (1)
Mexico 0.3% (1)
Asia-Pacific
Gr. China*
Australia
South Korea
India
Japan
Malaysia
Singapore
Indonesia
Sri Lanka
38.3% (111)
8.6% (25)
4.8% (14)
3.4% (10)
2.4% (7)
2.4% (7)
1.7% (5)
1.4% (4)
0.7% (2)
EMEA
Poland
Turkey
Israel
UK
France
Norway
Germany
Russian Fed
Netherlands
UAE
10.7% (31)
1.4% (4)
1.4% (4)
1.0% (3)
0.7% (2)
0.7% (2)
0.3% (1)
0.3% (1)
0.3% (1)
0.3% (1)
13%
3%
19% 65%
Q1’11 Global IPO activity (by region and number of deals)
*Greater China includes Mainland China (105 deals), Hong Kong (5) and Taiwanese (1) issuers. Based on the listed company domicile country
Source: Dealogic, Thomson Financial, Ernst & Young
Q1’11 Global IPO UpdatePage 17
North America
US 31.4% ($14.5b)
Canada 0.3% ($0.1m)
Central & South America
Brazil 4.5% ($2.1b)
Argentina 0.8% ($0.4b)
Mexico 0.6% ($0.3b)
Asia-Pacific
Gr. China*
South Korea
Indonesia
India
Japan
Australia
Singapore
Laos
52% ($23.9b)
2.0% ($0.9b)
1.3% ($0.6b)
0.6% ($0.3b)
0.4% ($0.2b)
0.4% ($0.2b)
0.4% ($0.2b)
0.3% ($0.1b)
EMEA
Norway
Russian Fed
Turkey
Netherlands
UK
Poland
Germany
Israel
Lithuania
France
1.5% ($0.7b)
0.8% ($0.4b)
0.7% ($0.3b)
0.7% ($0.3b)
0.4% ($0.2b)
0.3% ($0.1b)
0.2% ($0.1b)
0.1% ($36m)
0.1% ($26m)
0.1% ($20m)
32%
6%
Q1’11 Global IPO activity (by region and capital raised)
Of the 5 deals with capital raised above US$1 billion, 2 were from emerging markets. Six of the top 10 IPOs and 12
of the top 20 IPOs (by capital raised) were from emerging countries.
Greater China lead by total capital raised (US$b), followed by US and Brazil
5% 57%
*Greater China includes Mainland China (US$18.3b), Hong Kong ($5.5b) and Taiwanese ($12m) issuers . Based on the listed company domicile country
Source: Dealogic, Thomson Financial, Ernst & Young
Q1’11 Global IPO UpdatePage 18
Global IPO activity: by industry and % of global number of deals
21%
16%
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22%
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Q1’11 Global IPO UpdatePage 19
Global IPO activity: by industry and % of global capital raised
27%
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Q1'11 Q1'10Source: Dealogic, Thomson Financial, Ernst & Young
Q1’11 Global IPO UpdatePage 20
Top 12 by number of deals Top 12 by capital raised
Exchange No. of
deals
percentage
of global
total
Shenzhen Stock Exchange (SZE)** 78 26.9%
Warsaw – NewConnect 29 10.0%
Australian Securities Exchange (ASX) 26 9.0%
NASDAQ 16 5.5%
New York Stock Exchange (NYSE) 16 5.5%
KOSDAQ 11 3.8%
Shanghai Stock Exchange (SSE) 11 3.8%
Bombay Stock Exchange (BSE) 10 3.4%
Hong Kong Exchanges & Clearing
Limited (HKEx) 9 3.1%
Toronto Venture Exchange (TSX-V) 9 3.1%
Sao Paulo Stock Exchange
(BOVESPA) 5 1.7%
Warsaw Stock Exchange (WSE) 5 1.7%
All other exchanges 65 22.5%
Global total 290 100.0%
Exchange Capital
raised
(US$m)
percentage
of global
total
New York Stock Exchange (NYSE) $13,766 29.8%
Shenzhen Stock Exchange (SZE)** $11,218 24.3%
Singapore Stock Exchange (SGX) $5,627 12.2%
Shanghai Stock Exchange (SSE) $4,542 9.8%
Hong Kong Exchanges & Clearing
Limited (HKEx) $2,157 4.7%
Sao Paulo Stock Exchange (BOVESPA) $2,064 4.5%
Oslo Bors $1,310 2.8%
NASDAQ $1,161 2.5%
Korea Stock Exchange (KRX) $634 1.4%
Indonesia Stock Exchange (IDX) $577 1.3%
London Stock Exchange (LSE) $360 0.8%
Istanbul Stock Exchange (ISE) $343 0.7%
All other exchanges $2,384 5.2%
Global total $46,143 100.0%
Q1’11 Global IPO activity: by stock exchanges*
*Data based on domicile of the exchange, regardless of the listed company domicile
**Shenzhen Stock Exchange includes listings on Mainboard (SME) and ChiNextSource: Dealogic, Thomson Financial, Ernst & Young
Q1’11 Global IPO UpdatePage 21
Top 10 by number of deals Top 10 by capital raised
Exchange No. of
deals
percentage
of global
total
Shenzhen Stock Exchange (SZE)** 321 23.0%
Australian Securities Exchange (ASX) 92 6.6%
Hong Kong Exchanges & Clearing Ltd
(HKEx)
87 6.2%
New York Stock Exchange (NYSE) 82 5.9%
NASDAQ 76 5.5%
Warsaw – NewConnect 71 5.1%
Bombay Stock Exchange (BSE) 62 4.4%
KOSDAQ 56 4.0%
Toronto Venture Exchange (TSX-V) 42 3.0%
London Alternative Investment
Market (AIM)
40 2.9%
All other exchanges 464 33.4%
Global total 1393 100.0%
Exchange Capital raised
(US$m)
percentage
of global
total
Hong Kong Exchanges &
Clearing Ltd (HKEx)$57,383 20.2%
Shenzhen Stock Exchange
(SZE)**$44,295 15.6%
New York Stock Exchange
(NYSE)$34,717 12.2%
Shanghai Stock Exchange (SSE) $27,879 9.8%
Tokyo Stock Exchange (TSE) $14,268 5.0%
London Stock Exchange (LSE) $8,861 3.1%
NASDAQ $8,726 3.1%
Bombay Stock Exchange (BSE) $8,304 2.9%
Australian Securities Exchange
(ASX)$7,905 2.8%
Korea Stock Exchange (KRX) $7,750 2.7%
All other exchanges $64,506 22.7%
Global total $284,607 100.0%
2010 global IPOs by stock exchanges*
*Data based on domicile of the exchange, regardless of the listed company domicile
**Shenzhen Stock Exchange includes listings on Mainboard (SME) and ChiNextSource: Dealogic, Thomson Financial, Ernst & Young
Q1’11 Global IPO UpdatePage 22
Emerging markets: IPO activity by year in the BRIC countries
$9 $13 $18 $30 $88 $121 $28 $65 $130
91109
176148
284
433
163199
573
0
100
200
300
400
500
600
0
20
40
60
80
100
120
140
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
Num
be
r o
f IP
Os
Cap
ita
l ra
ise
d (
US
$b
)
Capital raised (US$b) Number of deals
Source: Dealogic, Thomson Financial, Ernst & Young
Emerging market continues to drive global IPO activity in Q1’11 (72% by global deals)
and 65% by global capital raised). Emerging markets issuers raised US$29.8b from 209
IPO deals. There were 121 IPOs which raised US$21.0 billion by BRIC issuers.
Q1’11 Global IPO UpdatePage 23
Emerging markets: IPO activity by quarter in the BRIC countries
Source: Dealogic, Thomson Financial, Ernst & Young
$4 $6 $3 $5 $4 $8 $4 $15 $7 $18 $18 $44 $13 $37 $28 $43 $13 $11 $3 $0 $0 $7 $23 $35 $26 $20 $42 $42 $21
37
70
35 3421
4029
58 6049
60
115
91 93
123126
46
73
37
7 612
57
124136
123132
182
121
0
50
100
150
200
0
10
20
30
40
50
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q207
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
'10
Q2
'10
Q3
'10
Q4'1
0
Q1
'11
Nu
mb
er
of
IPO
s
Cap
ita
l ra
ise
d (
US
$b
)
Capital raised (US$b) Number of deals
In Q1’11, 2 of the 5 deals with capital raised above US$1 billion were from emerging
markets. Of the top 10 IPOs (by capital raised), 6 deals were from emerging countries. Of
the top 20 IPOs, 12 deals were from emerging countries.
Q1’11 Global IPO UpdatePage 24
Q1’11 Top 20 IPOs by capital raised
Issue
month
Issuer name Domicile
country
Sector Issuer business description Capital
raised
(US$m)
Exchange(s) Type of IPO
Mar Hutchison Port Holdings Trust Hong Kong IndustrialsPort and harbour operator and
provider of warehousing services5,454 Singapore
Mar HCA Holdings Inc US Health careOperator of hospitals and surgery
centers4,354 New York PE backed IPO
Feb Kinder Morgan Inc US Energy
Transportation and storage of natural
gas, refined petroleum and crude
petroleum
3,294 New York PE backed IPO
Jan Nielsen Holdings NV USConsumer products
and services
An information and measurement
company that provides data on
consumers preferences and behavior
1,889 New York PE backed IPO
Jan Sinovel Wind Group Co Ltd China Industrials
Renewable energy company
engaged in developing, designing,
manufacturing and marketing large-
scale wind turbines
1,435 Shanghai
Feb QGEP Participacoes SA Brazil Energy Oil and gas exploration company 905 BOVESPA
Jan BankUnited Inc US Financials Commercial bank 900 New York PE backed IPO
Mar China Hongqiao Group Ltd China Materials Aluminum product manufacturer 817 Hong Kong
Mar Far East Horizon Ltd China FinancialsSpecializing in customized financial
solutions through financial leasing757 Hong Kong PE backed IPO
MarZhejiang Semir Garment Co
LtdChina Consumer staples
Engaged in manufacturing,
distributing casual wear and
children's clothing, including fashion
design
713 Shenzhen
Source: Dealogic, Thomson Financial, Ernst & Young
Q1’11 Global IPO UpdatePage 25
Q1’11 Top 20 IPOs by capital raised
Total capital raised by top 20 IPOs:
Total global capital raised in Q1’11:
% of top 20:Source: Dealogic, Thomson Financial, Ernst & Young
US$25.9b
US$46.1b
56%
Issue
month
Issuer name Domicile
country
Sector Issuer business description Capital
raised
(US$m)
Exchange(s) Type of IPO
JanChina Hainan Rubber
Industry Group Co LtdChina Materials
Natural rubber planting and
processing company711 Shanghai Former SOE
Feb Aker Drilling ASA Norway Energy Drilling company 691 Oslo
Jan American Assets Trust Inc US Real estate
Real Estate Investment Trust that
owns, operates, acquires and
develops retail and office properties
648 New York
Mar Pacific Drilling SA US Energy Ultra-deepwater drilling contractor 600 Oslo
MarApollo Global Management
LLCUS Financials Private equity investment firm 565 New York
FebPT Garuda Indonesia
(Persero) TbkIndonesia Industrials State-owned air carrier 524 Jakarta Former SOE
Jan Hyundai Wia Corp South Korea Industrials A motor vehicle part manufacturer 466 Korea
Feb
Inner Mongolia Junzheng
Energy & Chemical Industry
Co Ltd
China EnergyEngaged in power production, power
supply, heat production and supply456 Shanghai
JanShanghai Great Wisdom Co
LtdChina Technology
Engaged in developing and
producing information technology in
financial products
388 Shanghai
Jan Adecoagro SA Argentina Consumer Staples
Agricultural company engaged in the
production of crops and other
agricultural products
361 New York
Q1’11 Global IPO UpdatePage 26
Global number of IPOs* by pricing range
7 921 18 14 13 6
26 21 20 1429
1 2 6 1 6 5 4 6 11 1012 21 10 20
521
15
28
10 1916
32
5 122 3
2 318 17 24 17
2511
53
72 65
102
93
101
63
185
115
205
118
198
39
65
247 3
21
74
133 144154
124
237
124
0
50
100
150
200
250
300
Q1'0
5
Q2
'05
Q3
'05
Q4
'05
Q1
'06
Q2
'06
Q3
'06
Q4
'06
Q1
'07
Q2
'07
Q3'0
7
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
Q1
'09
Q2
'09
Q3
'09
Q4
'09
Q1
'10
Q2'1
0
Q3
'10
Q4
'10
Q1
'11
Nu
mb
er
of
de
als
Above Below In range
*Chart shows the number of open-price IPOs with deal value above US$50 that is priced above, below or within
their initial filing rangeSource: Dealogic
Q1’11 Global IPO UpdatePage 27
$325 $215 $194 $247 $337 $381 $433 $552 $553 $842 $640 $143
1.642 1.6831.970
2.777
3.442 3.541
3.998
4.663
2.765
5.058 5.026
1.283
0
1.000
2.000
3.000
4.000
5.000
6.000
0
100
200
300
400
500
600
700
800
900
20
00
20
01
2002
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
Q1
' 20
11
Nu
mb
er
of
IPO
s
Ca
pita
l ra
ise
d (
US
$b
)
Capital raised (US$b) Number of deals
Global follow on activity reached record highs worldwide in 2009, accounting for 78% of
global equity issuance. In the first quarter of 2011, there were 24 deals with capital raised
above US$1 billion – 18 were from developed markets, 6 were from emerging markets.
Global follow on activity: number of deals and capital raised by year
ECM = Equity Capital Markets, it includes IPO deals, Follow on deals and Convertibles deals
Source: Dealogic, Thomson Financial, Ernst & Young
FO as % of
global ECM
activity50 45 51 50 57 59 51 53 69 78 62 67
Q1’11 Global IPO UpdatePage 28
Appendix: definitions
► The data presented in the Ernst & Young Global IPO trends 2011 report and Quarterly Global IPO update and press
releases are from Dealogic, Thomson Financial and Ernst & Young.
► For the purposes of these reports and press releases, we focus only on IPOs of operating companies and define an
IPO as follows:
► A company’s first offering of equity to the public
► This report includes only those IPOs for which Dealogic, Thomson Financial and Ernst & Young offer data regarding
the issue date (the day the offer is priced and allocations are subsequently made), trading date (the date on which the
security first trades) and proceeds (funds raised, including any overallottment sold). Postponed IPOs or those which
have not yet been priced are therefore excluded. Over-the-counter (OTC) listings are also excluded.
► In an attempt to exclude non-operating company IPOs such as trusts, funds and special purpose acquisition
companies (SPACs), companies with the following Standard Industrial Classification (SIC) codes are excluded:
► 6091: Financial companies that conduct trust, fiduciary and custody activities
► 6371: Asset management companies such as health and welfare funds, pension funds and their third-party administration as
well as other financial vehicles
► 6722: Companies that are open-end investment funds
► 6726: Companies that are other financial vehicles
► 6732: Companies that are grant-making foundations
► 6733: Asset management companies that deal with trusts, estates and agency accounts
► 6799: Special Purpose Acquisition Companies (SPACs)
► We also applied the above SIC exclusion criteria for the follow on activity analysis.
► In our analysis, unless stated otherwise, IPOs are attributed to the domicile nation of the company undertaking an IPO.
The primary exchange on which they are listed is as defined by Dealogic, Thomson Financial and Ernst & Young
research. A foreign listing is where the stock exchange nation of the company is different from the company's domicile
nation (i.e., issuer’s nation). For IPO listings on HKEx, SSE, SZE, WSE, NewConnect, TSX and TSX-V exchanges, we
use their first trading date in place of issue date.
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