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Voici quelques résultats (en français) clefs de ce rapport :
- 2014 a été la meilleure année depuis 2010 en termes d’IPOs enregistrées et de montant total levé,
- En 2014, 1 204 IPOs ont été enregistrées pour un montant total de 256,5 milliards de dollars. Comparé à 2013, cela représente une augmentation de 35% en volume et 50% en montant,
- Le secteur de la santé a été le secteur qui a enregistré le plus d’IPOs sur l’année,
- Les Etats-Unis ont dominé le marché des IPOs en termes de montant levés avec 288 IPOs enregistrées pour un montant total de 95,2 milliards de dollars. En termes de volume, la région Asie-Pacifique a levé le plus d’IPOs avec 546 IPOs pour un montant total de 81,4 milliards de dollars.
Le rapport en anglais (PDF 28 pages) est téléchargeable ci-dessous.
- 2014 a été la meilleure année depuis 2010 en termes d’IPOs enregistrées et de montant total levé,
- En 2014, 1 204 IPOs ont été enregistrées pour un montant total de 256,5 milliards de dollars. Comparé à 2013, cela représente une augmentation de 35% en volume et 50% en montant,
- Le secteur de la santé a été le secteur qui a enregistré le plus d’IPOs sur l’année,
- Les Etats-Unis ont dominé le marché des IPOs en termes de montant levés avec 288 IPOs enregistrées pour un montant total de 95,2 milliards de dollars. En termes de volume, la région Asie-Pacifique a levé le plus d’IPOs avec 546 IPOs pour un montant total de 81,4 milliards de dollars.
Le rapport en anglais (PDF 28 pages) est téléchargeable ci-dessous.
Communiqué original :
Global IPOs outperform main indices in good, not epic, year
- Financial sponsor-backed IPOs raised more capital than any year since 2001 (1)
- Cross-border IPOs more significant than at any time since 2007 – with US markets the favored destination
- 2015 to present a healthy but challenging IPO environment
Global IPO activity continues to strengthen. In 2014, 1,206 IPOs raised US$256.5b, a 35% increase in volume and a 50% increase in value compared to 2013, according to the report: EY Global IPO Trends: 2014 Q4. Although 2014 was the best year for IPOs since 2010 in terms of proceeds and volume, volatility on global stock markets in October meant Q4’14 failed to meet expectations, making 2014 a good, rather than a record-breaking year.
Franck Sebag, Partner EY VC and IPO leader Framalux says: “2014 was a good year for global IPOs, but it fell short of being an epic one. The combination of low volatility for much of 2014, good corporate earnings growth and a lack of alternative investment options meant risk appetite focused on equities. IPOs performed very strongly, delivering on average a 17.1% return for the year, out-performing market indices by around 12.3%. 2014 was the best year for IPO performance since the financial crisis in 2007, even if IPO activity failed to reach pre-crisis heights in terms of deal number and capital raised due to a weaker-than-anticipated last quarter.”
Financial sponsors continued to play a dominant role in the global IPO market in 2014 as they took advantage of positive market sentiment, primarily in the US, mainland Europe and UK, to dispose of assets acquired in the peak of the economic cycle in 2006-07. At US$124.4b, proceeds raised via 328 financial-sponsored IPOs were up 86% on 2013 and accounted for nearly half (48%) of global IPOs by value and 27% by number – their best performance since 2001.
Cross-border deals were also a key driver of activity in 2014. At 129 IPOs, they accounted for 10.7% of all deals – the highest proportion since 2007. Fifty-two percent of cross-border listings were conducted on US exchanges, accounting for 23.3% of total US deal volume. Other significant destinations for foreign listings were London (with 22% of deals), Australia (9%), Singapore (4%), Germany (2%) and Hong Kong (1%). Although the US was the top destination in terms of deal numbers, mainland Chinese exchanges were dominant in terms of pricing and performance. Year-to-date returns averaged 133% over 2014, dwarfing performance in Hong Kong (4%), the UK Main Market (-0.3%) and US (27.8%).
Franck Sebag says: “The US has long been a magnet for foreign capital as it offers a welldeveloped market infrastructure, a knowledgeable analyst community and a deep pool of investors ready to pay for growth. However, companies may find it hard to overlook the price performance of companies listing on Asia-Pacific exchanges, which have typically seen such solid after-market performance that this is attracting an inflow of foreign capital and leading to an abundance of liquidity. It is possible these exchanges will mount a growing challenge in 2015 and beyond.”
Strong cross-sector performance
Companies from a broad spread of industries continue to come to market: no sector individually accounts for more than 16% of IPOs globally. The top three in terms of deal number were health care (193 IPOs, 16% of global total), followed by technology (167 IPOs, 14%) and industrials (142 IPOs, 12%). In terms of capital raised, technology was the leading sector raising a total of US$50.2b, driven by proceeds from Alibaba’s record US$25b listing. Other strong performers were financials and energy, which raised US$39.9b and US$30.2b respectively.
Franck Sebag says: “Taking the IPO route is a proven strategy for companies across a wide variety of sectors. Although some markets have a particularly strong affiliation for particular sectors, the key to unlocking value is for companies to come to market with a compelling value proposition that demonstrates how an IPO will help accelerate growth.” US leads by value, Asia-Pacific by volume
The US led IPO activity in terms of capital raised in 2014, where a total of 288 IPO listings raised US$95.2b. This is the highest number of US deals since 2004 and the highest level of capital raised in the last 15 years. The NASDAQ was the world’s busiest exchange by number of IPOs, accounting for 14% of the global total, while New York Stock Exchange led by capital raised (with 29% of global capital), even excluding the impact of the Alibaba deal.
Asia-Pacific led on deal volume, with 546 IPOs raising US$81.4 in 2014, due to a rejuvenated market in Japan, record levels of activity in Australia and New Zealand, and a steady flow of listings across China and South East Asia. With 353 IPOs raising US$74.9b, EMEIA ranked second by number of deals and third by proceeds worldwide.
Expectations for 2015
With the IMF downgrading its global economic growth estimates, and market volatility expected to return, we anticipate that 2015 may present a more challenging environment for global IPOs. Although the US and UK economies continue to gather momentum, prospects for the eurozone and many emerging markets are now more muted. Against this shifting global economic backdrop, we anticipate deal volumes and values in Q1’15 will be on a par with the same quarter in 2014, raising around US$50b in capital. Over the course of the year we believe economic fundamentals are likely to improve and that 2015 may finish slightly ahead of 2014.
Franck Sebag says: “We believe companies may be more cautious in 2015 and are likely to want to keep their options open – running an M&A strategy alongside IPO plans and carefully assessing which market may deliver best IPO pricing. Although this will be demanding on management time, it will help crystallize the business case for which route is likely to deliver optimum value for shareholders. From an investor perspective, the factors that will drive interest will be the right management team, coming to the market at the right time, offering stock at the right price, with a strong value proposition.”
(1) EY has kept global IPO data records since 2001.
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
About the data
Analysis included on this press release includes all deals listed up to early December and EY’s expectation of deals that will close in the rest of the month. Data sourced from Dealogic as of 4 December 2014. January 2014 through December 2014 IPO activity is based on priced IPOs as of 4 December and expected IPOs by the end of December.
About EY’s IPO offering
EY is a leader in helping to take companies public worldwide. With decades of experience our global network is dedicated to serving market leaders and helping businesses evaluate the pros and cons of an IPO. We demystify the process by offering IPO readiness assessments, IPO preparation, project management and execution services, all of which help prepare you for life in the public spotlight. Our Global IPO Center of Excellence is a virtual hub which provides access to our IPO knowledge, tools, thought leadership and contacts from around the world in one easy-to-use source.
ey.com/ipocenter
Global IPOs outperform main indices in good, not epic, year
- Financial sponsor-backed IPOs raised more capital than any year since 2001 (1)
- Cross-border IPOs more significant than at any time since 2007 – with US markets the favored destination
- 2015 to present a healthy but challenging IPO environment
Global IPO activity continues to strengthen. In 2014, 1,206 IPOs raised US$256.5b, a 35% increase in volume and a 50% increase in value compared to 2013, according to the report: EY Global IPO Trends: 2014 Q4. Although 2014 was the best year for IPOs since 2010 in terms of proceeds and volume, volatility on global stock markets in October meant Q4’14 failed to meet expectations, making 2014 a good, rather than a record-breaking year.
Franck Sebag, Partner EY VC and IPO leader Framalux says: “2014 was a good year for global IPOs, but it fell short of being an epic one. The combination of low volatility for much of 2014, good corporate earnings growth and a lack of alternative investment options meant risk appetite focused on equities. IPOs performed very strongly, delivering on average a 17.1% return for the year, out-performing market indices by around 12.3%. 2014 was the best year for IPO performance since the financial crisis in 2007, even if IPO activity failed to reach pre-crisis heights in terms of deal number and capital raised due to a weaker-than-anticipated last quarter.”
Financial sponsors continued to play a dominant role in the global IPO market in 2014 as they took advantage of positive market sentiment, primarily in the US, mainland Europe and UK, to dispose of assets acquired in the peak of the economic cycle in 2006-07. At US$124.4b, proceeds raised via 328 financial-sponsored IPOs were up 86% on 2013 and accounted for nearly half (48%) of global IPOs by value and 27% by number – their best performance since 2001.
Cross-border deals were also a key driver of activity in 2014. At 129 IPOs, they accounted for 10.7% of all deals – the highest proportion since 2007. Fifty-two percent of cross-border listings were conducted on US exchanges, accounting for 23.3% of total US deal volume. Other significant destinations for foreign listings were London (with 22% of deals), Australia (9%), Singapore (4%), Germany (2%) and Hong Kong (1%). Although the US was the top destination in terms of deal numbers, mainland Chinese exchanges were dominant in terms of pricing and performance. Year-to-date returns averaged 133% over 2014, dwarfing performance in Hong Kong (4%), the UK Main Market (-0.3%) and US (27.8%).
Franck Sebag says: “The US has long been a magnet for foreign capital as it offers a welldeveloped market infrastructure, a knowledgeable analyst community and a deep pool of investors ready to pay for growth. However, companies may find it hard to overlook the price performance of companies listing on Asia-Pacific exchanges, which have typically seen such solid after-market performance that this is attracting an inflow of foreign capital and leading to an abundance of liquidity. It is possible these exchanges will mount a growing challenge in 2015 and beyond.”
Strong cross-sector performance
Companies from a broad spread of industries continue to come to market: no sector individually accounts for more than 16% of IPOs globally. The top three in terms of deal number were health care (193 IPOs, 16% of global total), followed by technology (167 IPOs, 14%) and industrials (142 IPOs, 12%). In terms of capital raised, technology was the leading sector raising a total of US$50.2b, driven by proceeds from Alibaba’s record US$25b listing. Other strong performers were financials and energy, which raised US$39.9b and US$30.2b respectively.
Franck Sebag says: “Taking the IPO route is a proven strategy for companies across a wide variety of sectors. Although some markets have a particularly strong affiliation for particular sectors, the key to unlocking value is for companies to come to market with a compelling value proposition that demonstrates how an IPO will help accelerate growth.” US leads by value, Asia-Pacific by volume
The US led IPO activity in terms of capital raised in 2014, where a total of 288 IPO listings raised US$95.2b. This is the highest number of US deals since 2004 and the highest level of capital raised in the last 15 years. The NASDAQ was the world’s busiest exchange by number of IPOs, accounting for 14% of the global total, while New York Stock Exchange led by capital raised (with 29% of global capital), even excluding the impact of the Alibaba deal.
Asia-Pacific led on deal volume, with 546 IPOs raising US$81.4 in 2014, due to a rejuvenated market in Japan, record levels of activity in Australia and New Zealand, and a steady flow of listings across China and South East Asia. With 353 IPOs raising US$74.9b, EMEIA ranked second by number of deals and third by proceeds worldwide.
Expectations for 2015
With the IMF downgrading its global economic growth estimates, and market volatility expected to return, we anticipate that 2015 may present a more challenging environment for global IPOs. Although the US and UK economies continue to gather momentum, prospects for the eurozone and many emerging markets are now more muted. Against this shifting global economic backdrop, we anticipate deal volumes and values in Q1’15 will be on a par with the same quarter in 2014, raising around US$50b in capital. Over the course of the year we believe economic fundamentals are likely to improve and that 2015 may finish slightly ahead of 2014.
Franck Sebag says: “We believe companies may be more cautious in 2015 and are likely to want to keep their options open – running an M&A strategy alongside IPO plans and carefully assessing which market may deliver best IPO pricing. Although this will be demanding on management time, it will help crystallize the business case for which route is likely to deliver optimum value for shareholders. From an investor perspective, the factors that will drive interest will be the right management team, coming to the market at the right time, offering stock at the right price, with a strong value proposition.”
(1) EY has kept global IPO data records since 2001.
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
About the data
Analysis included on this press release includes all deals listed up to early December and EY’s expectation of deals that will close in the rest of the month. Data sourced from Dealogic as of 4 December 2014. January 2014 through December 2014 IPO activity is based on priced IPOs as of 4 December and expected IPOs by the end of December.
About EY’s IPO offering
EY is a leader in helping to take companies public worldwide. With decades of experience our global network is dedicated to serving market leaders and helping businesses evaluate the pros and cons of an IPO. We demystify the process by offering IPO readiness assessments, IPO preparation, project management and execution services, all of which help prepare you for life in the public spotlight. Our Global IPO Center of Excellence is a virtual hub which provides access to our IPO knowledge, tools, thought leadership and contacts from around the world in one easy-to-use source.
ey.com/ipocenter
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La newsletter quotidienne :
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Recevez chaque matin par mail la newsletter Finyear, une sélection quotidienne des meilleures infos et expertises de la finance d’entreprise et de la finance d'affaires.
Chaque mois lisez gratuitement :
Le magazine digital :
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Les 6 lettres digitales :
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- Le Credit Manager
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