Global technology IPO Review: Q2 2017

Best quarter in two years based on volume: 28 IPOs, including four Unicorns

Global Tech IPO market has best quarter in two years

After a positive start to the year, Q2 2017 saw an increase in technology IPOs. The number of listings rose 56% quarter over quarter and 100% year over year. Proceeds declined 12% from the previous quarter, but increased 246% year over year.

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Average proceeds drop in Q2 2017, partly due to more realistic pricing and modest Unicorn proceeds  

Although the volume of tech IPOs rose substantially in Q2, average proceeds declined from US$323 in Q1 to US$183 in Q2 owing to smaller offerings including three of the four Unicorns garnering less than US$600 million in aggregate.

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The Asian tech IPO market takes center stage this quarter

Asia reported 19 technology IPOs, the highest for any region in Q2, with total proceeds of US$3.7 billion. China led with 16 IPOs, followed by South Korea with two and Israel with one.

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Q2 2017 has the most Semiconductor IPOs globally since 2010   

The Semiconductor subsector matched Internet Software & Services – the perennial tech IPO leader – with eight IPOs in Q2 2107. Between them they had 16, more than half the total. 

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Q2 highlights

After a positive start to the year, Q2 2017 saw an increase in technology IPOs. Deal volume increased significantly as 28 IPOs raised a total of US$5.1 billion in the second quarter; the number of listings rose 56% quarter over quarter and 100% year over year. Proceeds declined 12% from the previous quarter, but increased 246% year over year.

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Q2 2017 had a wider geographic distribution than the prior two quarters with seven countries reporting technology IPOs. China led with 16, followed by the US with six and South Korea with two. The UK, Canada, Belgium and Israel had one IPO each.

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With 16 IPOs, China had the largest piece of the tech IPO market in Q2, with proceeds of US$1.2 billion. With this, China topped its numbers of the last five quarters.

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*Issue size greater than US$40 million (includes overallotment) and based on trade date

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Wilson Chow
Global and China/Hong Kong TMT Leader
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Jianbin Gao
China TMT Leader and Private Equity Group Central China Leader
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