Global technology IPO review: Q3 2017

Lack of Unicorns and US tech IPOs dampen Q3 results

Global tech activity IPO slows in spite of record high capital markets

With 20 tech IPOs and proceeds of US$5.2 billion, the third quarter saw a 31% drop in volume and 15% decrease in proceeds from the prior quarter but an equal number of offerings and only marginally lower proceeds year over year (-3%).

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Number of offerings accelerate at the close of Q3, setting the stage for a robust Q4

Tech IPOs picked up steam in the latter part of the quarter which suggests a stronger year-end. There were 13 tech IPOs in September, of which 8 were listed in the second half of the month. 

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Tech's center of gravity continues to shift to the East with Asia garnering 16 of 20 tech IPOs 

Ongoing demand for tech IPOs in China, continuing innovation in South Korea, and contributions from Japan and India led to stronger Asia numbers. A total of 16 IPOs garnered US$1.7 billion.

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Europe captures 56% of the proceeds with the two largest tech IPOs of the quarter    

The European IPO market has shown positive momentum in 2017. The region was a no-show in Q1 but picked up steam in Q2. The third quarter saw the quarter’s biggest IPO with Landis+Gyr Group AG raising US$2.4 billion.

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Q3 highlights

With 20 tech IPOs and proceeds of US$5.2 billion, the third quarter saw a 31% drop in volume and 15% decrease in proceeds from the prior quarter but an equal number of offerings and only marginally lower proceeds year over year (-3%).

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Q3 2017 had broad geographic participation, with nine countries listing at least one tech IPO.

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With eleven IPOs and proceeds of US$1.3 billion, Greater China (China and Taiwan) led the way. Proceeds increased 98% and the number of IPOs were up 22% year on year.

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Europe had its strongest quarter since Q4 2015 in terms of proceeds, led by the two largest offerings of the quarter. 

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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
Tel: +[86] (755) 8261 8886
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Jianbin Gao
China TMT Leader and Private Equity Group Central China Leader
Tel: +[86] (21) 2323 3362
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