普华永道：2022全球IPO观察_英文版__22页_3mb

Global IPO Watch Summary - 2022

Core Content

2022 was a challenging year for global IPO markets, marked by high inflation, tightening monetary policies, geopolitical tensions, and the impact of the pandemic. Despite these headwinds, Mainland China and the Middle East emerged as the only bright spots, driving significant IPO activity and proceeds.

Main Points

Global Market Overview

• Global equities faced volatility and underperformance due to inflation, interest rate hikes, and geopolitical events.
• Major indices like the S&P 500, Stoxx 600, and Shanghai index recorded double-digit losses, while the energy-focused FTSE 100 index rose slightly.
• Global IPO proceeds were the lowest since 2016, with a significant decline of over 70% compared to 2021.

Regional Highlights

Americas

• The US IPO market was virtually closed, with only 93 traditional IPOs, of which 19 raised over $100 million.
• The US and Mainland China accounted for half of global follow-on offerings (FOs), with the US seeing $98 billion in FO proceeds.
• The Computers & Electronics sector led in IPO activity, while Finance and Healthcare were top sectors for FOs.

EMEA

• European IPO activity dropped almost 80% compared to 2021, with the Porsche IPO in Germany being the exception.
• The Middle East experienced a notable IPO boom, driven by privatization strategies and government-led initiatives.
• EMEA FO proceeds were lower than previous years, with major transactions in Utility & Energy, Finance, and Transportation sectors.

Asia-Pacific

• Mainland China dominated the IPO market, raising $68 billion in proceeds, representing 39% of global IPO activity.
• The STAR Market and ChiNext were key drivers of IPO success, attracting homegrown tech companies.
• Several Chinese companies delisted from US exchanges and returned to the domestic market, such as China Mobile and CNOOC.
• Asia-Pacific as a whole accounted for over half of global IPO proceeds, with South Korea, Hong Kong, India, and Thailand contributing significantly.

Key Information

IPO Trends

• Global IPO Proceeds: $173 billion, the lowest since 2016.
• Mainland China: 39% of global IPO proceeds, led by STAR Market and ChiNext.
• Middle East: A major contributor to EMEA IPO activity, with UAE and Saudi Arabia ranking 3rd and 6th globally.
• SPAC Activity: Declined significantly, with only 147 SPACs raising $17 billion globally in 2022, compared to 676 in 2021.
• Top IPOs: LG Energy Solution ($11 billion), Porsche AG ($9 billion), and Jinko Solar Co Ltd ($16 billion), with the latter seeing a 200% increase in share price post-IPO.

Follow-on Offerings (FOs)

• Global FO Proceeds: $113 billion, down from previous years.
• US FOs: 600 deals raised $98 billion, with major issuers in the Finance and Real Estate sectors.
• Mainland China FOs: 258 deals raised $79 billion, including significant transactions like Contemporary Amperex Technology Co Ltd ($6.7 billion) and CNOOC Ltd ($5.1 billion).
• Top FOs: EDF ($3.5 billion), Monte dei Paschi ($2.5 billion), Credit Suisse ($2.4 billion), and Air France-KLM ($2.4 billion).

Outlook for 2023

• Market recovery is expected in the second half of 2023, contingent on inflation control and potential recession severity.
• A "flight to quality" is anticipated, with investors prioritizing companies with strong fundamentals, profitability, and ESG narratives.
• The traditional IPO market is expected to re-open for high-quality, profitable companies, with SPACs likely to remain a niche option.

Conclusion

The 2022 global IPO landscape was heavily influenced by macroeconomic and geopolitical factors, resulting in a subdued market across most regions. However, Mainland China and the Middle East demonstrated resilience and growth, particularly in the technology and energy sectors. As the market looks to 2023, the focus will shift towards fundamental strength and profitability, with potential for recovery and increased IPO activity in the latter half of the year.