2017年-数据局_普华永道：全球科技行业IPO回顾2017Q1_50页_506kb

Global Technology IPO Review – Q1 2017 Summary

Core Content

Q1 2017 marked a significant rebound for the global technology IPO market after a challenging 2016. The quarter saw 18 technology companies listing, raising a total of $5.8 billion, the highest in the last five consecutive quarters. The market was led by two Unicorns, Snap Inc and MuleSoft Inc, which contributed the majority of the proceeds. Snap's $3.9 billion IPO was the largest since Alibaba's $21.8 billion listing in Q3 2014.

Main Points

• Global Growth: The total proceeds for Q1 2017 showed a 234% sequential growth and 655% year-on-year growth, with an 80% increase in the number of listings.
• Geographic Distribution:
  • Asia-Pacific (APAC) accounted for 78% of global offerings and 23% of global proceeds, with 12 tech IPOs raising $1.2 billion.
  • United States had 4 tech IPOs, contributing $4.5 billion, or 77% of global proceeds.
  • Japan had 2 tech IPOs, raising $126 million.
  • Europe and the UK saw no tech IPOs due to Brexit uncertainty and political instability from ongoing elections.
• Subsector Highlights:
  • Internet Software & Services was the leading subsector, raising $4.4 billion with 5 listings.
  • Semiconductors and Communications Equipment also showed strong growth, with $345 million and $426 million in proceeds respectively, driven by Chinese companies.
• Valuation Trends:
  • The EV/LTM revenue multiple for the entire tech IPO market rose from 5.1x in Q4 2016 to 8x in Q1 2017.
  • Internet Software & Services had the highest EV/LTM revenue multiple at 27.9x.
  • Communications Equipment had a notable EV/LTM EBITDA multiple of 60.9x.
• VC Backing:
  • 10 out of 18 tech IPOs were VC-backed.
  • China had 6 VC-backed IPOs, US had 3, and Japan had 1.
  • The US raised $4.3 billion from VC-backed tech companies, significantly more than China and Japan.
• Financial Performance:
  • The average LTM revenue for all tech IPOs was $356 million.
  • 78% of the companies reported net income, a shift from the 80% net loss in Q4 2016.
  • Snap and MuleSoft were the only two companies with net losses, with Snap reporting the largest loss at $515 million.
  • Semiconductors showed a 157% year-on-year increase in net income to $36 million.
  • Total debt for tech IPOs in Q1 2017 declined to $11 million, compared to $28 million in Q4 2016.

Key Information

• Snap Inc and MuleSoft Inc were the two Unicorns that led the Q1 2017 tech IPO surge.
• China emerged as a major player with 12 tech IPOs and $1.2 billion in proceeds, driven by favorable valuations and regulatory support from the CSRC.
• Internet Software & Services dominated the IPO activity, with $4.4 billion in proceeds and 5 listings.
• Political uncertainty in Europe, particularly due to Brexit and elections, suppressed tech IPO activity, but a healthy pipeline is expected to improve by Q3/Q4.
• Japan showed stable investor sentiment and a positive economic outlook, supporting its tech IPO market.
• Cross-border IPOs were absent in Q1 2017, with all Chinese IPOs being domestic-only due to favorable valuations and cost considerations.
• Valuation metrics indicated a positive sentiment towards tech IPOs, with high EV/LTM revenue multiples and strong EBITDA growth in certain subsectors.

Outlook

• The global tech IPO market is expected to benefit from improving economic sentiment in 2017.
• However, headwinds such as political uncertainty in Europe and protectionism in the US may affect the pace of growth.
• China is anticipated to see a historical high in tech IPO activity in 2017, with 46 Unicorns valued at over $1 billion outside the US.
• The US tech IPO market is expected to continue its positive momentum, with more Unicorns likely to go public.

Conclusion

Q1 2017 was a positive quarter for the global tech IPO market, with strong performance in the Internet Software & Services subsector and China emerging as a key growth driver. Despite challenges in Europe and the UK, the market appears to be rebounding and capitalizing on global optimism. The favorable valuation environment and increased VC participation suggest a robust outlook for the remainder of 2017.