Dealogic - ECM StatShot

Insightful analysis of Equity Capital Markets activity and trends around the world

April 16th, 2014

2014 EMEA ECM at Highest YTD Volume on Record

By Alexander Totomanov

  • EMEA ECM volume in 2014 YTD stands at $86.2bn via 360 deals, the highest YTD total on record and up 67% on $51.6bn raised via 240 deals in 2013 YTD
  • IPO volume totals $24.2bn via 82 deals in 2014 YTD, accounting for 28% of EMEA ECM volume so far this year. Both volume and market share stand at the second highest YTD level on record behind 2000 YTD, when $27.5bn was raised via 208 IPOs, which accounted for 39% of total EMEA ECM volume
    • Financial Sponsor related IPO volume stands at $11.9bn via 30 deals in 2014 YTD, representing the highest YTD level on record and accounting for 14% of total EMEA ECM so far this year. This is a YTD record share for such transactions and is up from a 7% share in 2013 YTD
  • Follow-on volume in EMEA also stands at a record high in 2014 YTD. Volume has reached $55.1bn via 254 deals, up 62% on the $34.0bn raised via 183 deals in the respective 2013 period
  • UK issuers ($27.4bn via 135 deals) account for 32% of total EMEA ECM volume in 2014 YTD, followed by France ($8.1bn and 9%) and Spain ($7.8bn and also 9%). 2014 marks the first YTD period since 2004 ($5.6bn and 10% share) when Spain has ranked in the top three nations for EMEA ECM issuance
  • Goldman Sachs leads the EMEA ECM bookrunner ranking in 2014 YTD with a 12.8% market share. JPMorgan ranks second with a 9.8% share, followed by UBS with a 9.5% share

 

ECM 04/16/14 

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April 11th, 2014

US Listed Sponsor Backed IPOs at Record High

By Griffin J. Maloney

  • US listed Financial Sponsor (FS) backed IPOs total $13.0bn (31 deals) in 2014 YTD, a record YTD high in both deal count and volume compared with $4.1bn raised (13 deals) in the same period 2013
  • Three US listed FS backed IPOs have priced so far this week, two on April 8th and one on April 9th: iKang Healthcare Group Inc priced its IPO at $14.00, raising $153m and La Quinta Holdings Inc priced its IPO at $17.00, raising $650m, while Ally Financial Inc priced its IPO at $25.00, raising $2.4bn
    • Ally Financial Inc, priced on April 9th, is the largest US listed IPO in 2014 thus far, the second largest US Privatization IPO on record, behind General Motors Co, priced in November 2010, and the largest US listed IPO in the Finance sector since Grupo Financiero Santander Mexico SAB de CV priced its $4.1bn IPO in September 2012
  • JPMorgan leads the US listed FS-related IPO bookrunner ranking for 2014 YTD with a 12.0% share. Morgan Stanley and Deutsche Bank follow with shares of 10.0% and 9.9% respectively

 

ECM 04/11/14 

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April 1st, 2014

Global IPO Average Deal Size at 1Q Record High in 2014

By Darren Yip

  • Global IPO average deal size reached $196m per transaction in 1Q 2014, the largest 1Q average IPO size on record and surpassing the previous record of $181m set in 1Q 2010. Average deal size was driven by 25 $500m+ IPOs in 1Q 2014, the highest 1Q activity for this deal size on record
  • Global IPO volume totaled $48.0bn via 245 deals in 1Q 2014, up 93% from $24.9bn in the same 2013 period while activity increased only 48% year-on-year in comparison
    • The IPO average deal size between one bookrunner to four+ bookrunners shifted to $89m-$584m, respectively in 1Q 2014 from $31m-$828m in 1Q 2009
  • Both Asia Pacific and EMEA average IPO deal size increased year-on-year. Asia Pacific average IPO size doubled to $148m in 1Q 2014 from $74m in 1Q 2013 and EMEA average IPO size also increased to $357m in 1Q 2014 from $230m in 1Q 2013. However, Americas average IPO size has dropped 21% from $208m in 1Q 2013 to $165m in 1Q 2014
    • Two of the top five IPOs globally in 1Q 2014 were from Asia Pacific issuers. Hong Kong Electric’s $3.1bn IPO in January 2014 was the largest IPO from a Hong Kong issuer since Hutchison Port Holdings Trust raised $5.5bn in March 2001, and Japan Display’s $3.1bn IPO in March 2014 was the largest Asia Pacific Technology IPO on record
  • EMEA IPO volume recorded a second consecutive year-on-year increase to $18.2bn via 52 deals in 1Q 2014, the highest 1Q total since $25.0bn via 176 deals in 2000
    • The largest EMEA IPO of 1Q 2014 was the $2.0bn listing of Altice SA in January 2014, the largest IPO on the Amsterdam Stock Exchange since Conversus Capital’s $1.8bn listing in June 2007. ISS A/S also offered a $1.8bn IPO in March 2014, becoming the largest Danish IPO since Pandora A/S ($2.1bn) in April 2010

 

ECM 04/01/14
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March 27th, 2014

EMEA Average ECM Deal Size at Highest YTD Level on Record

By Teodora Todorova

  • EMEA average ECM deal size stands at $259m in 2014 YTD, up from $216m in 2013 YTD and the highest YTD average on record. The largest EMEA ECM deal of 2014 YTD is the $6.9bn UK Government sale of shares in Lloyds Banking Group on March 26th, also the largest accelerated offering* from an EMEA issuer on record
  • IPOs have recorded the largest year-on-year increase in average deal size across all ECM deals types, up 58% to $362m in 2014 YTD from $229m in 2013 YTD.  On March 21st, 2014, Real Estate company Hemfosa Fastingheter AB priced a $500m IPO via SEB and Swedbank AB, marking the largest Swedish IPO since East Capital Explorer AB ($568m) in November 2007
    • King Digital Entertainment’s $500m IPO, priced on March 25th, 2014, is the largest Technology sector IPO from an EMEA issuer since Yandex ($1.4bn) in May 2011
  • Of the top 10 EMEA ECM industries, Professional Services has recorded the highest year-on-year average deal size increase in 2014 YTD, with $530m compared to only $85m in the same 2013 period
    • On March 13th, Jacobs Holding AG raised $2.5bn by selling a 16% stake in Adecco SA via Goldman Sachs. This was the third largest EMEA ECM deal in 2014 YTD and the largest Professional Services ECM deal globally on record
  • Goldman Sachs leads the EMEA ECM bookrunner ranking in 2014 YTD with a market share of 13.6% (23 deals), followed by JPMorgan and Deutsche Bank with 9.7% (30 deals) and 9.4% (19 deals) respectively

 

ECM 03/27/14

*Includes accelerated bookbuilds and bought deals

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March 18th, 2014

Global Internet Related IPO Volume at Highest YTD Level Since 2000

By Shyh-Wen Tzeng

  • Global internet related IPO volume totals $2.1bn in 2014 YTD, the highest YTD volume since 2000 YTD ($17.4bn) and up from just $241m raised in the same period last year
    • Average deal size stands at $188m in 2014 YTD, the highest YTD level on record, up from only $40m in 2013 YTD
  • The UK is the leading exchange nationality for internet related IPO deals with $1.4bn in 2014 YTD, up from just $21m in 2013 YTD, followed by the US with $623m and Italy with $57m, respectively
    • AO World plc’s $811m IPO on February 26th, 2014 is the largest internet related IPO globally since Twitter Inc’s $2.1bn IPO in November 2013
    • Weibo Corp filed its IPO on March 14th through bookrunners Goldman Sachs and Credit Suisse which plans to list in the US for an estimated deal value of $500m. Notably, Alibaba Group announced on March 16th that it has commenced preparing for an IPO in the US
  • Zeus Capital leads the global internet related IPO bookrunner volume ranking in 2014 YTD with a 24.3% share, followed by JPMorgan and Jefferies with 14.8% and 14.6%, respectively

 

ECM 03/18/14 

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