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

April 15th 2016

BATS Global Prices Largest Non-SPAC US IPO in 2016

By Asiqur Anik

$253m Largest non-SPAC IPO in 2016

Spectrum Equity Investors and TA Associates backed BATS Global priced a $253m IPO on the BATS Exchange on April 14, the largest non‐SPAC IPO so far this year. It’s the first to have upsized its offer since Atlassian’s $531m IPO on December 9, 2015 and the first all secondary share offering since Ferrari in October 2015. The deal priced at $19, at the top of its filing range of $17‐$19

The previous 10 US listed IPOs were all Emerging Growth Companies, all of which priced on the Nasdaq

$1.5bn US listed IPO volume in 2016

So far this year, US listed IPO volume stands at $1.5bn via 11 deals, down 81% from $7.9bn in 2015 YTD (45 deals). 2016 volume is at the lowest YTD level since 2009 ($1.3bn via five deals). The average YTD issuance in the last five years is $9.6bn via 48 deals

Next week three IPOs are due to list on US exchanges, expected to raise $1.3bn. American Renal Associates Holdings and MGM Growth Properties are expected to list on NYSE. If they price, they will be the first US listed IPOs on NYSE since Yirendai’s IPO in December 2015

-0.1% Average one-day return in 2016

The average one‐day return for US listed IPOs is ‐0.1% in 2016 YTD compared to the YTD average in 2015 of 15.8%. The YTD average of the last five years is 11.9%

Of the 11 US IPOs in 2016 YTD, eight deals have priced in range and have an average oneday return of 2.7%, the lowest YTD average for IPOs pricing in range since 2011 (1.2%). Three IPOs priced below range with an average return of ‐6.4%, the lowest YTD level on record for such deals. No IPOs have priced above range in 2016 YTD, marking the third time in a YTD period on record after 2003 and 2009

US listed IPOs priced from only two sectors so far this year. Seven Healthcare IPOs have an average one‐day return of ‐0.3% in 2016 YTD, the lowest on YTD record. In contrast, four Finance sector IPOs have an average return of 0.5%

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March 17th 2016

IPO Drought Continues for the NYSE and Euronext

By Isabel Paris

90-Day IPO* drought on the NYSE

Since Yirendai's $75m listing on December 17, 2015, no IPOs have priced on the NYSE**, a 90-day IPO drought. This is the second longest IPO drought for the exchange on record, following a period of 187-days between Rackspace Hosting's $188m IPO on August 7, 2008, and Mead Johnson Nutrition's $828m IPO on February 10, 2009

The current 180-day IPO backlog for the NYSE shows nine deals expected to raise a total of $751m. Sensus Healthcare's listing on NYSE MKT is expected to raise $20m in March 2016, in line to be the first NYSE IPO of 2016

52 IPOs priced on the NYSE in full year 2015 ($19.4bn), compared to 114 IPOs in both 2014 ($72.0bn) and 2013 ($45.2bn), the highest annual activity since 2007 (134 IPOs)

Euronext sees 97-Day absence of IPOs*

SIF Holding's $135m postponed IPO in February was the only Euronext listing launched in 2016 YTD. The 97-day IPO drought for the Euronext is the third largest within the last two and a half years, following a 105-day drought in 3Q 2013 and 102 days between October 2014 and February 2015. Although there are seven IPOs in the current 180-days backlog for the Euronext, the deals are not expected to price by the end of 1Q 2016

The last IPO on the Madrid Stock Exchange was in June 2015 (Euskaltel; $939m). The following 261-days without an IPO is the longest period since 955 days between Banca Civica ($857m) in July 2009 and Lar Espana Real Estate SOCIMI ($547m) in February 2014

No IPOs* announced on TSX or Sao Paulo 2016 YTD

Therapure Biopharma's $98m IPO announced in November 2015 and postponed in February 2016, was the last IPO announced on TSX^. Since Hydro One's $1.4bn privatization on October 29, 2015, there has been a 139-day absence of IPOs on the TSX, the longest barren period since 357-days between July 2008 and June 2009

Since 2013, only two IPOs have listed on the Sao Paulo Stock Exchange+; Par Corretora de Seguros ($180m) in 2015 and Ouro Fino Saude Animal Participacoes ($192m) in 2014. This compares to an average of eight IPOs per year between 2009 and 2013

66 IPOs* Priced in 2016 YTD

IPO activity for deals above $20m has dropped 58% year-on-year globally. 66 IPOs have priced so far in 2016, the lowest level since 2009 YTD (five IPOs)

*Includes IPOs with deal value above $20m

**Includes IPOs on the NYSE, NYSE ARCA and NYSE MKT

^Includes IPOs on the Toronto Stock Exchange and Toronto Venture Exchange

+Includes IPOs on the Sao Paulo Stock Exchange and Sao Paulo Novo Mercado

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March 3rd 2016

London Listings Account for 72% of European IPO Volume in 2016 YTD

By Jaroslaw Kwasniak

$1.8bn Raised by London listed IPOs in 2016 YTD

So far in 2016, 10 IPOs have listed on London* exchanges, raising a combined total of $1.8bn. This is up 17% from the same period last year ($1.6bn via 14 deals), although down from the nine year high of $4.5bn (12 deals) in 2014 YTD

London listed IPOs account for 72% of European listed IPO volume ($2.5bn via 20 deals) in 2016, the highest YTD share since 2007 (75%). IPO volume on European exchanges has dropped to the lowest YTD level since 2012 ($500m via 17 deals)

IPOs Europe listings downsized, one-day return on par

The average deal size of European exchange listed IPOs this YTD is $127m, down from $320m year-on-year and the lowest YTD average since 2012 ($29m). In comparison, the average deal size for London listed IPOs in 2016 stands at $182m, up from $111m in 2015 YTD. The biggest IPO to price so far this year in London is the $566m carve-out of CYBG

Average one-day return on IPOs** listed in Europe stands at 5.5%, on par with 5.4% for IPOs priced in the same period last year. For London listed IPOs the average one-day return is 2.8% so far this year, down from 3.5% in 2015 YTD and lowest one-day average since 2012 YTD (-5.22%)

$14.3bn Deutsche Boerse pending merger with LSE

With Deutsche Boerse AG in merger talks with London Stock Exchange Group, a new stock exchange group may be created. Combined, London, Milan and Frankfurt listed IPO volume this YTD stands at $1.9bn via 12 deals, and accounts for 73% of total IPO volume on European exchanges, up from a 21% share in 2015 YTD ($2.8bn via 18 IPOs) and highest YTD proportion since 76% in 2007 ($5.9bn via 33 IPOs)

Another European exchange group, Euronext, has recorded no IPO activity so far in 2016, compared to 10 IPOs by the same point last year, raising a total $2.5bn and accounting for 18% of Europe listed IPO volume in 2015 YTD

*Includes IPOs on the London Stock Exchange (LSE) and AIM

**Includes IPOs with value above $50m


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February 24th 2016

Global Rights Offering Volume at Highest Level in Four Years

By Florence Shum

$8.6bn Rights offerings at highest level since 2012

Global rights offering* volume totals $8.6bn in 2016 so far, the highest level for this period since 2012 ($15.0bn) and almost double the $4.7bn raised in 2015 YTD. Volume is led by Saipem SpA’s $3.9bn^ rights offer completed on February 11. Excluding this deal**, volume is still up 36% year‐on‐year

Activity, in contrast, has dropped to 56 deals, down 30% year‐on‐year (80 deals in 2015) and the lowest YTD level since 2013 (52 deals)

Asia (ex Japan) leads global rights offering volume

Asia (ex Japan) accounts for 57% of global volume with $5.0bn via 29 deals, more than double the $2.4bn raised via 48 deals in the same 2015 period and the fastest start to a year on record. The increase is led by China and South Korea with $3.2bn (10 deals) and $1.5bn (five deals), respectively, the highest YTD totals on record for each nation

Similarly, EMEA rights offering volume has also increased, with a total of $3.6bn, up from just $655m raised in 2015 YTD and the highest YTD level since 2012 ($10.1bn)

Finance top sector for rights offerings

Finance is the top sector for rights offerings so far in 2016 with $2.7bn, up from $998m in the same period last year. On January 7, Chinese issuer Industrial Securities priced a $1.9bn rights offer via sole bookrunner Sinolink Securities. The deal is the largest rights offer from an Asia (ex Japan) issuer since OCBC’s $2.6bn deal in September 2014

Sinolink Securities tops rights offerings ranking

Sinolink Securities leads the global rights offering bookrunner ranking in 2016 YTD with a 17.2% market share, followed by NH Investment & Securities and Bank of China with 10.8% and 6.6% shares, respectively

* Includes rights issues and guaranteed preferential allocation

^ Includes a $1.7bn non-rank eligible institutional tranche which is excluded from total volume for the deal type

** Based only on rank eligible deal value

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February 11th 2016

Withdrawn ECM Deals at Second Highest YTD Level in 15 Years

By Alex Clayton

36 Second highest total of pulled deals in 15 years

So far in 2016, 36 ECM deals (26 IPOs, nine follow-ons and one convertible) have been withdrawn or postponed globally, the second highest YTD total in 15 years, after 2008 (57 deals). 14 deals were post-launch (12 IPOs, one follow-on and one convertible). EMEA (10 deals) and Americas (21 deals) issuers account for 86% of the total with 31 pulled deals, up 55% on the same period of 2015 (20 deals), and the highest combined total of pulled deals for the two regions since the same period of 2008 (39 deals)

In contrast, only five deals (three IPOs and two follow-ons) have been withdrawn or postponed from Asia Pacific issuers so far this year, down 38% on the same period in 2015 (eight deals) and the lowest YTD level of such deals since 2007 (two deals)

$3.0bn Largest postponed deal in 2016 YTD

The largest postponed deal so far this year is a fully marketed follow-on from Lloyds Banking Group, which was expected to raise $3.0bn. The deal, which was set to represent the sale of the UK government’s final stake in the UK lender, was postponed on January 28, due to market volatility

$2.2bn Saipem due to price rights issue

Italian Oil & Gas company Saipem is scheduled to price a rights issue via seven bookrunners on February 11, expecting to raise $2.2bn. If priced, the deal would be the largest EMEA ECM transaction so far in 2016 and the largest EMEA Oil & Gas follow-on transaction since Repsol’s $2.8bn accelerated bookbuild in June 2014

JPMorgan Top global ECM bookrunner in 2016 YTD

JPMorgan leads the global ECM bookrunner ranking in 2016 YTD with a 7.44% market share, GF Securities and UBS follow with shares of 7.41% and 5.59%, respectively 


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