2022全球IPO观察(英文版)

GlobalIPOWatch 2022 APwCGlobalIPOCentrepublication pwc StuartNewmanNadjaPicard PwCGlobalIPOCentreLeaderPwCEuropeCapitalMarketsLeader PwCUnitedKingdomPwCGermany 2022inreview Aturbulent2022definedbyinflation,centralIPOandFOproceeds2018-2022($bn) banks'policiesandpolitics Globalequitiesstruggledin2022asmarketshadtocopewithhighinflation,tighteningofglobalmonetarypolicies,lockdownsinMainlandChina,thewarin UkraineandanenergycrisisinEurope-allleadingto globalrecessionfears. 144 52 134 115 106 42 245 183 210 Despiteabriefrallyinthesecondhalfoftheyear. majorglobalindicesrecordeddoubledigitlossesforQ1Q2Q3Q4Q1Q2Q3Q4Q2Q301Q2Q3 2022,includingtheS&P500(down19%),theStoxx Q4Q102Q3 600(down13%),andtheShanghaiindex(down20182019202020212022 15%).Theonlyexceptionwastheenergyand GlobalmoneyraisedviaIPOs GlobalmoneyraisedwiaFOs commodityheavyFTSE100indexthatclosedup1% fortheyear.Fromaglobalsectorperspective,only --VIX(averageperquarter) MSCI(averageperquarter) theenergysectorindexdeliveredpositive2022TheworstglobalIPOmarketsince2016withMainlandChinaandtheMiddleEasttheonly performancebeingup41%fortheyear.brightspots Volatilityremainedelevatedthroughouttheyear haltingequityissuanceactivity,includingIPOsasignificantdropinUSIPOactivity,withIPOproceedsfallingmorethan90%comparedtolastyear outsideofMainlandChinatogetherwithEuropeanandUkIPOmarketsremaininglargelyclosed.Theexceptionbeingthe landmarkPorscheIPOinGermany,representingaroundtwothirdsofthe2022IPOproceedsin 110Europe. 1052022sawariseofthelocalIPOmarketissuancewithMainlandChinatakingthenumber1spot, 100 representing39%ofglobalIPOissuanceandtheMiddleEastremainingabrightspotforEMEAas theregiondeliversonitsprivatisationstrategy.Despiteachallengingmarketbackdrop,sizable MainlandChinaactivitywasdrivenbySTARMarketandChiNext,exchangesfocusedonattractinghome-grownscienceandtechnologycompanies,andawaveofhomemarketlistingsofChinesemegacompaniesformerlylistedonoverseasexchanges,suchasChinaMobileLtdandCNOOCLtd thatdelistedfromtheUSandsoughtprimarylistingsontheShanghaiStockExchange. 60 Jan-22Feb-22Mar-22Jun-22Oct-22Nov-22Dec-22Theheightenedvolatility(VIXaverageof26fortheyearversusanaverageof20in2021)andthe declineinindicesshowedaclearcorrelationwiththedeclineinIPOandFOissuanceintheUSand Source:CapitalIQasof S&P500StoxxEurope600 FTSE100ShanghaiStockExchangeCompositeEurope. 31December2022.MSCIWortd.VIXIndex PwC|GlobalIPOWatch2022ThisdocumentincludesdataderivedfromdataprovidedunderLicencebyDealogic.DealogicretainsandreservesallrightsinsuchLicenceddata2 Outlookfor2023 Inflation,interestratesandpotentialrecessionwilldrivemarketsin2023SPAcIPOproceedsbyregion(Sbn)172 Asweenter2023,marketsentimentisdominatedbyconcernsoverinflation,themedicinetocontrolit-theextentandlongevityofinterestrateactionsfromcentralbanks,andrecessions-howseveandforhowlong.Theoptimisticscenarioisforevidenceofinflationabating,allowingcentralbankstc moderateinterestratesandforrecessionstobeshallowandshortlived;marketsentimentandan84 openingofanyIPowindowinwesternmarketswilldependonsuchascenariostartingtobe supportedbydataorbankaction.Clearlyamateriallymorepessimisticscenariowillmakeamaterial IPOwindowopeningmuchmorechallenging 13168417 WhenwillIPOsandfollow-onequityissuancereturn?115 Marketparticipants,includingabacklogofsuitableIPOcandidates,intheUSandEuropearenow20182019202020212022 focusedonapotentialH22023recoveryoftheIPOmarkets,andwhilstsomeissuersmayattempttoAmericasAsiaPacific-EMEA tapthemarketearlierinH1,issuersarededicatingtheirresourcesearlytopreparefor"beingpublic". ThismindsetisthekeyingredienttoasuccessfuliPOasthemarketsre-evaluatefundamentals 2022,theendoftheSPACboom? Globalfollow-onissuance,whichwasalsoatreducedlevelslastyear,willstarttoreturnwhenmarket uncertaintyandvolatilityimprovesanddiscountsnarrow.Opportunisticequityissuancecouldbe SPACIPOactivityrevertedbacktopre2020levelsin2022;147SPACsraisedS17bnglobally,asignificantreductionfromthepeakof2021where676SPACsraised172bn equityissuanceisexpectedtogainfurthermomentum.IntheUStherewere182de-SPACannouncementsin2022,ofwhich101completed.Witha typicalinvestmentperiodof24months,theboominSPACIPOsseenin2020and2021has AflighttoqualityinIPOsasequitymarketscontinuetobeimpactedbymacroheadlinesandgeopolitics resultedinmorethan$75bnoffundsheldinUSSPACswithaninvestmentdateexpiringin 2uz3(excludingextensionperiods).NewSPAcissuanceislikelytocontinuetodwindle downwardswithamanyexistingSPACsfacinganuphillbattletoclosemergersbeforetheir willbedrivenbycompanieswithaproventrackrecordofgrowthandprofitability,supportedbyamaturity clearEsGstory,strongbalancesheet,stablecashflowsandthepotentialtogeneratesurpluscash forinvestment/returntoshareholders.CompaniesthatarelikelytobepositivelyplacedforIPOAsthetraditionalIPOmarketslowlyre-opens,issuersmaycontinuetoexploreotherroutestomarketincludingde-SPACs,however,itislikelythatanumberofSPACswillbeunabletc successin2o23willbethosethatcandemonstrateprofitabilityoratleastaclearpathtoprofitability ThisbackdropwillalsopresentchallengesfortheUnic