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1、www.pwc.comGlobalTechnologyIPOReviewQ32017GlobaltechIPOactivityslowsinspiteofrecordhighcapitalmarketsWelcometothethirdquarter2017issueofPwC’sGlobalTechnologyIPOReview.With20techIPOsandproceedsofUS$5.2billion,thethirdquartersawa31%dropinvolumeanda15%decreaseinproce
2、edsfromthepriorquarterbutanequalnumberofofferingsandonlymarginallylowerproceedsyearoveryear(-3%).Evenallowingfortypicalthirdquarterseasonality,however,theoverallstrengthofthecapitalmarketswouldhavesuggestedastrongershowing.Itisclearthatpooraftermarketperformanceof
3、severalUnicornsthatcompletedtheirIPOsearlierintheyeardidnotfosteranenvironmentofhigherrisktakingandhighervaluations,andthiswasespeciallytrueintheUS.Asaresult,notonlywasthereonlyoneUnicornIPOthisquarter,ithailedfromArgentina,nottheUSorChina.However,activitydidpicku
4、pinthelastmonthofthethirdquarterwith13ofthe20technologyIPOslistinginSeptember,settingapositivestageforanimprovedfourthquarter.Yeartodatetherehavebeen67techIPOsraisingUS$17.1billion−thebestninemonthssince2014when84techIPOsraisedUS$43.7billion,aspikeinproceedsduetot
5、hemegaAlibabaIPO.RamanChitkaraGeographically,Asiaaccountedfor80%ofthetechIPOs(16)inthethirdquarter,lendingadditionalcredencetothePartnerandGlobalTechnologywidelyheldnotionthat“thecenterofgravityofthetechworldisslowlymovingtowardstheEast.”GreaterChinaIndustryLeader
6、(ChinaandTaiwan)continueditsdominationoftechIPOswith11.ItwasfollowedbySouthKoreawiththreeandPricewaterhouseCoopersLLPJapanandIndiawithoneeach.EuropepostedthetwolargesttechIPOsofthequarter,buttheUKwasagainabsentasraman.chitkara@us.pwc.comitcontinuestobechallengedby
7、transitionalissuesassociatedwiththeBrexitdecision.PerhapsthebiggestsurpriseofthequarterwasjustonetechIPOintheUS.Consistentwithpastquarters,therewasjustonecross-borderoffering,*IssuesizegreaterthanUS$40millionArgentina’sDespegar.com,thesoleUnicornofthequarterthatli
8、stedontheNYSE.(includesoverallotment)andbasedontradedate;SeeMethodologyInsharpcontrasttoprecedingquarters,InternetSoftware&Serviceswasnumberthreethisqua