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1、GlobalTechnologyIPOReviewFull-yearandQ42016GlobaltechIPOsin2016droppedtotheirlowestlevelinthedecadeamidstmacroeconomicandgeopoliticalturmoil,butastreamofhigh-profilecompaniesinthepipelinewilllikelycreatearesurgencein2017*Ontheheelsoftwostrongyears,2016endedwiththefewestglobaltechnologyIPOsofa
2、nyyearinthedecade,withonly53techcompaniescompletinginitialpublicofferingsfortotalproceedsofUS$8.7billion.That’sa42%declineinvolumeanda68%declineinproceedsfrom2015.With20techIPOs,Q3wasthebestperiodoftheyear,butQ4wastheworst,withjustninetechIPOs.ThemarketrallyfollowingtheUSelectionsbodeswellfor
3、ahealthierglobaltechIPOmarketin2017.Theyearstartedslowlywithonly24IPOsandUS$2.2billioninproceedsinthefirsthalfof2016,aresultofthesteepstockmarketsell-offinJanuarythatfrozeoutpotentialIPOcompanies.VolatilityanduncertaintyclosedtheUSIPOwindow,andChinapostedjustthreetechIPOsinthefirstquarter.The
4、UK,historicallyoneoftheleadingmarketsinEurope,sawnotechIPOsin2016,aresultofuncertaintyovertheBrexitelectionthatgrewintoconcernaboutexecutingontheoutcome.AlthoughtheUKwasabsent,Europepostedreasonableresultswith10IPOsfromeightcountries,includingthreeofthelargesttechIPOsoftheyear.Theyincludedthe
5、largest,NetA/S,adigitalpaymentscompanyinDenmark,atUS$2.4billion.GivenuncertaintyassociatedwiththeUSpresidentialelection,mostcompanieschosetoremainonthesidelinesinthefourthquarter.Overall,techIPOsreboundedinthesecondhalfof2016,withanalmostthree-foldjumpinproceeds.Evenso,averageproceedsonlyequa
6、ledthosein2010(US$165million),thepriorlowforthedecade.Big-ticketIPOsthatwerecommonin2014and2015wereallbutRamanChitkaranon-existentin2016.PartnerandGlobalTechnologyWith80%oftechcompaniesthatdebutedin2014or2015typicallytradingbelowtheirfirst-dayclosingpricesduringmostof2016,IndustryLeader1valua
7、tionsbecameakeyconcern.Thecombinationofuncertainmarketconditions,highprivatevaluationsandamplecashcausedmanyPricewaterhouseCoopersLLPcompaniestowaituntilpublicmarketsofferamorefavorableenvironment,likewe’restartingtoseeinearly2017.raman.chitk
