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IPO

1 . 2013 .

IPO 1 . 2013 .

IPO

IPO

IPO

IPO

IPO

IPO

10

IPO

11

IPO

12

13

IPO

14

IPO

15

2013 IPO
37% 2012 .
IPO LEG Immobilien
Deutsche Brse IPO

IPO

IPO

81

7 000

80
70
60

70
56

30

5 000

44
3 157

2 297

4 000
3 000
2 000

20

726

10
-

6 000

56

50
40

8 000

7 538

90

1 .
Q12012
2012.

1 000

367

2 Q2
. 2012 . 3 Q3
. 2012
2012 . 4Q4
. 2012
2012 . 1 Q1
. 2013
2013 .

IPOs
IPO

Value

( )

100

1 .
2013 .

1 .
2012 .

4 .
2012 .

12

11

11

32

45

59

44

56

70

3 157

2 297

7 538

99

51

128

IPO , :



( )
( )*

( )

IPO ,
. ,
IPO FTSE .
2013
. , , ,
.
IPO
AZ Electronic Materials 2010 IPO
. IPO .

IPO 1 . 2013 .
PwC

: 2012
,

IPO Bankia, Dia Banca Civica
, JPW

IPO

( )

12 000

10 000

IPO

Talanx,
Telefnica
Deutschland
Direct Line

8 000
6 000

IPO

LEG, Crest
Nicholson,
Esure
Countrywide

40
35
30
25
20
15

4 000

10
2 000

: VIX

(VIX)
VIX
Index

Money
raised
(m) IPO


35%
30%
25%
20%
15%
10%
5%
0%
(5%)
(10%)
(15%)
-12

-12

-12

IPO 1 . 2013 .
PwC

-12

-12

-12

-12

-12

-12

-12

-12

-12

CAC 40

-13

-13

FTSE 100

-13

DAX

VIX

(VIX)

IPO
. ,
, IPO c
,
Crest Nicholson

Esure

Countrywide

LEG Immobilien

Hellermann Tyton

Moleskine

Deutsche Brse

IPO

18

27

25

0,3

0,7

0,2

1,2

0,3

0,3

,



IPO

Price range

IPO price


IPO

34,0%
34.0%

15,9%
15.9%
5,9%
5.9%

11-
Day
as
31
Mar 20132013
at31

13,4%
13.4%

3,5%
3.5%

11,4%
11.4%
0,0%
0.0%

5,0%
5.0%

:
: PwC,

IPO 1 . 2013 .
PwC

IPO

Deutsche Brse


( )
(1)

4%

37%
59%

1 .
2013 .

1 .
2012 .

4 .
2012 .

1 885

619

3 929

1 878

619

3 929

1 165

2 080

London

Deutsche Brse

Deutsche Brse

58

14

653

Oslo Brs Oslo Axess ()

Others

41

230

462

NYSE Euronext

975

17

NASDAQ OMX

46

Wiener Brse
SIX Swiss
Exchange

681

120

(BME)

3 157

2 297

7 538

(1)


Borsa Italiana.

. , ,
, , , :
, IPO, , ,
IPO.

IPO 1 . 2013 .
PwC

30% IPO
, 144 .
30%
6
IPO

17%

30%

(1)

London

7%

Warsaw

7%

OMX
Borsa Italiana

9%
30%

Luxembourg


Others


NASDAQ OMX

NYSE Euronext
Deutsche Brse
Oslo Brs Oslo Axess ()
Wiener Brse
SIX Swiss
Exchange
(BME)

1 .
2013 .

1 .
2012 .

4 .
2012 .

16

14

26

13

16

26

13
4
3
3
2
2
1

25
3
1
8
1
-

21
8
3
2
7
1
-

44

1
3
56

1
1
70

(1)


Borsa Italiana.

IPO 1 . 2013 .
PwC

IPO LEG Immobilien ,


1 , IPO
Telefnica Deutschland 4- 2012 .
IPO, , IPO
, IPO
IPO
1 . 2013 .
LEG Immobilien
Esure

15%

Greencoat UK Wind
Crest Nicholson
Countrywide

85%


804

681

198

196

97

1 976

4 . 2012 .

Telefnica Deutschland
Direct Line
Talanx Aktiengesellschaft
Alior Bank


1 288
1 260
976
767
511
4 802

1 . 2012 .
Ziggo
DKSH
Top 5 IPOs

IPO

Others

Bluecrest Bluetrend

Alcentra European

IPO 1 . 2013 .
PwC


1 165
703

302

261

237
2 668

Deutsche Brse

Euronext

Euronext

SIX Swiss

Deutsche Brse

Deutsche Brse


, IPO LEG Immobilien
Countrywide
IPO

8%

3%

20%

46%

23%

Real
Estate

Insurance

Investment
Company

Construction & Materials

Others

IPO 1 . 2013 .
PwC

(- IPO)



- IPO
( )

1 . 2013 .
7
5
5
4
3
3
3
3
2
2
2
2
2
1
-

1 . 2012 .
8
13
5
6
3
3
1
3
4
3
1
4
1
1

4 . 2012 .
12
8
8
4
2
1
1
1
6
4
2
1
2
6
3
3
2
1

1
1

44
3 157

56
2 297

1
70
7 538

10


IPO .
( IPO)
IPO
IPO

10 IPO 1 2013 .
30.5
30,5

Norwegian Cruise Line (Nasdaq)

57.5
57,5

329
0.2
0,2

CVR Refining (New York)

37,0
37.0

442
19.3
19,3

Zoetis (New York)

25,4
25.4

1 649
11.1
11,1

Pinnacle Foods (New York)

16.0
16,0

444

16.5
16,5

Infraestructura Energetica Nova SAB (Mexico)

14.8
14,8

379
5.9
5,9
3.5
3,5

Esure
esure (London)

703

1,6
1.6

Grupo Sanborns (Mexico)

-1.3
-1,3

646
-5,7
-5.7

West Corp (Nasdaq)

-4,0
-4.0

325

0,0
0.0

LEG Immobilien (Germany)

0,0
0.0

Moscow
Exchange

MICEX
(Moscow)
()

371
-20

:
:

IPO 1 . 2013 .
PwC

at31
1-
as
1 day
31
March 2013 .

-5,0
-5.0

1 165
-9,5
-9.5

-10

10

20

30

40

50

60

70

IPO (%)

11


, . 2012
- (JOBS Act Jumpstart Our Business
Startups), : 80%
IPO ,

IPO
1 . 2013 .


NYSE
NASDAQ

-
IPO
16
18
34
44

( )
4 143
1 693
5 836
3 157

1 . 2012 .
-
IPO
25
19
44
56

( )
3 338
1 030
4 368
2 297

4 . 2012 .
-
IPO
20
14
34
70

( )
4 218
652
4 870
7 538

, IPO , IPO
2012 2012 34% 20% ,
IPO. IPO Zoetis, Pinnacle Foods, CVR Refining,
Norwegian Cruise Line West Corp, 3,2 , 55%
. IPO
.
IPO ,
IPO 2013 .

IPO 1 . 2013 .
PwC

12


1 . 2013 .

1 . 2012 .

-
-
IPO
( ) IPO ( )
1
371
1
6
65
106
44
3 157
56
2 297

4 . 2012 .

-
IPO ( )
2*
-*
4
61
70
7 538

* 2012 MD Medical Group .


, , .

2013 371
IPO, 2007 ,
.
.

, .
2013 :
IPO, - 106 . IPO
Halk Gayrimenkul Yatrm Ortakl A.. (GYO), 2013 ,
. IPO Turkiye Halk Bankasi A.. ,
.
2013
, . :
,
, -.
IPO, ,
20
, , ,
,
20%.

IPO 1 . 2013 .
PwC

13

IPO
1 . 2013 .


(1)
Deutsche Brse

Oslo Brs Oslo Axess ()

NYSE Euronext
NASDAQ OMX
Wiener Brse
(SIX Swiss Exchange)
(BME)

,
( )
Deutsche Brse (
)
( )
Oslo Brs
NYSE Euronext (Euronext)
Wiener Brse
(SIX Swiss Exchange)
NASDAQ OMX ( )

,
,

( , AIM)
Oslo Axess
(Borsa Italiana)
( )
(EuroMTF)
NYSE Euronext (Alternext)
(NewConnect) (2)
NASDAQ OMX ( First North)
Deutsche Brse ( )
(SFM)
BME (MAB)
,

1 . 2012 .

-
IPO
16
2
13
2
3
3
4
1
44

( )
1 885
1 165
58
41
5
3
3 157

4 . 2012 .

-
IPO
14
1
25
1
8
3
1
3
56

( )
619
14
975
2
681
6
2 297

-
IPO
26
7
21
1
3
2
8
1
1
70

( )
3 929
2 080
653
230
462
17
46
120
1
7 538

1 835

569

13

3 554

1
1
1
1
1
12

1 165
57
26
3 083

4
6
1
1
1
19

8
972
681
2 230

4
5
1
1
1
4
29

2 080
632
230
14
120
38
6 668

43

50

12

328

15

3
2
12
4
1
32
44

5
3
1
74
3 157

2
21
2
1
3
37
56

3
6
2
6
67
2 297

3
1
16
4
3
1
1
41
70

462
3
21
8
47
1
870
7 538

(1)

Borsa Italiana.
1 . 2013 . IPO WSE (NewConnect) 2 .
, , .

IPO 1 . 2013 .
PwC

(2)

14

IPO

IPO Watch Europe


,

( , ,
, , , , , ,
, , , , , ,
, ).

, ,
(greenshoe).

1 31 2013 IPO
.

,
PricewaterhouseCoopers LLP .

IPO 1 . 2013 .

15

www.pwc.ru/ru/capital-markets

. ,
, - , .
, , ( ),
, , PricewaterhouseCoopers LLP, ,

.
2013 PricewaterhouseCoopers.
PwC PwC / , , .
www.pwc.com/structure
12.04.2013