Global IPO Market

3Q 2017 Quarterly Review

September 29, 2017

Strong Performance Drives Active Global IPO Market

The global IPO market continued to be active in the 3Q17, riding strong momentum from the first half of the year. Global IPO
proceeds totaled $33.4 billion in the 3Q17, up 12% from the year-ago period, led by Asia Pacific with 44% share of all proceeds raised.
Asia Pacific proceeds benefited from billion-dollar deals like NetLink Trust in Singapore ($1.7 billion), ZhongAn Online Insurance in
Hong Kong ($1.5 billion) and SBI Life in India ($1.3 billion). Europe took second place with 31% of proceeds, and included the two
largest deals of the quarter, Pirelli ($2.7 billion) and Landis+Gyr ($2.4 billion). After a period of dormancy, activity in Latin America
is starting to pick up, with the region accounting for 9% of proceeds. Buoyed by stellar returns in North America, global IPOs in the
third quarter averaged a healthy 16% return excluding China A-shares. With a robust pipeline and strong IPO performance, we expect
issuance to remain active for the remainder of 2017.
Full global 3Q17 review available for Renaissance Capital research clients.
Key Takeaways:
Global IPO market remains active with diversified issuance
Asia Pacific leads with 44% share of proceeds raised
Global returns averaged 16% (excluding A-shares) thanks to robust North America returns
Renaissance International IPO Index (IPOXUS) outperforms with 24.5% return year-to-date
Best performing sectors were health care and consumer discretionary
IPO pipeline remains robust including multi-billion-dollar deals for 2017

Global IPO Activity

3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 YoY
Proceeds Raised (US$) $29.7B $40.1B $24.4B $39.3B $33.4B 12.4%
Number of Deals 66 96 71 100 90 36.4%
Median Deal Size (US$) $192mm $193mm $196mm $227mm $201mm 4.4%
Source: Renaissance Capital. Global statistics include IPOs with a deal size of at least $100 million and exclude closed-end funds and SPACs. Data as of September 29, 2017.

Global IPO Activity

$160
123 150
$140 96 100 90
$120 72 77 71
Proceeds (US$ billions)

66 100
$100 42
29 50
$80
$51.2 $55.5
$60 $40.1 $39.3 0
$26.8 $29.7 $33.4
$40 $24.4
$13.6 $9.6 -50
$20
$0 -100
2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017

Global IPO Proceeds Raised Number of Global IPOs

Source: Renaissance Capital. Global statistics include IPOs with a deal size of at least $100 million and exclude closed-end funds and SPACs. Data as of September 29, 2017.

Renaissance Capital is a global IPO investment adviser providing pre-IPO fundamental research and IPO market analytics to institutional investors.
Renaissance Capital manages portfolios of unseasoned equities through IPO-focused exchanged traded funds (ETFs) and separately managed
institutional accounts. For more information, visit www.renaissancecapital.com.
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