Asthemarketstarts

toshift,howcanyourIPObebuilttolast?

EYGlobalIPOTrendsQ32023

/ipo/trends#IPOreport

Contents

Q32023globalIPOactivity04

Q1-Q32023globalIPOactivity

05

GlobalIPOmarkethighlights

06

AreaIPOmarkethighlights

12

Stockexchanges

13

Specialpurposeacquisitioncompanies(SPACs)

14

Whatcompaniesandinvestorsshouldlookoutfor

15

2EYGlobalIPOTrendsQ32023

Y

“

Facedwithtighterliquidityandahighercostofcapital,investorsareturningto

companieswithstrongfundamentalsandapathtoprofitability.Inresponse,IPO

ls-oll

newcohortofIPOs,which,ifpositive,couldrenewmarketconfidence.

3EYGlobalIPOTrendsQ32023

EYGlobalIPOLeader

Global

Shiftininvestorpreferencefromgrowthtovaluecauses

IPOhopefulstorefocus

GeorgeChani

Q32023IPOactivity

%change

Q32022

Q32023

NumberofIPOs

Proceeds

(US$b)

350

38.4

36

8.6

195

20.6

119

9.2

NumberofIPOs

Proceeds

(US$b)

NumberofIPOs

Proceeds

(US$b)

Global

-6%

-27%

371

52.3

Americas

-8%

238%

39

2.5

Asia-Pacific24135.2

-19%-41%

31%

-37%

EMEIA

91

14.6

Q32023referstothethirdquarterof2023andcoverscompletedIPOsfrom1Julyto18September2023,plusexpectedIPOsby30September2023(forecastedasof18September2023).Q32022referstothethirdquarterof2022andcoverscompletedIPOsfrom1Julyto30September2022.

Sources:EYanalysis,Dealogic.

4EYGlobalIPOTrendsQ32023

Marketsaregatheringpacebut

activityisstillmostlybelowlast

year’slevels.Thethirdquarterhasshownnotableimprovementin

post-IPOsharepriceperformancecomparedwithpreviousquarters.

Buoyedbyheightenedinvestorconfidence,sometop-tier

companiesareventuringintotheIPOpooltotestthewater.

NumberofIPOs

Proceeds

(US$b)

968

101.2

113

19.3

569

60.0

286

21.9

-5%

-32%

-3%

159%

-8%

-41%

2%

-44%

TheglobalIPOmarketinthefirst

threequartershasseenshifting

dynamicsfeaturingimproved

marketsentimentinmajorWesterneconomies,prospectsforhigh-

profileUSIPOs,robustemergingmarketsandacoolingChinaIPOmarket.

IPOactivityiscomparabletolastyear,althoughlargedealsarestillpendingoverall.

5EYGlobalIPOTrendsQ32023

Q1-Q32023IPOactivity

Q1-Q32022

Q1-Q32023

%change

Proceeds

(US$b)

NumberofIPOs

Proceeds

(US$b)

Number

ofIPOs

Global

147.9

1,018

116

7.5

Americas

Asia-Pacific621101.3

281

39.1

EMEIA

Q1-Q32023referstothefirstninemonthsof2023andcoverscompletedIPOsfrom1January2023to18September2023,plusexpected

IPOsby30September2023(forecastedasof18September2023).Q1-Q32022referstothefirstninemonthsof2022andcoverscompletedIPOsfrom1January2022to30September2022.

Sources:EYanalysis,Dealogic.

6EYGlobalIPOTrendsQ32023

Theendof‘cheapmoney’signalsrenewedfocusonfundamentals

Companiesadaptingtorevisedinvestorexpectations

?AcrossmajorWesterneconomies,interestratesareforecasttostayhigh,ascentralbankstrytobringpersistentinflationdowntotargetlevels.Consequently,thecostofcapitalremains

elevated,which,alongwithtightercredit,makesfinancingmorechallenging.

?Inresponsetolowerliquidity,investorsoverthepast18monthshavebecomemoreagileandselective.Theyseekcompanies

withstrongfundamentalslikefinancialhealth,sustainable

growthandresilienceamidweakeconomicconditions.Iconic

industryleadersarepopular,asinvestorsstrengthentheir

portfolioswithtrusted,“must-own”equities.Markethopesrestonanimminenttechblockbusterlisting—atareduced

valuation,which,alongwithotherpublicofferings,couldsparkalong-awaitedIPOrevival.

?UnicornIPOs,ontheotherhand,havesufferedasignificant

declineofmorethan80%yearonyear(YOY),notablyinclassicgrowthsectorssuchastechnology,andhealthandlifesciences.

Interestrate-actualandestimated

6.5

5.8

4.94.84.9

5.15.4

4.0

3.83.8

1.5

1.7

0.6

0.1

0

0.1

Un

UnitedStatesEurozoneUnitedKingdom

202120222023E2024E

icornIPOnumbers

Q1-Q32022

Ind

Q1-

ia

Q3202

3

7

4

2

2

1

000

Technology

Industrials

*Consumer

Healthandlife

sciences

*Consumerincludesthecombinationof“Consumerstaples”and“Consumerproductsandservices”sectors.

Q1-Q32023referstothefirstninemonthsof2023andcoverscompletedIPOsfrom1January2023to18September2023,plusexpectedIPOsby30September2023(forecastedasof18September2023).Q1-Q32022referstothefirstninemonthsof2022andcoverscompletedIPOsfrom1January2022to30September2022.

Sources:OxfordEconomics,EYanalysis,Dealogic.

7EYGlobalIPOTrendsQ32023

byexchangeareas

Americas

14%27%

Asia-Pacific

42%60%

EMEIA

54%77%

Willanarrowingvaluationgapattractinvestors?

Morerealisticpricingcoulddrivedealactivity

?Sincetheearly2022techdownturn,companiesandinvestors

havebeenoutofstep,butnowtherearesignsofare-

adjustment.Investorshavetraditionallylookedtovaluationsof

previouslylistedcompaniesasabenchmarkbutareincreasinglyscrutinizingnewerIPOpricing,afteraquiet18months.Some

newlylistedcompanieshavenowtemperedtheirshareprice

expectations,whichshouldresetpricinglevelsforIPOhopefulsintheUSandEurope.

?Asof18September2023,onlyone-thirdofenergycompanies

thatwentpublicinthefirstninemonthsof2022arenowtradingabovetheirinitialofferprices.Incontrast,68%ofenergy

companiesthatdebutedsofarthisyearhaveseenthevalueoftheirstocksrise.

?Healthandlifesciences,materialsandtechnologyalso

experiencedsignificantimprovements.Thenarrowingvaluationgapwasapparentacrossallregions,reflectingmorerealistic

expectationsbycompaniesandimprovedmarketsentiment.

Q1-Q32022Q1-Q32023

%ofIPOswithcurrentsharepriceabovetheirofferprice

bysector

Energy

36%

68%

Healthandlifesciences

30%

59%

Materials

38%

61%

Technology

40%

65%

Industrials

52%62%

*Consumer

51%53%

*Consumerincludesthecombinationof“Consumerstaples”and“Consumerproductsandservices”sectors.

Q1-Q32023referstothefirstninemonthsof2023andcoverscompletedIPOsfrom1January2023to18September2023,plusexpectedIPOsby30September2023(forecastedasof18September2023).Q1-Q32022referstothefirstninemonthsof2022andcoverscompletedIPOsfrom1January2022to30September2022.

Sources:EYanalysis,Dealogic.

8EYGlobalIPOTrendsQ32023

USreboundswhileChinastalls

byproceeds

YOY%Q1-Q32022

YOY%Q1-Q32023

161%

?AftertheUSfrozeandChinasurgedinthepreviousyear,IPOtrendshavereversed.

?TheUSmarketiswelcominglong-awaitedhigh-profileIPOs,withfundsraisedincreasingby161%sofarthisyear.EvenwithouttheblockbusterchipdesignerIPO,theUSmarketstillexperienced

YOYproceedsgrowth.

?AmidtheprolongeddownturnintheA-sharemarket,theIPO

marketinMainlandChinaisexperiencingatemporarytightening.Companieswishingtogopublicareexpectedtoundergoamore

rigorousvettingprocessandlengthierregistrationprocedure,asregulatorsseektocurbthepaceofIPOstobalancefinancingandinvestment.Inyear-to-date(YTD)2023,IPOproceedsinMainlandChinaweredownbyaboutone-third.Despitethetightening

measures,companiesalignedwithnationalstrategiesand

industrialpoliciesstillhavetheopportunitytoconductIPOsby

listingontheBeijingStockExchange,whichactivelysupportsthelistingsofinnovativesmallandmediumenterprises(SMEs).

30%

-37%

USandChinaIPOmarketsswapmomentumintheirlatesteconomicdance

USandMainlandChinaYOYgrowthrate(%)IPO

-94%

UnitedStatesMainlandChina

YTD2023orQ1-Q32023referstothefirstninemonthsof2023andcoverscompletedIPOsfrom1January2023to18September2023,plusexpectedIPOsby30September2023(forecastedasof18September2023).Q1-Q32022referstothefirstninemonthsof2022andcoverscompletedIPOsfrom1January2022to30September2022.

Sources:EYanalysis,Dealogic.

Total

61

55

Cross-borderdealsgainmomentumintheUSmarket,withEuropecontributinglargerdealsastheyseekhighervaluationsandliquidity

GrowingAsia-Pacificinterestinoverseaslistings

?In2022,cross-borderdeals—asaproportionoftotalglobal

IPOs—reacheda20-yearlow,mainlyduetoChineseforeign

privateissuers(FPIs)shyingawayfromUSstockexchangestoavoidtheriskofbeingdelisted,effectivelyclosingthegateway.However,thefloodgateshavereopenedthisyear,thanks

togreaterclarityoverregulations,asChinesecompaniesadapttoa“newnormal”establishedbyauthoritiesinboththeUSandChina.

?Inthefirstninemonthsof2023,theUSistheonlymarketthathasattractedmorecross-borderIPOs,andnotonlyfrom

MainlandChina,butalsofromJapan,Singapore,MalaysiaandSouthKorea—althoughdealsizesremainrelativelymodest.

?Cross-borderdealsfromEuropetotheUSmaybelimitedin

numberbutaregeneratingsignificantlyhigherproceedsthis

year.CompaniesfromEuropethatchoosetogopublicintheUStendtobehigh-profileentitiesseekingfavorablevaluations,

increasedliquidityandamorediverseinvestorbase.

Topcross-borderlistingdestinationsbynumber

Q1-Q32023

Q1-Q32022

UnitedStates

32

49

Switzerland

6

6

UnitedKingdom

4

2

13

4

Others

Cross-borderlistings

5049

NumberoflistingsProceeds(US$b)

36

32

$18.8

23

19

16

11

$8.2

$0.7$1.1

$24.2

$1.4

$6.4

$3.0

$6.5

$1.9

$4.3

20

19

19

Q1Q2Q3Q4

2021

Q1Q2Q3Q4

2022

Q1Q2Q3

2023

Q1-Q32023referstothefirstninemonthsof2023andcoverscompletedIPOsfrom1January2023to18September2023,plusexpectedIPOsby30September2023(forecastedasof18September2023).Q1-Q32022referstothefirstninemonthsof2022andcoverscompletedIPOsfrom1January2022to30September2022.

Sources:EYanalysis,Dealogic.

EY

9EYGlobalIPOTrendsQ32023

10EYGlobalIPOTrendsQ32023

2023

EmergingmarketsdominateIPOlandscape,representingthree-quartersofthemarket

Theriseofemergingmarkets

?Inthepastdecade,IPOnumbersandproceedsfromemergingmarketshaveincreasedbymorethan30%,primarilydueto

fastereconomicgrowthcomparedtodevelopedcountries.

Collectively,emergingmarketshavemadeup77%ofthe

globalsharebynumberand75%byvalueinthefirstthree

quartersof2023andsustainedtheirdominancedespitetheslowedmomentumfromMainlandChina.

?Sincethestartof2023,emergingmarketshaveseenthe

entryofnewplayersintotheactiveIPOlandscape,includingTurkeyandRomania,complementingthealreadythriving

countriessuchasIndonesia,Malaysia,andIndia.InYTD

2023,sevenoutoftheninemegaIPOswerefromemergingmarkets.

?Indevelopedmarkets,theUSsawanincreaseoflargerdealsinYTD2023,whileJapanandItalycontributedtothegrowthofsmallerdeals.

NumberofIPOs(%)

54%

46%

47%

53%

42%

58%

37%

63%

44%

56%

39%38%

61%62%

27%

49%

73%

51%

23%

77%

20142015201620172018

201920202021

2022

Q1-Q3

Emergingmarkets

IPOproceeds(%)

Developedmarkets

60%61%

49%46%51%

35%36%

48%

2%

98%

25%

75%

40%39%

51%54%49%

65%64%

52%

20142015201620172018

Emergingmarkets

201920202021

Developedmarkets

2022

Q1-Q32023

YTDorQ1-Q32023referstothefirstninemonthsof2023andcoverscompletedIPOsfrom1January2023to18September2023,plusexpectedIPOsby30September2023(forecastedasof18September2023).Sources:EYanalysis,Dealogic.

11EYGlobalIPOTrendsQ32023

22%

24%

-24%

-15%

-18%

YOY%

215

220

200

195

177

172

165

160

133

131

118

100

14.0

TechnologysectorcontinuestoleadglobalIPOs,whileindustrialsandconsumersectorsgainground

Amixedpictureacrossdifferentsectors

?ThetechnologysectorcontinuestodominateglobalIPOactivityinYTD2023.ExcludingtheblockbusterchipdesignerIPO,theentiresectorwouldhaveregisteredadeclineinproceeds.So

far,therehasn’tbeensubstantialgrowthinIPOdebutsforartificialintelligence(AI)startups,buttheyarebeginningtoemergeintheIPOpipeline.

?Industrialsmovedintothesecondspotamidsolidexpansion

acrossmostofitssubsectors.ItsurpassedmaterialsinnumberofdealsasfewermaterialslistingsfromOceaniaandCanada

cametothemarket,andalsoovertookenergyindealvalue.

?TheconsumersectorwitnessedgrowthinbothdealnumberandvalueYOY.MostconsumerIPOslaunchedthisyearhavehadtheirofferpriceseitherwithinorabovetheirinitialfilingranges.

?Conversely,theenergysectorexperiencedasharpdeclineindealvalue,accompaniedbyanotableriseinnumberofIPOswhoseofferpricesfellbelowtheinitialfilingrange.

Q1-Q32022Q1-Q32023

NumberofIPOs

-9%

TechnologyIndustrials

IPOproceeds(US$b)

YOY%9%-22%

*Consumer

Materials

Others

Healthand

lifesciences

95%

Q1-Q32022

Q1-Q32023

-59%

-36%

-60%

41.7

26.829.3

26.3

32.7

20.5

16.6

13.4

6.4

12.4

9.0

TechnologyIndustrialsEnergy*ConsumerMaterialsOthers

*Consumerincludesthecombinationof“Consumerstaples”and“Consumerproductsandservices”sectors.

YTD2023orQ1-Q32023referstothefirstninemonthsof2023andcoverscompletedIPOsfrom1January2023to18September2023,plusexpectedIPOsby30September2023(forecastedasof18September2023).Q1-Q32022referstothefirstninemonthsof2022andcoverscompletedIPOsfrom1January2022to30September2022.

Sources:EYanalysis,Dealogic.

12EYGlobalIPOTrendsQ32023

Areahighlights

Americas

TheIPOmarketprovidedsomehighlightsintheformofafewhigh-profiledealsinQ32023,buthasyettobreak-outthewaymanymarketparticipantswere

hoping.Intotal,36IPOspricedintheAmericasto

raiseUS$8.6binQ32023,withthevastmajority(33of36)onUSexchanges.TheAmericasaccountedfor12%ofIPOsgloballyand19%ofglobalIPOproceedsraisedthroughQ32023(versus11%and5%inYTD2022,respectively).

ThenumberofIPOsinYTD2023wasdown3%

comparedtoYTD2022,butproceedsraisedwasupsignificantly,duetoseverallargedealsthatpricedinearlySpringandSeptember.

Thepipelineofhigh-qualitycompaniesconsideringapubliclistinginthenextyearortworemainsstrong,buttradingperformanceofrecenttransactionsmaydelayabroaderreboundinIPOactivity.

SPACIPOactivityhasquietedaftertheboomin2021.Nearly120SPACshaveannouncedmergersthrough2023butdealsizeshavetrendeddown.

Asia-Pacific

WithinAsia-Pacific,governmentsacrossmostoftheregionaretryinghardtostimulateIPOactivity

throughinitiativeslikereducedstampdutytaxes.AlthoughASEANandJapan’sIPOmarketremainsrobust,thebroaderAsia-Pacificregionsawsloweractivityinthepasttwoyearsduetosoftnessinkeymarkets,includingGreaterChinaandOceania.

AsidefromtheUS$10.7bmegaIPOinSouthKorealastyear,thecountry’sIPOactivityremainssteadyoverall.

ThismixedpictureoftheAsia-PacificIPOmarketisreflectedbytheYOYdeclinesinbothvolumeandproceeds,-8%and-41%,respectively.YTDthetopthreesectorsinAsia-Pacificaretechnology,

industrialsandmaterials,bothbynumberandvalueofdeals.Onaglobalscale,theregionheldupits

shareofdealsat59%,althoughitsproportionofproceedsfellfrom69%to59%YOY.

AregionalreboundisanticipatedastheMainlandChinaandHongKongmarketsrecover.

EMEIA

EMEIAmarketshaveadaptedtoa“new

normal”andstayedsurprisinglyrobustand

stable,withinvestorsdisplayingincreased

confidence.InYTD2023,theregionsaw286IPOsraisingUS$21.9b,aYOYincreaseof2%involumeandadecreaseof44%inproceeds.TheregioncontinuestobethesecondlargestIPOmarket,accountingfor30%byvolumeand22%byproceeds.

SimilartotheUS,thetransitionfromaneraof“cheapmoney”inEuropeancountrieshas

shiftedthestrategiesofinvestors,whoare

beingmoreselective,activelyseekingouthigh-qualityIPOopportunitiesthatcomewith

compellingequitystories,strongteamsandthepotentialforsustainable

growth,profitabilityandvaluecreation.

CountriesthataredrivingtheIPOactivityin

EMEIAareIndia,TurkeyandItaly,alongwith

somelargedealscomingfromMENA,RomaniaandGermany.

YTD2023orQ1-Q32023referstothefirstninemonthsof2023andcoverscompletedIPOsfrom1January2023to18September2023,plusexpectedIPOsby30September2023(forecastedasof18September2023).Q1-Q32022referstothefirstninemonthsof2022andcoverscompletedIPOsfrom1January2022to30September2022.

Q32023referstothethirdquarterof2023andcoverscompletedIPOsfrom1Julyto18September2023,plusexpectedIPOsby30September2023(forecastedasof18September2023).

Sources:EYanalysis,Dealogic.

13EYGlobalIPOTrendsQ32023

Q1-Q32023

Rank

BynumberofIPOs

%ofglobal

IPOs

100%

01

Shanghai26.226%

02

Shenzhen

1

9.0

19%

03

US(NASDAQ)

10.6

10%

04

US(NYSE)

8.

2

8%

05

India

4.0

4%

06

AbuDhabi(ADX)

3.7

4%

07

Indonesia

3.5

3%

08

HongKong

3.2

3%

09

Tokyo

3.0

3%

10

Saudi

2.6

3%

11

Turkey

2.3

2%

12

Bucharest(BVB)

Otherexchanges

GlobalIPOactivity

2.0

12.9

2%

13%

101.2

IndianandChineseexchangesstayahead,whileUSperformsstronglywithanimprovedglobalshare

RankByproceeds(US$b)%ofglobalIPOs

01

IndiaNational(NSEandSME)andBombay(BSEandSME)

15015%

02

Shenzhen(MainBoardandChiNext)

115

12%

03

Shanghai(MainBoardandSTARmarket)

8

9

9%

04

US(NASDAQ)

76

8%

05

Indonesia(IDX)

68

7%

06

Tokyo(Prime,Growth,Standard,REIT,ProMarket)

59

6%

06

Beijing(BSE)

59

6%

08

SouthKorea(KRXandKOSDAQ)

45

5%

09

HongKong(MainBoardandGEM)

42

4%

10

Turkey(MainandSTAR)

40

4%

11

Saudi(TadawulandNomuParallelMarket)

26

3%

11

Thailand(SETandMAI)

Otherexchanges

26

173

3%

18%

GlobalIPOactivity

968

100%

Q1-Q32023referstothefirstninemonthsof2023andcoverscompletedIPOsfrom1January2023to18September2023,plusexpectedIPOsby30September2023(forecastedasof18September2023).Sources:EYanalysis,Dealogic.

14EYGlobalIPOTrendsQ32023

Despitetherecenteye-poppingdebut,SPACdealscontinuestrugglingwithpoorpost-listingperformance

SPACIPOsinQ1-Q32023

NumberofIPOs

YOY%

Proceeds

(US$b)

YOY%

53

-60%

3.7

-76%

Global

Americas23-71%2.9-78%

Asia-Pacific27-21%0.3-74%

3

0.5

-67%

-83%

EMEIA

de-SPACmergers:Topannounced/completedinQ1-Q32023

SPACname

Stock

exchange

Targetname

Value

(US$b)

Targetsector

US(NASDAQ)VinFastAutoPte.Ltd.1

23.1Industrials

BlackSpadeAcquisition

Co.

LCattertonAsia

AcquisitionCorp.

US(NASDAQ)

LotusTechnologyInc.

5.5

Industrials

AlphaVestAcquisitionCorp.

US(NASDAQ)

WanshunTechnology

IndustrialGroupLtd.

4.3

Technology

SemperParatus

AcquisitionCorp.

US(NYSE)

TevogenBioInc.

1.4

*Consumer

AquaronAcquisitionCorp.

US(NASDAQ)

Bestpath(Shanghai)IoTTechnologyCo.Ltd.

1.4

Industrials

1Thede-SPACmergerwascompleted

SPACIPOactivityhassofarbeensubduedin2023,withtheactivityhittingaseven-yearlowintermsofproceeds.Whilemarketconditionsshowssignsofrecovery,SPACIPOactivityislikelytobemutedintheneartermasthefocusshiftstocompletingorunwindingthoseyettode-SPAC.

*Consumerincludesthecombinationof“Consumerstaples”and“Consumerproductsandservices”sectors.

Q1-Q32023referstothefirstninemonthsof2023andcoverscompletedIPOsfrom1January2023to18September2023,plusexpectedIPOsby30September2023(forecastedasof18September2023).Sources:EYanalysis,Dealogic.

15EYGlobalIPOTrendsQ32023

Volatility

Marketsentimentandinvestorconfidence

Companiesandinvestorsshouldlookoutfor…

Inflation,

interestratesandliquidity

Recoveryof

economic

activity

Adoptionof

technology

andAI

Geopolitical

tensionsand

conflicts

Governmentpoliciesandregulations

Environmental,

socialand

governance

(ESG)agenda

16EYGlobalIPOTrendsQ32023

Sectordefinitions

?InEYanalysis,unlessstatedotherwise,IPOsareattributedtothedomicileofthecompanyundertakinganIPO.TheprimaryexchangeonwhichtheyarelistedisasdefinedbyEYanalysisandDealogic.

?Across-border(orforeign)listingiswherethestockexchangenationormarketofthecompanyisdifferentfromthecompany’sdomicile(i.e.,issuer’snationormarket).

?ForallIPOlistingsglobally,theirissuedatesaretakenastheirfirsttradedates(thefirstdayonwhichthesecuritystartstradingona

stockexchange).

?SectorsareclassifiedaccordingtoThomsongeneralindustriesusingacompany’sSectorIndustryClassification(SIC)code.Thereare11sectors,whicharedefinedbelowwiththeirspecificindustries.

?Consumerincludesthecombinationof“Consumerstaples”and“Consumer

productsandservices”sectors.Itsspecificindustriesinclude:agricultureand

livestock,foodandbeverage,householdandpersonalproducts,textilesand

apparel,tobacco,educationalservices,employmentservices,homefurnishings,legalservices,otherconsumerproducts,professionalservices,aswellastravelservices.

?Energyindustriesincludealternativeenergysources,oilandgas,otherenergyandpower,petrochemicals,pipelines,power,aswellaswaterandwaste

management.

?Financialsindustriesincludeassetmanagement,banks,brokerage,credit

institutions,diversifiedfinancials,governmentsponsoredenterprises,insurance,aswellasotherfinancials.

?Healthandlifesciencesindustriesincludebiotechnology,healthcareequipmentandsupplies,healthcareprovidersandservices(HMOs),hospitals,aswellas

pharmaceuticals.

?Industrialsindustriesincludeaerospaceanddefense,automobilesand

components,building/constructionandengineering,machinery,otherindustrials,transportation,aswellasinfrastructure.

?Materialsindustriesincludechemicals,constructionmaterials,containersandpackaging,metalsandmining,othermaterials,aswellaspaperandforest

products.

?Mediaandentertainmentindustriesincludeadvertisingandmarketing,

broadcasting,cable,casinoandgaming,hotelsandlodging,motionpicturesor

audiovisual,othermediaandentertainment,publishing,aswellasrecreationandleisure.

?Realestateindustriesincludenon-residential,otherrealestate,realestatemanagementanddevelopment,aswellasresidential.

?Retailindustriesincludeapparelretailing,automotiveretailing,computersand

electronicsretailing,discountanddepartmentstoreretailing,foodandbeverageretailing,homeimprovementretailing,internetandcatalogueretailing,aswellasotherretailing.

?Technologyindustriesincludecomputersandperipherals,electronics,internetsoftwareandservices,ITconsultingandservices,otherhightechnology,

semiconductors,aswellassoftware.

?Telecommunicationsindustriesincludeothertelecom,spaceandsatellites,

telecommunicationsequipment,telecommunicationsservices,aswellaswireless.

?AfricaincludesAlgeria,Botswana,Egypt,Ghana,Kenya,Madagascar,Malawi,Morocco,Namibia,Rwanda,SouthAfrica,Tanzania,Tunisia,Uganda,ZambiaandZimbabwe.

?AmericasincludesNorthAmericaandArgentina,Bermuda,Brazil,CanadaChile,Colombia,Ecuador,Jamaica,Mexico,Peru,PuertoRicoandtheUnitedStates.

?ASEANincludesBrunei,Cambodia,Guam,Indonesia,Laos,Malaysia,Maldives,Myanmar,NorthMarianaIslands,Philippines,Singapore,SriLanka,ThailandandVietnam.

?Asia-PacificincludesASEAN(asstatedabove),GreaterChina(asstatedbelow),Japan,SouthKorea,Australia,NewZealand,Fijiand

PapuaNewGuinea.

?EMEIAincludesArmenia,Austria,Bangladesh,Belgium,Bulgaria,Croatia,Cyprus,CzechRepublic,Denmark,Estonia,Finland,France,Germany,Greece,Hungary,Iceland,India,Ireland,IsleofMan,Italy,Kazakhstan,Luxembourg,Lithuania,theNetherlands,Norway,Pakistan,Poland,Portugal,RussianFederation,Spain,Sweden,Switzerland,Turkey,

UkraineandUnitedKingdomplustheMiddleEastandAfricacountrieslistedbelow.

?EurozoneincludesAustria,Belgium,Croatia,Cyprus,Estonia,Finland,France,Germany,Greece,Ireland,Italy,Latvia,Lithuania,Luxembourg,Malta,theNetherlands,Portugal,Slovakia,SloveniaandSpain.

?IndiaregionincludesIPOactivityonIndianandBangladeshstockexchanges.

?GreaterChinaincludesmainlandChina,HongKong,MacauandTaiwan.

?MiddleEastincludesBahrain,Iran,Israel,Jordan,Kuwait,Oman,Qatar,SaudiArabia,Syria,UnitedArabEmiratesandYemen.

Glossary

?Financialsponsor-backedIPOsrefertoIPOsthathaveprivateequity,venturecapitalinvestorsorboth.

?Proceedsreferstototalfundsraisedbytheissuercompanyandsellingshareholders.Thisisthetotaldealsize.

?MegaIPOsaredefinedasIPOsthatraisedproceedsofmorethanUS$1bonthestockexchange.

?AunicornisaprivatelyheldcompanyvaluedatUS$1borabove.UnicornIPOsinthisr