1 IPO Transactions Q1 2014 European Overview Deal Volume and Value European IPO transactions Q1 2014 www.experian.co.uk/marketiq 1
Introduction Experian is pleased to present you with its IPO Corporate Finance Deals Review for Q1 2014. The aim of this publication is to provide you with an insight into the Initial Public Offering (IPO) activities of companies striving to raise funds for future growth, repayment of debt or working capital. As there is a significant involvement of advisory firms during the IPO process, we have also looked at the involvement of the financial, legal, brokerage and accountancy advisory community. We have focused on the most active stock exchange in Europe London Stock Exchange. Contents: Introduction & Criteria 2 Initial Public Offerings on the European Stock Exchanges 3 Initial Public Offerings on the London Stock Exchange 4 League Tables for London Stock Exchange 5 Deal ProForma 8 Criteria The Tables include any announced Initial Public Offering announced between 1 st January 2011 and 31 st March 2014 on European Stock Exchanges. Experian Corpfin covers all IPO transactions with any deal value, with values converted from local currencies to GB using the exchange rates from 1st of the month that the transaction was announced. Deals with undisclosed consideration are also included. Information is correct as of 22th April 2014 however, more transactions for Quarter 1 2014 may be submitted at a later date. Contact Us: Experian Corpfin 8 th Floor Centurion House Deansgate Manchester M3 3WR cfw.research@experian.com Editor: Marcela Vickerstaff Richard Bolton Wendy Driver Matthew Short Ian Hodgson 0161 288 4900 cfw.sales@experian.com Each advisor table ranks financial advisors/legal advisors/brokers/accountants based on the volume of completed IPO transactions. Where two or more firms advised on the same volume of transactions, the total deal value advised on is used as a distinguisher * Represents equal ranking by both Value and Volume (for advisory information) European IPO transactions Q1 2014 www.experian.co.uk/corpfin 2
Flotations on European Stock Exchanges We recorded 67 IPO transactions on European Stock Exchanges in Q1 2014, representing 25% less deals than the previous quarter, although 40% more than the first quarter of 2013. In terms of value, we recorded deals worth a total of GB 10bn, which represents an increase of 12% on the previous quarter and a 63% rise on the Q1 2013 figures. In Q1 2014, a third of deals involved a company in the Manufacturing sector, making it the most prolific IPO sector, with Wholesale, Retail and Repair accounting for the highest value of IPOs. Value was driven by some select large-valued transactions involving exiting investors. One of them saw Luxembourg-based cable and communications group Altice SA list on the NYSE Euronext Amsterdam at the end of January 2014. Altice offered shares worth approximately 1.3 billion, with an individual share price of 28.30. The total market capitalisation of the company at opening was over 5.7 billion. Volume and Value of IPO Transactions on European Stock Exchanges between January 2011 and March 2014 The second highest value transaction saw Copenhagen-based ISS A/S, a provider of cleaning, maintenance and other support services, carry out an initial public offering of its shares on the NASDAQ OMX Copenhagen. This deal was valued at GB 1bn. High valued deals were also seen in Madrid, with Hispania Activos Inmobiliarios SA, Madrid, Spain, a real estate investment fund, raising GB 411million. However, the majority of deals were conducted on the London Stock Exchange, followed by the Warsaw Stock Exchange. Top Ten Industries contributing to the volume of IPO deals on European Stock Exchanges in Q1 2014 European IPO transactions Q1 2014 www.experian.co.uk/corpfin 3
Initial Public Offerings on the London Stock Exchange London Stock Exchange (LSE) IPO Transactions in 2014 In Q1 2014, we recorded 36 announced or completed IPO transactions on the London Stock Exchange worth a combined GB 5.6bn. A longterm trend of market stabilisation has emerged since the end of 2011, with strong deal flow and steadily climbing values. An emergent trend has seen new companies backed by private equity raising funds via IPO s such as Xeros, a company researching technology planning to revolutionise washing machines via environmentally-friendly technology, which raised up to GB 27 million of new funds on the AIM. This quarter private equity investors continued utilising IPO s to exit their investments, as we recorded 11 of such transactions. The largest exit we saw was that of Lenta Ltd, registered in Road Town, Tortola, British Virgin Islands, but operating via Lenta OOO, St Petersburg, Northwestern Federal District, Russia, a food store chain owner and operator, where exiting investors received up to GB 581million. An improved sentiment in public equities provided an opportunity for private equity firms to make exits and return capital to investors. Volume and Value of IPO Transactions on the Main and AIM Markets of the London Stock Exchange from 2011-2014 by quarter This quarter we also saw a surge of deals in the wholesale and retail sector with companies such as Poundland, Just Eat and McColl s Retail group successfully entering the equity markets in London. The figures for this quarter are encouraging for companies looking for new funds as well as exiting investors looking for returns on their investments. We expect to see more deals in the next quarter of 2014 as this optimism continues to spread. Top Ten Industries contributing to the volume of IPO deals on the London Stock Exchange in Q1 2014 European IPO transactions Q1 2014 www.experian.co.uk/corpfin 4
Accountants, Brokers, Legal & Financial Advisors in London Q12014 IPO Legal Advisors-London SX Volume Value ( M) 1 CAREY OLSEN 5 1,080 2 DLA PIPER 4 669 3 ASHURST 3 985 4 LINKLATERS 3 562 5 TRAVERS SMITH 3 292 6 NORTON ROSE FULBRIGHT 3 291 7 OSBORNE CLARKE 3 222 8 LAWRENCE GRAHAM 3 86 9 HERBERT SMITH FREEHILLS 2 1,263 10 OGIER 2 881 Q1 2014 IPO Financial Advisors-London SX Volume Value ( M) 1 JP MORGAN CAZENOVE 8 2,364 2 ROTHSCHILD 6 1,674 3 NUMIS SECURITIES 6 1,050 4 BANK OF AMERICA MERRILL LYNCH 3 1,522 5 CREDIT SUISSE 3 1,066 6 GOLDMAN SACHS 3 986 7 SHORE CAPITAL & CORPORATE 3 651 8 ZEUS CAPITAL 3 517 9 BARCLAYS BANK 3 436 10 CENKOS SECURITIES 3 79 Q1 2014 IPO Accountants-London SX Volume Value ( M) 1 KPMG 9 2,304 2 DELOITTE 8 1,123 3 PWC 4 603 4 EY 3 843 5 BDO LLP 3 86 6 KOST FORER GABBAY & KASIERER 1 33 7 SR BATLIBOI & CO 1 22 8 KINGSTON SMITH 1 2 9 SOMES AND COOKE 1 2 Q12014 IPO Brokers-London SX Volume Value ( M) 1 ZEUS CAPITAL 3 517 2 NUMIS SECURITIES 3 475 3 CENKOS SECURITIES 3 79 4 CANACCORD GENUITY 2 440 5 PANMURE GORDON 2 75 6 N+1 SINGER 2 12 7 STANBIC IBTC CAPITAL 1 301 8 LIBERUM CAPITAL 1 156 9 SHORE CAPITAL STOCKBROKERS 1 76 10 KEITH BAYLEY ROGERS & CO 1 40 European IPO transactions Q1 2014 www.experian.co.uk/corpfin 5
Deal ProForma to submit your deal for incorporation in MarketIQ, please complete and email back to cfw.research@experian.com INTERNATIONAL MERGERS AND ACQUISITIONS DATABASE For incorporation in the Experian MarketIQ Deals database, and credit in league tables and market reports, please fill this form in and send to CFW.research@experian.com For subscription information please contact T: 44 (0) 161 288 4901 Name of Firm supplying information: Client Name: Date Announced: DD/MM/YYYY Date completed: DD/MM/YYYY Companies: Name: Location: Type of business: Target Parent of Target Deal Description: Aggregate Value (Millions): Type of Deal: Flotation with Details With Partial Exit New Shares Existing Shares Market Capitalisation Share price range With Exit % Sold Low Privatisation Net Proceeds High Expenses IPO price Advisors please supply all advisors, noting for whom they acted and in what capacity Advisor + office Team (individuals) Client Role Funding please supply all exiting investors Investor + office Number of shares divested Value Client European IPO transactions Q1 2014 www.experian.co.uk/corpfin 6