Global technology IPO Review

Global technology IPO Review: Full year and Q4 2017

The global tech IPO market closed 2017 with recovery and hope for resurgent 2018

The global tech IPO market rebounds after a depressed 2016 performance

The global tech IPO market bounced back in 2017 after a lackluster 2016. With 100 technology IPOs in the year, 2017 volume increased 85% year over year. Resurgence in the US market and the consistently strong performance of the Asian markets pulled up the numbers for the year. Year-on-year proceeds surged 168% driven by large IPOs.

 

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Internet Software & Services remains the best-performing sector since 2011

The Internet Software & Services segment led the year in terms of proceeds and volume. The sector had some of the largest IPOs of the year. However, the sector performance declined by 22% in terms of volume and increased 59% in proceeds compared to 2016. The Electronic and the Semiconductors subsectors had their best years in the last six years in terms of proceeds and volume.
 

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Analysis & opinions

“The tech IPO market rebounded in 2017 after a weak 2016, producing the second- highest number of listings and the third- highest gross proceeds of the last ten years. However, a lack of major unicorn IPOs and a lukewarm after-market performance of many IPOs, created a clear sense of underachievement. Looking ahead, with strong economic indicators across the globe, 2018 promises to build on the momentum of 2017.”

Raman Chitkara Global Technology Industry Leader, PwC US

"For the overall IPO market, strong favorable market conditions in 2017 combined with low volatility, market highs in key indices and good returns in equities set the stage for continued IPO issuance and performance in 2018. For Technology IPOs, the market was characterized by a focus on high growth companies with a delineated path to profitability. This resulted in Technology IPOs rewarding investors as the returns handily beat the S&P 500 returns."

Alan Jones Technology Deals Partner, PwC US

"I am pleased to see the number of China Tech IPO has reached a record high in 2017. Although this is primarily attributed to domestic listings, we are seeing more Chinese technology companies exploring overseas capital markets again. With the Hong Kong stock exchange's move to allow dual class of shares and to promote development stage bio-tech IPOs, I anticipate the Hong Kong stock exchange will reach a historical high of technology IPOs in 2018."

Jianbin Gao Technology Industry Leader, PwC China

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Raman Chitkara
Global Technology Leader, PwC US
Tel: +1 (408) 817 3746
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