美國首次公開募股（IPO）市場前景及投資研究報告-培訓課件外文版2024.5

INDUSTRIES

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MARKETSInitialpublicofferings(IPOs)intheUnitedStatesCHAPTER

01GlobaloverviewLargestIPOsworldwideasofApril2023(inbillionU.S.dollars)LargestIPOsworldwideasof2023DealsizeinbillionU.S.dollars051015202530SaudiAramco*(2019)AlibabaGroup**(2014)SoftBankCorp(2018)NTTMobile(1998)25.621.7721.3518.117.8617.78Visa(2008)AIA(2010)ENELSpA(1999)Facebook(2012)GeneralMotors(2010)ICBCBank-H(2006)16.4516.0115.7713.96DeutscheTelekom(1996)RivianAutomotive(2021)AlibabaGroup-HongKongExchange(2019)13.0311.9311.243Description:TheinitialpublicofferingofSaudiAramco,aSaudiArabianmultinationalpetroleumandnaturalgascompany,ontheTadawulinDecember2019,wasthelargestpublicofferinggloballyasofApril2023.TheIPOofSaudiAramcoraisedapproximately25.6billionU.S.dollars.ReadmoreNote(s):Worldwide;asofApril2023;*SaudiAramcoexercisedthegreenshoeoptiontosellanadditional450millionshares,raisingthesizeofitsinitialpublicoffering(IPO)toarecord29.4billionU.S.dollars.**Alibabaexcerciseditsgreenshoe[...]

ReadmoreSource(s):RenaissanceCapitalNumberoftraditionalIPOsinselectedregions,countries,orterritoriesworldwidein2022Leadingcountries,regions,orterritoriesbynumberoftraditionalIPOs2022NumberofIPOs200050100150250300350400399450MainlandChinaEurope149138137IndiaASEANJapan9190UnitedStatesAustraliaHongKongMENA8167654Description:Moreinitialpublicofferings(IPOs)occurredinChinain2022thananyotherregionorcountryworldwide,with399.Europefollowed,with149IPOsinthatyear.Indiaroundedoutthetopthree,withatotalof138IPOs.ReadmoreNote(s):Worldwide;2022;SPACIPOswerenotincludedbythesourceSource(s):EYLeadingcountriesasdestinationsforcross-borderinitialpublicofferings(IPOs)asof3rdquarter2023,bynumberofIPOsLeadingdestinationsforcross-borderIPOsQ32023NumberofIPOs05101520253035UnitedStatesSwitzerlandUnitedKingdomOthers3264135Description:BetweenJanuaryandSeptember2023,theUnitedStateswasthetopdestinationworldwideforcross-borderinitialpublicofferings(IPOs),counting32ofthem.Thesecondcountryforcross-borderIPOswasSwitzerland,withsixIPOs.

ReadmoreNote(s):Worldwide;Q32023Source(s):EYLeading12stockexchangesworldwidewithhighestnumberofIPOdealsasof3rdquarterof2023Leading12stockexchangesworldwideQ32023,bynumberofIPOsNumberofIPOs400206080100120115140160IndiaNational(NSEandSME)andBombay(BSEandSME)Shenzhen(SZSEandChiNext)Shanghai(SSEandSTAR)15089USNasdaq76Indonesia(IDX)68Beijing(BSE)5959Tokyo(Prime,Growth,Standard,.REIT,ProMarket)SouthKorea(KRXandKOSDAQ)Turkey(MainandSTAR)4542HongKong(HKExandGEM)Thailand(SETandMAI)492626Saudi(TadawulandNomuParallelMarket)6Description:DuringJanuaryandSeptmeber2023,theNationalStockExchangeofIndia(NSE)andtheBombayStockExchange(BSE)weretheleadingstockmarketworldwideintermsofnumberofinitialpublicoffering(IPO)deals.IPOsontheNSEandBSEwere150.TheShenzhenStockExchangewassecondinthelist,with115IPOdealsinthefirstthreequartersof2023.ReadmoreNote(s):Worldwide;Q32023Source(s):EYLeading12stockexchangesintermsofproceedsofIPOdealsworldwideasof3rdquarter2023(inbillionU.S.dollars)Leading12stockexchangesworldwideQ32023,byIPOproceedsIPOproceedsinbillionU.S.dollars051015202530ShanghaiShenzhenUS(NASDAQ)USNYSE26.21910.68.2AbuDhabi(ADX)India3.73.2Tokyo3HongKongSaudi0.80.6IndonesiaBucharest(BVB)Turkey0.50.40.47Description:DuringJanuaryandSeptember2023,theShanghaiStockExchangewastheleadingstockmarketworldwideintermsofIPOproceeds,raising26.2billionU.S.dollars.TheShenzhenStockExchangewassecondinthelist,withIPOproceedsreaching19billionU.S.dollars.ReadmoreNote(s):Worldwide;Q32023Source(s):EYCHAPTER

02IPOsintheU.S.NumberofIPOsintheUnitedStatesfrom1999to2022NumberofIPOsintheU.S.1999-20221,03548039731430428626825125523222021720619018318117115714814113379622000

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20229Description:2021wasquiteayearforIPOs,whichwaslargelyinfluencedbythesignificantriseinthenumberofspecialpurposeacquisitioncompanies(SPACs)whowentpublic.In2021,therewere1,035initialpublicofferings(IPOs)intheUnitedStates.In2022,however,thenumberofIPOsdroppedto181.ReadmoreNote(s):UnitedStates;1999to2022Source(s):StockAnalysisAll-timelargestIPOsintheUnitedStatesasofAugust2023(inbillionU.S.dollars)LargestIPOsintheU.S.asofAugust2023DealsizeinbillionU.S.dollars1005152025AlibabaGroupHolding(09.18.2014)Visa(03.18.2008)21.7717.86ENELSpA(11.01.1999)Facebook(05.17.2012)16.4516.0115.77GeneralMotors(11.17.2010)DeutscheTelekom(11.17.1996)RivianAutomobile(11.08.2021)AT&TWirelessGroup(04.26.2000)KraftFoods(06.12.2001)13.0311.9310.628.68Uber(05.08.2019)8.1FranceTelecom(10.17.1997)TelstraCorporation(11.17.1997)Swisscom(10.04.1998)7.295.655.5810Description:Atnearly22billionU.S.dollars,the2014initialpublicoffering(IPO)ofAlibabaGroupHoldingLimitedremainsthelargestIPOintheUnitedStatesever.TrailingbyalmostfourbillionU.S.dollars,Visatakessecondplace,followedbyENELSpA,anenergycompanybasedinItaly.ReadmoreNote(s):UnitedStates;asofAugust2023Source(s):RenaissanceCapitalLargestinitialpublicofferings(IPOs)intheUnitedStatesin2022,bydealsize(inbillionU.S.dollars)LeadingIPOsintheU.S.2022DealsizeinbillionU.S.dollars0.00.20.40.60.81.01.21.41.61.8CorebridgeFinancialIncTPGInc1.681.1MobileyeGlobalInc0.99ScreamingEagleAcquisitionCorpBausch&LombCorp0.750.71GoresHoldingsIXInc0.53ExcelerateEnergyInc0.44ProFracHoldingCorp0.330.320.3GSRIIMeteoraAcquisitionCorp10XCapitalVentureAcquisitionCorpIII11Description:OnSeptember14,2022,CorebridgeFinancialInc.raised1.68billionU.S.dollarsonitspublicdebutontheNewYorkStockExchange,makingitthelargestinitialpublicoffering(IPO)intheUnitedStatesin2022.OnlytwoofthetenlargestIPOsintheU.S.thatyeareachraisedoveronebillionU.S.dollarsincapital.ReadmoreNote(s):UnitedStates;2022Source(s):Dealogic;WallStreetJournalMedianamountofequityraisedbeforeinitialpublicoffering(IPO)intheUnitedStatesfrom2000to2022(inmillionU.S.dollars)EquityraisedbycompaniesbeforeIPOintheU.S.2000-2022180160140120100166161125117898480808060402007272686766625649492620052006200720082009201020112012201320142015201620172018201920202021202212Description:ThevolumeofequityraisedbycompaniesintheUnitedStatesbeforegoingpublicincreasedsignificantlyuntil2021,whenitpeakedat161millionU.S.dollars.In2022,however,thisfigurefellto72millionU.S.dollars.ReadmoreNote(s):UnitedStates;2000to2022Source(s):PitchBook;WilmerHaleMediancompanyvaluationbeforeinitialpublicoffering(IPO)intheUnitedStatesfrom2005to2022(inmillionU.S.dollars)MedianfirmvaluationbeforeIPOintheU.S.2005-2022800700600500710561400348331325292300200100026524624022521419918717816115313312320052006200720082009201020112012201320142015201620172018201920202021202213Description:ThemedianvaluationofcompaniesintheUnitedStatesbeforetheirIPOsfluctuatedgreatlybetween2000and2022.Between2016and2021,themedianvalueoftheU.S.companiesbeforetheirIPOincreaseddramatically,peakingat710millionU.S.dollars,beforefallingto161millionU.S.dollarsin2022.ReadmoreNote(s):UnitedStates;2005to2022Source(s):PitchBook;WilmerHaleNumberofventure-backedIPOsintheUnitedStatesfrom2009to2022Numberofventure-backedIPOsintheU.S.2009-2022NumberofallIPOsNumberofventure-backedIPOs1,2001,00080060040020001,001505462452433373343341286280277267229191

19412610994908786696045201046201143201636202210200920122013201420152017201820192020202114Description:Thenumberofventure-backedinitialpublicoffferings(IPOs)intheUnitedStatesfluctuatedsignificantlybetween2009and2022.ThetotalnumberofU.S.IPOshasbeenincludedforreference.In2022,therewere194IPOsintheUnitedStates,outofwhich36dealswereventure-backedIPOs.ReadmoreNote(s):UnitedStates;2009to2022Source(s):NVCA;PitchBookUnderwritersoflargestIPOsintheUnitedStatesasofAugust2023(inbillionU.S.dollars)UnderwritersoflargestIPOsintheU.S.2023DealsizeinbillionU.S.dollars1005152025CreditSuisseAlibabaGroupHolding,09/17/14JPMorganVisa,03/17/0821.7717.86MerrillLynchENELSpA,11/01/9916.4516.0115.77MorganStanleyFacebook,05/17/12MorganStanleyGeneralMotors,11/17/10GoldmanDeutscheTelekom,11/17/96MorganStanleyRivianAutomobile,11/08/21GoldmanAT&TWirelessGroup,04/26/00CreditSuisseKraftFoods,06/12/01MorganStanleyUber,05/08/1913.0311.9310.628.688.1MerrillLynchFranceTelecom,10/17/97CreditSuisseTelstraCorporation,11/17/97WarburgDillonReadSwisscom,10/04/987.295.655.5815Description:Atalmost22billionU.S.dollars,Alibaba`sIPOin2014,underwrittenbyCreditSuisse,wasthelargestinitialpublicoffering(IPO)intheUnitedStates,followedbyVisa's2008IPO,underwrittenbyJPMorgan.ReadmoreNote(s):UnitedStates;asofAugust2023Source(s):RenaissanceCapitalCHAPTER

03SizeofIPOsValueofinitialpublicofferings(IPOs)intheUnitedStatesfrom2000to2022(inbillionU.S.dollars)SizeofIPOsintheU.S.2000-2022134.9108.176.374.445.343.343.84141.337.836.334.735.129.830.528.725.225.223.119.218.5157.82000

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202217Description:In2022,thetotalvalueoftraditionalIPOsintheUnitedStateswasthelowestsince2000andgrossproceedswereonlyfivepercentofthetotalvalueofIPOscompetedin2021.Thegrossproceedsfor2022reached7.8billionU.S.dollars,comparedto134.9billionU.S.dollarsinthepreviousyear.However,SPACIPOsproceedsamountedto13.3billionU.S.dollarsin2022.ReadmoreNote(s):UnitedStates;2000to2022;ThesefiguresdonotincludeSPACIPOsordirectlistings.Source(s):SECFilings;WilmerHaleMediansizeofinitialpublicofferings(IPOs)intheUnitedStatesfrom2005to2022(inmillionU.S.dollars)MedianIPOsizeintheU.S.2005-202220018018017716014013514012010080125120111108107108107105989694949260401820020052006200720082009201020112012201320142015201620172018201920202021202218Description:Themediansizeofinitialpublicofferings(IPOs)intheUnitedStatesincreasedsignificantlyin2020.ThemedianIPOsizereached18millionU.S.dollars,adramaticdecreasecomparedtothepreviousyear.ThisfiguregivesanideaofhowwillingspeculatorsintheUnitedStatesaretoinvestinacompanygoingpublic,whichistheprocessofbeinglistedonastockexchangeforthefirsttime.ReadmoreNote(s):UnitedStates;2005to2022Source(s):SECFilings;WilmerHaleDistributionofinitialpublicofferings(IPOs)intheUnitedStatesfrom2014to2022,bysizeDistributionofIPOsintheU.S.2014-2022,bysizeBelow50millionU.S.dollars150to249.99millionU.S.dollars50to74.99millionU.S.dollars250to499.99millionU.S.dollars75to99.99millionU.S.dollars500millionU.S.dollarsormore100to149.99millionU.S.dollars120%100%80%60%40%20%0%20142015201620172018201920202021202219Description:In2022,over70percentofallIPOsintheUnitedStateswerebelow50millionU.S.dollars.Thisrepresentsadramaticchangecomparedtothepreviousyears.In2021,forinstance,morethanonethirdofIPOsintheUnitedStateswerelargerthan250millionU.S.dollars,and19percentweresmallerthan50millionU.S.dollars.Asaconsequence,theaveragesizeofU.S.IPOsalsodecreaseddramaticallyin2022.

ReadmoreNote(s):2014to2022Source(s):SECFilings;WilmerHaleValueofventurecapital-backedIPOsintheUnitedStatesfrom2000to2022(inbillionU.S.dollars)SizeofVC-backedIPOsintheU.S.2000-20227060504060.130.430252119.32010010.79.98.68.47.26.76.75.73.94.23.22.721.61.61.61.20.72000

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202220Description:2021wasthestrongestyearforventurecapital-backedinitialpublicofferings(IPOs)intheUnitedStatesinthelast20years,andnearlydoubledinvaluecomparedtothepreviousyear.Theproceedsfromventurecapital-backedIPOsraisedapproximately60.1billionU.S.dollarsin2021.2022instead,wasamongtheweakestyearsforVC-backedIPOsintheU.S.,withavalueof1.6billionU.S.dollars.ReadmoreNote(s):UnitedStates;2000to2022Source(s):SECFilings;WilmerHaleCHAPTER

04Post-IPOShareofcompaniesthatwereprofitableaftertheirIPOintheUnitedStatesfrom2005to2022Post-IPOprofitabilityintheU.S.2005-202290%81%80%67%70%60%50%40%30%20%10%0%64%62%59%58%55%51%43%36%36%34%34%32%30%28%28%22%20052006200720082009201020112012201320142015201620172018201920202021202222Description:TheshareofcompaniesintheUnitedStateswhichwereprofitableaftertheirIPOdecreasedoverallbetween2009,whenitpeakedat81percent,and2020,whenitwasaslowas22percent.Inthelasttwoyears,theshareofprofitableIPOcompaniesincreasedagain,reaching34percentin2022.ReadmoreNote(s):UnitedStates;2005to2022Source(s):Varioussources(SECfilings,IPOVitalSigns);WilmerHaleIPOswithhighestreturnsintheUnitedStatesin2022BestperformingIPOsintheU.S.2022ReturnssinceIPO0%50%100%150%200%250%300%350%400%450%BeliteBioInc.(04.29.2022)LocafyLimited(03.25.2022)404.17%153.03%AtourLifestyleHoldingsLimited(11.11.2022)ArcellInc.(02.04.2022)124.18%120.93%AmylyxPharmaceuticalsInc.(01.07.2022)EdibleGardenAGIncorporated(05.05.2022)CinCorPharmaInc.(01.07.2022)111.16%84.2%79.94%74.9%CredoTechnologyGroupHoldingLtd(01.27.2022)MobileyeGlobalInc.(10.26.2022)71.29%NuvectisPharmaInc.(02.04.2022)46.4%23Description:BetweenJanuaryandDecember2022,thebestperforminginitialpublicoffering(IPO)intheUnitedStatesbelongedtoBeliteBioInc.AsofJanuary27,2023,theirstockpriceincreasedby404.17percentsincetheIPOinApril2022.

ReadmoreNote(s):UnitedStates;returnsinceIPOasofJanuary27,2023Source(s):StockAnalysisAveragefirst-daygainsafterIPOintheUnitedStatesfrom2005to2022Averagefirst-dayIPOreturnsintheU.S.2005-202225%23%20%15%10%5%16%14%11%9%9%8%7%7%6%6%5%5%5%4%4%3%0%-2%-5%2005200620072008200920102011201220132014201520162017201820192020202120